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?

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  • Experience is deeper than a touch point or a systemGood product experience can be undermined by poor overall customer experienceIt is hard, nearly impossible, to change human behavior.Yes, people will buy a better mousetrap. That is because their behavior doesn’t have to change ... they are already using mousetraps. No business can afford to educate customers
  • Fundamentally RATIONALFeatures copied from like-products or servicesStuff from people’s heads…BLINKERED – tends to focus on a particular problem out of context to the wider ecosystem into which it fits.Planning a product or service can be myopic – focuses on the problem at hand, not at the context into which it fits.
  • Silver tongues win influence, even when they’re wrongDisharmonious teams are less productiveTeams who argue with one another tend to feel less like doing work.Unhappy folk do not pull equally on the yoke
  • Tech drives business processBusiness process defines Customer ExperienceDesign as an afterthoughtDoes anybody feel like they’re a comet? Does anybody
  • Products and services are about enabling people to achieve their goals. Not about the product itself.
  • Post launch… you need to keep testing and ongoing dialogue
  • Contextual researchStatistical dataCustomer feedback
  • Contextual researchStatistical dataCustomer feedback
  • Financial necremancySome financial products can be really hard to explain to customers, so people gravitate toward metaphors. We can design touchpoints, but how do you design the experience people essentially have in their heads. e.g. Foreign exchange risk management is commonly perceived as ‘gambling’ because people glom on to inappropriate metaphors.Products are very much about achieving a goal. Not about the product itself.- Financial services are a little further removed from the goal. E.g. Network TEN provides entertainment, but the programming has a close association with the activities that enable that.
  • Predictability is a fundamental tenet of good experience.Unpredictability needs to be really carefully managed.- Allow customers to mitigate their fear early in processes - e.g. Royal Bank of Scotland in the reverse mortgage product allows customers to state how much equity they want to retain up front.
  • Products have owners- Channels have owners Nobody owns the end-to-end customer experience. Customer does something in one channel, but that is often unknown to staff in the other channel till the customer tells them. This makes the bank look unintelligent.
  • People’s needs and goals change over time. Products need to change with them.e.g. Deposits products need to focus on the needs of various life-stages. E.g. Budgeting may be important earlier and later in life…Tension between targeting and marketing toward a demographic, when customers don’t stay in one demographic forever.Jeremy Walker from BT pointed out: The average Super Annuation product lasts 60 years. But CEOs last for 3-5! Changes in bank strategy (with the CEO) can push and pull the customer and degrade the experience.
  • You build new systems atop the old systems – Ultra secure, ultra reliable. These systems take time to change and change introduces risk.To mitigate riskTo reduce costs
  • How long does it actually take?
  • Customer Centred Design in Financial Services

    1. 1. How it adds value to financial service product design & management<br />Customer Centred Design (CCD)<br />
    2. 2. Agenda<br />Broad definition<br />What does CCD address?<br />A typical CCD approach<br />Costs benefits and challenges for financial services<br />
    3. 3. What is Customer Centred Design?<br />And how does it pertain to financial product management?<br />
    4. 4. What it is<br />A philosophical approach to product or service design and management<br />A risk mitigation strategy against launching a product customers won’t buy<br />A means to reduce costs through fewer service calls<br />Engaging directly with customers, regularly<br />
    5. 5. What it is not<br />The domain of professional designers only<br />A panacea to supersede all traditional product design practices<br />Simply asking customers what they want<br />
    6. 6. What does CCD address?<br />Some thorns in the side of product & service development<br />
    7. 7.
    8. 8. All the competition have pie graphs…<br />I reckon people want the “X” feature<br />If we cut out “Y” we’ll save time and money<br />
    9. 9. Subjective arguments<br />
    10. 10. Customers and their requirements<br />Technology,<br />compliance,<br />procedure<br />Design<br />Business and its requirements<br />
    11. 11. How we typically work<br />Building a product<br />…not getting it.<br />Project Managers make a product through using expertise and working to constraints…<br />Customer must learn how to use the product accordingly…<br />
    12. 12. How does CCD change this?<br />The basic approach to CCD<br />
    13. 13. Customer Centred Design philosophy<br />Understand the customer…<br />…then build accordingly.<br />Customer behaves in a certain way, has goals, needs and perceptions…<br />Product manager builds product to match the customer’s “mental model”<br />
    14. 14. Step by step<br />Specify the context of use<br />Evolve the requirements<br />Design solutions iteratively<br />Viability<br />Ideate<br />TestIterate<br />Experience<br />Research<br />Design<br />Test<br />Iterate<br />Requirements<br />Feasibility<br />Implement<br />Business Context<br />Learn here<br />Less valuable<br />Too late<br />$<br />$<br />Cost of Change<br />
    15. 15. Start by building customer empathy<br />
    16. 16. Start by building customer empathy<br />
    17. 17. Understand customer’s experience, needs & goals<br />
    18. 18. Understand customer’s experience, needs & goals<br />
    19. 19. Sketch the new experience accordingly<br />
    20. 20. Sketch the new experience accordingly<br />
    21. 21. Make a prototype, test, iterate<br />
    22. 22. Customer experience in financial services<br />The challenges unique to this sector<br />
    23. 23. Intangible products<br />
    24. 24. Financial products are inherently unpredictable<br />
    25. 25. No owner of the end-to-end customer experience<br />
    26. 26. Products are “for life”<br />
    27. 27. Incremental legacy<br />Cost of change<br />1<br />2<br />Ability to change<br />3<br />4<br />5<br />Number of systems<br />
    28. 28. Costs and benefits<br />Considerations when choosing whether CCD is appropriate<br />
    29. 29. Cost of requirements <br />
    30. 30. Stakeholder engagement<br />
    31. 31. Predictability in returns vs costs<br />
    32. 32. Better thinking. Better experiences. Better results.TM<br />http://www.different.com.au<br />Follow us on Twitter: @DifferentUX and @colfelt<br />
    33. 33. About Different<br />Different provides customer centric product and service design consultancy toward building valuable and differentiated customer experiences. We do this through qualitative customer research, crafting strategies from a customer experience perspective and producing designs that meet customer’s unarticulated needs. <br />We've helped many financial services organisations build better websites, software, call centre processes, branch layouts and signage, new financial products and printed collateral. All ways customers come into contact with an organisation are considered in Different'sapproach<br />Contact : (02) 9571 7444<br />Anthony Colfelt (Creative Director) anthony.colfelt@different.com.au<br />Clarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au<br />

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