Standard Bank has launched its dedicated innovation lab, dubbed the PlayRoom.
The PlayRoom is a 1 927 square metre creative hub in Johannesburg that seeks to unearth disruptive ideas from staff, customers and start-up businesses, allowing the bank to research and test in a controlled environment, before releasing new solutions into the market.
According to Vuyo Mpako, head of Innovation and Channel Design at Standard Bank: “This is probably the biggest step we have taken to bring us closer to our customers. The vision is that the PlayRoom will form an integral part of our ongoing efforts to find innovative solutions that solve real customer needs and challenges. It is our response to the changing customer landscape.
“Customers are living in a rapidly changing world. Evolving customer needs, coupled with technology, are shaping the way that businesses operate. The sum of this was the birth of a new type of business model for financial institutions – collaborative innovation.”
Mpako adds: “The PlayRoom will allow Standard Bank to continuously engage, listen to and co-create solutions with our customers with the aim of bringing every day banking value to them. Innovation sits within our overall strategy that starts with the customer in mind – taking an outside-in approach.”
The PlayRoom consists of a “think space” that is dedicated to jolting creativity and innovation. “This is where the magic happens. Here, nametags and formalities cease to exist and visitors are urged to work in their own particular style. Creativity has no boundaries and this space will allow for free thinking,” adds Mpako.
It also features a testing area where customers will test new innovations and can provide invaluable insights and help to create a seamless User Experience (UX) journey for all Standard Bank’s offerings. Standard Bank will be able to integrate both its customer and staff into the creative design process. Successful innovations will not only be rewarded, but implemented by Standard Bank.
The PlayRoom has already been put to the test with the concept, redesign, beta testing and extensive group testing sessions for the soon-to-be-launched Internet Banking site taking place at the PlayRoom. “This experience proved not only to be valuable in terms of creating a remarkable user experience based on customers’ needs but also a learning curve for us in how we use this space,” says Mpako.
