Seminar Part Two: Integration or isolation?


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Part two of Precedent's third Digital Finance Forum, May 2012.

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  • Mobile specific Website5Ipad ready27App8Responsive1M sites4
  • Quick summary of the approach to the majority of websites out there. Yes there’s also our facebook apps, Visuals: Show examples of each?
  • Quick summary of the approach to the majority of websites out there. Yes there’s also our facebook apps, Visuals: Show examples of each?
  • Quick summary of the approach to the majority of websites out there. Yes there’s also our facebook apps, Visuals: Show examples of each?
  • I’m going to assume that most, if not all of you today are involved in your company’s digital strategy. More of an educated guess…The first thing we should think about when we create a website strategy is the desired outcomes
  • You could be selling an idea, an experience or a product
  • Here’s a typical banker. He needs more cash to bolster his balance sheet.His outcome is a very simple one…
  • A visitor to our banker’s website might be thinking this…It’s a completely rational requirement – perhaps she’s already done the research she needs, and she now wants to get it sorted out.If this is your user’s need, fantastic. You’ve got yourself a sale.
  • But the reality is often more emotional…Our user isn’t thinking specifically of a savings account – he’s thinking about what he’s saving for, and why.His motivation is more emotional than rational (at this stage)
  • So what must you do to achieve your outcome from these emotional humans?…You must engage your audience. It’s that simple?
  • But what does engagement actually mean?Most definitions involve brand engagement, which works well in this context.1. Brand engagement can be defined as…2. Wikipedia definition3. Advertising Research Foundation defined engagement as…
  • Let’s have a look at the key words here – attachment / emotional / rational / meaningful / context
  • What are the most important things we need to do in order to engage?
  • We need to look to psychology for the answers. This is nothing new. Marketers have been fiddling with our minds for decades, but we’ve been slow to bring this online – especially in the finance arena.We can do this without upsetting our colleagues in compliance…And it’s a perfectly moral pursuit
  • We’re all familiar with the left brain / right brain idea, but let’s have a quick look at how the cerebral hemispheres differ.
  • There are hundreds of different psychological techniques, but we’re going to take a look at just a few.Framing is the context within which you make a statement, and how this can affect the way it’s processed.Feedback loops are simply responding to the way humans like cause and effectWe all like being rewarded, however insignificant the reward may beStory is the most powerful way to grab someone’s attention, help them to comprehend, and allow them to recall.Familiarity bias is simply that we like things we’re familiar with – people and faces topping the list of these.
  • The way in which things are stated can alter our judgment and affect our decisionsYou’ll all be familiar with charities that frame a monthly donation as less than the price of a cup of coffee per dayFraming is about using context to make something easier to process and comprehend
  • Here’s how HSBS are framing their consumer products – not by their features, but by framing it around the user’s possible motivation
  • Here’s how HSBS are framing their consumer products – not by their features, but by framing it around the user’s possible motivation
  • Wonga makes it incredibly easy to see the repayment amount by providing sliders for loan amount and repayment time.
  • For something a bit more complicated, like Mortgages, Northern Rock give instant results based on criteria without leaving the page.
  • We all like to be rewarded for something.Added to this is our desire to not only collect things, but complete sets of thingsGamification is being talked about as one of the next big things online
  • Gamification – make the experience fun for the user and appeal to their sense of play, competitiveness and achievement
  • Mint turns saving into a game – measure your financial fitness by completing achieve-mints every month
  • Similar example from barclays – improve your spending habits by setting yourself goals
  • ...and adjusting your behaviour to afford the little extras
  • Human beings have been telling each other stories for as long as there has been language.There is no more compelling way of capturing and holding attention, and enabling comprehension and recall.
  • Capture and hold attention / Aid comprehension / Imply causation / Stories are more easily rememberedBut stories don’t have to involve the written word. Here are some examples of visual storytelling…
  • Charting – data visualisation is all the rage at the moment – by putting data into a visual story, it’s easier to understand
  • Another example of infographics telling a story – this shows how the sale of enagement rings increased after Prince William and Kate Middleton got engaged.
  • Here’s a very simple story told in a cartoon format – this is framing the benefits of a piece of software
  • Video is perhaps the most compelling and engaging way of telling a story online.This excerpt explains the complex issue of leverage.It’s very efficient – it could have taken two or three times longer to read a textbook description of leverage.This way is engaging, enjoyable, easier to understand and will stick in your memory more.
  • This is about as primitive as it gets – we prefer things that are familiar – probably because it makes us comfortable.There is nothing we’re more familiar with than people, especially people’s faces.
  • This is a great point from the writer of Designing for Emotion.Our research pointed out that your customers want to deal with people – they want to see the whites of your eyes
  • This eye tracking chart shows how people fixate on the face…
  • And interestingly, how we fixate on what the eyes are looking at.
  • But not always – we have detuned our brains from generic stock photography, so use sparingly.
  • Virgin money are taking a different approach to their website by showing a number of things we’re familiar with.A range of agesCountry and city
  • Using a non-threatening picture of the CEO as she explains the benefits of something importantThe text is more believable, and we’re more likely to feel trust
  • Research conducted in 2007 showed that a testimonial for a travel destination can increase conversion by 10%…
  • Add a photograph of the person leaving the testimonial, and you can make that a 20% conversion.
