where's the win/win in retail banking?
DESCRIPTION
In this video we share our thoughts about the contrasting needs of banks and their customers. We draw some conclusions about where these overlap and what this might suggest for Banks about experience design strategy.TRANSCRIPT
Tom Wood & Tim Loo
BRIDGING THEEXPERIENCE GAP
FOOLPROOF?
© 2013 Foolproof Limited
© 2013 Foolproof Limited
© 2013 Foolproof Limited
FOOLPROOF &FINANCIAL SERVICESAverage per year 2007-2012:
— 2,043 depth interviews— c500K survey respondents— Foolproof revenue from FS = 52%
WE SPEND A LARGE AMOUNT OF TIME WATCHING AND LISTENING TO BANKING CUSTOMERS IN THE UK,
EUROPE AND AROUND THE WORLD.
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20 consultants from our Financial Services practice gather to share learnings:
SPRING SUMMIT
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UX strategy
WHAT DOBANKS WANT?
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WHAT DO BANKS WANT?1. Rebuild balance sheets
— Product margins— Paid-for services— Product holding per customer
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2. Channel migration
— Make digital centre-of-gravity for service— Reduce cost to serve (and cost to leave)
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WHAT DO BANKS WANT?
3. Data monetization
— Exploit customer data for value-add services and third-party revenue
— Real-time segmentation & targeting
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WHAT DO BANKS WANT?
4. Wealth customers
— Build premium services — Advice and financial management— International services
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WHAT DO BANKS WANT?
5. Exploit the mobile opportunity
— Understand customers’ mobile contexts— Build beyond basic account services— Location-based services
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WHAT DO BANKS WANT?
6. Differentiate through technology
— Financial management & planning— Mobile and peer-to-peer payments— Discount & cash-back schemes
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WHAT DO BANKS WANT?
7. Better security, less fraud
— Reduce security & fraud vulnerabilities— Make fraud the rest of the world’s problem
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WHAT DO BANKS WANT?
WHAT DO BANKS WANT?1. Rebuild balance sheets2. Channel migration3. Data monetization4. Wealth customers5. Exploit the mobile opportunity6. Differentiate through technology7. Better security, less fraud
© 2013 Foolproof Limited
WHAT DOCUSTOMERS WANT?
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WHAT DO CUSTOMERS WANT?1. Get the basics right
— Easy to switch & set-up— No mistakes or (failing that) easy redress— Usability standards set by the global
tech giants— Joined-up journeys & communications— Useful, simple mobile services
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2. Use what you know about me to serve me better
— Staff & systems recognise and ‘know’ me— Personalised communications about
relevant products & services— Help me avoid fees & charges
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WHAT DO CUSTOMERS WANT?
3. Simpler products
— Fewer, less complex products— Easy to compare and choose
(internal & external)
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WHAT DO CUSTOMERS WANT?
4. Tools to advise myself
— Simple, engaging tools for accountmanagement and planning
— Advice and guidance for new or importantproduct choices
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WHAT DO CUSTOMERS WANT?
5. ‘Just right’ security
— Easy-to-use two-factor authentication— Sense of security and oversight
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WHAT DO CUSTOMERS WANT?
6. Evidence that loyalty is rewarded
— Higher levels of service and attention— Better rates and products— Discretion over fees & charges
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WHAT DO CUSTOMERS WANT?
7. Banks that know their place
— Act on behalf of customers— Know when to speak, when to listen
and when to be invisible
© 2013 Foolproof Limited
WHAT DO CUSTOMERS WANT?
WHAT DO CUSTOMERS WANT?1. Get the basics right2. Use what you know about me
to serve me better3. Simpler products4. Tools to advise myself5. ‘Just right’ security6. Evidence that loyalty is rewarded7. Banks that know their place
© 2013 Foolproof Limited
© 2013 Foolproof Limited
SO WHERE ISTHE WIN/WIN?
1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Banks Customers
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1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Banks Customers
© 2013 Foolproof Limited
Draw customers to digital with excellent, accurate user experience that joins up across all channels© 2013 Foolproof Limited
Banks Customers1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited
Banks Customers
Use data assets to serve and reward customers more effectively © 2013 Foolproof Limited
1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Banks Customers
1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited
Banks Customers
Be careful how you reveal your motives around segmentation and profitability© 2013 Foolproof Limited
1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Banks Customers
Banks Customers
Focus on technologies which enhance ease-of-use, service and value for the customer
1. Rebuild balance sheets
2. Channel migration
3. Data monetization
4. Wealth customers
5. Exploit the mobile
opportunity
6. Differentiate through
technology
7. Better security, less fraud
1. Get the basics right
2. Use what you know about
me to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited
THE JOURNEY TOMUTUAL VALUE
© 2013 Foolproof Limited
THE JOURNEY TO MUTUAL VALUE
Get the basics right
CUSTOMER
BANK Competence Dialogue Value
Recognise me and respond to what I
need
You value my custom, and I
value you
FACILITATION PERMISSION RELEVANCE TRUST GROWTH
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THE JOURNEY TO MUTUAL VALUE
Establish the foundations
— Clear structure and
signposting
— Create ‘flow’ in user journeys
— Error prevention & redress
— Elegant security
— I understand the language
my bank speaks
Encourage an exchange of
data
— Provide relevant content,
offers, products & services
— Personal data used
intelligently for my benefit
— You seem to understand my
evolving needs
Nurture & grow the
relationship
— I feel valued due to the
preferential products and
service you offer me
— You provide guidance and
advice that keeps me loyal
— You are flexible and go out of
your way to help me© 2013 Foolproof Limited
Get the basics right
Recognise me and respond to what I
need
You value my
custom, and I
value you
CONTACT
© 2013 Foolproof Limited
Tom [email protected]+44 7803 857354@foolproofer
Tim [email protected]+44 7714 415677@timothyloo