Challenge:
Our team was briefed to help building innovation capabilities for a UK-based fintech.
Once a leader in price comparison services (finance, insurance and energy), this Financial Services Company lost two positions to new entrants mainly due to its recent complacency.
The initial focus was transforming the Product Team to become more agile, to innovate systematically and bring successful products to market in relevant time.
Approach:
We employed the Design Thinking methodology, first focusing on the As-Is to identify the current issues at process, structure and people level, then creating the To-Be for solving problems and creating short-term wins and long-term value.
In the course of the process we worked with a heterogeneous team from across 6 different business functions. This approach was tremendously valuable in creating alignment on the existing problems and their root cause, and in agreeing to solutions and getting buy-in for execution.
Results:
As a result of the transformation project, the Product Team embraced the Design Thinking as a front-end innovation process, from empathy and problem statement to ideation and testing prototypes, which instituted a common language and framework for innovation.
Together with the transfer of expertise (innovation tools and methodologies), skills development and change in organizational structure, this helped the Product Team build internal innovation capabilities, focusing on opportunity-maximizing innovations and a fast go-to-market.
Within 1 year, the leap in value created to customers at product and customer experience level helped the company regain one place in the race to the top. Moreover, the employee motivation raised, which resulted in 20% productivity increase and in reducing turnover by 45%.
Project info:
- Money Supermarket
- Ewloe, United Kingdom
- Product Management
- Building Innovation Capabilities
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