Market Gravity helps Clydesdale and Yorkshire Bank with innovation lab

17 May 2017 3 min. read

Clydesdale and Yorkshire Banks has partnered with design consultancy Market Gravity to develop, implement and launch an experiential banking innovation lab on Kensington High Street – Studio B.

The London-based proposition design consulting firm worked with the Banks’ innovation team to launch what the partners call UK’s first design-driven banking innovation lab, open to the public. Studio B invites members of the public, squads of next generation innovators and talented young designers to come in and test, trial and provide feedback on new technology, develop new products and ideas and share insights on their banking behaviours.

Based on Kensington High Street, London, the lab encourages visitors to take part in short sprints to apply their perspective to challenges to create solutions to customer problems and work with and design technology to meet the needs of changing customer behaviour, in particular the next generation of banking customers. According to recent research from Accenture, the demands of younger generations such as the millennials is forcing banks to revamp the way they service their clients, with customer services and trust they key areas of concern for incumbent banks.

Studio B, Clydesdale and Yorkshire Banks

”We want to create the next generation of banking services delivered by the next generation of users. Studio B is our way of reaching out to identify the challenges within banking and to draw out creative and innovative ideas for solutions”, said Helen Page, Group Innovation and Marketing Director at Clydesdale and Yorkshire Banks.

In the studio, young design thinkers can work with senior level tech partners to in the short sprint cycles create new ideas and concepts. Among the innovative concepts that are set to be explored are voice recognition, artificial intelligence, virtual reality, Internet of Things, blockchain and robotics. Applicants can apply to join the studio through social media, design blogs, and creative networks – yet participation is subject to successfully coming through an application process.

External support

The establishment of Studio B was led by Market Gravity, a London based consultancy specialised in design thinking and customer experience. The consulting firm, which also has offices in New York, Edinburgh and Toronto, has also been tapped to coordinate the execution phase of the project, which includes overseeing the sprints programmes and collaboration with the bank’s partners.

Commenting on the engagement, Nick Sherrard, a managing director at Market Gravity, said “It’s exciting to see the concept come to life and it’s great to work with such a forward–thinking team bringing disruption and innovation to the banking sector. Studio B will be a unique experience featuring retail, experiential and interactive activities with a programme of creative and informative events to engage with audiences.”

Page meanwhile added that she is looking forward to the insights which are expected to surface, stating, “We’re excited to see new solutions that fit into modern, and future, lifestyles brought to market very soon.”

According to recent research from Capgemini Consulting, Fahrenheit 212 and Altimeter, the popularity of dedicated innovation and design centres is on the rise globally.