Financial User Experience Strategy

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The user interface is the medium to influence behavior. Connecting measurable business strategy to UX design yields channels that improve investment, transactions, and reduce cost. I share …

The user interface is the medium to influence behavior. Connecting measurable business strategy to UX design yields channels that improve investment, transactions, and reduce cost. I share principles and examples that improve channel effectiveness.

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  • 1.  
  • 2. Overview
    • Intro to HFI
    • 1. Surviving in a Digital World
    • 2. Migrating Account Holders to Investors
    • 3. Know Me, Serve Me, Sell Me
    • 4. Seven Takeaways…
  • 3. Human Factors International
    • Largest Usability Company in the World
    • Strategic, Scientific, Innovative, Pragmatic
    Minneapolis San Francisco Fairfield Chicago Baltimore New York Boston London Mumbai Bangalore Pondicherry Singapore Shanghai
  • 4. Business Strategy Translated into UX Design
    • 1. Understand Stakeholder & User Needs
    • Contract for Design
      • Success criteria
      • End user profiles
      • Task requirements
    • 2. Design & Validate the User Interface Structure
    • Visual Design
      • Core templates to design
      • Navigation convention
      • Information architecture
      • Validation through UT
    • 3. Finalize and Deliver Design Guidelines
    • UCD Infrastructure
      • Templates documented
      • UCD repository
      • Support for implementation
  • 5. Performance and Persuasion Design Performance + Persuasion = conversion, contribution, uptake, usage… Performance Design can do Persuasion Design will do Validation Design Assessment Strategy Science
  • 6. Usability + Persuasion, Emotion, and Trust = Optimized UX
  • 7. Collaboration with Industry Leaders Financial Design
  • 8. 1. Surviving in a Digital World Adapt or Die…
  • 9. The Evolution of Digital The Second Coming… The .com Bubble The Web is Born Networking Mainframes Rule
  • 10. Digital Mega-Trends
    • We live in exponential times…
  • 11. 1. Wired World
    • Close to 2 billion people will be online by 2010…
  • 12. 2. Invisible Computers
    • Today, everything is connected to the Internet…
  • 13. 3. Online Business Models
    • Long Tail
    • Free + Premium = Freemium
    • Brokerage Model
    • Online Advertising
    Demand Price Free $ 0.01 Broker Buyer Seller
  • 14. 4. Social Computing 1995 1997 Today…
  • 15. 5. User Generated Content Millions of Content Creators (Consumer) Thousands of Publishers Web-based Content
  • 16. 6. Organic Knowledge
    • Business Intelligence is the #1 priority and IT growth spend…
    Documented / Formalized Reports Help Systems Business Rules Glossaries Research Taxonomies Organic / Experiential Notes Chat Wikis Comments Tagging Blogs Previous Actions Communities
  • 17. What are the Implications?
  • 18. 1. Changing User Needs… http://innovationfeeder.wordpress.com/2008/02/01/what-people-are-doing-online/
  • 19. 2. Business Needs to Catch Up Digital Technology Users Business Digital Technology Users Business Strategy Strategy
  • 20. 3. Digital Empowerment of Users Users Business
  • 21. 4. Adapt or Die…
  • 22. The “Banking/Investment Ecosystem” of Old Concierge Consultancy, Collaborative Self-Service High Net Worth Mass Affluent (Investment) Banking Institution Online Mobile Email Statement Online Financial Advisor Financial Advisor Statement CSR Credit Cards Checking Account CD Savings Account Mortgage Portfolio
  • 23. The Evolution of the “Banking Ecosystem” Banking Mass Affluent (Investment) Banking + Mass Affluent (Investment) Concierge Consultancy, Collaborative High Net Worth Institution Online Mobile Email Statement CSR Credit Cards Checking Account CD Savings Account Mortgage Portfolio Credit Cards Checking Account CD Savings Account Mortgage Financial Advisor Institution Online Mobile Email Statement Online Financial Advisor Statement CSR Portfolio Consolidated Statement
  • 24. The New “Banking/Investment Ecosystem” Banking + Mass Affluent High Net Worth Institution Advisor Investor
  • 25. Financial Institutions are Changing Forever Vanishing Act: Wall street is disappearing through mergers and acquisitions – and recent failures
  • 26. Financial Institutions are Changing Forever
  • 27. Financial Institutions are Changing Forever
  • 28. Mass Affluent ROI
  • 29. Customer Experience as a Differentiator Products & Services Portfolio
    • Checking/savings accounts
    • Mortgage
    • Debit/credit cards
    • Investment products
    • Third party transfers
    • Bill payment
    Service Channels
    • Internet banking
    • ATM network
    • 24x7 Call center
    • IVR & email support
    • Mobile banking
    • Online chat
    Customer Experience
    • Value added products and services based on deeper understanding of customer behavior
    • Efficient multi-channel customer experience
    • Reduced cost of servicing
  • 30. Understanding Customers is Key
  • 31. Managing Customer Experience
    • 79% of consumers will commit to a deeper product or service relationship with a brand after a satisfying experience.