  • Seminar Part Two: Integration or isolation?

    1. 1. Precedent’s Finance Forum 2012 Integration or isolation? The digital landscape for UK financial servicesMay 2012Digital Finance Forum 2012
    2. 2. 3. MobileCraig Cartwright– Head of Technical Solutions
    3. 3. What is your mobile environment? Various platforms, from traditional web browsers solutions, to the many mobile platforms.Apple iPhone Apple iPad Android Blackberry Windows Digital Finance Forum 2012 #PrecSem
    4. 4. Statistics...... not the important factor It is a simple decision: • The trend cannot be questioned • You need to have a solution for mobile today • Aim to provide an optimal experience Your question is what and how (not if) Digital Finance Forum 2012 #PrecSem
    5. 5. • 31 Companies App • Only 5 mobile sites: • 1 Responsive • 4 “M” sites Ipad readyMobile specific Website 0 5 10 15 20 25 30 Digital Finance Forum 2012 #PrecSem
    6. 6. Aspire to an integrated and considered approach Kindle iPad view Desktop view Smartphone view Whisper sync Digital Finance Forum 2012 #PrecSem
    7. 7. Your considerations should be: • What - Corporate view : tactical campaign: quick wins • Who (Approach) - your reach : audience : strategy • How (Delivery) - screen : speed : context : content • When (Future) – today’s expectation : innovations We will look at each of these ..... Digital Finance Forum 2012 #PrecSem
    8. 8. (1) Approach: Your 0ptions Responsive vs m. and Native app vs Framework app Digital Finance Forum 2012 #PrecSem
    9. 9. Mobile solution reach Digital Finance Forum 2012 #PrecSem
    10. 10. (2) Know your customers Digital Finance Forum 2012 #PrecSem
    11. 11. Digital Finance Forum 2012 #PrecSem
    12. 12. (3) Delivery – screen: speed: context: contentConsidering context is topical and essential:• Forrester definition: “The sum total of what your customer has told you and is experiencing at the moment of engagement.”• Consider your customers – situation – preference – attitudes• Will give better customer experience• Performance is key: – “A 1-second delay in page load time equals 11% fewer page views, a 16% decrease in customer satisfaction, and 7% loss in conversions. (In dollar terms, this means that if your site typically earns £10,000 a day, this year you could lose £250K in sales).” *Source: Aberdeen Group+ Digital Finance Forum 2012 #PrecSem
    13. 13. Example: Banking “Mobi” siteDigital Finance Forum 2012 #PrecSem
    14. 14. Example: Banking “Mobi” sitesDigital Finance Forum 2012 #PrecSem
    15. 15. Example: Insurance “Mobi” sitesFocus on brochureware Introducing transactional interactionDigital Finance Forum 2012 #PrecSem
    16. 16. Mobile first approachDigital Finance Forum 2012 #PrecSem
    17. 17. Optimise your contentDigital Finance Forum 2012 #PrecSem
    18. 18. Digital Finance Forum 2012 #PrecSem
    19. 19. Digital Finance Forum 2012 #PrecSem
    20. 20. Digital Finance Forum 2012 #PrecSem
    21. 21. Example: Native Apps Digital Finance Forum 2012 #PrecSem
    22. 22. Example: Native Apps AEGON Pension Reform Digital Finance Forum 2012 #PrecSem
    23. 23. Example: Responsive Design Challenge Digital Finance Forum 2012 #PrecSem
    24. 24. Example: Responsive Design Challenge Challenges - Considerations • Forced order and best practice • Screen size – optimised image • Video playback • Table based data • Image/content load times Digital Finance Forum 2012 #PrecSem
    25. 25. (4) Future – expectation: innovation• Mobile is the fastest moving technology area• Framework apps gaining momentum• Trends to keep in eye on: • Mobile Payments • Near field opportunities • Location based promotions • QR & AR innovations Digital Finance Forum 2012 #PrecSem
    26. 26. Future of shopping – QR storesDigital Finance Forum 2012 #PrecSem
    27. 27. Discussion points• Native iPhone and Android Apps are not the way forward.• If you were to start a new website you’d consider the design for mobile as your top priority.• Mobile spend should match or exceed your desktop spend in your digital budget. Digital Finance Forum 2012 #PrecSem
    28. 28. 4. Website engagementJames Downes – Director of Strategy and User Experience
    29. 29. Outcomes for your websiteDigital Finance Forum 2012 #PrecSem
    30. 30. Attract new customers Retain existing customers Build trust Increase reach Sell somethingDigital Finance Forum 2012 #PrecSem
    31. 31. We need to sell more savings accountsDigital Finance Forum 2012 #PrecSem
    32. 32. I need a savings accountDigital Finance Forum 2012 #PrecSem
    33. 33. As a new parent, I want to save money, sothat I can have enough put aside for whenmy son goes to university.Digital Finance Forum 2012 #PrecSem
    34. 34. Decisions arerational andemotionalDigital Finance Forum 2012 #PrecSem
