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Howshould weinnovate?

FastIterativeResponsiveExperiments

Shorten the gap between idea and results

Process of continuous improvement

Data drives subsequent iterations

Structured to maximize learning

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Understand Diverge HypothesisDefine Decide

1 UNDERSTAND user needs, business value and technology capacity

DEFINE the problem, key strategy and focus2

DIVERGE from a single potential solution to create diversity of options to explore

4 DECIDE on the most promising ideas from the range of options

5 HYPOTHESIS of a problem statement and solution that can be tested

Declarationof

Innovation

• Budget• Decision Making• Risk Management• Priorities

• Who?• What?• When?• Where?• How?• Why?

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Framing the ExperimentWhat question(s) do we want to

answer in our experiment?

What has to be true in order for us to be successful?

What other assumptions are we making?

What could cause us to fail?

Project: ___________

Framing the ExperimentWhat question(s) do we want to

answer in our experiment?

What has to be true in order for us to be successful?

What other assumptions are we making?

What could cause us to fail?

Project: ___________Cheetah•Can we streamline process by splitting must haves from nice to haves?

•Will it improve NPS?

•Will it improve financial results?

•We can stay compliant (KYC/BSA/CIP)

•Our customers are neutral to positive about a more self-serve approach

•We can get additional (non-required) info after account opening

•Reasonably cheap and fast tech integration

•Lack of customer adoption

•Insufficient employee adoption

•Effort and expense of changes with no lift in results

•Effective int./ext. comms. to stakeholders

“If I had asked people what they wanted, they would have said faster horses.”

Henry Ford

Image: FAKEGRIMLOCK for Lean Entrepreneur

Empathy

Design Thinking

Define

Ideate

Prototype

Dschool.stanford.edu

Pains, Gains, and Jobs

• Pains get in the way of the job to be done• Annoyances• May cause work-arounds

• Gains can be well understood and sought out• May be hidden or unexpected• Often involve tradeoffs

• Customers ”hire” products to do jobs for them• What is the job the customer needs done?• What are the other products have hired to get the job done?

• What unaddressed pains can you think of?• What drives you crazy as a customer?• What complaints do you hear from friends and

family?• What pain points do you hear from

customers?• Where are customers creating work-arounds

because their current products and services don’t provide exactly what they need?

• What kind of gains are customers looking for?– Lower prices?– Higher quality?– Faster service?– More customization?– Feelings, such as prestige or status?

• What tradeoffs are they willing to make?• What unexpected gains could you offer?

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Jobs to be Done

Swiffer

Pains, Gains, and Jobs to be Done

What job does the user need done?

What pain(s) is the user trying to avoid?

What gain(s) is the user trying to achieve?

Project: ___________

Five Whys• Why?• Why?• Why?• Why?• Why?

Empathy Map• Name your Persona– Lifestyle details– Personality– Pains/Gains/Jobs to be done

• What is their current experience with your product?• Where are there gaps?• How can you fill them?

Understand Diverge HypothesisDefine Decide

1 UNDERSTAND user needs, business value and technology capacity

DEFINE the problem, key strategy and focus2

DIVERGE from a single potential solution to create diversity of options to explore

4 DECIDE on the most promising ideas from the range of options

5 HYPOTHESIS of a problem statement and solution that can be tested

What is the core

hypothesis?

FIRE™ Experiment TemplateCustomer Segment

Core Insight

Hypothesis

Describe the Test

Measuring Success (metrics / what is significant?)

Resources Needed (technical, human, external)

Estimated Budget

Timeframe

Project: ___________

FIRE™ Experiment Template

Customer Segment Affluent retail customers (>$100k assets) <50 y/o who use our mobile app

Core Insight Often unwilling to come in to open accounts. (Losing to Chase, Schwab, BofA, and fintechs/Neobanks)

Hypothesis Reducing time and clicks will reduce abandoned / unfunded accounts

Describe the Test Lo-Fi prototype to split AML/KYC/BSA requirementsfrom other “nice to have” info

Measuring Success (metrics / what is significant?) Customer acceptance and adoption

Resources Needed (technical, human, external)

Estimated Budget $500 T&E for customers, $2,000 for external labor (if needed)

Timeframe MVP in 30 days, full prototype in 90 days

Project: ___________Cheetah

•Developers/ partners to build prototype(s)

•5-10 willing customers to test

•Compliance review

Goal is to reach a quick decision by testing the key hypothesis

Desired outcome of an experiment

Success cannot be viewed as consistently moving along without changes

After everything necessary has been learned, it’s a waste of time to continue along with the same trial

It is desirable to have trials that don’t work. That means the organization is learning

How do we test our core hypotheses?

Test BoardASSUMPTION TEST WITH VALIDATED IF…

Project: ___________

Test BoardASSUMPTION TEST WITH VALIDATED IF…New process can be

compliantInternal compliance

review OK by Compliance

Customers accept/adopt process

Lo-Fi prototype w/ 5-10 target customers

80% can complete tasks + 67% say willing to use

Reasonably cheap and fast tech integration

Field mapping via technical prototype

100% data integration w/ no uncorrectable errors

Process Map

How Might We…? Harvard Business Review calls “How might we…?” “The Secret Phrase Top Innovators Use”, and it’s a well worn tool for everyone from IDEO to Google Ventures to the Stanford design school. Now you’re in on the secret too. Click on the some of the links for deeper context and understanding.

Examples•How might we onboard new customers completely with just their mobile device?

•How might we reduce the time from application to funding small business loans?

•How might we create custom reports for our commercial clients?

HMW…

Get more customers to try mobile deposits?

Project-level FIRE Break™

Risk to: Biggest risk How do we minimize it? How do we monitor for it? How do we repair it?

Customers

Business

Security

Compliance

Project: ___________

Project-level FIRE Break™

Risk to: Biggest risk How do we minimize it? How do we monitor for it? How do we repair it?

CustomersReputation risk from major errors/failure

Test and learn cycle-prototype/pilot/ phased rollout

Measure acceptance and iterate along the

Kill quickly if not working, customer

service payments if/as needed

BusinessExpense and effort of change without upside

Test and learn cycle-prototype/pilot/ phased rollout

Measure cost/ benefits and iterate

along the cycleKill quickly if not

working

SecurityData leakage or

breach

Screen all partners; Involve Data Security,

IT Risk and Compliance

Daily monitoring, firewall from other

customer data

Kill quickly if not working, customer

service payments if/as needed

Compliance AML/KYC/BSA/CIPInvolve Risk and

Compliance; outside counsel if needed

Daily manual review, limit daily volume if

neededManual remediation

Solution Sketches

New Ideas in just Five Days - Jake Knapp, et al

NEED TOAction(s)

USERSVery specific

BECAUSESurprising insights

JPNicols.com/Class• All slides• All videos• More Resources:

• Blogs• Podcasts• Books• Conferences

JP@FTForge.com

JP@JPNicols.com

425-522-3579

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