Track c 0315_slidesharechu_kothandaraman

  • 79 views
Uploaded on

 

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
79
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
2
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. INNOVATIVE TECHNIQUES FOR RESEARCHING FINANCIAL CUSTOMERS Prepared for: Face of Finance Conference, Bentley University | October 30, 2013 Prepared by: Meena Kothandaraman & Emily Chu Motivate Design | 66 West Broadway, Suite 600 | New York, NY 10024 | 646.400.5108
  • 2. FINANCIAL CUSTOMER RESEARCH CHALLENGES • Measure what customers cannot put into words • Understand the customer state (emotional and mental mindset) when doing the research RESEARCHING FINANCIAL CUSTOMERS | PAGE: 2
  • 3. METHODS USED TODAY • Straightforward, a bit more vanilla INTERVIEWS FOCUS GROUPS SURVEYS RESEARCHING FINANCIAL CUSTOMERS | PAGE: 3
  • 4. WHAT WE ARE TRYING TO FIND OUT • Recognize the emotional state of the customer - What is going through their minds? What time of day is it? What day of the week? What are their priorities for the day? What else is going on in their lives? What life events are they experiencing? How have financial responsibilities been introduced to them? RESEARCHING FINANCIAL CUSTOMERS | PAGE: 4
  • 5. HOW DO WE DO THAT? RESEARCHING FINANCIAL CUSTOMERS | PAGE: 5
  • 6. 1. “QUICK HITS” WHAT • 10-minute interviews at different times of day, different times of the week WHY • Cross-check moods and emotions through conversation to adjust perspective of questions EXAMPLES OF INSIGHT • Routines differ depending on the day, week and month. • “Text message alerts” to inform customers are always considered helpful, but one size cannot fit all RESEARCHING FINANCIAL CUSTOMERS | PAGE: 6
  • 7. 2. “ACT IT OUT” WHAT • Customers bodystorm the system - “What do I have to do for the system to work for me?” WHY • Flows differently because you are getting customers to think about what the system gives them, and how things are handled, in terms of security and efficiency EXAMPLES OF INSIGHT • When deciding on which digital credit card to use at a store, have the system tell me which card is the best to use – based on my APR, my balance, and reward structure/perks • Use historic data to address issues that are brought up, and how to deliver the message back RESEARCHING FINANCIAL CUSTOMERS | PAGE: 7
  • 8. 3. “REALITY CHECK” FAMILY WHAT • WORK FINANCES? HOBBIES Represent reality with 5- to 10-second reviews of designs (and buzzers and bells!), and collage the feedback WHY • • • • Captures gut review/reaction Talking about finances for 30 min to 1 hour is not natural Real life interruptions occur, and information is absorbed in small spurts Get quick reactions with interruptions (now that is reality!) EXAMPLES OF INSIGHT • Specific design requirements to attract different populations when investing funds (how much detail, and when too much detail creates aversion behavior) RESEARCHING FINANCIAL CUSTOMERS | PAGE: 8
  • 9. 4. “ALIGNING BEHAVIORAL INSIGHTS” WHAT • Obtain quick feedback on behavior using attitude statements / persona statements WHY • Customers see their attitude statements over time, how they view themselves, and what their level of financial confidence is over time • • • Attitude statements align and resonate with brand and/or persona characteristics developed Overall behavior gives indication to financial approach Good tool for marketing and UX to share in terms of customer insights EXAMPLES OF AN ATTITUDE STATEMENT • • “You feel very confident in your ability to manage your finances in the long term” • “You worry about the security of paying bills or transferring money via a mobile/tablet device” “Before making a financial decision, you always do a lot of research to understand your options (that does not involve human interaction)” RESEARCHING FINANCIAL CUSTOMERS | PAGE: 9
  • 10. KEEP IN MIND... RESEARCHING FINANCIAL CUSTOMERS | PAGE: 10
  • 11. KEEP IT SIMPLE WHEN COMMUNICATING • Standard financial terms can be scary - • Instead of “budget,” let’s talk instead about spending, paying bills, and saving, for an amount of time BUDGET Reduce large concepts into small, easily understood realities - Receiving, monitoring, saving, increasing, spending RESEARCHING FINANCIAL CUSTOMERS | PAGE: 11
  • 12. DON’T STEREOTYPE • • Seniors do embrace digital technology • Technology is moving so fast, and so is adoption – we don’t need to tell you that Millennials don’t use mobile technology for everything – they too are choosy for specific purposes RESEARCHING FINANCIAL CUSTOMERS | PAGE: 12
  • 13. KEY TAKEAWAYS • Methods - • Quick hits Act it out Reality check Align behavior Approach - Make it simple Don’t stereotype RESEARCHING FINANCIAL CUSTOMERS | PAGE: 13
  • 14. QUESTIONS? RESEARCHING FINANCIAL CUSTOMERS | PAGE: 14
  • 15. ABOUT US MEENA KOTHANDARAMAN RESEARCH DIRECTOR EMILY CHU DESIGN RESEARCHER With over 20 years of experience, Meena is an expert in understanding user motivations and behaviors for products and services. Her role as Experience Research Director at Motivate Design allows her to practice what she teaches in the Bentley University, Human Factors and Information Design (HFID) graduate program. Meena holds an MS in Information Resources Management from Syracuse University, and a Bachelors of Commerce with an MIS concentration from the University of Ottawa, Canada. Emily has worked on UX research projects with clients such as: Blue Cross Blue Shield of Kansas City, The William Carter Company, Capital One and LexisNexis. As recent graduate from Emerson College’s Marketing Communications program, Emily is aware of the latest trends in the industry and is constantly on the look out for innovative ways to effectively communicate and connect with the user. RESEARCHING FINANCIAL CUSTOMERS | PAGE: 15
  • 16. THANKS! Tweet us at @Motivate_Design Motivate Design | 66 West Broadway, Suite 600 | New York, NY 10024 | 646.400.5108