Idea Labs

Challenge:

One of the challenges faced by a global retail bank is how to discover new ideas, figure out the ideas to invest in, and continue to monetise exciting new offers that customers will want – in the face of difficult challenges in the markets and policy regions.

Solution:

Ludic established an Innovation Series for the bank using our Open Innovation and Design Thinking Approaches. The Innovation Series creates an infrastructure that ensures a continuous stream of new, relevant and tested ideas are brought to the bank. It also links the banks key decision makers with networks of the challenging thinkers. It creates a platform that records the ideas and so ensures a rich and informed discussion across the banks most important decision makers.

At another level within the programme, Ludic uses its Open Innovation and Design Thinking methods to prove ideas through prototypes, and to work up the business cases required to test them. The Open Innovation approach ensures a wide area is researched, and combined with the Design Thinking approach, helps to define new products and services that redefine the Customer Experience, and are relevant within the bank’s strategic requirements.

Design Thinking as an Innovation Process

Although innovative solutions rarely follow a linear path, there are certain steps, which radical innovations tend to go through, before reaching the market. Design Thinking theory offers useful frameworks for such processes. It starts with a research phase where innovation agents better understand the problem from multiple perspectives. The next stage involves idea generation where creativity plays a key role. In sequence, such ideas must be selected and then further developed, tested and iterated, usually with the support of some further market research. Finally there is a moment where those are worked into business cases configuring then an entrepreneurial and business opportunity.

This programme brings working prototypes, significant research, and considered business cases to decision makers. As a direct result, a significant number of these ideas are worked up and launched as new products and services. The approach is powerful, cost effective and is helping to redefine banking for this bank’s customers.

Unique approach

Ludic deploys a number of approaches that give this programme its edge. Including its online peer-to-peer collaboration system, crowdsourcing tools, virtual collaboration Suite and unique physical decision support environments.