SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green

Creating A Mobile Wallet Worth Having Omar Green director, strategic mobile initiatives @madfu @intuitinc

WHO I WORK FOR 4

Transforming 50M Lives 5

intuit mobile apps address real problemsget paid manage my prep & file finances my taxes 6

WHY WE CARE ABOUTTHIS PROBLEM 7

income levels remain flatfor the majority of americans 8

while everything grows more expensive 9

working americans are forced to do more with less 10

Perhaps We’re Defining The Problem Incorrectly…SOLUTION IN SEARCH OF… 11

how can mobile add value to payments?•  accelerate the transaction –  translates to spending my money faster•  simplify coupon & improving targeting –  enabling brands to spam me better•  close the proverbial “marketing loop” –  no idea what this is 12

the anonymity of cash in china, System D is estimated at $1.47 trillion 13

a wallet “stuck” in a phone 14

In the broadest sense, CONTEXT represents thecircumstances around which a user expressesbehavior, captured digitally. It can encompassgeo-spatial, temporal, emotional, cognitive,and other domains, so long as the domainlends itself to electronic monitoring and datacapture.defined

re-defining…with CONTEXT the question becomes:how can mobility add value within the context of a financial transaction? we need to understand the context 16

early learnings

outcomes• CDI & FMHs were invaluable, but the data was incomplete•  customers had a hard time describing something they hadn’t experienced yet 18

break down flows to see context mobile $$$ txns = + + 19

journey thru context to solution The Wallet Worth Having Agents, Models,& Counterfactuals Groking the Human Component Groking the Existing Flow 20

$$$ and JGROKING THE HUMANCOMPONENT 21

first principles – abraham maslow 22

history tells us moneyimpacts every aspect of money + maslowhuman existence… 23

24money + maslow

the hedonic treadmill 25

easterlin paradox 26

contrary theory 27

kahneman/deaton 28

29money + mobile + maslow

GROKING THE HUMANCOMPONENT 30

kahneman 31

stanovich & west 32

the science: we have 2 minds 33

the science: we have 2 minds System 1 unconscious, intuition, effortless pattern recognition, emotional, decisive 34

the science: we have 2 minds System 2 conscious reasoning, effortful, slow & deliberate, rule-following indecisive 35

the science: we have 2 minds System 1 leveraged when we spend 36

the science: we have 2 minds System 2 leveraged when we use almost all financial tools 37

hypothesis: we use the wrong mind 38

scientific theory goes farther we might be biologically predisposed to be incapable of making rational decisions about money, especially when we are spending 39

learnings -- $$$ J•  the way we think effects the way we think about money, and therefore, financial happiness•  current financial software isn’t designed to help us where we might need help most – in System 1 activities•  $$$ J must become a part of the tools we build 40

Agent LogicAGENTS, MODELS &COUNTERFACTUALS 42

how we build: today 43

what if my need EXCEEDS my capability? 44

remember this picture? 45

what if the nail were instead a long screw? 46

this tool is insufficient 47

how we build: evolved Agent Need Capability 48

the agent: raw capability 49

ModelsAGENTS, MODELS &COUNTERFACTUALS 50

Actually this is more like it 51

Or this… 52

…we can learn something here… 53

MiJac 54

colony capital 55

outcomes•  hardcore analysis – by experts•  heavy lifting – financial models to predict future income from assets•  the conclusion – MiJac needs an alternative behavior: GO BACK TO WORK•  bailout – Colony Capital rolls the loans over, becoming MiJac’s creditor & MiJac goes back to work 56

it happened again… 57

Geek Eureka – A Perfect Model?AGENTS, MODELS &COUNTERFACTUALS 58

a shield against adversity… 59

…a weapon against threats… 60

…everything you learn, captured… 61

what if a mobile wallet was an ACTIVE PARTICIPANT in securing successful financial outcomes, and in doing so increased the likelihood of financial happiness? RE-DEFINED 62

Counterfactual TestingAGENTS, MODELS &COUNTERFACTUALS 63

The Shared Financial ObjectAGENTS, MODELS &COUNTERFACTUALS 64

the outcome•  leveraging “agent logic” and financial modeling, mobile wallets could become an active participant in helping to secure positive financial outcomes•  such a wallet would enable consumers and software to experiment with possible financial outcomes and offer alternatives – “counterfactual testing”•  if these alternatives and outcomes could be shared securely, users could learn from one another, increasing the likelihood of financial happiness 65

10 facets, broken down into 3 buckets:•  Enable Transactions•  Improve Skillz•  Build HappinessWALLET WORTH HAVING 67

10 facets, 3 buckets•  Enable Transactions •  Build Happiness –  Pay for Stuff –  Mogul Engine –  Get Paid –  Outside the Box –  The Loyalty Billfold & Virtual Accounting –  Move Value Around•  Improve Your Skillz –  Money Genius –  My Flows –  Rainy Days & Restful Nights 68

ENABLE TRANSACTIONS 69

70Pay For Stuff

71Get Paid

72 Loyalty Billfold &Virtual Accounting

73Move Value Around

IMPROVE YOUR SKILLZ 74

75Money Genius

76My Flows

77Rainy Days &Restful Nights

Guess what?...it’s on a tablet 78

BUILD HAPPINESS 79

80Mogul Engine

81Outside the Box

A Final Word “We become what we behold. We shape our tools, and then afterwards, our tools shape us.” - Marshall McLuhan

Thanks!

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SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green

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SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green Presentation Transcript