    35. 35. We must understand our users, and their motivationWe must balance our outcomes with our users’motivationWe must respond to the contextWe must engage our audiencesDigital Finance Forum 2012 #PrecSem
    36. 36. What is engagement? …the process of forming an attachment (emotional and rational) between a person and a brand. engagement measures the extent to which a consumer has a meaningful brand experience when exposed to a particular experience. turning on a prospect to a brand idea enhanced by the surrounding contextDigital Finance Forum 2012 #PrecSem
    37. 37. What is engagement? …the process of forming an attachment (emotional and rational) between a person and a brand. engagement measures the extent to which a consumer has a meaningful brand experience when exposed to a particular experience. turning on a prospect to a brand idea enhanced by the surrounding contextDigital Finance Forum 2012 #PrecSem
    38. 38. It is impossible to engagesomeone if you don’t knowwhat’s motivating them.Digital Finance Forum 2012 #PrecSem
    39. 39. Grab their attentionHelp them comprehend the proposition you are makingGive them what they need to make a decisionEnable them to recall you and your offerGive them satisfactionDigital Finance Forum 2012 #PrecSem
    40. 40. Voila! The humanbrain.Dr. Michael Hfuhruhurr Digital Finance Forum 2012
    41. 41. Experience = Rational + EmotionalRational thought EmotionalLogical processing Intuitive thoughtAnalytical thought Creative thoughtSequential All at onceCause and effect Holistic thoughtPragmatic ImpetuousObjective SubjectiveDigital Finance Forum 2012 #PrecSem
    42. 42. Making an emotional connectionFramingFeedback loopsGoal setting / AchievementsStoryFamiliarity BiasDigital Finance Forum 2012 #PrecSem
    43. 43. “Less than a cup of coffee a day”Digital Finance Forum 2012 #PrecSem
    44. 44. Digital Finance Forum 2012 #PrecSem
    45. 45. Digital Finance Forum 2012 #PrecSem
    46. 46. We are engaged by situations in which we see our actions modify subsequent results.Digital Finance Forum 2012 #PrecSem
    47. 47. Digital Finance Forum 2012 #PrecSem
    48. 48. Digital Finance Forum 2012 #PrecSem
    49. 49. We are engaged by experiences that can bring meaningful achievementsDigital Finance Forum 2012 #PrecSem
    50. 50. Digital Finance Forum 2012 #PrecSem
    51. 51. Digital Finance Forum 2012 #PrecSem
    52. 52. Digital Finance Forum 2012 #PrecSem
    53. 53. Digital Finance Forum 2012 #PrecSem
    54. 54. Narrative elements are more believable.Digital Finance Forum 2012 #PrecSem
    55. 55. “Storytelling is the best way to emotionallyconnect to people. We all have stories incommon so instead of listing facts andfigures on your website, tell the storybehind them.”Robert MillsDigital Finance Forum 2012 #PrecSem
    56. 56. Info-graphicDigital Finance Forum 2012 #PrecSem
    57. 57. Digital Finance Forum 2012 #PrecSem
    58. 58. Digital Finance Forum 2012 #PrecSem
    59. 59. Digital Finance Forum 2012 #PrecSem
    60. 60. We prefer things that are familiar to us.Digital Finance Forum 2012 #PrecSem
    61. 61. “Showing personality in your app, website, or brandcan be a very powerful way for your audience toidentify and empathize with you. People want toconnect with real people and too often we forget thatbusinesses are just collections of people. So why notlet that shine through?”Aarron WalterDigital Finance Forum 2012 #PrecSem
    62. 62. Digital Finance Forum 2012 #PrecSem
    63. 63. Digital Finance Forum 2012 #PrecSem
    64. 64. Digital Finance Forum 2012 #PrecSem
    65. 65. Digital Finance Forum 2012 #PrecSem
    66. 66. Digital Finance Forum 2012 #PrecSem
    67. 67. Digital Finance Forum 2012 #PrecSem
    68. 68. Digital Finance Forum 2012 #PrecSem
    69. 69. Digital Finance Forum 2012 #PrecSem
    70. 70. Digital Finance Forum 2012 #PrecSem
    71. 71. Digital Finance Forum 2012 #PrecSem
    72. 72. Digital Finance Forum 2012 #PrecSem
    73. 73. Increase conversions by 10%Digital Finance Forum 2012 #PrecSem
    74. 74. Increase conversions by 20%Digital Finance Forum 2012 #PrecSem
    75. 75. Discussion PointsSuccessful websites are about more than utility, facts andfigures. We need to make our sites personal, relevant andengaging.Compliance prevents us from meaningfully engaging with ourwebsite visitors.Driving users to our website should be the ultimate goal of themajority of our online activity.Digital Finance Forum 2012 #PrecSem
    76. 76. Today• Presentations 8.20 – 9.15 Introduction, Rich media, Blogging and Social Networks Coffee• Presentations 9.30 - 10.00 Mobile, Website innovation• Breakout discussions 10.00 - 11.30 4 x ‘15 minutes’ (musical chairs)• Effective digital strategy 11.30 - 12.00• Wrap up 12.00Digital Finance Forum 2012 #PrecSem