Creating a Holistic Financial Experience Strategy BlendConf 2013

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Big Banks have lost the trust of the people. Traditional relationships between banks and the people need to change from Sales People / Customers to Trusted Advisors / Clients. The traditional branch is not dead, it just needs to evolve. It is crucial for banks to create a Holistic Experience Strategy in order to survive in the future. The Financial Industry must stop penalizing people with fees and start adding value to their lives. It is our job to leave the industry a better place than when we found it!

Creating a Holistic Financial Experience Strategy from BlendConf 2013

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Creating a Holistic Financial Experience Strategy BlendConf 2013

  1. 1. Rikki Teeters @RikkiCreative Creating a Holistic Financial Experience Strategy
  2. 2. When I say People I mean users, customers, clients, employees, men, women, children, etc.
  3. 3. When I say People I mean Human Beings.
  4. 4. When I say Experience I mean the overall feeling that a Person has when interacting with or reflecting on your brand, company, other people, places, products, services, etc. !
  5. 5. Life itself is the greatest Experience we will ever have.
  6. 6. Omni-Channel Experience
  7. 7. Multi-Channel Experience
  8. 8. Cross-Channel Experience
  9. 9. When I say Holistic Experience I mean a seamless approach to meeting the needs of People across all touchpoints.
  10. 10. Rikki Teeters Girl of the 21st Century @RikkiCreative
  11. 11. Cincinna&  
  12. 12. Passive Consumer (since birth) Consumer (since age 15) Bank Technology User (since age 16) UX Consultant at a Big Bank (currently) My Relationship with Banks
  13. 13. If we don’t really love our banks, then why do we stay loyal?
  14. 14. What is essential for survival?
  15. 15. What is essential for survival? FOOD. WATER. SHELTER.
  16. 16. Without money. FOOD. WATER. SHELTER.
  17. 17. Without money. FOOD. WATER. SHELTER.
  18. 18. Money is essential for survival.
  19. 19. Banks are not going to go away.
  20. 20. What will money and banking be like in the future?
  21. 21. Through research, I found a lot of problems with the current state of Experience in the Financial Industry.
  22. 22. Problem #1 Big Banks are out of touch with technology
  23. 23. People have more technology in their pockets…
  24. 24. …than bankers do in branches.
  25. 25. `   Modern banking systems are built on top of Mainframe computing systems created in 1970.
  26. 26. Instead of fixing those systems and building a solid foundation for the future…
  27. 27. …banks put band aids on problems to stay within budget and scope.
  28. 28. Upgrading these old broken systems takes time and money.
  29. 29. IT Departments at Big Banks do not have enough time or money.
  30. 30. `   IT Projects are funded based on immediate Return on Investment…
  31. 31. …instead of long-term value.
  32. 32. Bank IT Projects that improve experience are often pushed aside for “later” because the business does not see an opportunity for instant Return on Investment.
  33. 33. The Waterfall Has Dried Up
  34. 34. Your Project
  35. 35. Your Project
  36. 36. Problem #2 Sales drive business
  37. 37. ! ! Big Banks see people as customers…!
  38. 38. ..but not as fellow human beings.
  39. 39. How do banks make money? Fees.! ! Overdra.  Fees   Enrollment  Fees   Account  Fees   Applica&on  Fees   Interest  Fees   Penalty  Charges   Late  Payments   Commission    
  40. 40. Problem #3 People have lost trust in Big Banks
  41. 41. Technology Automotiove Telecommunications Food & Beverage Biotech Retail Entertianment Pharmaceuticals Energy Consumer packaged goods OTC personal health care products Brewing and spriits Media Insurance Banks Financial Services 81% 69% 68% 66% 65% 65% 63% 63% 62% 59% 57% 57% 54% 52% 51% 50% Source: 2011 Edelman Trust Barometer Key Findings, http://edelman.com/trust/2011/ How Much Do You Trust the Following Industries to Do What is Right?
  42. 42. Problem #4 No Strategic Experience plan for the future
  43. 43. Experience Strategy A  strategically  designed  plan  to  create  be@er   experiences  for  all  people who touch an organization.  
  44. 44. Experience Strategy Essentials! Born through Research Executed with a clear Vision Aligned with the Business Consistent across Touchpoints Created uniquely for the People Follows a strategically designed Road Map      
  45. 45. Experience Strategy Essential #1 Born through Research User Interviews Usability Studies Competitive Analysis Historical Review Ethnographical Studies Academic Research Surveys And much more…
  46. 46.     Experience Strategy Competitive Analysis!
  47. 47. Experience Strategy Essential #2 Executed with a Clear Vision
  48. 48. VISION
  49. 49. The Branch
  50. 50. Photo  of  old  person  with  cash  
  51. 51. “The  most  avid  adopters  of  virtual   channels  –  tech-­‐savvy  consumers–  are  also   the  most  frequent  branch  visitors.”   Source:    Cisco  IBSG,  June  2012    
  52. 52. Responses When Asked About Replacing Branches with an All-Virtual Branch Source: Cisco IBSG, June 2012 30% 25% 25% 22% 7% 20% 15% 10% 5% 0% Would be happy, but would keep same deposits Would be happy, but would reduce deposits Would switch banks
  53. 53. Would you want to take out a $400,000 Home Loan online?!
  54. 54. The Branch is not Dead. It just needs to evolve.!
  55. 55. Self Service
  56. 56. Source:  Apple.com   Personal Attention
  57. 57. Personal Attention
  58. 58. Trusted Advisors
  59. 59. Trusted Advisors
  60. 60. Financial Goals Real Time Expense Tracking Save for Kids’ College Savings Plan Buy a Car Take Out a Home Loan Monitor Credit Report Monitor & Protect Identity Advise on important Financial Decisions Advisors should give people personal attention
  61. 61. Relationships have to change from Sales people / Customers!
  62. 62. to Trusted Advisors / Clients!
  63. 63. Experience Strategy Essential #3 Aligned with the Business!
