Creating a Holistic Financial Experience Strategy BlendConf 2013

Rikki Teeters @RikkiCreative

Creating a Holistic Financial Experience Strategy

When I say People I mean users, customers, clients, employees, men, women, children, etc.

When I say People I mean Human Beings.

When I say Experience I mean the overall feeling that a Person has when interacting with or reflecting on your brand, company, other people, places, products, services, etc. !

Life itself is the greatest Experience we will ever have.

Omni-Channel Experience

Multi-Channel Experience

Cross-Channel Experience

When I say Holistic Experience I mean a seamless approach to meeting the needs of People across all touchpoints.

Rikki Teeters Girl of the 21st Century

@RikkiCreative

Cincinna&

Passive Consumer (since birth) Consumer (since age 15) Bank Technology User (since age 16) UX Consultant at a Big Bank (currently)

My Relationship with Banks

If we don’t really love our banks,

then why do we stay loyal?

What is essential for survival?

What is essential for survival?

FOOD. WATER. SHELTER.

Without money.


Without money.


Money is essential for survival.

Banks are not going to go away.

What will money and banking be like in the future?

Through research, I found a lot of problems with the current state of Experience in the Financial Industry.

Problem #1 Big Banks are out of touch with technology

People have more technology in their pockets…

…than bankers do in branches.

`

Modern banking systems are built on top of Mainframe computing systems created in 1970.

Instead of fixing those systems and building a solid foundation for the future…

…banks put band aids on problems to stay within budget and scope.

Upgrading these old broken systems takes time and money.

IT Departments at Big Banks do not have enough time or money.

`

IT Projects are funded based on immediate Return on Investment…

…instead of long-term value.

Bank IT Projects that improve experience are often pushed aside for “later” because the business does not see an opportunity for instant Return on Investment.

The Waterfall Has Dried Up

Your Project

Your Project

Problem #2 Sales drive business

!!

Big Banks see people as customers…!

..but not as fellow human beings.

How do banks make money? Fees.!! Overdra. Fees

Enrollment Fees Account Fees Applica&on Fees Interest Fees Penalty Charges Late Payments Commission

Problem #3 People have lost trust in Big Banks

Technology

Automotiove

Telecommunications

Food & Beverage

Biotech

Retail

Entertianment

Pharmaceuticals

Energy

Consumer packaged goods

OTC personal health care products

Brewing and spriits

Media

Insurance

Banks

Financial Services

81%

69%

68%

66%

65%

65%

63%

63%

62%

59%

57%

57%

54%

52%

51%

50%

Source: 2011 Edelman Trust Barometer Key Findings, http://edelman.com/trust/2011/

How Much Do You Trust the Following Industries to Do What is Right?

Problem #4 No Strategic Experience plan for the future

Experience Strategy A strategically designed plan to create be@er experiences for all people who touch an organization.

Experience Strategy Essentials!

Born through Research Executed with a clear Vision Aligned with the Business Consistent across Touchpoints Created uniquely for the People Follows a strategically designed Road Map

Experience Strategy Essential #1 Born through Research

User Interviews Usability Studies Competitive Analysis Historical Review Ethnographical Studies Academic Research Surveys And much more…

Experience Strategy Competitive Analysis!

Experience Strategy Essential #2 Executed with a Clear Vision

VISION

The Branch

Photo of old person with cash

“The most avid adopters of virtual channels – tech-‐savvy consumers– are also

the most frequent branch visitors.” Source: Cisco IBSG, June 2012

Responses When Asked About Replacing Brancheswith an All-Virtual Branch

Source: Cisco IBSG, June 2012

30%

25%25%

22%

7%

20%

15%

10%

5%

0%

Would be happy, but would keep same deposits

Would be happy, but would reduce deposits

Would switch banks

Would you want to take out a $400,000 Home Loan online?!

The Branch is not Dead.

It just needs to evolve.!

Self Service

Source: Apple.com

Personal Attention

Personal Attention

Trusted Advisors

Trusted Advisors

Financial Goals Real Time Expense Tracking Save for Kids’ College Savings Plan Buy a Car Take Out a Home Loan Monitor Credit Report Monitor & Protect Identity Advise on important Financial Decisions

Advisors should give people personal attention

Relationships have to change from Sales people / Customers!

to Trusted Advisors / Clients!

