Private Banking and Wealth Management Futures 2030


Book Description

This book engages the reader around different perspectives between forecasting and foresight in strategic design, drawing insights derived from a futures study that can be applied in form of a design-inspired foresight approach for designers and interdisciplinary innovation teams increasingly called upon to help envisage preferable futures. Demonstrating this process in applied research, the book describes a 2016 Financial Services industry futures study to the year 2030. An industry increasingly at risk in dealing with uncertainty, the Financial Services sector, is a core pillar of economic activity in most markets, such as greater China, and inherent within are major drivers of change linked to consumer behaviors, new technology and disruptive business models. While the financial services industry exemplifies an ideal case for design-inspired foresight, the aims of this book are primarily to establish the peculiarities between traditional forecasting applications and a design-inspired foresight visioning approach as strategic design activities for selecting preferable futures. Underlining the contribution of this book is the value of design futures thinking as a creative and divergent thought process, which has the potential to respond to the much broader organizational reforms needed to sustain in today’s rapidly evolving business environment.




Philosophical Frameworks and Design Processes


Book Description

Just as the term design has been going through change, growth and expansion of meaning, and interpretation in practice and education – the same can be said for design research. The traditional boundaries of design are dissolving and connections are being established with other fields at an exponential rate. Based on the proceedings from the IASDR 2017 Conference, Re:Research is an edited collection that showcases a curated selection of 83 papers – just over half of the works presented at the conference. With topics ranging from the introduction of design in the primary education sector to designing information for Artificial Intelligence systems, this book collection demonstrates the diverse perspectives of design and design research. Divided into seven thematic volumes, this collection maps out where the field of design research is now. Two Blind Spots in Design Thinking Estelle Berger From the 1980s, design thinking has emerged in companies as a method for practical and creative problem solving, based on designers’ way of thinking, integrated into a rational and iterative model to accompany the process. In companies, design thinking helped valuing creative teamwork, though not necessarily professional designers’ expertise. By pointing out two blind spots in design thinking models, as currently understood and implemented, this paper aims at shedding light on two rarely described traits of designers’ self. The first relies in problem framing, a breaking point that deeply escapes determinism. The second blind spot questions the post project process. We thus seek to portray designers’ singularity, in order to stimulate critical reflection and encourage the opening-up to design culture. Companies and organizations willing to make the most of designers’ expertise would gain acknowledging their critical heteronomy to foster innovation based on strong and disruptive visions, beyond an out-of-date problem-solving approach to design. Creating Different Modes of Existence: Toward an Ontological Ethics of Design Jamie Brassett This paper will address some design concerns relating to philosopher Étienne Souriau’s work Les différents modes d’existence (2009). This has important bearings upon design because, first, this philosophical attitude thinks of designing not as an act of forming objects with identity and meaning, but rather as a process of delivering things that allow for a multiplicity of creative remodulation of our very existences. Secondly, Souriau unpicks the concept of a being existing as a unified identity and redefines existence as a creative act of nonstop production of a variety of modes of existence. In doing this he not only moves ontological considerations to the fore of philosophical discussions away from epistemological ones, but does so in such a way as to align with attitudes to ethics that relate it to ontology – notably the work of Spinoza. (This places Souriau in a philosophical lineage that leads back, for example, to Nietzsche and Whitehead, and forward [from his era] to Deleuze and Guattari.) In thinking both ontology and ethics together, this paper will introduce a different approach to the ethics of design. Investigating Ideation Flexibility through Incremental to Radical Heuristics Ian Baker, Daniel Sevier, Seda McKilligan, Kathryn W. Jablokow, Shanna R. Daly, Eli M. Silk The concept of design thinking has received increasing attention during recent years, particularly from managers around the world. However, despite being the subject of a vast number of articles and books stating its importance, the effectiveness of this approach is unclear, as the claims about the concept are not grounded on empirical studies or evaluations. In this study, we investigated the perceptions of six design thinking methods of 21 managers in the agriculture industry as they explored employee- and business-related problems and solutions using these tools in a 6-hour workshop. The results from pre and post-survey responses suggest that the managers agreed on the value design thinking could bring to their own domains and were able to articulate on how they can use them in solving problems. We conclude by proposing directions for research to further explore adaptation of design thinking for the management practice context. Design Research and Innovation Model Using Layered Clusters of Displaced Prototypes - Juan de la Rosa, Stan Ruecker The ability of design to recognize the wicked problems inside complex systems and find possible ways to modify them, has led other disciplines to try to understand the design process and apply it to many areas of knowledge not traditionally associated with design. In additional, design’s creative solutions and ability to innovate have made designers a valuable resource in the contemporary economy. Nevertheless, there is still an unnecessarily constraining polemic about the meaning and model of the process of academic research in the field of design, the ways in which design research should be conducted and the specific knowledge that is produced with the design research process. This paper tries to broaden the discourse by