    • 59% of customers who have multi-channel interactions will stop doing business with the brand after just one bad experience - 2004 IBM customer study
    • Create advocates!
    • Advocates…
    • spend more
    • remain customers longer
    • refer new customers
  • 32. Optimizing a Multi-channel Experience Apply Research Transact Feedback Support Website Branch Call center Website Branch Branch ATM Mobile Secure Website Email Mobile Call center IVR
  • 33. Optimizing Cost vs. Value
    • Scenario: Open an account
    • Customer convenience
    • Time and effort
    Cost per transaction Customer convenience Perceived value +
    • Perceived value
    • - Personalized service
    • Privacy and security
    • Advice
    Website Branch Website Call center
  • 34. Converting a Visit Into a Relationship
    • Convert
    • Highlight value proposition
    • Educate on products
    • Support product selection
    • Simplify application process
    • Contextually up sell products
    • Address privacy and security concerns
    • Engage
    • Maintain communication across channels
    • Advise to make good financial decisions
    • Offer value added services and products
    • Service
    • Offer self-serve channels
    • Provide proactive communication and support
    • Contextually up sell products and services
    $ Satisfaction Loyalty Wallet Share $ $ $ $ $ Persuasive Emotive Trustworthy Responsive Reliable Consistent Predictable Proactive Enriching Rewarding Advisory
  • 35. Strategic Initiatives and Digital Technology SI SI SI SI Company Strategy
  • 36. Strategic Initiatives and Digital Technology SI SI SI SI Company Strategy SI SI SI SI
  • 37. Business Strategy Converges on User Experience C A B Competitive Landscape Business Strategy & Vision Target Audience Data Applications Technology IT Infrastructure
  • 38. Staying Ahead by Looking at the Future Where do you want to be? How do you get there? Where are you now?
  • 39. Stakeholder Visioning Concrete and operational… Priorities of Individual Stakeholders Siloed and disconnected… Unified and Executable Vision Greater agility Better access to company knowledge Competitive advantage Faster time to market Lower costs Higher employee satisfaction Stakeholder visioning
  • 40. Stakeholder Visioning Priorities of Individual Stakeholders Unified and Executable Vision Stakeholder visioning
  • 41. Assessing Current State How do you get there? Where are you now? Where do you want to be?
  • 42. Understanding the User Age: 54 Gender: Male Role: Manager … Who? Where? What? Mental Model User Persona
  • 43. Understanding the User
  • 44. Think Personas: Your Customers and their Goals Information driven Value driven Feature driven
    • Product research
    • Product comparison and selection
    • Account application
    • Learn about privacy and security measures
    • Multi-channel
    • Customer support
    • Account application
    • Value added services
    • Multi-product, multi-channel
    • Value added services
    • High value transactions
    • Smart financial decisions
    Ryan 38 years old, Sales Manager Always on the move… I want to bank at my convenience Rosa and Alan 39 and 42 years. They’d like to begin college funds for their two kids We need an easy way to plan for our children and protect our assets. Phil 58 years old, CEO Planning for retirement. I would like to know about investments options. Jim 48 Years, VP Telecom Manages several accounts and credit cards Banking has to be as efficient as I am. It should be there when I need it and it has to be simple. Michelle 24 years old, MBA Starting her first job as HR Manager I’m ready to focus on my finances. Christina 45 years old, Single Mom Moved to new town, new people, new bank I want a secure future for my child Educate Advise Service and Communicate
  • 45. Understanding the Current Assets Bank Bill Pay Utilities Payment Gateway Retail Funds Transfer Other Banks Investments / SIP AMC Premium Payments Insurance Trading Brokerage
  • 46. The UX Metrics Dashboard
  • 47. UX Metrics Synthesize Analytics and Strategy Cross-channel UX Dashboard Channel UX Score Scorecards Track / Compare Track / Compare Channel Best Practices Personas & Scenarios Key Pages / Prompts Persuasion, Emotion, Trust
  • 48. Reflection…
      • How is your organization addressing digital?
