financial ux strategy
TRANSCRIPT
Jerome Nadel Chief eXperience Officer
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The Evolution of Digital
The Second Coming… The .com Bubble The Web is Born Networking Mainframes Rule
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Digital Mega-Trends
We live in exponential times…
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1. Wired World
Close to 2 billion people will be online by 2010…
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2. Invisible Computers
Today, everything is connected to the Internet…
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3. Online Business Models
Long Tail Free + Premium = Freemium
Brokerage Model Online Advertising
Dem
and
Price
Free
$ 0.01
Broker
Buyer Seller
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1995 1997 Today…
4. Social Computing
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5. User Generated Content
Millions of Content Creators (Consumer)
Thousands of Publishers
Web-based Content
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6. Organic Knowledge
Business Intelligence is the #1 priority and IT growth spend…
Documented / Formalized
Reports
Help Systems
Business Rules
Glossaries
Research
Taxonomies
Organic / Experiential
Notes
Chat
Wikis
Comments
Tagging
Blogs
Previous Actions
Communities
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What are the Implications?
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1. Changing User Needs…
http://innovationfeeder.wordpress.com/2008/02/01/what-people-are-doing-online/
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2. Business Needs to Catch Up
Digital Technology Users
Strategy
Business
Digital Technology Users
Strategy
Business
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3. Digital Empowerment of Users
Users
Business
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4. Adapt or Die…
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Institution
Online Mobile
The “Banking/Investment Ecosystem” of Old
Statement Online
Financial Advisor
Financial Advisor
Statement CSR
Credit Cards
Checking Account CD
Savings Account
Mortgage
Concierge
Consultancy, Collaborative
Self-Service
High Net Worth
Mass Affluent (Investment)
Banking
Portfolio
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Institution
Online Mobile
Statement CSR
Credit Cards
Checking Account CD
Savings Account
Mortgage
Portfolio Credit Cards
Checking Account CD
Savings Account
Mortgage
Financial Advisor
Institution
Online Mobile
Email Statement Online
Financial Advisor
Statement CSR
Portfolio
Consolidated Statement
Banking
Mass Affluent (Investment)
Banking +
Mass Affluent (Investment)
Concierge
Consultancy, Collaborative
High Net Worth
The Evolution of the “Banking Ecosystem”
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Financial Institutions are Changing Forever
Vanishing Act: Wall street is disappearing through mergers and acquisitions – and recent failures
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Mass Affluent ROI
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Customer Experience as a Differentiator
Products & Services Portfolio • Checking/savings
accounts • Mortgage • Debit/credit cards • Investment products • Third party transfers • Bill payment
Service Channels
• Internet banking • ATM network • 24x7 Call center • IVR & email support • Mobile banking • Online chat
Customer Experience
• Value added products and services based on deeper understanding of customer behavior
• Efficient multi-channel customer experience
• Reduced cost of servicing
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Understanding Customers is Key
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Managing Customer Experience
79% of consumers will commit to a deeper product or service relationship with a brand after a satisfying experience. 59% of customers who have multi-channel interactions will stop doing business with the brand after just one bad experience - 2004 IBM customer study
Create advocates! Advocates… • spend more • remain customers longer • refer new customers
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Optimizing a Multi-channel Experience
Apply
Research Transact Website Branch
Call center
Website Branch
Branch
ATM
Mobile Secure Website
Feedback Support
Email Mobile
Call center
IVR
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Optimizing Cost vs. Value
Scenario: Open an account
Customer convenience - Time and effort
Website Branch
Cost per transaction
Customer convenience
Perceived value
Website Call center
+
Perceived value - Personalized service - Privacy and security - Advice
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Converting a Visit Into a Relationship
Convert • Highlight value proposition • Educate on products • Support product selection • Simplify application process • Contextually up sell products • Address privacy and security
concerns
Engage • Maintain communication
across channels • Advise to make good financial
decisions • Offer value added services
and products
Service • Offer self-serve channels • Provide proactive
communication and support • Contextually up sell products
and services
$
Satisfaction Loyalty
Wallet Share $
$ $ $ $
Persuasive Emotive Trustworthy
Responsive Reliable Consistent Predictable
Proactive Enriching Rewarding Advisory
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Strategic Initiatives and Digital Technology
SI SI SI SI
Company Strategy
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SI SI SI SI
Strategic Initiatives and Digital Technology
Company Strategy
SI SI SI SI
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Business Strategy Converges on User Experience
C
A B
Competitive Landscape
Business Strategy & Vision
Target Audience
Data
Applications
Technology
IT Infrastructure
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Staying Ahead by Looking at the Future
How do you get there?
