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Digital Transformation in the Hungarian Banking Industry – Experiences with Design Thinking

Author

Listed:
  • Péter Fehér

    (Institute of Information Technology, Corvinus University of Budapest, Hungary)

  • Krisztián Varga

    (Institute of Information Technology, Corvinus University of Budapest, Hungary)

Abstract

The study examines the possibilities of the digital transformation of the Hungarian banking industry through the “One Week Sprint” method, derived from general design thinking methodology. In our research, we cooperated with two domestic banks and focused on real estate related opportunities and SME offerings. The methodological focus was on how to use customer journeys and personas for supporting digital efforts, as design thinking places a great emphasis on these elements. The paper has two goals: 1) present the findings of this innovative project with the two banks using design thinking; 2) describe our experience with customer journeys and personas in consumer- and corporate-facing innovation projects in the two banks. To our knowledge, there is no practical experience in the literature regarding the usage of these tools. We found that the usage of customer journeys and personas are much easier and evident if the project tries to develop consumer products or solutions. If the solutions are for corporate use, personas lose the added value of empathy (without the human connection) and the creation of customer journeys needs deeper experience from consultants.

Suggested Citation

  • Péter Fehér & Krisztián Varga, 2019. "Digital Transformation in the Hungarian Banking Industry – Experiences with Design Thinking," Society and Economy, Akadémiai Kiadó, Hungary, vol. 41(3), pages 293-310, September.
    • Handle: RePEc:aka:soceco:v:41:y:2019:i:3:p:293-310
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    Citations

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    Cited by:

    1. Fertő, Imre & Bojnec, Štefan & Podruzsik, Szilárd, 2022. "Do Subsidies Decrease the Farm Income Inequality in Hungary?," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    2. Maniriho, Aristide & Musabanganji, Edouard & Mulumeoderhwa, Fidèle & Manirakiza, Dismas & Lebailly, Philippe, 2022. "Preferences of Small-Scale Farmers for Innovative Farming Techniques in Volcanic Highlands in Rwanda," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    3. Tran, Lam Quynh Trang & Phan, Dai Thich & Herdon, Miklos & Kovacs, Levente, 2022. "Assessing the Digital Transformation in Two Banks: Case Study in Hungary," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    4. Shaibu, Abdul-Fatawu & Shaibu, Mohammed Hardi, 2022. "Agricultural Aid and Growth in Sub Saharan Africa: a Review of Empirical Evidence," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    5. Ander, Veronika & Cihelka, Petr & Tyrychtr, Jan & Novák, David, 2022. "Towards Compromise User Experience Design in Ambient Intelligent Environment," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    6. Liu, Chenyue & Rumánková, Lenka, 2022. "Are There the Impacts of Environmental Regulations on Manufacturing Export? Empirical Evidence from Chinese Manufacturing," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    7. Błażejczyk-Majka, Lucyna, 2022. "CAP After 2004: Policy to Promote Development or to Elimination Differences Between Regions? Non-parametric Approach Based on Farm Efficiency in the Old and New EU Regions," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    8. Bareith, Tibor & Csonka, Arnold, 2022. "Dynamics of Competition in the Hungarian Poultry Industry," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    9. Sodamin, Dino & Vaněk, Jiří & Ulman, Miloš & Šimek, Pavel, 2022. "Fair Label versus Blockchain Technology from the Consumer Perspective: Towards a Comprehensive Research Agenda," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    10. Palkovič, Jozef & Matejková, Eva & Richterová, Eva, 2022. "Agricultural Cooperatives and Their Impact on Economic Performance of Farms in Slovakia," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.

    More about this item

    Keywords

    digital transformation; design thinking; One-Week Sprint; banking industry; customer journey; persona;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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