      • How do you develop strategy?
      • How do you align and measure?
      • How do you innovate?
  • 49. 2. Migrating Account Holders The New Bank…
  • 50. The New “Banking/Investment Ecosystem” Banking Mass Affluent (Investment) Banking + Mass Affluent (Investment) Concierge Consultancy, Collaborative High Net Worth Institution Online Mobile Email Statement CSR Credit Cards Checking Account CD Savings Account Mortgage Portfolio Credit Cards Checking Account CD Savings Account Mortgage Financial Advisor Institution Online Mobile Email Statement Online Financial Advisor Statement CSR Portfolio Consolidated Statement
  • 51. The New “Banking/Investment Ecosystem”
    • Integrated, less stratified
    • More products and services
    • Optimized Advisor-Investor intimacy
    • Effective channel strategy
    Banking + Mass Affluent High Net Worth Institution Advisor Investor
  • 52. Stepping Back and Thinking Big Investor eChannel Value Proposition Relevant Up-sell Research Personalization Expert Advice Enhanced RM-Investor interaction Decision Support Podcasts Videos Integration of rich media elements Web 2.0 & 3 rd Party Sites Software Tools Online Resources Other Relevant reports Blog Upload Rate Collaborate Apps Tag Discuss Wiki
  • 53. Performance and Persuasion Design Performance + Persuasion = conversion, contribution, uptake, usage… Performance Design can do Persuasion Design will do Validation Design Assessment Strategy Science
  • 54. Persuading in Design: Get Me to Contribute
  • 55. Persuading in Design: Get Me to Collaborate
  • 56. Persuading in Design: Get Me to Collaborate
  • 57. Get Me to Research!
  • 58. Get Me to Take Action!
  • 59. Designing for Both the Investor and Advisor  Funds  Portfolio  Advisors £ Commissions  Forms  Tools  Investors (Clients)
  • 60. Designing for Both the Investor and Advisor
    • Content and Fund
    • Information
    • Focus on conversion
    • Open account
    • Buy fund
    RM Desktop IFA Promo Clients Market Commission Advisor Investor Proprietary Information & Tools Portfolio Content Tools FNW Login
  • 61. Designing for Both the Investor and Advisor
  • 62. HNW Ecosystem of Yesterday Paper Statements Often BBHOnline does not have adequate or up-to-date information to answer the queries. Therefore the RMs go out to their own tools or to the accounting system itself. Custom tools Backend (Accounting system) Clients monitor their portfolio as well as the markets
    • Triggers for client queries
      • Stock news
      • Need latest information (e.g. to calculate income)
      • Error needing to clarify
      • Seasonal (e.g. tax time)
    RMs create/use custom tools of their own to maintain data for their clients Designates Client Client Presentations RM
  • 63. HNW Ecosystem of Tomorrow Paper Statements Custom tools Backend (Accounting system) Clients go to BBHOnline first BBHOnline better integrated with BBH’s systems and enables RMs to answer client queries Greater use of site Reduced need for paper statements RM tools better integrated into the site Reduced number of calls about data errors Designates Client Client Presentations RM
  • 64. From Concept to Design…
  • 65. Consider Starting with the Advisor!
