Design for the Future Essay

Retail Banking and Financial Service Under System Analysis

Authors

  • Sheng Hung Lee Designer and Ph.D. Researcher, MIT AgeLab and MIT Ideation Lab; Chair, IDSA Boston
  • Eric Klopfer Professor and Director of the Scheller Teacher Education Program and The Education Arcade, MIT.
  • Joseph F. Coughlin Director, MIT AgeLab

DOI:

https://doi.org/10.36797/aep.v2i15.107

Keywords:

Servicio financiero , Diseño de servicio, STPA, Análisis de Procesos Teóricos del Sistema

Abstract

Financial planning services and banking experience are complicated systematic social-technological design challenges more than only discussing numbers, money, investment, and benefit. Thus, the purpose of the research is to apply modified System-Theoretic Process Analysis (STPA) to study retail banking and financial service through the lens of service systems to empower us to have more holistic views to consider other critical aspects of services and systems. Following a Capital One Café model as our case study, we identified ten key controllers/stakeholders and their values and goals in the retail banking system and then translated the outcomes into losses and system-level hazards and constraints, which helped us generate high-level, detailed hierarchical control structures to enable us to analyze the topic from the perspectives of customers, banking service provider, and retail. Under STPA systematic approach of analyzing the retail banking experience and financial services, we conclude three learnings from service designer’s perspectives: 1) establish meaningful bonding’s between retail and financial services, 2) create service roles to deliver a better and more immersive user experience, and 3) translate service touchpoints to data points to improve service quality.

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References

Capital One. (2018). Money Coaching at Capital One. In The Service Design Award Annual 2017. Service Design Network. https://www.service-design-network.org/headlines/2017award-finalist-money-coaching-at-capital

Kapcia, R., & Boutz-Connell, C. (2017). Retail Insights: Capital One’s New “Café Concept.” https://www.strumagency.com/insights-blog/capital-one-cafe

Lee, S.-H. (2022a, July 5). Transformative Service Innovation and Design: From Touch Points to Data Points. MIT AgeLab. https://agelab.mit.edu/home-logistics-and-services/blog/transformative-service-innovation-design-touch-points-data-points/

Lee, S.-H. (2022b, September 8). Service Innovation in Space Design: How to build an immersive and interactive lab space experience in a post-Covid era. DesignWanted. https://designwanted.com/space-design-service-innovation/

Lee, S.-H. (2022c). Service Innovation Design of Lab Space: Space Service Experiment in MIT Laboratory. . https://kns.cnki.net/kcms/detail/detail.aspx?dbcode=CJFD&dbname=CJFDAUTO&filename=SJTY202218020&uniplatform=NZKPT&v=-rA_mzQjPFa7hr61I1vGPtMkZR8WXVVBewFQmsvhde7SDxpVdbXC_44Z3LVWPKwG

Leveson, N. G. (2017). Engineering a Safer World: Systems Thinking Applied to Safety (New paperback edition). The MIT Press.

Leveson, N., & Thomas, J. (2018). STPA Handbook. https://psas.scripts.mit.edu/home/get_file.php?name=STPA_handbook.pdf

Mitchell, O. S., Hammond, B. P., & Utkus, S. P. (Eds.). (2017). Financial Decision Making and Retirement Security in an Aging World (First edition). Oxford University Press.

Penin, L. (2017). An Introduction to Service Design: Designing the Invisible. Bloomsbury Publishing.

Spencer, M. B. (2012). Engineering Financial Safety: A System-Theoretic Case Study from the Financial Crisis. https://dspace.mit.edu/handle/1721.1/72903

Vogelzang, D. (2017, May 15). A New Banking Experience Thanks to Human Centered Design: How Capital One’s new cafés provide a real-time case study into the innovation imperative in banking. https://medium.com/@dvogz/capital-one-bank-experience-8982803c9be

Published

2022-12-19 — Updated on 2023-02-27

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How to Cite

Hung Lee, S., Klopfer, E. ., & Coughlin, J. F. . (2023). Design for the Future Essay: Retail Banking and Financial Service Under System Analysis. Arte, Entre paréntesis, 2(15), 32–44. https://doi.org/10.36797/aep.v2i15.107 (Original work published December 19, 2022)

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