UX & CX in retail banking


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A presentation about the importance of user experience and customer experience in retail banking (Western European Retail Banks)

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UX & CX in retail banking

  1. 1. The importance of UX & CX in retail banking by dennis gomméMarch, 2013 user experience & customer experience @dennisgomme
  2. 2. Me UX ConsultantHello! Master HCI @dennisgomme
  3. 3. Retail bankingProvide financial services towards consumers via channels customer bank services handle payments lend out money save money handle deposits and withdrawals invest money and many more… @dennisgomme
  4. 4. The importance ofUX & CXin retail banking @dennisgomme
  5. 5. 3 main reasonspeople changedtechnologydemographicsfinancial crisis @dennisgomme
  6. 6. #1 Technology “More devices connected to the internet than there are people on earth.” 2,27 billion people online Belgium (8.489.901) 81.3% (penetration rate) 4 billion mobile phones 1,08 billion are “smart”phonesSource: alltwitter @dennisgomme
  7. 7. #1 Technology In Africa mobile phone is first computing device In 2015 mobile network will break the electricity barrierSource data: alltwitter Source picture: http://www.gsma.com @dennisgomme
  8. 8. #2 Demographics digital native vs. digital immigrant born digital learn to adapt Not completely true Generation gap is about moral fearSource: Marc Prensky @dennisgomme
  9. 9. #3 Financial crisisGlobal financial crisis in 2008Financial institutions were bailed outby national governments or wentbankrupt. KBC, Ethias, Dexia, Fortis…Every Belgian Some a lot more…pays +-5.000 EUR Lost their jobs @dennisgomme
  10. 10. How didpeople change?different attitudebehaviour changenew expectations @dennisgomme
  11. 11. #1 attitudeTrust Credibility Loyaltyvery important to the banking system• Not deposit income or put your retirement funds in long term savings accounts• Long term  buy more products or even better  advocates of firm  inspiring others @dennisgomme
  12. 12. #1 attitude Trust Credibility Loyalty very important to the banking system 40% decrease of customer confidence in banking industry 72% in of customers in Belgium say their confidence has fallen in 2012 (51% in 2011) 10% in 2012  7% in 2011 customers in Belgium planning to switch their main bankSource: Global Consumer Banking Survey @dennisgomme
  13. 13. #2 behaviour New banking behaviour: 42% of customers in BE multibank obtain the best rates and fees 38% spread out their deposits around over multibanks to limit the risk of loosing money in case of bank failure People now shop for banks (online & offline) Especially for life changing eventsSource: World Retail Banking Report 2012 @dennisgomme
  14. 14. #2 behaviour New banking behaviour: Rely more on advice from family, friends and even via social media than we do from financial advisors or banks. 18% of Belgian customers Quick to try  reject or adopt 86% will pay more for a better customer experience 63% less reluctant to give our personal info to banks Expect some things in returnSource: Customer Experience Impact Report, Oracle @dennisgomme
  15. 15. #3 expectationsNew expectations:Honesty and transparency Communication Products Pricing @dennisgomme
  16. 16. #3 expectations New expectations: Quality of service and ease of use Personalized products and services to be more suitable for our needs Banking services to be available at any place at any time More flexibility and options (when to interact, when self-service vs personal advice, service level, costsSource: Global Consumer Banking Survey @dennisgomme
  17. 17. #3 expectations Old expectations still apply: Reassurance and human comfort To make important financial decisions Security and privacy When it comes to banking matters Better value as well Best rates & feesSource: Global Consumer Banking Survey @dennisgomme
  18. 18. “The banking behaviour of customers haschanged as well as their attitude towardsbanks and their expectations.”
  19. 19. Next, let’s look atbanksfinancial institutions @dennisgomme
  20. 20. CharacteristicsLegacy systems in place Technology drivenComplex organisational structure (silo’s) Defragmented CXBonus system for delivery on time & budget Often affects quality @dennisgomme
  21. 21. CharacteristicsLegal obligations Hard to do things differentlyHigh governance Slow time to marketShallow segmentation of customers Mismatch between the offering & needs of a customer @dennisgomme
  22. 22. CharacteristicsMany complex products Hard to understand & not transparentBig data not utilized (no patterns, no relationships) Services developed for the masses @dennisgomme
  23. 23. UX strategyseveral levels of maturitySource picture: http://johnnyholland.org @dennisgomme
  24. 24. UX strategyHow to evaluate?Just ask  first step Simple test  discussion @dennisgomme
  25. 25. Let’s talk mobileBanks are new to mobile banking 2010  Easy banking mobile app BNP Paribas Fortis 2011  MyING.be mobile app ING 2012  Ipad app BNP + Belfius Direct Mobile App Fastest growing channel Connectivity & power of devices improved Fast adoption rate of smartphones Banking whenever & on the go Focus on the most important parts Extra options – alerts, location awareness, video and foto @dennisgomme
  26. 26. Mobile UX strategyMistake in internet banking Pushing existing applications and data to the web only a new interface on topOnly a few have started from scratch Focusing on customer not on technology @dennisgomme
