DFCC Bank recently launched its own innovation centre of excellence (Innovation Hub) in collaboration with Innovation Quotient (IQ).
“DFCC Agile” the title given to the Innovation Centre of Excellence (ICOE) was based on employee feedback who will be the key stakeholders in this endeavour, the bank said in a media release.
This hub referred to as ‘DFCC Agile - Innovation Centre of Excellence will develop an innovation road map with external partners and varied teams in the bank through multiple iterations and reviews on an ongoing basis. This process will facilitate the outcome of many out of the box initiatives that will be taken to market as new financial propositions for customers.
The process of creating future value requires its own process and facilitation. This was a key realisation by strategists at DFCC Bank and the potential in collaborating with external expertise to bridge the gap between human insights, bold creativity and technical capabilities on innovation management and design thinking. This will also help accelerate the development of next-generation banking solutions and services using technology and consumer insights at its core. Functioning as a strategic think tank and creative engine DFCC Agile’s operations will trickle down throughout the organisational structure at DFCC Bank, acting as a hub for incubation and testing. This will ensure that new and innovative ideas, products, services, and design thinking principles will go through an innovation management process before implementation, the release said.
In order to set up such a hub, DFCC Bank has chosen Innovation Quotient (IQ) to be a partner in their journey to collaborate and implement the innovation management process and strategy in two phases.
Speaking on this new chapter for the bank, DFCC Bank CEO Lakshman Silva said, “As we embark on this new digital-first and innovation forward drive at DFCC Bank, it brings me great joy to announce the launch of DFCC Agile - Innovation Centre of Excellence which will be instrumental in benchmarking the future of banking in Sri Lanka. We at DFCC believe in the design thinking process as a practice that facilitates divergent and innovative thinking yet anchors it within the realms of the bank and its strategic aspirations since the future is all about customer experience and agility. I encourage all interested parties to join us in this endeavor and I am confident that the specially appointed team to spearhead this effort will use design thinking methodologies with cross-functional flair.
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