describing the prototype as a basic element of the process of design, since it is connected to a specific type of knowledge and based on the working skills of the designer; it also proposes a model of the use of prototypes as a research tool based on four different theoretical concepts whose importance in the field of design has been strongly established by different academic communities around the world. These are embodied knowledge, displacement, complexity and that we learn about the world through transforming it. Pursuing these models, we develop a process to intentionally produce designerly knowledge of complex dynamic systems, using layered clusters of displaced prototypes. Solution-Generation Design Profiles: Reflection on “Reflection in Action” - Shoshi Bar-Eli Solution-generation design behavior in general, and “reflection-in-action” in particular, can serve to differentiate designers, recognizing their personal reflecting when designing. In psychology, reflection is found a more robust tool to enhance task performance after feedback from a personal “device” that generates the process itself while interacting with visual representation. Differences among students’ interior design processes appear in their solution-generation design behavior. A “think aloud” experiment identified solution generation behavior profiles. Qualitative and quantitative methodologies showed how design characteristics unite, forming patterns of design behavior. A comprehensive picture of designers’ differences emerged. The research aimed: to identify individual design students’ solution-generation profiles based on design characteristics; to show how reflection-in-action appearing in the profiles can serve to predict how novice designers learn and act when solving a design problem; to enhance the uniqueness of reflection-in-action for designers as distinct from reflection in other fields. Four distinct solution-generation profiles emerged, each showing a different type of reflective acts. Identifying reflection-in-action type can robustly predict how designers develop design solutions and help develop pedagogical concepts, strategies and tools. Let’s Get Divorced: Pragmatic and Critical Constructive Design Research Jodi Forlizzi, Ilpo Koskinen, Paul Hekkert, John Zimmerman Over the last two decades, constructive design research (CDR) –also known as Research through Design – has become an accepted mode of scholarly inquiry within the design research community. CDR is a broad term encompassing almost any kind of research that uses design action as a mode of inquiry. It has been described as having three distinct genres: lab, field and showroom. The lab and field genres typically take a pragmatic stance, making things as a way of investigating what preferred futures might be. In contrast, research done following the showroom approach (more commonly known as critical design [CD], speculative design or design fictions) offers a polemic and sometimes also a critique of the current state embodied in an artifact. Recently, we have observed a growing conflict within the design research community between pragmatic and critical researchers. To help reduce this conflict, we call for a divorce between CD and pragmatic CDR. We clarify how CDR and CD exist along a continuum. We conclude with suggestions for the design research community, about how each unique research approach can be used singly or in combination and how they can push the boundaries of academic design research in new collaboration with different disciplines. Critical and Speculative Design Practice and Semiotics: Meaning-Crafting for Futures Ready Brands - Malex Salamanques This article concerns the use of critical design practices within the context of commercial semiotics, arguing that incorporating practices from a critical design approach is valuable for client brands, but also an important means with which to incite brands to consider more deeply their role in shaping the future. As an alternative to the oppositional approach frequently taken by critical design practitioners, working through design practices collaboratively alongside client brands creates potential for the radical changes sought by many of the movement’s vanguard. A case study of recent work with a corporate client demonstrates the practical effects of using critical design practice within a commercial setting, proving the complementarity between critical design practice and commercial semiotics – where the confluence of the thinking brought new value to improve product design for example – and points to the value of using current leading edge thinking within the design community. Beyond Forecasting: A Design-Inspired Foresight Approach for Preferable Futures - Jorn Buhring, Ilpo Koskinen This paper engages with the literature to present different perspectives between forecasting and foresight in strategic design, while drawing insights derived from futures studies that can be applied in form of a design-inspired foresight approach for designers and interdisciplinary innovation teams increasingly called upon to help envisage preferable futures. Demonstrating this process in applied research, relevant examples are drawn from a 2016 Financial Services industry futures study to the year 2030. While the financial services industry exemplifies an ideal case for design-inspired foresight, the aims of this paper are primarily to establish the peculiarities between traditional forecasting applications and a design-inspired foresight visioning approach as strategic design activities for selecting preferable futures. Underlining the contribution of this paper is the value of design futures thinking as a creative and divergent thought process, which has the potential to respond to the much broader organizational reforms needed to sustain in today’s rapidly evolving business environment. Developing DIVE, a Design-Led Futures Technique for SMEs Ricardo Mejia Sarmiento, Gert Pasman, Erik Jan Hultink, Pieter Jan Stappers Futures techniques have long been used in large enterprises as designerly means to explore the future and guide innovation. In the automotive industry, for instance, the development of concept cars is a technique which has repeatedly proven its value. However, while big companies have broadly embraced futures techniques, small- and medium-sized enterprises (SMEs) have lagged behind in applying them, largely because they are too resource-intensive and poorly suited to the SMEs’ needs and idiosyncrasies. To address this issue, we developed DIVE: Design, Innovation, Vision, and Exploration, a design-led futures technique for