  27. 27. Mobile UX strategySame mistake in mobile banking Copy from internet banking applications and eathother and applying it to mobile devicesDifferent devices & channels Utilized differently by the user, optimized approaches required. @dennisgomme
  28. 28. Mobile UX strategyData gathered from mobile devices Not stored or used efficiently enoughMobile banking apps are a challenge @dennisgomme
  29. 29. Competitors Competition ahead Non-banksNew (online) banks @dennisgomme
  30. 30. New online NL retail bankFocus is on customer centricityYour financial statusTransparent pricing & no hidden feesIndependent financial advisors
  31. 31. Financial dashboardSaving goalsAlertsAggregation of accounts
  32. 32. “New banks, often small in the beginning,simple structure and simple products.They can easily adapt & deliver.”
  33. 33. New online NL retail bank Not a bankFocus is on customer centricity Online platform using a partner bankYourRebuild the banking experience from financial statusTransparent pricing & no hidden fees the ground up.Independent financial advisors
  34. 34. Source picture: www.engadget.com
  35. 35. Not a bank Personal Finance Management Platform All your accounts & cards in one place Better insights into spending behaviour Set saving goalsSource picture: mint.com
  36. 36. Source picture: mint.com
  37. 37. Source picture: mint.com
  38. 38. P2P payments & cash registers
  39. 39. “Choosing an inside out strategy toadapt their services first from branches toonline banking and now from onlinebanking to mobile banking…” “… instead of implementing an outside in strategy, focusing on the customer…” … has caused a mismatch between the priorities of the bank and those of the customer.
  40. 40. “New players are emerging with fewerrestrictions than existing banks and oftenbetter strategies focusing on thecustomer.”
  41. 41. Key differentiator forbanksis customer experience (CX) @dennisgomme
  42. 42. Customer experience (CX) is the sum ofall experiences a customer has with asupplier of goods and services, over theduration of their relationship with thatsupplier.”
  43. 43. How can aretail bankimprove its customer experience? @dennisgomme
  44. 44. Learn about customersMarket research ≠ User researchGo beyond demographics (age, sex, credit) Goals (experience, life and end) Needs, wants & expectations Annoyances Behaviour Emotions @dennisgomme
  45. 45. User Centered Design techniquesQualitative & Quantative research @dennisgomme
  46. 46. Qualitative researchEthnographic interviewsContextual inquiry Interviewing and observing the userOther ways Focus groups, market segmentation, user testing, card-sorting, storyboarding, task analysis, sentiment analysis @dennisgomme
  47. 47. Quantative researchBanks already sitting on loads of useful dataWeb analytics & market surveys Bigdata conceptExample Transactions are simply logged but data is not analysed to discover interesting spending patterns to deliver a more personalized services. @dennisgomme
  48. 48. “Model research data into Persona’s.” Still very relevant!
  49. 49. Invest in UXBad UX  bad CXUX design should be/become amindset in the organisation Not a discipline practiced by just one department or even a worse a team inside an organisation. @dennisgomme
  50. 50. Invest in UXWhere to start?Establish a skillful multi-disciplinary UX-team Mindset not always possible (big change) Just one team is better than none @dennisgomme
  51. 51. A UX teamCan help but needs help as wellHelp banks to learn about their customers Beyond marketing (needs & goals, behaviour)Need support on all levels Facilitator between business, IT and user @dennisgomme
  52. 52. A UX teamCan help but needs help as wellPut UX people directly in front of customers No proxy between them and target audienceEstablish a UX strategy To make improving UX a company wide goal @dennisgomme
  53. 53. UX design is not enoughUX ≠ CXUser Experience Design Mostly concerned with digital channelsCustomer experience Total experience online & offline @dennisgomme
  54. 54. “Biggest challenge for banks is to createa omni-channel cohesive experience witha seamless transition between channels”
  55. 55. Omni-channel experience @dennisgomme
  56. 56. Service designCustomer centricMultidisciplinaryHollistic (online & offline)Co-creativeMany UCD-techniques @dennisgomme
  57. 57. Service designMappingServicesCustomer interactionsTouchpoints & channelsJourney @dennisgomme
  58. 58. Service design thinking @dennisgomme
  59. 59. ToolsSource picture:http://www.servicedesigntools.org/ @dennisgomme
  60. 60. “Enhancing the CX of a bank requires anhollistic overview of all services renderedand how customers interact with them. ”
  61. 61. “Service design can provide insights byusing existing UCD-techniques to modelthe experience of a customer when usingthe services of a bank.”
  62. 62. Tips & tricks forUX & CX professionalsHow to survive in banks @dennisgomme
  63. 63. #1 It’s not all about the userIt’s not all about the userIt’s about all stakeholdersBusiness, IT and customer @dennisgomme
  64. 64. #2 Choose your battles wiselyYou win some and you lose someSpot for dead bodiesClient of a client @dennisgomme
  65. 65. #3 Learn their languageYou are telling them to changeLearn how to talk to “business” @dennisgomme
  66. 66. Questions?
  67. 67. Uxevents.beSharing UX events in and around Belgium @uxeventsbe
  68. 68. Thanks!@dennisgomme