  64. 64. Executive Support is Required!
  65. 65. You must get executive buy in.
  66. 66. You must get executive buy in.
  67. 67. You must get executive buy in.
  68. 68. You must get executive buy in.
  69. 69. 2007-2010 Stock Performance of Customer Experience Leaders, Laggards and S&P 500 Source: HFI White Paper, UX Mistakes Made by Financial Institutions 30.0% 20.0% CxP Leaders 19.0% S&P 500 Index -3.3% 10.0% 0.0% -10.0% -20.0% CumulativeTotalReturn -30.0% -40.0% CxP Laggards -46.3%
  70. 70. Key Hybrid Business Experience Strategy : Build and Maintain Life-long Relationships
  71. 71. J  =  $  
  72. 72. We must build real human relationships.
  73. 73. What makes a good human relationship?
  74. 74. TRUST
  75. 75. EMOTIONAL AVAILABILITY
  76. 76. OPENNESS
  77. 77. ALIGNMENT ALIGNMENT
  78. 78. COMMITMENT
  79. 79. SAFETY SAFETY
  80. 80. `   HONESTY HONESTY
  81. 81. COMMUNICATION
  82. 82. TRUST
  83. 83. EMOTIONAL AVAILABILITY
  84. 84. OPENNESS
  85. 85. ALIGNMENT ALIGNMENT
  86. 86. COMMITMENT
  87. 87. SAFETY SAFETY
  88. 88. `   HONESTY HONESTY
  89. 89. COMMUNICATION
  90. 90. Experience Strategy Essential #4 Consistent Across Touchpoints
  91. 91. Channel   •  ATM  
  92. 92. Channel   •  iPhone  
  93. 93. Channel   •  Branch  
  94. 94. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media
  95. 95. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Deposit a Check
  96. 96. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Deposit a Check
  97. 97. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Check my balance
  98. 98. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Check my balance
  99. 99. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Take out a loan
  100. 100. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Take out a loan
  101. 101. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Complain about an issue
  102. 102. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Complain about an issue
  103. 103. BANK ATM Mobile Applications Internet Banking Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  104. 104. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  105. 105. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  106. 106. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  107. 107. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  108. 108. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  109. 109. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  110. 110. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  111. 111. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  112. 112. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media I want to ... Research, get advice, and get credit card
  113. 113. BANK ATM Mobile Applications Internet Banking Google Consumer Enrollment Call Center Branch 3rd Party Applications Social Media Within 1 journey, I have touched all channels.
  114. 114. BANK People do not see channels.
  115. 115. BANK Their relationship with your brand is based on a series of interactions over time.
  116. 116. BANK The way they feel, during each of those interactions, is what forms their overall experience.
  117. 117. Omni-­‐chart  
  118. 118. Source:  Research  Study  by  Google  Inc.  
  119. 119. “The future of banking is about connections with your customers, engaging them when and where they need banking to solve a problem or provide a service.”" " - April McGee (VP HFI Eastern Region)
  120. 120. Constant access to Financial Advisors will enhance quality of remote advice.
  121. 121. It would also allow “Advisors” to work from anywhere in the world.
  122. 122. `   According to a 2012 study by Cisco… People desire to control the time, place, channel, and information required to perform their banking activities.
  123. 123. Created for the uniquely for the People" ! User Interviews User Groups Ethnographic Research Experience Mapping Usability Testing Behavioral Research Card Sorting Mental Models   Experience Strategy Essential #5
  124. 124. Know People.
  125. 125. Understand that people desire to be constantly ! connected & heard.
  126. 126. Plan to build true relationships with them.
  127. 127. Anticipate needs of the people.
  128. 128. Understand human behavior.
  129. 129. Empathize with their needs, pain points, journeys.! !
  130. 130. Try to form an emotional connection with people.! !
  131. 131. As you start to know and understand people look for Actionable Insight.!
  132. 132. Create a strategy to add value to their lives.
  133. 133. Experience Strategy Essential #6 Follow a Strategically Design Road Map!
  134. 134. X + Y * Z = Experience Strategy !
  135. 135. What factors will not change over the next 10 years?!
  136. 136. Technology?
  137. 137. BEHAVIOR?
  138. 138. C O N T E X T ?
  139. 139. PEOPLE?
  140. 140. OUR WORLD?
  141. 141. Human Relationships and Change itself. In fact, the only 2 constants that we can rely on are
  142. 142. Another  rela&onship  
  143. 143. Add  father  son  
  144. 144. Add  friends  
  145. 145. Add  friends   How can we add value to the lives of people?
  146. 146. •  Create  a  strategically  wri@en  plan  to  Build  real   rela&onships  with  people.     – Align  ALL  projects  with  that  plan   – Create  checkpoints  along  the  way  to  reflect  and   update  plan     – Constantly  research  change  in  technology,  people,   behavior,  context,  and  our  world.       – Always  strive  to  add  value  to  the  lives  of  people.   Summary  
  147. 147. "When you grow up you tend to get told the world is the way it is and your life is just to live your life inside the world. Try not to bash into the walls too much. Try to have a nice family, have fun, save a little money. That's a very limited life. Life can be much broader once you discover one simple fact:
  148. 148. Everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use! Once you learn that, you'll never be the same again.” -Steve Jobs
  149. 149. You can change it.  
  150. 150. @RikkiCreative Thank you!

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