Where's the win/win in retail banking?

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In this video we share our thoughts about the contrasting needs of banks and their customers. We draw some conclusions about where these overlap and what this might suggest for Banks about experience design strategy.

Where's the win/win in retail banking?

  1. 1. BRIDGING THE EXPERIENCE GAP Tom Wood & Tim Loo
  2. 2. FOOLPROOF? © 2013 Foolproof Limited
  3. 3. © 2013 Foolproof Limited
  4. 4. FOOLPROOF & FINANCIAL SERVICES Average per year 2007-2012: — 2,043 depth interviews — c500K survey respondents — Foolproof revenue from FS = 52% © 2013 Foolproof Limited
  5. 5. WE SPEND A LARGE AMOUNT OF TIME WATCHING AND LISTENING TO BANKING CUSTOMERS IN THE UK, EUROPE AND AROUND THE WORLD. © 2013 Foolproof Limited
  6. 6. SPRING SUMMIT 20 consultants from our Financial Services practice gather to share learnings: UX strategy © 2013 Foolproof Limited
  7. 7. WHAT DO BANKS WANT? © 2013 Foolproof Limited
  8. 8. WHAT DO BANKS WANT? 1. Rebuild balance sheets — Product margins — Paid-for services — Product holding per customer © 2013 Foolproof Limited
  9. 9. WHAT DO BANKS WANT? 2. Channel migration — Make digital centre-of-gravity for service — Reduce cost to serve (and cost to leave) © 2013 Foolproof Limited
  10. 10. WHAT DO BANKS WANT? 3. Data monetization — Exploit customer data for value-add services and third-party revenue — Real-time segmentation & targeting © 2013 Foolproof Limited
  11. 11. WHAT DO BANKS WANT? 4. Wealth customers — Build premium services — Advice and financial management — International services © 2013 Foolproof Limited
  12. 12. WHAT DO BANKS WANT? 5. Exploit the mobile opportunity — Understand customers’ mobile contexts — Build beyond basic account services — Location-based services © 2013 Foolproof Limited
  13. 13. WHAT DO BANKS WANT? 6. Differentiate through technology — Financial management & planning — Mobile and peer-to-peer payments — Discount & cash-back schemes © 2013 Foolproof Limited
  14. 14. WHAT DO BANKS WANT? 7. Better security, less fraud — Reduce security & fraud vulnerabilities — Make fraud the rest of the world’s problem © 2013 Foolproof Limited
  15. 15. WHAT DO BANKS WANT? 1. 2. 3. 4. 5. 6. 7. Rebuild balance sheets Channel migration Data monetization Wealth customers Exploit the mobile opportunity Differentiate through technology Better security, less fraud © 2013 Foolproof Limited
  16. 16. WHAT DO CUSTOMERS WANT? © 2013 Foolproof Limited
  17. 17. WHAT DO CUSTOMERS WANT? 1. Get the basics right — Easy to switch & set-up — No mistakes or (failing that) easy redress — Usability standards set by the global tech giants — Joined-up journeys & communications — Useful, simple mobile services © 2013 Foolproof Limited
  18. 18. WHAT DO CUSTOMERS WANT? 2. Use what you know about me to serve me better — Staff & systems recognise and ‘know’ me — Personalised communications about relevant products & services — Help me avoid fees & charges © 2013 Foolproof Limited
  19. 19. WHAT DO CUSTOMERS WANT? 3. Simpler products — Fewer, less complex products — Easy to compare and choose (internal & external) © 2013 Foolproof Limited
  20. 20. WHAT DO CUSTOMERS WANT? 4. Tools to advise myself — Simple, engaging tools for account management and planning — Advice and guidance for new or important product choices © 2013 Foolproof Limited
  21. 21. WHAT DO CUSTOMERS WANT? 5. ‘Just right’ security — Easy-to-use two-factor authentication — Sense of security and oversight © 2013 Foolproof Limited
  22. 22. WHAT DO CUSTOMERS WANT? 6. Evidence that loyalty is rewarded — Higher levels of service and attention — Better rates and products — Discretion over fees & charges © 2013 Foolproof Limited
  23. 23. WHAT DO CUSTOMERS WANT? 7. Banks that know their place — Act on behalf of customers — Know when to speak, when to listen and when to be invisible © 2013 Foolproof Limited
  24. 24. WHAT DO CUSTOMERS WANT? 1. Get the basics right 2. Use what you know about me to serve me better 3. Simpler products 4. Tools to advise myself 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place © 2013 Foolproof Limited
  25. 25. SO WHERE IS THE WIN/WIN? © 2013 Foolproof Limited
  26. 26. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place © 2013 Foolproof Limited
  27. 27. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place © 2013 Foolproof Limited
  28. 28. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place Draw customers to digital with excellent, accurate user experience that joins up across all channels Foolproof Limited © 2013
  29. 29. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place © 2013 Foolproof Limited
  30. 30. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place Use data assets to serve and reward customers more effectively © 2013 Foolproof Limited
  31. 31. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place © 2013 Foolproof Limited
  32. 32. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place Be careful how you reveal your motives around segmentation and profitability © 2013 Foolproof Limited
  33. 33. Banks Customers 1. Rebuild balance sheets 1. Get the basics right 2. Channel migration 2. Use what you know about 3. Data monetization me to serve me better 4. Wealth customers 3. Simpler products 5. Exploit the mobile 4. Tools to advise myself opportunity 6. Differentiate through technology 7. Better security, less fraud 5. ‘Just right’ security 6. Evidence that loyalty is rewarded 7. Banks that know their place Focus on technologies which enhance ease-of-use, service and value for the customer © 2013 Foolproof Limited
  34. 34. THE JOURNEY TO MUTUAL VALUE © 2013 Foolproof Limited
  35. 35. THE JOURNEY TO MUTUAL VALUE CUSTOMER Get the basics right FACILITATION BANK Recognise me and respond to what I need PERMISSION Competence You value my custom, and I value you RELEVANCE Dialogue TRUST GROWTH Value © 2013 Foolproof Limited
  36. 36. THE JOURNEY TO MUTUAL VALUE Get the basics right Recognise me and respond to what I need You value my custom, and I value you Establish the foundations Encourage an exchange of data Nurture & grow the relationship — Clear structure and — Provide relevant content, — I feel valued due to the signposting — Create ‘flow’ in user journeys — Error prevention & redress — Elegant security — I understand the language my bank speaks offers, products & services — Personal data used intelligently for my benefit — You seem to understand my evolving needs preferential products and service you offer me — You provide guidance and advice that keeps me loyal — You are flexible and go out of your way to help me © 2013 Foolproof Limited
  37. 37. CONTACT Tom Wood tom.wood@foolproof.co.uk +44 7803 857354 @foolproofer Tim Loo tim.loo@foolproof.co.uk +44 7714 415677 @timothyloo © 2013 Foolproof Limited

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