How can banks achieve simplicity?
The rewards from achieving simplicity in banks are real.
However achieving simplicity is not done, unless the organisations build a strong foundation to make simplicity sustainable. Build simplicity as your bank's capability.
I suggest The 5 Fundamentals to cultivate simplicity as an organisational capability with real life examples.
1. Want it badly
2. Prototype
3. Focus ruthlessly
4. Obsess with design
5. Speak human
6. Simplicity is based on human
nature and common sense.
Complex
Simple
Mental model
Knowledge needed to understand
Simplicity as an organizational capability| Jin Zwicky
6
7. Simplicity is about working
backwards from what people need.
What banks want
Simplicity as an organizational capability| Jin Zwicky
What people need
7
8. Simplicity is not natural.
Relevance
You have to make it happen.
What banks want
Simplicity as an organizational capability| Jin Zwicky
What people need
8
14. LGI New Target Return Fund Sales as at 29 Nov (S$)
LG NTRF Sales (S$)
Avg Daily Sales for past 10 mths for top fund (S$)
A new investment product with
simplicity design /
development process
8,000,000
Sales
7,000,000
%
150
6,000,000
+67%
lift
5,000,000
4,000,000
3,000,000
2,000,000
Average daily sales for
past 10months for top
fund
1,000,000
25
D
ay
23
ay
21
D
D
ay
19
ay
17
D
D
ay
15
ay
13
D
D
ay
11
ay
9
D
D
ay
7
D
ay
5
D
ay
3
ay
D
D
ay
1
-
Date
Simplicity as an organizational capability| Jin Zwicky
17
24. The simplicity pitfalls
“I want it simple. Do it! ”
Top executives without taking the full responsibility for the issue of simplicity
"
“We can’t do that, because….”
Middle management not bold enough to shake the status quo
“Simplicity is for novice.”
Bankers perception on wealthy customers
27. Understand ‘design’
Noun
Look and feel of a final object
The quality of the thing is a direct result of
the quality of the process
Design
Verb
Verb
Process of originating and developing a
new object
28. Establish simplicity engine:
User-centered design process
Start with customers
Prototype & Test
Commit to design
Improve
Learn
Learn
Improve
Learn
Improve
Simplicity
Test
Test
Simplicity as an organizational capability| Jin Zwicky
Test
29. Learn 5 simplicity fundamentals
Want it, badly
Mindset
Prototype
Culture
Simplicity as an organizational capability| Jin Zwicky
Focus
ruthlessly
Obsess with
design
Skillset
Speak
human
42. 7 times increase in total base among
university level students.
Poly
26-28%
Penetration
amongst
students
otal Tertiary Population
Working
Students
Frank Total Base OCBC Tertiary Base (non Frank)
42
49. Fundamentals
to simplicity
#4
Obsess with design
"
The look is the message.
The look should give a feeling of confidence and trust.
Simplicity as an organizational capability| Jin Zwicky