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Creating A Mobile Wallet     Worth Having                                  Omar Green            director, strategic mobil...
2
3
WHO I WORK FOR                 4
Transforming 50M Lives                         5
intuit mobile apps address real problemsget paid       manage my       prep & file                finances        my taxes...
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•  si...
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 c...
re-defining…with CONTEXT       the question becomes:how can mobility add value within the  context of a financial transact...
early learnings
outcomes• CDI & FMHs were invaluable, but the  data was incomplete•  customers had a hard time describing something they h...
break down flows to see context         mobile $$$ txns =    +               +                              19
journey thru context to solution                         The Wallet                         Worth Having  Agents, Models,&...
$$$ and JGROKING THE HUMANCOMPONENT                    21
first principles – abraham maslow                                    22
history tells us moneyimpacts every aspect of                          money + maslowhuman existence…                     ...
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, emo...
the science: we have 2 minds                 System 2       conscious reasoning, effortful,     slow & deliberate, rule-fo...
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      ...
hypothesis: we use the wrong mind                               38
scientific theory goes farther    we might be biologically predisposed         to be incapable of making      rational dec...
learnings -- $$$ J•  the way we think effects the way we   think about money, and therefore,   financial happiness•  curr...
journey thru context to solution                         The Wallet                         Worth Having  Agents, Models,&...
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 ...
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   ...
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 he...
journey thru context to solution                         The Wallet                         Worth Having  Agents, Models,&...
10 facets, broken down into 3 buckets:•  Enable Transactions•  Improve Skillz•  Build HappinessWALLET WORTH HAVING        ...
10 facets, 3 buckets•  Enable Transactions         •  Build Happiness   –  Pay for Stuff              –  Mogul Engine   – ...
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    ...
Thanks!
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SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green

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SXSWi 2012 Presentation - Creating a Mobile Wallet Worth Having: With buzzwords like “NFC” and “mobile wallet” thrown about in the press ad nauseam, consumers and the mobile and financial industries are looking for who will emerge the winner in the effort to control mobile money – and there’s a great deal of money to be had if it’s done right. But as often as the mobile wallet is lauded for its convenience, it’s derided as “a solution in search of a problem.” Ultimately, in order to meet the real needs of consumers, wallet-makers need to stop focusing solely on the technologies of mobile payments, and actually look at what will drive usage: a mobile solution that is actually worth having. This doesn’t yet exist, but it could, if application developers create tools that actually change the way merchants and consumers feel, think, spend and save money. We will discuss what the true opportunity is for the mobile wallet and the elements that need to be included to move beyond technologies like NFC, to delivering the customer benefit to end users.

