Planning and Guidance: Guiding Principles


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At the 2012 Face of Finance Conference, at Bentley University, in Waltham, MA, Kathleen Kneram (Fidelity Investments) presented "Planning and Guidance: Guiding Principles".

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  • I am responsible for the design of the planning and guidance that Fidelity provides to it’s customers. Much of this work has a focus on investing for a long-term goal like retirement.I only have 5 mins, so this is quick synopsis of we gleaned from volumes of research and direct customer interviews. It is focused on those customers seeking guidance from Fidelity. Many of the quotes you see are taken directly from recent customer focus groups.
  • The key is that most peopleand not financial whizzes. Some have tried to save and failed in the past. They want to feel in control, it is their choice and the options are personalized. And they still want to know that expert help is there when they need it.
  • It is amazing how many financial institutions don’t cover the basics. They jump to the complex.
  • Two basic approaches, and we need to design for both.
  • To wrap up…
  • Planning and Guidance: Guiding Principles

    1. 1. Planning and GuidanceGuiding PrinciplesKathleen Kneram, VP User Experience DesignOctober 2012
    2. 2. How most people feel about investingIt is not their specialtyHave less than an hour to spendOften is unpleasant and stressfulThey want: Control over interactions Personalized next steps Easy access to expert help “I don’t like being channeled into a generic solution. I want options.”
    3. 3. The conundrumWe must first address the basics: How am I doing? What am I doing wrong? How can I fix it?If don’t make this clear, people quit “I have no idea what that means…this is where I would quit and go to lunch.”
    4. 4. One size doesn’t fit all “I never read this stuff.” “Give me the levers“I’m your customer, you that I can control; show should know me. You me what happens guys are the when I pull them.” experts, so tell me what I need to know.” • WI Particip ant • 4 0 years old • Married, 2 y oung children • Financially unsophisticated • Unengaged “I read every word “I want a rep who when it comes to knows me and my money.” has my interests in mind.” “I am smart and experienced. I want • Cro Fidelity to recognize ssove Custo r r • 35 y ears old me this and treat me • Married, nochildren • Confident Co llabo r rato appropriately.” • Fi nancially so phisticated • St ro engage ng ment
    5. 5. A symbiotic relationshipCustomers expect: To move seamlessly between online self-service and personal rep contactReps need: Smarter indicators of Self- Hire customers’ activities service more Ideal blend online reps of the two
    6. 6. Do’s and Don’tsTreat people like intelligent adults Value their time, lead with an answer (visualizations) Balance accuracy vs. simplicity Reveal the levers, show cause and effectProvide hope & encouragementMake it personalized, not cannedMake it easy to take action “Treat me like an adult, but don’t assume I speak your language.”