Becoming an unlikely change agent for innovation in financial services (Part 1 of 4)
We hand the pen to Steve Suarez, Global Head of Innovation, Finance & Risk at HSBC, for a four part series about how he worked with d.schoolers Justin Ferrell and Jeremy Utley to create an innovation program at HSBC.
Some people hit a ‘certain age’ and buy a new shiny sports car; others attend a Stanford progamme.
In 2016, I found myself at a professional crossroads. As Global Head of Risk Transformation, HSBC at the time, others could have forgiven me for settling in and getting comfortable in my role. But I am a firm believer that leadership is about continuously challenging yourself and exiting your comfort zone, so at my year-end review, I volunteered to launch and run a global Innovation Programme across Risk for HSBC.
Innovation in Banking
Our industry’s change rate increased rapidly, disruption in banking was a key topic at the time, with lots of references to new styles being offered by ‘Fintechs and Start-ups’. Trends including Artificial Intelligence, Cloud Computing, Cryptocurrencies and the increasing emergence of digital transformation made me realise I needed to stay relevant, forward-thinking and ensure that our customer solutions were tailored to their needs. Understanding that innovation continues to represent a vast opportunity in transforming the way we operate — I wanted to prove that how we innovate could improve customer experience and bring success to the Bank while, at the same time, challenge myself and progress my career.
My ambition was suddenly met with a moment of panic; the term be careful what you wish for definitely resonated. I’m not, and have never claimed to be an innovator, and all of a sudden, it was part of my role, not yet my job title, that I knew I had to earn!
I knew I wanted to foster an innovative ecosystem and an experimental culture where colleagues could feel supported to try new things, fail fast and safely, and ultimately make breakthroughs that deliver value to the Bank and our customers. Whilst I had a vision of how I wanted the program to be implemented, a decentralised approach to innovation, creating a wider network of Innovation Champions and Innovation Leads across our Regions and Functions as subject matter experts in their area — I wasn’t entirely sure how to pull it off to maximum effect. I had left my comfort zone way behind, and that is when I decided it was time to go back to school.
Naturally, my first step in choosing a school was consulting with Google. I searched for the top Innovation schools that could give me some fresh perspectives. Like many people, finding time is a challenge for me, so I needed a course to fit around my schedule with interactive and actionable teaching, whilst having the most impact on my new role. The results led me to the Stanford Innovation and Entrepreneurship Program. Stanford has a reputation as being part of one of the world’s top innovation ecosystems, and so I enrolled.
At Stanford
The first course I attended was Empathize and Prototype: A Hands-on Dive into the Key Tools of Design Thinking taught by Jeremy Utley and Perry Klebahn. The course introduced me to the concept of shifting perspectives and focusing on the customer. It may seem obvious but when one of my professors asked me “When was the last time you spoke to a customer?” — that was a penny-drop moment for me, how to shift my mindset to a customer centric perspective, rather than creating solutions that I thought the customers would want.
The energy of the teaching and the powerful subject matter made me think, “if I could figure out how to bring this learning to the Bank, it would have a huge impact”. This sowed the seeds for what would eventually become Design Thinking 101, HSBC’s eLearning course in collaboration with the Stanford Center for Professional Development.
Next: Keep an eye out for the next part of this blog series where I will discuss how this pipe dream materialised and became a reality.
About Steve Suarez — With a track record of over 27 years of transformation experience in consulting, telecommunications and financial services, Steve is a strong advocate of design thinking and its application for customer solutions. He is passionate about Innovation and the Growth Mind-set which drives his continuous learning. Most recently Steve took part in the Innovation and Entrepreneurship programme at Stanford. Please reach out to innovation@hsbc.com with any questions.
Want to bring innovation to your organization? Join our Stanford d.school Design Thinking Bootcamp to bring design thinking to your team.
