TOPIC 8

 TOPIC 8

Bank Negara Malaysia (The Central Bank of Malaysia)

Maahir Hamdan
09/05/2024

Design Thinking in Action: Transforming Banking with Bank Negara Malaysia
Design thinking is not just for flashy tech startups. This is an effective device that may be implemented in any industry, and Bank Negara Malaysia (BNM), a significant bank in Malaysia, proves this. Permit delves into BNM's design wonder technique, the use of the "what's; What if; What wow; What works" framework.

What is: Understanding the Challenge
BNM identified a challenge: financial illiteracy among Malaysians. This limited financial inclusion and hindered economic growth. Traditional educational methods weren't engaging enough.

What if: Reimagining Financial Education
BNM adopted a human-centered approach. They conducted user research (Voltage Control, 2023) to understand Malaysians' financial knowledge, attitudes, and preferred learning styles. This led to the "RinggitWise" initiative.

What wow: Creative Solutions with Impact
RinggitWise is a gamified cellular app that makes use of storytelling, quizzes, and demanding situations to educate economic principles in a laugh and interactive way. It caters to one-of-a-kind gaining knowledge of patterns and age agencies, making economic schooling available and attractive.
What works: Measuring Success

The "what works" aspect is crucial in design thinking. BNM tracks key metrics like app downloads, user engagement, and knowledge improvement through quizzes. This allows them to refine the app and ensure it achieves its goals.

The Transformative Power of Design Thinking
BNM's design thinking approach demonstrates the power of this methodology. By focusing on user needs and iteratively developing solutions, they've created a program that has the potential to transform financial literacy in Malaysia. This case study is an inspiration for organizations of all sizes looking to solve complex problems and create positive change.

Further Exploration:
For a deeper dive into design thinking, you can explore the five-step design thinking process [Voltage Control, 2023]. Additionally, IDEO U offers a comprehensive course on design thinking principles [IDEO U, n.d.].

References:

Voltage Control. (2023, August 10). 8 great design thinking examples. https://voltagecontrol.com/blog/category/design-thinking/

IDEO U. (n.d.). Design thinking for educators. https://www.ideou.com/

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