Innovation in Banking: Driving Change Through Customer Focus

Interview with Anita Sigg, Head of the Personal Finance & Wealth Management unit at ZHAW 

What can highly regulated industries like banking teach us about successful innovation? Quite a lot according to Anita Sigg. 

The experienced banking executive and current head of the Personal Finance & Wealth Management unit at ZHAW shares her insights with Bluemorrow. She discusses building innovation cultures, purposefully integrating AI, and emphasizes the importance of understanding customers’ perspectives, which remains a significant opportunity. 

This conversation explores how to navigate constraints, rethink strategies, and highlights that innovation should never be viewed as an end in itself.

Anita, you've moved from senior positions in retail banking to educating future professionals at ZHAW. What inspired this change? 

Anita Sigg: At the time, I found it very exciting. In 2003, universities of applied sciences in Switzerland were undergoing a significant restructuring, and being involved in that process seemed incredibly interesting to me.

Innovation in banking often encounters significant constraints: regulatory, cultural, and technical. In your opinion, what factors enable meaningful transformation in such environments? 

Anita Sigg: While the banking industry is highly regulated, other industries face restrictions as well. I believe it is quite simple: banks often perceive themselves as customer-centric. However, there is still considerable potential for improvement and differentiation, especially if we genuinely design services and processes from the customer's perspective

You are responsible for the CAS Financial Service Innovation program. What types of transformations do you aim to achieve through this program?

Anita Sigg: The program has two primary goals: First, to help participants learn to differentiate between the company’s perspective and the customer’s perspective. Second, to provide them with a methodology for designing services and processes from the customer’s viewpoint, ensuring that these designs are appealing and capable of generating revenue.

How do you tackle the challenge of keeping a program relevant in an era of rapid change, especially with trends like AI, embedded finance, and digital wealth management?

Anita Sigg: While some foundational concepts, such as customer-centricity, remain constant, the methods and tools we use are evolving quickly. That's why we integrate AI capabilities into our methodology. Additionally, we regularly engage with industry partners who share insights on current developments and how they are addressing emerging trends.

Are there innovation practices from other industries that the finance sector should adopt more confidently?

Anita Sigg: There are indeed service industries that are highly customer-oriented and innovative, such as hospitality, travel, and telecommunications. However, I believe that banking needs to forge its own path. The conditions in the banking sector are quite different. You cannot simply copy and paste what works in other industries. The regulations vary, and the issue of trust, which is fundamental in banking, also differs significantly.

What advice would you give to leaders trying to build innovation capabilities in risk-averse organizations? 

Anita Sigg: I would recommend against attempting to transform the entire organization all at once. Instead, focus on starting small. Promote innovation in specific areas, develop use cases within well-defined environments, and gradually cultivate a culture of innovation from there.

Conclusion

Whether in banking, industry, or healthcare, the principles highlighted by Anita Sigg are applicable across all sectors: innovation begins with people, thrives on a consistent focus on customers, and expands through real-world experimentation. This interview serves as an invitation for anyone seeking to create lasting change in complex organizations, encouraging action that is both bold and structured. 

At Bluemorrow, we assist organizations in achieving this kind of transformation through foresight, method, and an entrepreneurial mindset.

Let’s explore how strategic innovation can make a significant impact in your organization. Get in touch