SMEs. Its development began with an inquiry into concept cars in the automotive industry and concept products and services in other industries. We then combined the insights derived from these design practices with elements of the existing techniques of critical design and design fiction into the creation of DIVE’s preliminary first version, which was then applied and evaluated in two iterations with SMEs, resulting in DIVE’s alpha version. After both iterations in context, it seems that DIVE suits the SMEs because of its compact and inexpensive activities which emphasize making and storytelling. Although the results of these activities might be less flashy than concept cars, these simple prototypes and videos help SMEs internalize and share a clear image of a preferable future, commonly known as vision. Developing DIVE thus helped us explore how design can support SMEs in envisioning the future in the context of innovation. Mapping for Mindsets of Possibility During Home Downsizing Lisa Otto How can design orient people to an expanded sense of future possibility? Design researchers are beginning to recognize design’s potential role not solely in producing products, services and strategies but, instead, in shifting mindsets and behaviors. This shift requires a different view of the design practice, from engaging users to gather insights to be implemented, to that process as the actual material of the design. Borrowing from the framework of practice-oriented design, a first step in these processes is expanding participants’ understanding of future possibilities. In opening future possibilities, one recognizes an expanded range of futures and, ideally, engages in dialog with other people and their range of possibilities. This paper introduces mapping activities that are intended to reframe participants’ perception of possible futures. This study conducted pilot workshops with participants who were downsizing their home and struggling with decisions about their things and spaces. This paper argues that working with people already engaged in life transitions such as downsizing presents a rich opportunity for these futuring [sic] methods, as they are already beginning to grapple with designing for possible futures. These methods provide a stake in the ground for future exploration of potential methods to engender mindsets of possibility and engage in trialing methods like living labs. Storytelling Technique for Building Use-Case Scenarios for Design Development Sukwoo Jang, Ki-young Nam Numerous studies have dealt with what kind of value narrative can have for creating a more effective design process. However, there is lack of consideration of storytelling techniques on a stage-by-stage level, where each stage of storytelling technique can draw attention to detailed content for creating use-case scenarios for design development. This research aims to identify the potential implications for design development by using storytelling techniques. For the empirical research, two types of workshops were conducted in order to select the most appropriate storytelling technique for building use-case scenarios, and to determine the relationship between the two methods. Afterwards, co-occurrence analysis was conducted to examine how each step of storytelling technique can help designers develop an enriched content of use-case scenario. Subsequently, the major findings of this research are further discussed, dealing with how each of the storytelling technique steps can help designers to incorporate important issues when building use-case scenarios for design development. These issues are: alternative and competitor’s solution which can aid designers to create better design features; status quo bias of user which can help the designer investigate the occurring reason of the issue; and finally, social/political values of user which have the potential of guiding designers to create strengthened user experience. The results of this research help designers and design researchers concentrate on crucial factors such as the alternative or competitor’s solution, the status quo bias of user, and social/political values of the user when dealing with issues of building use-case scenarios. Group Storymaking: Understanding an Unfamiliar Target Group through Participatory Storytelling Hankyung Kim, Soonju Lee, Youn-kyung Lim Based on a sound research plan, qualitative user data help designers understand needs, behaviors and frustrations of a target user group. However, when a design team attempts to design for unfamiliar target groups, it is extremely difficult to accurately observe and understand them by simply using traditional research methods such as interviews and observation. As a result, the quality of user research data can be called into a question, which leads to unsatisfying design solutions. Inspired by a fiction writer’s technique of generating stories together with readers, we present the new method, Group Storymaking that supports designers to quickly gain broad and clear understanding of an unfamiliar target group throughout a story-making activity with actual users. We envision Group Storymaking as a new user study method that designers can easily implement to learn about an unfamiliar target, involving actual users in a research process with less time and cost commitment. Animation as a Creative Tool: Insights into the Complex Ian Balmain Hewitt, David A. Parkinson, Kevin H. Hilton A Design for Service (DfS) approach has been linked with impacts that significantly alter touchpoints, services and organizational culture. However, there is no model with which to assess the extent to which these impacts can be considered transformational. In the absence of such a model, the authors have reviewed literature on subjects including the transformational potential of design; characteristics of transformational design; transformational change; and organizational change. From this review, six indicators of transformational change in design projects have been identified: evidence of nontraditional transformative design objects; evidence of a new perspective; evidence of a community of advocates; evidence of design capability; evidence of new power dynamics; and evidence of new organizational standards. These indicators, along with an assessment scale, have been used to successfully review the findings from a doctoral study exploring the impact of the DfS approach in Voluntary Community Sector (VCS) organizations. This paper presents this model as a first-step to establishing a method to helpfully gauge the extent of transformational impact in design projects.




