customer centred design in financial services

How it adds value to financial service product design & management

Customer Centred Design (CCD)

Agenda

Broad definition What does CCD address? A typical CCD approach Costs benefits and challenges for financial services

What is Customer Centred Design?And how does it pertain to financial product management?

What it is

A philosophical approach to product or service design and management

A risk mitigation strategy against launching a product customers won’t buy

A means to reduce costs through fewer service calls

Engaging directly with customers, regularly

What it is not

The domain of professional designers only

A panacea to supersede all traditional product design practices

Simply asking customers what they want

What does CCD address?Some thorns in the side of product & service development

I reckon people want the “X” feature

I reckon people want the “X” feature

All the competition have pie graphs…All the competition have pie graphs…

If we cut out “Y” we’ll save time and moneyIf we cut out “Y” we’ll save time and money

Subjective arguments

Customers and their requirements

Business and its requirements

Technology,compliance,procedure

Design

How we typically work

Project Managers make a product through using expertise and working to constraints…

Customer must learn how to use the product accordingly…

Building a product …not getting it.

How does CCD change this?The basic approach to CCD

Customer Centred Design philosophy

Customer behaves in a certain way, has goals, needs and perceptions…

Product manager builds product to match the customer’s “mental model”

Understand the customer… …then build accordingly.

Step by step

DesignTest

Iterate

Implement

IdeateTest

Iterate

Requirements

Learn here Less valuable Too late

ExperienceResearch

$ $Cost of Change

Specify the context of use

Evolve the requirementsDesign solutions

iteratively

Business Context

Viability

Feasibility

Start by building customer empathy

Start by building customer empathy

Understand customer’s experience, needs & goals

Understand customer’s experience, needs & goals

Sketch the new experience accordingly

Sketch the new experience accordingly

Make a prototype, test, iterate

Customer experience in financial servicesThe challenges unique to this sector

Intangible products

Financial products are inherently unpredictable

No owner of the end-to-end customer experience

Products are “for life”

Incremental legacy

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Number of systems

Cost of c

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Costs and benefitsConsiderations when choosing whether CCD is appropriate

With CCD Business as usual

Approach & costs

Some investment required up front to define the customers needs, behaviours, goals

Leverage the statistics from the marketing department

Benefits Reduce risk of misjudging customer needs and investment in flawed assumptions

Attain credibility around statistically based data

Risks Requirements take time to define which makes justifying the project difficult. The mandate is hard to predict and measure.

Relies on guesswork around specifics of customer needs and defines the experience based on legacy systems. Low innovation potential.

Cost of requirements

With CCD Business as usual

Approach & costs

Devolve decisions to the “voice of the customer” which becomes a key stakeholder

Carry on as usual making decisions that are coloured with the political aspirations of stakeholders

Benefits Create team-working atmosphere by basing decisions on objective evidence

Usual governance and processes are unchanged, resulting in efficiency

Risks Uncertainty and stakeholder skepticism can undermine success.

Subjectivity and a technology, compliance or process-lead solution.

Stakeholder engagement

With CCD Business as usual

Approach & costs

Prototyping and ongoing customer involvement can add unpredictability to scope and development costs

Don’t add any processes after requirements gathering, that may impact the scope

Benefits Predictability in returns. Assurance that the solution will be effective for customers. Costs build toward a long term strategy.

Predictability in costs.

Risks Unpredictability in costs, as the solution definition evolves with customer feedback over time.

Unpredictability in returns from defining requirements “in a vacuum”. The end results affecting the customer’s experience are unknown.

Predictability in returns vs costs

Better thinking. Better experiences. Better results.TM

http://www.different.com.au

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About Different

Different provides customer centric product and service design consultancy toward building valuable and differentiated customer experiences. We do this through qualitative customer research, crafting strategies from a customer experience perspective and producing designs that meet customer’s unarticulated needs.

We've helped many financial services organisations build better websites, software, call centre processes, branch layouts and signage, new financial products and printed collateral. All ways customers come into contact with an organisation are considered in Different's approach

Contact : (02) 9571 7444

Anthony Colfelt (Creative Director) anthony.colfelt@different.com.au

Clarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au