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Customer Centred Design in Financial Services

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What is Customer Centred Design? How does it apply to Financial Services? What are the costs, benefits and challenges?

What is Customer Centred Design? How does it apply to Financial Services? What are the costs, benefits and challenges?

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  • Experience is deeper than a touch point or a systemGood product experience can be undermined by poor overall customer experienceIt is hard, nearly impossible, to change human behavior.Yes, people will buy a better mousetrap. That is because their behavior doesn’t have to change ... they are already using mousetraps. No business can afford to educate customers
  • Fundamentally RATIONALFeatures copied from like-products or servicesStuff from people’s heads…BLINKERED – tends to focus on a particular problem out of context to the wider ecosystem into which it fits.Planning a product or service can be myopic – focuses on the problem at hand, not at the context into which it fits.
  • Silver tongues win influence, even when they’re wrongDisharmonious teams are less productiveTeams who argue with one another tend to feel less like doing work.Unhappy folk do not pull equally on the yoke
  • Tech drives business processBusiness process defines Customer ExperienceDesign as an afterthoughtDoes anybody feel like they’re a comet? Does anybody
  • Products and services are about enabling people to achieve their goals. Not about the product itself.
  • Post launch… you need to keep testing and ongoing dialogue
  • Contextual researchStatistical dataCustomer feedback
  • Contextual researchStatistical dataCustomer feedback
  • Financial necremancySome financial products can be really hard to explain to customers, so people gravitate toward metaphors. We can design touchpoints, but how do you design the experience people essentially have in their heads. e.g. Foreign exchange risk management is commonly perceived as ‘gambling’ because people glom on to inappropriate metaphors.Products are very much about achieving a goal. Not about the product itself.- Financial services are a little further removed from the goal. E.g. Network TEN provides entertainment, but the programming has a close association with the activities that enable that.
  • Predictability is a fundamental tenet of good experience.Unpredictability needs to be really carefully managed.- Allow customers to mitigate their fear early in processes - e.g. Royal Bank of Scotland in the reverse mortgage product allows customers to state how much equity they want to retain up front.
  • Products have owners- Channels have owners Nobody owns the end-to-end customer experience. Customer does something in one channel, but that is often unknown to staff in the other channel till the customer tells them. This makes the bank look unintelligent.
  • People’s needs and goals change over time. Products need to change with them.e.g. Deposits products need to focus on the needs of various life-stages. E.g. Budgeting may be important earlier and later in life…Tension between targeting and marketing toward a demographic, when customers don’t stay in one demographic forever.Jeremy Walker from BT pointed out: The average Super Annuation product lasts 60 years. But CEOs last for 3-5! Changes in bank strategy (with the CEO) can push and pull the customer and degrade the experience.
  • You build new systems atop the old systems – Ultra secure, ultra reliable. These systems take time to change and change introduces risk.To mitigate riskTo reduce costs
  • How long does it actually take?
  • Transcript

    • 1. How it adds value to financial service product design & management
      Customer Centred Design (CCD)
    • 2. Agenda
      Broad definition
      What does CCD address?
      A typical CCD approach
      Costs benefits and challenges for financial services
    • 3. What is Customer Centred Design?
      And how does it pertain to financial product management?
    • 4. 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
    • 5. 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
    • 6. What does CCD address?
      Some thorns in the side of product & service development
    • 7.
    • 8. All the competition have pie graphs…
      I reckon people want the “X” feature
      If we cut out “Y” we’ll save time and money
    • 9. Subjective arguments
    • 10. Customers and their requirements
      Technology,
      compliance,
      procedure
      Design
      Business and its requirements
    • 11. How we typically work
      Building a product
      …not getting it.
      Project Managers make a product through using expertise and working to constraints…
      Customer must learn how to use the product accordingly…
    • 12. How does CCD change this?
      The basic approach to CCD
    • 13. Customer Centred Design philosophy
      Understand the customer…
      …then build accordingly.
      Customer behaves in a certain way, has goals, needs and perceptions…
      Product manager builds product to match the customer’s “mental model”
    • 14. Step by step
      Specify the context of use
      Evolve the requirements
      Design solutions iteratively
      Viability
      Ideate
      TestIterate
      Experience
      Research
      Design
      Test
      Iterate
      Requirements
      Feasibility
      Implement
      Business Context
      Learn here
      Less valuable
      Too late
      $
      $
      Cost of Change
    • 15. Start by building customer empathy
    • 16. Start by building customer empathy
    • 17. Understand customer’s experience, needs & goals
    • 18. Understand customer’s experience, needs & goals
    • 19. Sketch the new experience accordingly
    • 20. Sketch the new experience accordingly
    • 21. Make a prototype, test, iterate
    • 22. Customer experience in financial services
      The challenges unique to this sector
    • 23. Intangible products
    • 24. Financial products are inherently unpredictable
    • 25. No owner of the end-to-end customer experience
    • 26. Products are “for life”
    • 27. Incremental legacy
      Cost of change
      1
      2
      Ability to change
      3
      4
      5
      Number of systems
    • 28. Costs and benefits
      Considerations when choosing whether CCD is appropriate
    • 29. Cost of requirements
    • 30. Stakeholder engagement
    • 31. Predictability in returns vs costs
    • 32. Better thinking. Better experiences. Better results.TM
      http://www.different.com.au
      Follow us on Twitter: @DifferentUX and @colfelt
    • 33. 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'sapproach
      Contact : (02) 9571 7444
      Anthony Colfelt (Creative Director) anthony.colfelt@different.com.au
      Clarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au