  • 66. Investors are a Subset of the Advisors World
  • 67. 3. Know Me, Serve Me, Sell Me The More You Know…
  • 68. Account Centricity – The more you know… prospect conversion account holder Research Analyze Transact Monitor Research Analyze Transact Monitor
  • 69. Account Holders Should Authenticate prospect conversion account holder Content Transaction Utilities
  • 70. Think Utility
  • 71. Early Authentication: Journeys & Benefits Public Personal Transactional Advisors
    • Market News
    • Para-planning tools
    • Market and Fund research tools
    • Overviews:
    • Client Portfolios & Holdings
    • Funds Watch
    • Fund charges & commissions earned
    • Advisor & Administrative Tools:
    • Market and Fund research
    • Forms and misc. paperwork
    • (Mostly Administrative)
      • Add consultants
      • Administer accounts
      • Invest in funds
    Investors
    • Market News
    • Guide, Planner
    • Fund research tools
    • Overviews:
    • Portfolio
    • Fund watch
    • Tools:
    • Fund research
    • Advisor communication
    • Manage accounts
    • Buy/Top-up/Transfer funds
  • 72. Early Authentication: Journeys and Benefits Login Funds Information Search Tools Buy Funds Information Search Tools Researching and buying funds happens along with portfolio management Registration process New investor can initiate buying from the flat site Portfolio “closes the loop” and shows funds bought (from flat or from within secure area) Step 1 Step 2 Step 3 Step 4 Step 5 Buy Funds Home Login Home Funds Portfolio Funds
  • 73. Portfolio Centricity
    • Meet established KPIs for both Investors and Financial Analysts
      • Increase utilization
      • Extended Citigroup relationship
    • Make site appear navigationally smaller (i.e., make it easily comprehensible)
      • Reduce and simplify high-level information architecture
      • Combine content, tools, and data in contextual and relevant ways
      • Provide clear separation of navigation vs. filters
    • Improve visual design
      • Enable quick scanning
      • Create clear visual language for graphics, navigation, titling, tables, etc
  • 74. Portfolio Centricity Relative Tab-Only Usage Statistics Actual Usage Statistics Periphery content Homepage, login, etc. Portfolio tab All other tabs (2%) Unaccounted for 53% 32% 13% Portfolio tab All other tabs 94% 6%
  • 75. My Stuff… “ How am I doing?” Total worth, performance over time, gains/losses, asset allocation… “ What can I do?” Transactions (trade, transfer, etc) as well as contextual tools and supporting links provide the ability to act on the information “ Help me decide” Research, News, and Quotes naturally group together - helping the investor decide what’s next, or just helping them keep on top of the market as a whole. “ Tell me about other opportunities” Financial Planning, Wealth Management, and other investment services, while not always on the top of the investor’s mind on a given visit to the site, are of great value as well. “ Let me manage my environment” Custom settings, account naming/grouping, and other preferences are available to help the user tailor their online experience. My stuff Other investments I may be interested in What other things can you do for me? Administrivia (rare access)
  • 76. Information Architecture – High-Level My Portfolio News Quotes and Research Investment Services Preferences Search - Contact FA - Help - Feedback SmithBarney.com Financial Planning My stuff Other investments I may be interested in What other things can Smith Barney do for me? Administrivia Summary Investment Accounts Bank Accounts Watch Lists Overview Equities Mutual Funds Fixed Income / CDs Bonds Overview Managed Money Investment Products Tax Center Security Settings Notifications Account Management Overview Financial Planning and Wealth Management Financial Education
  • 77. Information Architecture – “My Portfolio” My Portfolio News Quotes and Research Financial Planning Preferences Search - Contact FA - Help - Feedback SmithBarney.com Investment Services Summary (includes net worth, asset allocation for all accounts, account balance listing)
    • Investment Accounts
      • - Positions (combined with unrealized gains/loss)
      • - Asset Allocation
        • - Equities Summary
        • - Bond Summary
        • - Fixed Income Summary
      • - Activity (includes orders if a self directed account)
      • - Income Summary
      • - Cash Flow
      • - Real Gain/Loss
    Bank Accounts Watch Lists Contextual Tools
      • Bill Pay (with Bank only)
      • Transfer Funds
      • Trade (with investments only)
      • Others…
    Checking/Savings - Monthly Balances - Transactions Loans - Balances - Payment Schedule - Activity Credit Cards - Monthly Balances - Transactions - Travel & Rewards*
  • 78. My Portfolio – The Starting Point How am I doing as of today? How am I doing over time?