Transformation Dynamics In Fintech: An Open Innovation Ecosystem Outlook


Book Description

Technology-driven innovation in financial services has been attracting global attention and interest. FinTech innovation is presenting a paradigm shift in financial services affecting a wide range of products, processes and services but also sparking a broader evolutionary transformation, growth opportunities and foundational systemic and structural changes in light of technological interdependencies among market players, infrastructures and ecosystem stakeholders.Transformation Dynamics in FinTech contributes to the intellectual curiosity around the symbiotic relationship of finance and technology by focusing on the multidimensional and multidisciplinary role of open innovation within FinTech innovation, observing and communicating the latest technological, managerial, governance, policy and regulatory perspectives, trends and developments.This book is an essential reading for anyone interested in the growing and evolving development of FinTech ecosystems based on new capabilities and structures that create new dominant architectural designs, which determine competitive dynamics, products, services, processes, business models, markets, value chains, within an open and transformed financial services industry landscape.




The Palgrave Handbook of Corporate Sustainability in the Digital Era


Book Description

This handbook addresses the intersection between corporate sustainability and digital transformation. It analyzes the challenges and transformations required to be able to have sustainable businesses with a future orientation. Topics include current and potential social, demographic, technological, and managerial trends; the implications of the digital revolution in society and business; as well as the challenges of being sustainable, and profitable. Providing an understanding of the business reasons to incorporate a future orientation into the business strategy, this handbook facilitates an understanding of the need for profound changes in individual behavior, organizational culture, public policy, and business environments to adapt to the accelerated changes and manage business with orientation to the future.




Special Report: The Future of Finance in Saudi Arabia


Book Description

This 92-page special report, featuring interviews, news, and analysis, navigates the major challenges, prospects, and trends that will guide the sector over the coming years. It features insights from the leading decision makers in the sector and seeks to be a reference for those wanting impactful information on investment opportunities in Saudi Arabia.




Preparing Financial Sectors for a Green Future


Book Description

The financial sectors of the Middle East and Central Asia (ME&CA) countries should play an important role in supporting climate-related policies for the region. The sectors are vulnerable to downside risks from climate-related shocks and at the same time offer the potential to help fill the financing gap for needed adaptation and mitigation strategies. Successful approaches to climate change in the region therefore need to coherently integrate financial sector strategies within the overall policy framework to meet this important challenge. To this end, policymakers must ensure that financial sectors are prepared for a green future. This means enhancing the resilience of banks to physical and transition risks from climate change and boosting the capacity of insurance sectors to speed recovery from climate-related disasters and help offset economic costs. Moreover, policies are needed to foster an enabling environment for private green finance, attract investment from other official entities, such as sovereign wealth funds (SWF), and facilitate support from international financial institutions and multilateral development banks. In the near term, policy efforts should center around better understanding and measuring climate-related risks. This includes prioritizing the implementation of methodologies for quantifying and reporting such risks, promoting their transparent disclosure by financial institutions, and strengthening frameworks for their forecasting and analyzing. Over the medium term, governments can play an important role in supporting green finance through incentives and market mechanisms, phasing-out energy subsidies, and introducing new tools and markets (such as carbon pricing frameworks), which can stimulate demand for investment in green technologies. The paper offers a unique regional perspective on climate risks in ME&CA's financial sectors and outlines the road ahead in transitioning to a green future. It is the first to evaluate the impact of climate change on banking institutions in the region and assess the capacity of insurance in mitigating climate-related damages and losses. It contributes to the existing literature by synthesizing the size and nature of regional financing needs for adaptation and mitigation and discussing both opportunities and challenges for the development of green finance. The paper's policy recommendations provide guidance to policymakers on how to develop regulatory responses to enhance financial sustainability amid climate change risks.




