Financial ux strategy
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The document discusses the evolution of digital technologies and their impact on business models and customer experiences, noting that businesses need to adapt to changing user needs and empowered consumers who now have more control over their banking and financial experiences through online and mobile channels. It also highlights the importance of understanding customer behavior through data to optimize multi-channel experiences and transform customer visits into long-term relationships.
Financial ux strategy
- 1. Jerome Nadel Chief eXperience Officer
- 2. The Evolution of Digital Mainframes Networking The Web is Born The .com Bubble The Second Coming… Rule 2
- 3. Digital Mega-Trends We live in exponential times… 3
- 4. 1. Wired World Close to 2 billion people will be online by 2010… 4
- 5. 2. Invisible Computers Today, everything is connected to the Internet… 5
- 6. 3. Online Business Models Long Tail Brokerage Model Broker Buyer Seller Free + Premium = Freemium Online Advertising Free Demand $ 0.01 Price 6
- 7. 4. Social Computing 1995 1997 Today… 7
- 8. 5. User Generated Content Web-based Content Millions of Content Creators Thousands of Publishers (Consumer) 8
- 9. 6. Organic Knowledge Business Intelligence is the #1 priority and IT growth spend… Documented / Formalized Organic / Experiential Chat Tagging Reports Glossaries Notes Previous Actions Help Systems Research Comments Business Rules Taxonomies Communities Blogs Wikis 9
- 10. What are the Implications? 10
- 11. 1. Changing User Needs… http://innovationfeeder.wordpress.com/2008/02/01/what-people-are-doing-online/ 11
- 12. 2. Business Needs to Catch Up Business Digital Technology Users Strategy Strategy Digital Technology Users Business 12
- 13. 3. Digital Empowerment of Users Users Business 13
- 14. 4. Adapt or Die… 14
- 15. The Banking/Investment Ecosystem of Old High Net Worth Financial Advisor Concierge Online Statement Mass Affluent Consultancy, Financial Advisor (Investment) Collaborative Portfolio Institution Email Banking Self-Service Online Mobile Statement CSR Credit Cards Mortgage Checking Account Savings Account CD 15
- 16. The Evolution of the Banking Ecosystem High Net Worth Financial Advisor Concierge Institution Email Online Statement Mass Affluent Banking Consultancy, Financial Advisor (Investment) + Online Mobile Collaborative Consolidated Mass Affluent Statement Statement CSR (Investment) Credit Cards Portfolio Mortgage Portfolio Checking Account Savings Account CD Institution Email Banking Online Mobile Statement CSR Credit Cards Mortgage Checking Account Savings Account CD 16
- 17. Financial Institutions are Changing Forever Vanishing Act: Wall street is disappearing through mergers and acquisitions – and recent failures 17
- 18. Mass Affluent ROI 18
- 19. Customer Experience as a Differentiator Products & Services Service Channels Customer Experience Portfolio • Checking/savings • Internet banking • Value added products accounts • ATM network and services based on • Mortgage • 24x7 Call center deeper understanding • Debit/credit cards • IVR & email support of customer behavior • Investment products • Mobile banking • Efficient multi-channel • Third party transfers • Online chat customer experience • Bill payment • Reduced cost of servicing 19
- 20. Understanding Customers is Key 20
- 21. Managing Customer Experience 79% of consumers will commit to a deeper product or service relationship with a brand after a satisfying experience. Create advocates! Advocates… • spend more • remain customers longer • refer new customers 59% of customers who have multi-channel interactions will stop doing business with the brand after just one bad experience - 2004 IBM customer study 21
- 22. Optimizing a Multi-channel Experience Research ATM Transact Branch Website Branch Call center Secure Website Mobile Website Apply Branch Call center Mobile IVR Email Support Feedback 22
- 23. Optimizing Cost vs. Value Scenario: Open an account Perceived value Customer convenience - Personalized service - Time and effort - Privacy and security - Advice Website Website Call center Branch + Perceived value Customer convenience Cost per transaction 23
- 24. Converting a Visit Into a Relationship Convert Service Engage • Highlight value proposition • Offer self-serve channels • Maintain communication • Educate on products • Provide proactive across channels • Support product selection communication and support • Advise to make good financial • Simplify application process • Contextually up sell products decisions • Contextually up sell products and services • Offer value added services • Address privacy and security and products $ $ concerns Sha re $ Wallet $ $ Loyalty ction Proactive Satisfa Enriching $ Responsive Rewarding Reliable Advisory Persuasive Consistent Emotive Predictable Trustworthy 24
- 25. Strategic Initiatives and Digital Technology Company Strategy SI SI SI SI 25
- 26. Strategic Initiatives and Digital Technology Company Strategy SI SI SI SI SI SI SI SI 26
- 27. Business Strategy Converges on User Experience Business Strategy & Vision Data Applications A B Technology C IT Infrastructure Competitive Landscape Target Audience 27
