Customer-Centric Innovation in Finance

Leveraging Human Insights to Drive Product Innovation in the Digital Age

Learn how to truly understand your finance and fintech customers in the age of web3, open banking and decentralization and innovate to meet their current and future needs.
EAN: 9781398613874
Edition: 1
Format: 234x156
296 pages

About the book

The competition landscape of finance is changing fast and it has never been so important for the finance industry to truly understand their customers.

Customer-Centric Innovation in Finance
helps finance and fintech innovators understand customers' behavioural motivations to drive effective product development. Relying on quantitative data is not enough: numbers can be great at telling us what people are doing but they often fail to explain why people do what they do. And if a service doesn't exist yet, there is no data to tell us how people use it. Human insights, behavioural science and qualitative data add immense value to product development. Readers will learn to innovate smarter by getting a firm understanding of why customers like their solutions and how they adapt them to suit their needs.

The book presents real-life examples throughout of how customers are changing their behaviour in response to a fast-evolving financial landscape and provides practical advice on how to transform such insights into innovation. It explores how to produce customer insights for services that don't exist yet, for instance Central Bank Digital Currencies (CBDCs). It also provides descriptions of hands-on tools to build new insights and apply them to innovation and of methodologies such as portable kits, personas, digital ethnography, observations and interviews.

About the authors

Erin B Taylor is the Managing Director of Finthropology based in The Hague, the Netherlands. She specializes in how people's financial behaviour is changing along with innovation in financial services.

Anette Broløs is the Director of Finthropology based near Odense, Denmark. She is an experienced fintech leader working on strategic innovation, partnerships, open banking and digital transformation and has held roles as the CEO of Copenhagen FinTech Innovation and Research and the CFO and Head of Development at Fionia Bank.

Erin Taylor and Anette Broløs seamlessly deploy their thesis about using both qualitative and quantitative research methodologies to provide a comprehensive guide to solving human-centric problems and designing innovative financial products. As our world becomes increasingly complex, this book guides us through the intricate web of technologies, needs, channels, and models in financial services. It is an indispensable resource for industry professionals and advisors alike, offering a transformative perspective that aligns with the evolving reality of our changing world.

Tony Craddock, Director General, The Payments Association