Fs Web2 V2

Benefiting the financial customer with Web2.0 Hayden Sutherland Ideal Interface 14 January 2008

Topics
Definition of Web 2.0
How are Financial Services using Web2.0?
All that glitters…
Information vs. Application Interfaces
How other companies are using Web2.0
Our thoughts
About Us

Definition of Web 2.0
Web 2.0 is the most ‘over hyped’ term of 2007
But there is no single recognised definition
It has been driven by the ubiquity of broadband internet connectivity & the browser
It is generally agreed to be a mix of emerged trends:
Community & collaboration:
Social Networks, UGC, Wiki’s, Blogs
Web-Centric Services
Google Apps, SaaS, SOA, Syndication/Push, etc.
Richness:
Personalised, Interactivity, Pod/Video

A changing landscape
“ New companies are transforming our industry” Jacques Kemp, ING
In 2000 – Items from Ebay
In 2005 – Music from iTunes
In 2010 – Money from ???
Technology
Enables a better dialogue with the end user
But… numerous touch-points
Creates ‘channel confusion’
Especially when they provide different levels of service
Different generations are interacting and using Financial Services in different ways

How are Financial Services using Web2.0 ?
Well…. Most in the UK FS’s aren’t!
Web2.0 adoption is “low” to “low/medium”
Infosys Web2.0 Evaluation Oct 2007
Researched 155 Financial Service Providers Worldwide
11 in UK, 65 in USA
Critera: Content, Collaboration & Commerce
However there are some good reference examples of its implementation in USA
E.g. Wells Fargo
1 st Bank to Blog, 1 st in Second Life, 1 st VP of Social Media!

Community & collaboration
P2P Finance
www.zopa.com (A start-up, gaining traction in market)
‘ Crowdsourcing’ financial markets research
Social Network for investors to test their investing strategies
http://www.marketocracy.com/
Social Media
Barclays Bank Investing Group on Facebook
http://www.facebook.com/group.php?gid=2324229644
Blogs – several good examples
ING Asia http://www.ingblogs.com/mycupofcha/
Wells Fargo Student Loans http://blog.wellsfargo.com/StudentLoanDown

Web-Centric Services
Google Apps, etc. (n/a)
Security concerns have led to low uptake
SaaS - e.g. Salesforce.com – (medium)
Has high adoption rates in specific company’s
Syndication/Push (medium)
RSS* used by Charles Schwab for updates
Widgets (use RSS feed) as used by:
Financial Times, Yahoo Finance, Bloomberg, etc.
However no UK FS provides: company news, rate updates, etc. by RSS

Richness
Personalised (high use)
There are highly configurable financial sites
E.g. http://uk.finance.yahoo.com/
Individual retail FS companies do not allow non-proprietary data or applications into their own sites
Drive mutual benefit for the user and our business
Interactivity (low use)
Functionality, such as intelligent/automatic form completion, is scarce amongst UK Retail FS sites – this is a ‘Quick Win’
Pod/Video (low to medium use)
First Direct Podcasts
http://www.interactive.firstdirect.com/podcast.html
HSBC Corporate PR Video
http://www.hsbc.co.uk/1/2/business/contact-hsbc/commercial-centres

Example 1 – www.wesabe.com A rich user interface Uses (AJAX) Allows its users to Centralise their finances and share with others

Example 2 - www.join2grow.biz Launched by Fortis in Q1 2007 A Social Network site for European entrepreneurs Interactivity incl: Forum, chat, video blogs, etc.

How WILL Financial Services be using Web2.0 ?
“ I think that eventually these kinds of Web 2.0 technologies will transform the business model through community development, 360- degree view of important product enhancements that should be made.”
Harvey Koeppel, CIO & SVP Citigroup
“ I strongly believe that User Generated Content and Social Media are a major opportunity for us”
Christophe Langlois, Senior Innovation Manager, Lloyds TSB

All that glitters…
Security issues are just as relevant today
Based on an evolving web platform
Standards & security analysis still required
“ About 80 percent of development and deployment time for customer-facing and internal [Web2.0] tools is spent on security measures, such as authentication and authorization”.
Steve Ellis, EVP Wells Fargo
Usability can suffer
Jakob Nielson - December 2007
[Web2.0 features] add more complexity than they're worth.
Before throwing spending money at "2.0" features, make sure that you have all the "1.0" requirements working to perfection.

Information Vs Applications
‘Basic Duality’ of the user experience via a browser
Jesse James Garrett – http://www.jjg.net
There are 2 different ways to present an interface:
As a hypertext system
For navigating through content / information
As a software interface
For using an application

Web Interfaces for Hypertext
Example: Current a/c benefits page
Its Information - therefore browse-able
Infrequent use
Utilises ‘recognition’ skills
‘Heat Map’ shows users scanning content and identifying common elements e.g. logos, bullets & icons

Web Interfaces for software
Example: Online banking
An Application and therefore task-based
Frequent use, repetitive actions
Utilises ‘recollection’ skills
‘Heat Map’ shows an experienced user going straight to ‘Quick’ area to carrying out specific action

How other companies are using Web2.0
Retail
One-page shopping basket
Reduces drop-out rates
User-generated product reviews
Validates opinion and increases propensity to buy
Travel
Rich Interface for selecting hotels
Engages user and increases conversions

So where’s the Intelligent Interface going?
Application design in the future adapts to user needs
Recommends personalised products
Alternatives
Up & cross sell
Only collects data once
E.g. Why does an application that knows your monthly income still ask you your yearly salary?
Automation of common tasks
E.g. Pre-population of regular transferred sum to other a/c
Scenario / planning tools
E.g. Investing plan

Our Thoughts
There are both opportunities & dangers for Financial Services companies using Web 2.0
Identify the opportunities available
Prioritise according to customers / market
E.g. Students use: Blogs, Comments (UGC) & Tagging
Measure the effectiveness
Make sure all channels work as hard as they can – together!
Data collected once only
Develop something usable
A small amount of personalisation could create large reward
Make content browse-able
Make applications quick & effective
Ensure viable business case for adoption
Plan the accompanying technology road-map
“ If you are not planning to run online banking with significant AJAX by 2010 expect to be left behind” - http://thebankwatch.com

About Us
Ideal Interface
A specialist digital consultancy
User-centred design & interface improvement
Web & eCommerce strategy
Proven delivery capability
Expertise in
Financial Services, Retail & Travel sectors
Passionate about delivering practical human-to-technology interactions….. that add value!
Contact: [email_address]

Fs Web2 V2

by Hayden Sutherland on Jan 14, 2008

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Fs Web2 V2 — Presentation Transcript