Problem to be solved:
Successful wealth manager leveraged the power of digital cost effectively to serve a broader group of customers
Approach
Apply design thinking techniques combined with classical MBA-style financial analysis to design an entire new, digitally based direct-to-consumer (DTC) business model.
Assess market size and establish financial opportunity (e.g., “Headroom for Growth” which is defined as Total Market – Market Share You Have – Market Share You Can’t Get)
Conduct ethnographic research to understand the financial attitudes and behaviors of a strategically defined target audience who represent customers of future.
Articulate clearly value proposition that is grounded in customer insights.
Design essential elements of new business model including new product concepts and a new digitally based delivery system.
Establish experience principles and design guidelines for execution.
Establish funnel metrics to gauge validity of strategy and surface potential pivot points
Track financial performance through segment specific P&L.
Influences
Design Thinking
Business Model Generation
TBD — reference to segment P&L or McKinsey like article