Experience Strategy Essential #3 Aligned with the Business!

Executive Support is Required!

You must get executive buy in.




2007-2010 Stock Performance of

Customer Experience Leaders, Laggards and S&P 500

Source: HFI White Paper, UX Mistakes Made by Financial Institutions

30.0%

20.0%

CxP Leaders

19.0%

S&P 500 Index

-3.3%

10.0%

0.0%

-10.0%

-20.0%

Cum

ulat

ive To

tal R

etur

n

-30.0%

-40.0%

CxP Laggards

-46.3%

Key Hybrid Business Experience Strategy : Build and Maintain Life-long Relationships

J = $

We must build real human relationships.

What makes a good human relationship?

TRUST

EMOTIONAL AVAILABILITY

OPENNESS

ALIGNMENT ALIGNMENT

COMMITMENT

SAFETY SAFETY

`

HONESTY

HONESTY

COMMUNICATION

TRUST

EMOTIONAL AVAILABILITY

OPENNESS

ALIGNMENT ALIGNMENT

COMMITMENT

SAFETY SAFETY

`

HONESTY

HONESTY

COMMUNICATION

Experience Strategy Essential #4 Consistent Across Touchpoints

Channel

•  ATM

Channel

•  iPhone

Channel

•  Branch

BANK

ATM Mobile Applications

InternetBanking

ConsumerEnrollment Call Center Branch 3rd Party

ApplicationsSocial Media

BANK


InternetBanking



I want to ...Deposit a Check

BANK


InternetBanking



I want to ...Deposit a Check

BANK


InternetBanking



I want to ...Check my balance

BANK


InternetBanking



I want to ...Check my balance

BANK


InternetBanking



I want to ...Take out a loan

BANK


InternetBanking



I want to ...Take out a loan

BANK


InternetBanking



I want to ...Complain about an issue

BANK


InternetBanking



I want to ...Complain about an issue

BANK


InternetBanking



I want to ...Research, get advice, and get credit card

BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google




BANK


InternetBanking

Google



Within 1 journey, I have touched all channels.

BANK

People do not see channels.

BANK

Their relationship with your brand is based on a series of interactions over time.

BANK

The way they feel, during each of those interactions, is what forms their overall experience.

Omni-‐chart

Source: Research Study by Google Inc.

“The future of banking is about connections with your customers, engaging them when

and where they need banking to solve a problem or provide a service.”"

"- April McGee (VP HFI Eastern Region)

Constant access to Financial Advisors will enhance quality of remote advice.

It would also allow “Advisors” to work from anywhere in the world.

` According to a 2012 study by Cisco… People desire to control the time, place, channel, and information required to perform their banking activities.

Created for the uniquely for the People"!

User Interviews User Groups Ethnographic Research Experience Mapping Usability Testing Behavioral Research Card Sorting Mental Models

Experience Strategy Essential #5

Know People.

Understand that people desire to be constantly !connected & heard.

Plan to build true relationships with them.

Anticipate needs of the people.

Understand human behavior.

Empathize with their needs, pain points, journeys.!!

Try to form an emotional connection with people.!!

As you start to know and understand people look for Actionable Insight.!

Create a strategy to add value to their lives.

Experience Strategy Essential #6 Follow a Strategically Design Road Map!

X + Y * Z = Experience Strategy !

What factors will not change over the next 10 years?!

Techno logy?

BEHAVIOR?

C O N T E X T ?

PEOPLE?

OUR WORLD?

Human Relationships and Change itself. In fact, the only 2 constants that we can rely on are

Another rela&onship

Add father son

Add friends

Add friends

How can we add value to the lives of people?

•  Create a strategically wri@en plan to Build real rela&onships with people. – Align ALL projects with that plan – Create checkpoints along the way to reflect and update plan

– Constantly research change in technology, people, behavior, context, and our world.

– Always strive to add value to the lives of people.

Summary

"When you grow up you tend to get told the world is the way it is and your life is just to live your life inside the world. Try not to bash into the walls too much. Try to have a nice family, have fun, save a little money. That's a very limited life. Life can be much broader once you discover one simple fact:

Everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use! Once you learn that, you'll never be the same again.”

-Steve Jobs

You can change it.

@RikkiCreative

Thank you!

Date post:	29-Jan-2015
Category:	Technology
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