Digital finance: Leveraging customer research for innovation
Abstract
This paper explores how digital transformation in finance is driving focus on customer-centricity. The paper analyses how data-driven innovation is often framed as the quantitative collection and analysis of digital customer information. The paper explores how qualitative data can elucidate customer contexts and pain points. The research highlights how quantitative data can overlook important insights into customers’ decision making, their use of different financial solutions, and their ability to manage new technological solutions. The paper recommends financial service providers broaden their innovation toolbox by integrating qualitative research methods and by involving customers and partners in innovation practices. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Anette Broløs , PhD, is a Denmark-based FinTech analyst. Together with Erin B. Taylor, she co-authored the book ‘Customer-Centric Innovation in Finance: Leveraging Human Insights to Drive Product Innovation in the Digital Age’. She is a seasoned network leader specialising in strategic innovation and partnerships. She earned an industrial PhD in collaborative innovation, complemented by a background in economics. Anette has extensive work experience in finance, including six years as CEO of Copenhagen FinTech Innovation and Research.
Erin Taylor , PhD, is an anthropologist specialising in understanding how people’s financial behaviour evolves alongside innovation in financial services. She earned a PhD from the University of Sydney, Australia, and has conducted ethnographic research in the Caribbean, Africa, Europe and Southeast Asia. Erin is the Managing Director of Finthropology, a research firm specialising in human financial behaviour. She is also an associate of the Institute for Culture and Society at Western Sydney University.
