Customer Centred Design in Financial Services

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What is Customer Centred Design? How does it apply to Financial Services? What are the costs, benefits and challenges?

What is Customer Centred Design? How does it apply to Financial Services? What are the costs, benefits and challenges?

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  • 1. Customer Centred Design (CCD)How it adds value to financial service product design & management
  • 2. Agenda Broad definition What does CCD address? A typical CCD approach Costs benefits and challenges for financial services
  • 3. What is Customer Centred Design?And how does it pertain to financial product management?
  • 4. What it is A philosophical approach to product or service design and management A risk mitigation strategy against launching a product customers won’t buy A means to reduce costs through fewer service calls Engaging directly with customers, regularly
  • 5. What it is not The domain of professional designers only A panacea to supersede all traditional product design practices Simply asking customers what they want
  • 6. What does CCD address?Some thorns in the side of product & service development
  • 7. All the competition have pie graphs… I reckon people want the “X” featureIf we cut out “Y” we’llsave time and money
  • 8. Subjective arguments
  • 9. Customers and their Technology,requirements compliance, procedure Design Business and its requirements
  • 10. How we typically workBuilding a product …not getting it.Project Managers make a product Customer must learn how tothrough using expertise and use the product accordingly…working to constraints…
  • 11. How does CCD change this?The basic approach to CCD
  • 12. Customer Centred Design philosophyUnderstand the customer… …then build accordingly.Customer behaves in a Product manager buildscertain way, has goals, needs product to match theand perceptions… customer’s “mental model”
  • 13. Step by step Specify the Design solutions Evolve the requirements context of use iteratively Viability Experience Ideate Design Research Test Requirements Test Iterate IterateBusiness Feasibility ImplementContext Learn here Less valuable Too late $ $ Cost of Change
  • 14. Start by building customer empathy
  • 15. Start by building customer empathy
  • 16. Understand customer’s experience, needs & goals
  • 17. Understand customer’s experience, needs & goals
  • 18. Sketch the new experience accordingly
  • 19. Sketch the new experience accordingly
  • 20. Make a prototype, test, iterate
  • 21. Customer experience in financial servicesThe challenges unique to this sector
  • 22. Intangible products
  • 23. Financial products are inherently unpredictable
  • 24. No owner of the end-to-end customer experience
  • 25. Products are “for life”
  • 26. Incremental legacy Ability to change 1 2 3 4 5 Number of systems
  • 27. Costs and benefitsConsiderations when choosing whether CCD is appropriate
  • 28. Cost of requirements With CCD Business as usualApproach Some investment required up Leverage the statistics from& costs front to define the customers the marketing department needs, behaviours, goalsBenefits Reduce risk of misjudging Attain credibility around customer needs and investment statistically based data in flawed assumptionsRisks Requirements take time to Relies on guesswork around define which makes justifying specifics of customer needs the project difficult. The mandate and defines the experience is hard to predict and measure. based on legacy systems. Low innovation potential.
  • 29. Stakeholder engagement With CCD Business as usualApproach Devolve decisions to the Carry on as usual making& costs “voice of the customer” decisions that are coloured with which becomes a key the political aspirations of stakeholder stakeholdersBenefits Create team-working Usual governance and processes atmosphere by basing are unchanged, resulting in decisions on objective efficiency evidenceRisks Uncertainty and stakeholder Subjectivity and a technology, skepticism can undermine compliance or process-lead success. solution.
  • 30. Predictability in returns vs costs With CCD Business as usual Approach Prototyping and ongoing Don’t add any processes after & costs customer involvement can add requirements gathering, that unpredictability to scope and may impact the scope development costs Benefits Predictability in returns. Predictability in costs. Assurance that the solution will be effective for customers. Costs build toward a long term strategy. Risks Unpredictability in costs, as the Unpredictability in returns solution definition evolves with from defining requirements “in customer feedback over time. a vacuum”. The end results affecting the customer’s experience are unknown.
  • 31. Better thinking. Better experiences. Better results.TMhttp://www.different.com.auFollow us on Twitter: @DifferentUX and @colfelt
  • 32. About DifferentDifferent provides customer centric product and service designconsultancy toward building valuable and differentiated customerexperiences. We do this through qualitative customer research, craftingstrategies from a customer experience perspective and producingdesigns that meet customer’s unarticulated needs.Weve helped many financial services organisations build betterwebsites, software, call centre processes, branch layouts and signage,new financial products and printed collateral. All ways customers comeinto contact with an organisation are considered in Differents approachContact : (02) 9571 7444Anthony Colfelt (Creative Director) anthony.colfelt@different.com.auClarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au