Assignment 1

Design Research Report

Boopathy Subramani
S3828470
15/09/2022
[Year]
 Design Thinking for Business
Executive summary
10XtheCX is an example of ASB's design-led innovation program, which seeks to identify
economic solutions to critical social concerns in Aotearoa. The initiative was launched in 2014.
The bank's strategy is being elevated to new heights thanks to Design's utilization of it. Each
time we work on a new project for 10theCX, we assemble a group of senior design practitioners
and in-house subject matter experts to develop a customer value proposition that is both forward-
looking and distinguishable from that of the other businesses in the industry, as well as a set of
brand-new activities to back it up. We collaborate with people from the outside who are skilled
in research and design, as well as behavioral science, activism, sociology, and economics, and
we bring together panels of experts from across the world. The Double Diamond structure,
together with considerable research, serves as the foundation for our approach. We validate our
findings through the use of extensive quantitative research, and we collaborate closely with our
clients throughout the whole co-design process. To obtain the most accurate results, we use an
iterative process to build and evaluate both digital and real experiences. ASB Bank Limited,
which is regarded as one of the most important commercial banks in New Zealand, is dedicated
to remaining "one step ahead" in terms of both the goods it offers and the customer care it
provides. For the convenience of our customers, we offer services like the storage, transfer,
lending, and investment of their cash. More than 5,500 people are employed by ASB in various
locations around the country to ensure that clients receive excellent banking services daily.
Because there are always new problems to solve, we decided to develop 10XtheCX to address
such problems.

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 Table of Contents
Executive summary...................................................................................................................................1
Secondary research...................................................................................................................................3
Primary research.......................................................................................................................................4
Mind map...............................................................................................................................................4
The identified target user group...........................................................................................................4
Interview Questions...............................................................................................................................4
Identified findings..................................................................................................................................5
Empathy map.........................................................................................................................................5
Persona...................................................................................................................................................5
Conclusion..................................................................................................................................................6
Reference list..............................................................................................................................................7
Appendix....................................................................................................................................................8

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Introduction
The transition that we are doing as part of Our One Giant Leap is supported by three pillars: 10X
the CX, 10X the PX, and 10X the TX. The ASB approach is considered to be one of these
pillars. To improve the overall quality of life for ASB's employees, the company is implementing
a program known as 10xPX. This action is being taken as a response to the difficulties that have
surfaced as a result of the epidemic, which has made it more difficult to recruit and retain top-tier
personnel. ASB can deliver on what it regards as its "People Promise," which is to say, a positive
experience for both its existing workers and those who are interested in working for the company
in the future. This is one of the factors that distinguishes the firm from its competitors in the
industry. It includes a summary of the pleasures, the culture of the workplace, and other essential
amenities that employees at ASB may anticipate in exchange for their time, effort, and talents at
the firm. Specifically, it discusses the culture of the workplace. ASB is the market leader when it
comes to the employee perks it provides and the general enjoyment of its staff members.
Furthermore, our workers are our most significant asset, thus we strive to provide them with the
best possible conditions. On the other side, the market has experienced some shifts in recent
times. The time that has passed since the outbreak has resulted in a change in the expectations
that workers have. The contribution of exceptionally talented individuals to the successful
execution of our goals and strategies will continue to assume an increasingly critical role in this
endeavor. The aim of 10XtheCX is to:
 Developed an innovative product or service for consumers of personal banking to make it
possible for millennials to stop worrying about their financial prospects and start taking
responsibility for their own financial life.
 A look was taken at the housing crisis in New Zealand, and several activities were
provided to assist first-time buyers in locating potential answers to the issue.
 Developed a valuable offering for commercial banking customers to ease their quick and
sustained development over the long term.
 Provides a solution to the coming "retirement problem" that is now affecting women and
helps women feel more assured in their skills to attain financial independence in their
golden years.
I have to observe the behavior, goal, desires, and perspective of our target market to analyze
the feasibility of 10XtheCX.

Secondary research
To bring inflation under control while also sending a signal that the benchmark rate would
eventually peak at a higher level than had been anticipated, the Reserve Bank of New Zealand
raised interest rates by 0.5 percentage points on Wednesday (25/05/2022), bringing the total to
2%. This action was taken in response to the expectation that the benchmark rate would
eventually reach a higher level. ASB also has some technical issues in response to such an
incident ASB said that At this time, ASB is experiencing technical difficulties that have caused
the bank's Internet banking, ASB Mobile, and EFTPOS services to be unavailable. Because this
is one of our staff's highest priorities, they are putting in a lot of effort to find a solution. If there
are any new developments, you can count on us to keep you updated. We ask for your patience
and apologize for the inconvenience caused by the delay.