Where are you now?
Where do you want to be?
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Stakeholder Visioning
Concrete and operational…
Priorities of Individual Stakeholders
Siloed and disconnected…
Unified and Executable Vision
Greater agility
Better access to company knowledge
Competitive advantage
Faster time to market
Lower costs
Higher employee satisfaction
Stakeholder visioning
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Stakeholder Visioning
Stakeholder visioning
Priorities of Individual Stakeholders Unified and Executable Vision
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Assessing Current State
How do you get there?
Where are you now?
Where do you want to be?
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Understanding the User
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Think Personas: Your Customers and their Goals
Information driven Value driven
Feature driven
§ Product research § Product comparison and
selection § Account application § Learn about privacy and
security measures
§ Multi-channel § Customer support § Account application § Value added services
§ Multi-product, multi-channel § Value added services § High value transactions § Smart financial decisions
Ryan 38 years old, Sales Manager
Always on the move…
I want to bank at my convenience
Rosa and Alan 39 and 42 years. They’d like to begin college funds for their two kids
We need an easy way to plan for our children and protect our assets.
Phil 58 years old, CEO Planning for retirement.
I would like to know about investments options.
Jim 48 Years, VP Telecom Manages several accounts and credit cards
Banking has to be as efficient as I am. It should be there when I need it and it has to be simple.
Michelle 24 years old, MBA Starting her first job as HR Manager
I’m ready to focus on my finances.
Christina 45 years old, Single Mom Moved to new town, new people, new bank
I want a secure future for my child
Educate Advise Service and Communicate
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Understanding the Current Assets
Bank
Bill Pay Utilities
Payment Gateway Retail
Funds Transfer Other Banks
Investments / SIP AMC
Premium Payments Insurance
Trading Brokerage
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The UX Metrics Dashboard
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UX Metrics Synthesize Analytics and Strategy
Cross-channel UX Dashboard
Channel UX Score
Channel Best Practices
Personas & Scenarios Key Pages / Prompts
Scorecards
Track / Compare
Persuasion, Emotion, Trust
Track / Compare
Jerome Nadel Chief eXperience Officer
Seven takeaways…
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1. Everything Digital
We live in exponential times…
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2. Experience Trumps Performance
Products & Services Portfolio • Checking/savings
accounts • Mortgage • Debit/credit cards • Investment products • Third party transfers • Bill payment
Service Channels
• Internet banking • ATM network • 24x7 Call center • IVR & email support • Mobile banking • Online chat
Customer Experience
• Value added products and services based on deeper understanding of customer behavior
• Efficient multi-channel customer experience
• Reduced cost of servicing
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Banking + Mass Affluent
High Net Worth
3. The New “Banking/Investment Ecosystem”
• Integrated, less stratified • More products and services • Optimized Advisor-Investor intimacy • Effective channel strategy
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4. Persuasion in Design
Performance + Persuasion = conversion, contribution, uptake, usage…
Performance Design can do
Persuasion Design will do
Validation Design
Assessment
Strategy
Science
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4. Persuasion in Design Persuade me to…
Contribute
Collaborate
Take Action
Research
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5. Know Me to Influence Me
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6. It’s About Me…
My stuff
Other investments I may be interested in
What else can you do for me?
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7. Keep Innovating (Empirically)
How do you get there?
Where are you now?
Where do you want to be?
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HFI’s UX Strategy Framework
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Thank You