Published in: Technology, Business

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

  1. 1. Creating A Mobile Wallet Worth Having Omar Green director, strategic mobile initiatives @madfu @intuitinc
  2. 2. 2
  3. 3. 3
  4. 4. WHO I WORK FOR 4
  5. 5. Transforming 50M Lives 5
  6. 6. intuit mobile apps address real problemsget paid manage my prep & file finances my taxes 6
  7. 7. WHY WE CARE ABOUTTHIS PROBLEM 7
  8. 8. income levels remain flatfor the majority of americans 8
  9. 9. while everything grows more expensive 9
  10. 10. working americans are forced to do more with less 10
  11. 11. Perhaps We’re Defining The Problem Incorrectly…SOLUTION IN SEARCH OF… 11
  12. 12. 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
  13. 13. the anonymity of cash in china, System D is estimated at $1.47 trillion 13
  14. 14. a wallet “stuck” in a phone 14
  15. 15. 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
  16. 16. 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
  17. 17. early learnings
  18. 18. outcomes• CDI & FMHs were invaluable, but the data was incomplete•  customers had a hard time describing something they hadn’t experienced yet 18
  19. 19. break down flows to see context mobile $$$ txns = + + 19
  20. 20. journey thru context to solution The Wallet Worth Having Agents, Models,& Counterfactuals Groking the Human Component Groking the Existing Flow 20
  21. 21. $$$ and JGROKING THE HUMANCOMPONENT 21
  22. 22. first principles – abraham maslow 22
  23. 23. history tells us moneyimpacts every aspect of money + maslowhuman existence… 23
  24. 24. 24money + maslow
  25. 25. the hedonic treadmill 25
  26. 26. easterlin paradox 26
  27. 27. contrary theory 27
  28. 28. kahneman/deaton 28
  29. 29. 29money + mobile + maslow
  30. 30. GROKING THE HUMANCOMPONENT 30
  31. 31. kahneman 31
  32. 32. stanovich & west 32
  33. 33. the science: we have 2 minds 33
  34. 34. the science: we have 2 minds System 1 unconscious, intuition, effortless pattern recognition, emotional, decisive 34
  35. 35. the science: we have 2 minds System 2 conscious reasoning, effortful, slow & deliberate, rule-following indecisive 35
  36. 36. the science: we have 2 minds System 1 leveraged when we spend 36
  37. 37. the science: we have 2 minds System 2 leveraged when we use almost all financial tools 37
  38. 38. hypothesis: we use the wrong mind 38
  39. 39. scientific theory goes farther we might be biologically predisposed to be incapable of making rational decisions about money, especially when we are spending 39
  40. 40. 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
  41. 41. journey thru context to solution The Wallet Worth Having Agents, Models,& Counterfactuals Groking the Human Component Groking the Existing Flow 41
  42. 42. Agent LogicAGENTS, MODELS &COUNTERFACTUALS 42
  43. 43. how we build: today 43
  44. 44. what if my need EXCEEDS my capability? 44
  45. 45. remember this picture? 45
  46. 46. what if the nail were instead a long screw? 46
  47. 47. this tool is insufficient 47
  48. 48. how we build: evolved Agent Need Capability 48
  49. 49. the agent: raw capability 49
  50. 50. ModelsAGENTS, MODELS &COUNTERFACTUALS 50
  51. 51. Actually this is more like it 51
  52. 52. Or this… 52
  53. 53. …we can learn something here… 53
  54. 54. MiJac 54
  55. 55. colony capital 55
  56. 56. 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
  57. 57. it happened again… 57
  58. 58. Geek Eureka – A Perfect Model?AGENTS, MODELS &COUNTERFACTUALS 58
  59. 59. a shield against adversity… 59
  60. 60. …a weapon against threats… 60
  61. 61. …everything you learn, captured… 61
  62. 62. 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
  63. 63. Counterfactual TestingAGENTS, MODELS &COUNTERFACTUALS 63
  64. 64. The Shared Financial ObjectAGENTS, MODELS &COUNTERFACTUALS 64
  65. 65. 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
  66. 66. journey thru context to solution The Wallet Worth Having Agents, Models,& Counterfactuals Groking the Human Component Groking the Existing Flow 66
  67. 67. 10 facets, broken down into 3 buckets:•  Enable Transactions•  Improve Skillz•  Build HappinessWALLET WORTH HAVING 67
  68. 68. 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
  69. 69. ENABLE TRANSACTIONS 69
  70. 70. 70Pay For Stuff
  71. 71. 71Get Paid
  72. 72. 72 Loyalty Billfold &Virtual Accounting
  73. 73. 73Move Value Around
  74. 74. IMPROVE YOUR SKILLZ 74
  75. 75. 75Money Genius
  76. 76. 76My Flows
  77. 77. 77Rainy Days &Restful Nights
  78. 78. Guess what?...it’s on a tablet 78
  79. 79. BUILD HAPPINESS 79
  80. 80. 80Mogul Engine
  81. 81. 81Outside the Box
  82. 82. A Final Word “We become what we behold.  We shape our tools, and then afterwards, our tools shape us.” - Marshall McLuhan
  83. 83. Thanks!
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