“Experiential Finance” : What are we talking about ?

“Experiential Finance” : What are we talking about ?

“We need to renew the image of corporate finance, through innovation, through decompartmentalization, through approaches that allow us to see change in a positive way. My sector, corporate finance, is in the midst of a transition, and is undergoing major modernization despite the constraints and regulations, and we need to be creative and open to reinvention [1], even in areas that require a lot of techniques and expertise, in order to be more efficient in the long run and therefore earn money.”

- Élodie Virtuoso, Head of Financial Control France at Refinitiv (ex-Thomson Reuters)

“In a sector undergoing profound transformation, change requires a new paradigm. Thus, a “5 senses” approach that also includes new forms of expression and emotions is essential to offer a successful experience to our employees for the satisfaction of our customers.”

- Jean-Pierre Garlenq, PMO Transformation at La Banque Postale

the very beginning of July, the first meeting of the experimental design community, Scenary, took place in Paris-Montmartre. These meetings bring together, in the context of “creative expeditions”, Experienced Design enthusiasts and professionals from the sector concerned who wish to innovate and transform their organisations.

Although the banking and finance sector is beginning to realise that products alone are not the key to lasting customer relationships, and is increasingly involved in customising and reinventing paths, the theme of the month boldly articulated two terms that are very different: “Experiential finance” and “Experience finance”.

So “Experiential Finance”? and not exponential as some have suggested… What does it mean?

address the subject of finance, we first looked at a definition and its history. According to the CNRTL (National Centre for Textual and Linguistic Resources), finance is a word used as early as 1800 to refer to “cash”, or the “woolly sock”, or the money available to an individual. This word found its plural form around 1900 to refer to the amount of money in a public institution available to an individual. It is also with the 2nd industrial revolution, and the appearance of the “big money business” that finance begins to designate a universe “the world of finance” and the people who work in it, the financiers. At the same time, the notion of bank, a public or private service in charge of money trading, also appeared.

For the notion of experience, we had a few marbles… we started from a sentence of one of the founders of the Fluxus movement[2], said by Robert Filliou: “Art is what makes life more interesting than art” and that we have diverted:

Money is what makes life more interesting than money ?

For the record, the Fluxus movement greatly inspires experiential design with its concept of art-life, and distinguishes itself from other groups by its desire to abolish the gap between art, which has become very elitist, and life. Based on this new quote, we have formulated a vision of “Finance-Life”, which brings new fields of exploration, including

- Bringing finance to life (its profession, its management activities, its values, its skills, etc…)

- Better living through finance (solving problems, or projecting a dream life)

To inspire us, we invited a French Londoner who is helping to rethink investment and governance models in finance: François Faure, with his New Code proposal.

New Code[3] is a new model of responsible investment that places the company as the subject of its capitalisation, and in a logic of competition for capital, and the reversal of the relationship between companies and shareholders. Its hybrid proposal between debt and equity contributes to minimizing the cost of the “equity” resource, and also to improving its quality and timeframe. It advocates a new asset class that optimizes the business project and enables its emancipation, in particular by: bringing new stakeholders, major clients and territory into the governance process, encouraging adherence to a consensual and approved approach to the cluster business project, deciding, as for the business project, on the sharing of value and making difficulties converge, gains as well as losses, and sharing risks.

His inspiring clue: some values in finance, such as accounting, are not a renunciation of a form of generosity, for example Tricount: “we count, we can help our buddies, but at least we know what happened”, and should be able to help rethink models.

Without further ado, and without prolonging the suspense, let us unveil the two winning scenarios of this creative expedition, which clearly have less panache, described here in a few lines.

Death to pitch, long live the “choreographic” sketch!

- Dreamfunding : the device to finance his spouse’s dreams…

They say money can destroy a couple? What if he helped build it? This device, designed as a game board and an app… could be developed by a start-up like a traditional bank. It allows the couple to draw and share their dreams thanks to a game board, and then to contribute to their realisation by pushing financing through mici-dons, contacts, love words… on a daily basis… From the cane of support, to the reciprocal donation, to the sponsor of dreams… what if one could live better as a couple thanks to finance?

- La Classe Verte 3 petits cochons: the colony that teaches your children about finance…

They say money doesn’t make you happy, but it does…Will your child be a cicada or an ant? This summer camp or internship… could be developed by a start-up like a traditional bank. It allows parents to teach the basics of finance through a playful and experiential class: understanding the value of a candy in my eyes, and the value of chocolate in the eyes of my sister, learning to count through mushrooms etc…

Why should finance remain an opaque affair in the hands and ideas of a few?

Among the other avenues evoked for “Bringing finance to life” (its profession, management activities, values, skills, etc.), a Finance Museum, bank branches organising weekly workshops, fi … have also been imagined.

Saynète Experiential Finance with Maxime Daragon, head of the UX Unit (Thalès)

What is a “creative expedition”?

It is a sectoral or social theme introduced by a guest of honour:

6:30–7:00 pm: experiential guided tour of the Story Room

19h00–19h15: Reminders from the Scenary Community

19h15–19h30: presentation of the theme, tools, and the inspiring story of the guest of honour

19h30–20h10: 2 creative sessions

20h10–20h30 : 1 choreographic preparation

20h30–20h50 : sketches

20h50- ++ : surprise and aperitif

1] This type of method We design experience and skills are crucial and underestimated for the reinvention of our sector: succeeding in contributing creatively thanks to “yes and”, “trust is creating”, “passion is commitment”.

2] Total art movement, very inspiring for experience design, described in the book Le design d’expérience, scénariser pour innover (Fyp Editions 2018)

[3] https://www.newcodeconseil.com

We make (and teach) experience design for transformation, innovation and strategy, the perfect mix of innovation management, design and living arts

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