- 28. Staying Ahead by Looking at the Future How do you get there? Where are you now? Where do you want to be? 28
- 29. Stakeholder Visioning Priorities of Individual Stakeholders Unified and Executable Vision Competitive advantage Better access to Greater company agility knowledge Higher Stakeholder employee Lower costs satisfaction visioning Faster time to market Siloed and disconnected… Concrete and operational… 29
- 30. Stakeholder Visioning Priorities of Individual Stakeholders Unified and Executable Vision Stakeholder visioning 30
- 31. Assessing Current State How do you get there? Where are you now? Where do you want to be? 31
- 32. Understanding the User 32
- 33. Think Personas: Your Customers and their Goals Information driven Feature driven Value driven Ryan Phil Michelle 38 years old, Sales 58 years old, CEO 24 years old, MBA Manager Starting her first job Planning for retirement. Always on the move… as HR Manager Christina Rosa and Alan Jim 45 years old, Single Mom 39 and 42 years. I would like to know about 48 Years, VP Telecom I m ready to focus on my finances. I want to bank at my convenience investments options. Moved to new town, new They d like to begin college Manages several accounts people, new bank funds for their two kids and credit cards Banking has to be as efficient as I We need an easy way to plan for our I want a secure future for my child am. It should be there when I need children and protect our assets. it and it has to be simple. § Product research § Multi-channel § Multi-product, multi-channel § Product comparison and § Customer support § Value added services selection § Account application § High value transactions § Account application § Value added services § Smart financial decisions § Learn about privacy and security measures Educate Service and Advise Communicate 33
- 34. Understanding the Current Assets Utilities Bill Pay Brokerage Trading Retail Insurance Bank Payment Gateway Premium Payments AMC Investments / SIP Other Banks Funds Transfer 34
- 35. The UX Metrics Dashboard 35
- 36. UX Metrics Synthesize Analytics and Strategy Cross-channel UX Dashboard Track / Compare Channel UX Score Track / Compare Scorecards Channel Best Personas & Scenarios Persuasion, Emotion, Trust Key Pages / Prompts Practices 36
- 37. Jerome Nadel Chief eXperience Officer Seven takeaways…
- 38. 1. Everything Digital We live in exponential times… 38
- 39. 2. Experience Trumps Performance Products & Services Service Channels Customer Experience Portfolio • Checking/savings • Internet banking • Value added products accounts • ATM network and services based on • Mortgage • 24x7 Call center deeper understanding • Debit/credit cards • IVR & email support of customer behavior • Investment products • Mobile banking • Efficient multi-channel • Third party transfers • Online chat customer experience • Bill payment • Reduced cost of servicing 39
- 40. 3. The New Banking/Investment Ecosystem High Net Worth Banking + Mass Affluent • Integrated, less stratified • More products and services • Optimized Advisor-Investor intimacy • Effective channel strategy 40
- 41. 4. Persuasion in Design Performance Design Persuasion Design can do will do Validation Design Assessment Strategy Science Performance + Persuasion = conversion, contribution, uptake, usage… 41
- 42. 4. Persuasion in Design Persuade me to… Collaborate Contribute Research Take Action 42
- 43. 5. Know Me to Influence Me 43
- 44. 6. It s About Me… My stuff Other investments I may be interested in What else can you do for me? 44
- 45. 7. Keep Innovating (Empirically) How do you get there? Where are you now? Where do you want to be? 45
- 46. HFI s UX Strategy Framework 46
- 47. Thank You Headquarters Chicago San Francisco 410 West Lowe 8700 W. Bryn Mawr Avenue 235 Montgomery Street Fairfield, IA 52556 Suite 800 South Chicago, Suite 810 Phone: (800) 242-4480 IL 60631-3507 San Francisco, CA 94104 (641) 472-4480 Phone: (773) 714-2362 Phone: (415) 765-0962 Fax: (641) 472-5412 Fax: (773) 714-4910 Fax: (415) 765-0961 Boston Minneapolis London, UK 1050 Waltham Street, 8400 Normandale Lake Blvd, Suite 920 Winchester House Suite 410 Lexington, MA 02421 Minneapolis, MN 55437 259-269 Old Marylebone Road Phone: (781) 860-7200 Phone: (952) 820-4442 London NW1 5RA UK Fax: (781) 860-7979 Fax: (952) 921-2306 Tel +44 (0) 20 7170 4164 Fax +44 (0) 20 7170 4161 Baltimore New York 1720 Thames Street 95 Morton Street Baltimore, MD 21231 Ground Floor Phone: (410) 327-1012 / 1013 New York, NY 10014 Fax : (410) 327-1014 Phone: (212) 905-3495 [email protected] Mumbai, India Pondicherry, India China Unit 7, Srishti Plaza, Aurelec Premises, Prayogashala 407, No. 555, Nanjing Road Next to Killick Nixxon, Kuilapalayam Village West Shanghai, China 200041 Off Saki-Vihar Road, Andheri (E), Auroville 605 101 Phone: +86-21-52132046 Mumbai 400072 Phone: +91 413 26232 95/96 Fax: +86-21-52132062 Phone: 91 (22) 40170400 Fax: +91 413 2623297 Fax: 91 (22) 2847 5554 Singapore Bangalore, India 9 Raffles Place, 310/6 HR Complex, 2nd Floor Level 58 Republic Plaza, Koramangala, 5th Block Singapore 048619 Bangalore 560 095 Tel: +65 6823 1368 Tel: +91 (80) 5150 7221/22/23 Fax: +65 6823 1377 Fax: +91 (80) 5150 7220 47