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Primary research

Mind map

The identified target user group

 Retail Customers Who Have Deposit Accounts:

A game-changing solution designed for customers of personal banking institutions was
developed to assist younger people in overcoming their financial concerns and regaining their
financial independence.
 When purchasing or selling a house:
In an attempt to alleviate the housing crisis in New Zealand, First Home Buyers were provided
with a variety of options to choose from to aid people in the process of purchasing their own
homes.
 Those who are getting close to retiring:
Gives women the self-assurance and practical experience they require to become financially self-
sufficient in their later years, so helping to relieve the impending retirement crisis with which
they are faced.
Interview Questions
 How severe are the most urgent issues that are now confronting financial institutions?
 Why are you making an effort to prove this point?
 Which way do you think the ASB bank will go in the future?
 Have you come across any noteworthy information regarding 10XtheCX?
 Describe the aspects of this strategy that give you cause for concern.
 Please provide some information about the sort of person you aspire to be as well as your
goals.
 Please let us know how we may be of service to you.

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Identified findings
Due to the information obtained from the interviews, we are confident that our effort will be a
tremendous success. It will not only improve the bank's bottom line, but it will also raise the
standard for its other financial services and provide answers to some of the bank's most pressing
concerns. This effort will result in the successful resolution of the housing problem, PVP,
retirement worries, and other global difficulties.
Empathy map
Software development teams may utilize the Visual Paradigm to manage development processes
and model enterprise information systems. This technology enables the production of reports,
code generation, and other code engineering activities.

Persona

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Conclusion
To begin, I went through and read all of the 10XtheCX Program Briefs. After reading and
considering them, I picked Target as my target. This pertains to the behavior of the target market
and how this project will affect them in some way. I conducted research on the target market for
this project, analyzed the results of the findings, and documented them in a report that detailed
all of the possible outcomes concerning the second objective. I chose a model of the perfect
client and interviewed her. During the interview, I questioned him on a variety of topics about
his objective; nevertheless, what are the most pressing problems that he or she is encountering at
the bank? After that, I produced a mind map utilizing Miro mind mapping to properly visualize
the sub-branches of this project that the target market requires and ambitions. What he or she
anticipates from this program and how to best aid him or her in attaining his or her objectives
After that, I go on to the expenditure report, where I formulate my knowledge of the
requirements of the target market and how this program assists those requirements. After that, I
moved on to Persona, where I drew a persona of an ideal customer. During this process, I was
able to identify various problems that the target market is experiencing, such as the target
market's financial condition, age, the environment they are living in, goals, and idealized
solutions.

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Reference list

References
Anon., 2022. Aljazeera. [Online]
Available at: https://www.aljazeera.com/economy/2022/5/25/new-zealand-raises-interest-rates-
amid-inflation-concerns
[Accessed 25 May 2022].
Anon., n.d. App Latest. [Online]
Available at: https://www.applatest.com/apps/ios-finance/434348489/problems
Anon., n.d. ASB. [Online]
Available at: https://www.asb.co.nz/about-us#:~:text=Our%20company,unbeatable%20banking
%20experiences%20every%20day.
Anon., n.d. ASB Bank Newzealand. [Online]
Available at: https://www.isitdownrightnow.com/asb.co.nz.html
Anon., n.d. Down Detector. [Online]
Available at: https://downdetector.co.nz/status/asb/
Anon., n.d. market Research. [Online]
Available at: https://www.marketresearch.com/MarketLine-v3883/ASB-Bank-Limited-Strategy-
SWOT-12311378/
Stock, R., 2022. Stuff. [Online]
Available at: https://www.stuff.co.nz/business/127965164/asb-customers-payment-problems-
over
[Accessed 4 March 2022].
Wingard, L., n.d. Hitachi Solutions. [Online]
Available at: https://global.hitachi-solutions.com/blog/top-10-challenges-banking-financial-
organizations-can-overcome/
Chris Tennent Bown ASB Bank Newzealand. [Online]
Available at: https://www.asb.co.nz/content/dam/asb/documents/reports/markets-monthly/markets-
monthly-for-August-2022.pdf

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Appendix

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