Banking on the Future of Asia and the Pacific


Book Description

This book is a history of the Asian Development Bank (ADB), a multilateral development bank established 50 years ago to serve Asia and the Pacific. Focusing on the region’s economic development, the evolution of the international development agenda, and the story of ADB itself, this book raises several key questions: What are the outstanding features of regional development to which ADB had to respond? How has the bank grown and evolved in changing circumstances? How did ADB’s successive leaders promote reforms while preserving continuity with the efforts of their predecessors? ADB has played an important role in the transformation of Asia and the Pacific the past 50 years. As ADB continues to evolve and adapt to the region’s changing development landscape, the experiences highlighted in this book can provide valuable insight on how best to serve Asia and the Pacific in the future.




Artificial Intelligence in Banking


Book Description

In these highly competitive times and with so many technological advancements, it is impossible for any industry to remain isolated and untouched by innovations. In this era of digital economy, the banking sector cannot exist and operate without the various digital tools offered by the ever new innovations happening in the field of Artificial Intelligence (AI) and its sub-set technologies. New technologies have enabled incredible progression in the finance industry. Artificial Intelligence (AI) and Machine Learning (ML) have provided the investors and customers with more innovative tools, new types of financial products and a new potential for growth.According to Cathy Bessant (the Chief Operations and Technology Officer, Bank of America), AI is not just a technology discussion. It is also a discussion about data and how it is used and protected. She says, "In a world focused on using AI in new ways, we're focused on using it wisely and responsibly."




The Future of Real Estate


Book Description

The global pandemic has delayed many real estate plans while accelerating the adoption of many technology challenges. In turn, these technologies will disrupt the real estate industry, causing some to become irrelevant and useless. Combined with the increasing numbers of ageing baby boomers, what is Singapore’s future going to look like? What plans should we make for our properties? Market commentator and respected real-estate expert Ku Swee Yong weighs in on some of these questions and shares his insights on the opportunities for investors and what is the future of real estate in Singapore.




AI and the Future of Banking


Book Description

An industry-specific guide to the applications of Advanced Analytics and AI to the banking industry Artificial Intelligence (AI) technologies help organisations to get smarter and more effective over time – ultimately responding to, learning from and interacting with human voices. It is predicted that by 2025, half of all businesses will be using these intelligent, self-learning systems. Across its entire breadth and depth, the banking industry is at the forefront of investigating Advanced Analytics and AI technology for use in a broad range of applications, such as customer analytics and providing wealth advice for clients. AI and the Future of Banking provides new and established banking industry professionals with the essential information on the implications of data and analytics on their roles, responsibilities and personal career development. Unlike existing books on the subject which tend to be overly technical and complex, this accessible, reader-friendly guide is designed to be easily understood by any banking professional with limited or no IT background. Chapters focus on practical guidance on the use of analytics to improve operational effectiveness, customer retention and finance and risk management. Theory and published case studies are clearly explained, whilst considerations such as operating costs, regulation and market saturation are discussed in real-world context. Written by a recognised expert in AI and Advanced Analytics, this book: Explores the numerous applications for Advanced Analytics and AI in various areas of banking and finance Offers advice on the most effective ways to integrate AI into existing bank ecosystems Suggests alternative and complementary visions for the future of banking, addressing issues like branch transformation, new models of universal banking and ‘debranding’ Explains the concept of ‘Open Banking,’ which securely shares information without needing to reveal passwords Addresses the development of leadership relative to AI adoption in the banking industry AI and the Future of Banking is an informative and up-to-date resource for bank executives and managers, new entrants to the banking industry, financial technology and financial services practitioners and students in postgraduate finance and banking courses.