Fidelity	
  Labs	
  ‘Beat	
  the	
  Benchmark’:	
  A	
  lesson	
  in	
  customer	
  insight	
  for	
  wealth	
  
managemen...
Ø Problem:	
  The	
  students	
  didn’t	
  know	
  what	
  mutual	
  funds	
  were.	
  	
  In	
  fact,	
  they	
  
didn’t...
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Why fidelity labs beat the benchmark game is a lesson in customer insight

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Fidelity Labs are at the cutting edge of innovation for wealth management and private banking. This blog tells the story of their latest investment game, aimed at educating novices and explains why taking notice of client insight is key to developing gamification that speaks to a real need.

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Why fidelity labs beat the benchmark game is a lesson in customer insight

  1. 1. Fidelity  Labs  ‘Beat  the  Benchmark’:  A  lesson  in  customer  insight  for  wealth   management         A  couple  of  days  ago  Fidelity  Labs  –  the  R&D  arm  of  Fidelity  Investments  –   launched  the  first  version  of  a  new  educational  game  for  investors  called  “Beat   the  Benchmark”.     Anyone  can  become  a  beta  tester  for  what  Fidelity  are  calling  a  “basics  of   investing  game”  or  you  can  join  Scorpio  Partnership’s  LinkedIn  group  where   we’ll  be  posting  our  own  experiences  of  playing  the  game,  including  screen  shots   and  how  we  get  on  trying  to  beat  the  benchmark.     Today  though,  I  wanted  to  focus  on  a  great  blog  from  Fidelity  Labs  that  explains   how  the  game  came  about  or,  in  their  words,  the  story  of  “how  we  came  to   compare  mutual  funds  to  sushi”.     I  strongly  urge  you  to  read  the  whole  article  because  it’s  highly  interesting  but,   very  quickly,  the  game  evolved  something  like  this…     Ø Fidelity  Labs  started  building  a  game  to  engage  college  students  –  a   simple  game  where  students  chose  stocks  to  “buy”.   Ø The  students  started  gambling  rather  than  “investing”  which  they  enjoyed   and  talked  about  lots  on  a  specially  created  forum,  but  kind  of  missed  the   bar  on  the  educational  side.   Ø Fidelity  Labs  decided  to  fix  things  with  a  game  called  “30  years  in  30   days”  in  which  students  were  gradually  given  more  to  invest  in  an   attempt  to  mirror  the  real-­‐life  experience  of  being  able  to  invest  more  the   older  you  get.    To  make  things  more  realistic  they  included  mutual  funds   as  well  as  stocks.  
  2. 2. Ø Problem:  The  students  didn’t  know  what  mutual  funds  were.    In  fact,  they   didn’t  really  understand  stocks  or  bonds  either.   Ø So,  back  to  the  drawing  board.    By  now,  the  focus  wasn’t  on  a  game  that   explained  diversification  and  risk  but  a  simple,  this  is  what  stocks  and   bonds,  volatility  etc.  etc.  are.   Ø Education  is  a  noble  aim,  but  sometimes  boring  so  right  from  the  start   Fidelity  Labs  wanted  to  keep  things  fresh.    That’s  where  the  concept  of   “How  is  a  mutual  fund  like  sushi”  comes  in.     I’m  going  to  stop  the  story  there  but  we’ll  let  you  know  via  LinkedIn  how  similar   sushi  and  investing  turn  out  to  be.     What’s  really  interesting  to  me,  as  someone  who  has  championed  the  role  of   customer  insight  within  wealth  management  for  many  years  now,  is  the  fact  that   this  game  would  not  be  possible  without  customer  research.     Without  finding  out  what  the  students  thought,  how  they  played  the  game  or   what  they  said  to  each  other  about  it  Fidelity  Labs  would  have  ploughed  on  with   a  game  pitched  at  entirely  the  wrong  level.     Ultimately,  college  students  are  a  great  segment  to  engage  –  but  the  payoff  is   some  years,  maybe  decades  away.     UHNW  investors  on  the  other  hand  are  an  extremely  valuable  segment  to  engage.     With  them,  the  payoff  is  virtually  instant  and  if  you  get  engagement  right  the   payoff  can  be  very  large  indeed.     So  why  do  so  few  wealth  management  brands  use  a  similarly  rigorous  method  of   customer  insight  and  analysis  when  designing  the  content  they  put  in  front  of   HNW  investors.         The  success  or  failure  of  HNW  marketing  strategies  are  just  as  dependent  on   pitching  things  at  the  right  level  and  cost  a  whole  lot  more  than  a  game  to   develop.     So  perhaps  it’s  time  to  set  up  your  own  R&D  laboratory  –  or,  to  save  time  and   money,  come  and  use  our’s  instead…  we’d    love  to  show  you  what  your  clients   really  think.     Email  Seb@scorpiopartnership.com        

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