  • 79. My Portfolio – The Starting Point
  • 80. My Portfolio – The Starting Point
  • 81. Actions are Contextual to ME and Where I Am
  • 82. Always Show the Whole – Even at the Detail…
  • 83. 4. Seven Takeaways Evidence Driven Innovation
  • 84. 1. Everything Digital
    • We live in exponential times…
  • 85. 2. Experience Trumps Performance Products & Services Portfolio
    • Checking/savings accounts
    • Mortgage
    • Debit/credit cards
    • Investment products
    • Third party transfers
    • Bill payment
    Service Channels
    • Internet banking
    • ATM network
    • 24x7 Call center
    • IVR & email support
    • Mobile banking
    • Online chat
    Customer Experience
    • Value added products and services based on deeper understanding of customer behavior
    • Efficient multi-channel customer experience
    • Reduced cost of servicing
  • 86. 3. The New “Banking/Investment Ecosystem”
    • Integrated, less stratified
    • More products and services
    • Optimized Advisor-Investor intimacy
    • Effective channel strategy
    Banking + Mass Affluent High Net Worth
  • 87. 4. Persuasion in Design Performance + Persuasion = conversion, contribution, uptake, usage… Performance Design can do Persuasion Design will do Validation Design Assessment Strategy Science
  • 88. 4. Persuasion in Design Persuade me to… Contribute Collaborate Take Action Research
  • 89. 5. Remember the Advisor  Advisors £ Commissions  Forms  Funds  Portfolio  Tools  Investors (Clients)
  • 90. 6. Portfolio Centricity My stuff Other investments I may be interested in What other things can you do for me? Administrivia (rare access)
  • 91. 7. Keep Innovating (Empirically) Where do you want to be? How do you get there? Where are you now?
  • 92. Best practices Inspiration and Concepts Scenarios Prototypes Internal and External Selling
    • The vision…
    • Open architecture
    • Multi-channel
    • Web 2.0
    • Modern and optimized
  • 93. HFI’s UX Strategy Framework
  • 94. Thank You Headquarters 410 West Lowe Fairfield, IA 52556 Phone: (800) 242-4480 (641) 472-4480 Fax: (641) 472-5412 Boston 1050 Waltham Street, Suite 410 Lexington, MA 02421 Phone: (781) 860-7200 Fax: (781) 860-7979 Baltimore 1720 Thames Street Baltimore, MD 21231 Phone: (410) 327-1012 / 1013 Fax : (410) 327-1014 Mumbai, India Unit 7, Srishti Plaza, Next to Killick Nixxon, Off Saki-Vihar Road, Andheri (E), Mumbai 400072 Phone: 91 (22) 40170400 Fax: 91 (22) 2847 5554 Bangalore, India 310/6 HR Complex, 2nd Floor Koramangala, 5th Block Bangalore 560 095 Tel: +91 (80) 5150 7221/22/23 Fax: +91 (80) 5150 7220 San Francisco 235 Montgomery Street Suite 810 San Francisco, CA 94104 Phone: (415) 765-0962 Fax: (415) 765-0961 London, UK Winchester House 259-269 Old Marylebone Road London NW1 5RA UK Tel +44 (0) 20 7170 4164 Fax +44 (0) 20 7170 4161 China 407, No. 555, Nanjing Road West Shanghai, China 200041 Phone: +86-21-52132046 Fax: +86-21-52132062 Chicago 8700 W. Bryn Mawr Avenue Suite 800 South Chicago, IL 60631-3507 Phone: (773) 714-2362 Fax: (773) 714-4910 Minneapolis 8400 Normandale Lake Blvd, Suite 920 Minneapolis, MN 55437 Phone: (952) 820-4442 Fax: (952) 921-2306 New York 95 Morton Street Ground Floor New York, NY 10014 Phone: (212) 905-3495 Pondicherry, India Aurelec Premises, Prayogashala Kuilapalayam Village Auroville 605 101 Phone: +91 413 26232 95/96 Fax: +91 413 2623297 Singapore 9 Raffles Place, Level 58 Republic Plaza, Singapore 048619 Tel: +65 6823 1368 Fax: +65 6823 1377 [email_address]