Design Thinking for Reliable Digital Financial Information

Abstract

The rapid changes in the finance industry regulations and fast-changing customer needs pressured banks to stay competitive. This is factored in due to the pace of innovation in technology. Banks have creative financial heads; however, pursuing efficient, customer-centric, creative work within an organisation is frequently challenging. Moreover, banks often operate in complex environments with legacy systems and processes, making conducting experiments rapidly with new ideas and technologies challenging. Likewise, banks often need more resources to invest in the right people, processes, systems, and technology to create a customer-centric core. The authors introduce design thinking as a robust methodology used in various fields, and its applications could ensure reliable digital financial information in today’s contemporary business environments. This research article explores the existing literature to identify gaps in addressing the challenges associated with digital financial information reliability. Qualitative research examines the traces of these challenges and opportunities to propose and suggest innovative solutions through design thinking principles. The authors used a systematic literature review to evaluate and examine articles, reports, publications, and more related to the research problem. The findings highlighted five key weaknesses and opportunities, supplemented by a design thinking mapping table that draws and outlines potential solutions. This research increases the knowledge of digital financial systems, paving the way for more secure and reliable financial information for customers.

Keywords: Financial Statements, Design Thinking, Financial Accounting

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