IDEO marketing study of winning entry in Citigroup innovation contest

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Marketing study performed for Citigroup by IDEO of Abdul Jaludi's winning idea from Citigroup's 200 year anniversary global future of banking challenge. Although IDEO estimated the idea is expected to generate approx $100 million in the first year, Jaludi received absolutely no compensation for coming up and refining the idea or for winning the contest which had over 65,000 participants.

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IDEO marketing study of winning entry in Citigroup innovation contest

  1. 1. Citi + IDEO 08.09.12 Jetsons Final Deck
  2. 2. Today we share you share we work together
  3. 3. Agenda 9:00 – 9:15 Introductions and agenda overview 9:15 – 10:15 IDEO to share insights, process and Darbie concept demo 10:15 – 11:15 Tracey’s team to share digital strategy and roadmaps that potentially relate to Darbie 11:30 – 12:45 Interactive session to identify synergies, where Darbie can fit into Citi digital experiences and roadmaps, etc. 12:45 – 1:00 Map out key activities and next steps
  4. 4. Table of Contents Context Design Test Darbie Appendix
  5. 5. Context
  6. 6. Challenge Citi asked IDEO to translate an internal vision for the future of online banking from concepts and conversation to prototype and pilot proposal.
  7. 7. Citi + IDEO Darbie 7 Over 8 weeks of rapid prototyping and testing cycles we sought to understand 1. Citi and its relationship with customers today. 2. Consumer needs and behaviors. 3. How Darbie can define the future of Citi’s relationship with customers.
  8. 8. Citi + IDEO Darbie 8 • Industry recognized ipad app • Strong employee ethos to disrupt the status quo of banking today • The potential is not being fully realized. Citi has... But... There is a gap between what Citi CAN do for customers online and what they ARE doing. Inside Out Story Source: Citi-IDEO Stakeholder Interviews July 2012 “To me bill pay is the core proposition of online banking and only 37% of active customers use online bill pay. For some people Citi is not their primary checking. But for the rest, there’s really no reason they don’t use online bill pay.” “Of all the things you could need to use on your account 90% are online, but even Citi employees aren’t aware of them.”
  9. 9. Citi + IDEO Darbie 9 Customers are happy with Citi as a bank and they should be. Source: Citi May 2012 NPS Report; iTunes rating Industry Recognized iPad App Average app store rating of 3.5 stars across all versions. Strong NPS Score of 53.5% for Citibank online experience Have been a customer since ‘85. My bills have always been correct and paid on time. Great job and very reliable!
  10. 10. Citi + IDEO Darbie 10 But let’s face it, expectations are pretty low. Source: Citi May 2012 NPS Report;Cit-IDEO Stakeholder Interviews “The #1 question to call centers is to check your balance.” “All information was readily available, and I didn’t need a live chat to set up my online account. I know how frustrating other bank sites can be, and appreciated the ease of yours.”
  11. 11. Citi + IDEO Darbie 11 And we heard a strong company desire to start by focusing on the user experience. Source: Citi May 2012 NPS Report;Cit-IDEO Stakeholder Interviews “What if we were to create a great user experience and then let the revenue follow.” “Our processes today are just not that intuitive—people designing this know what to do but don’t take into account who they are designing for.”
  12. 12. Citi + IDEO Darbie 12 Outside In Story We looked out into the world to be inspired by the products and services people are using to manage their lives.
  13. 13. Citi + IDEO Darbie 13 Consumers are inundated by applications providing frictionless digital interactions resulting in lowered patience for clunky, slow experiences—from education to leisure. consumers amazon kickstarter dropbox skillshare facebook airbnb diy.org codecademy gmail
  14. 14. Citi + IDEO Darbie 14 Within finance there are a growing number of single-purpose applications delivering similarly great digital service experiences. paypal personal capital venmo simplemint square billguard level up consumers
  15. 15. Citi + IDEO Darbie 15 Individually, these compete directly with Citi's product and service offerings. personal capital venmo simplemintsquare consumers PopMoney Citi Personal Financial Advisors Citi Cards Citi CheckingCiti Financial Tools
  16. 16. Citi + IDEO Darbie 16 personal capital venmo simple mint square core customer base + potential customers emergent disruptive service layer Citi and old guard big banks Holistically, they represent a disruptive service layer that creates a barrier between Citi and consumers.
  17. 17. Citi + IDEO Darbie 17 This emergent disruptive service layer… • Lowers # of touchpoints and brand impressions with consumers • Decreases Citi’s ability to differentiate from other banks • Challenges Citi ability to sell revenue generating products • Belittles the value Citi is delivering to customers by relegating Citi’s visibility to a“backend” personal capital venmo simple mint square core customer base + potential customers emergent disruptive service layer Citi and old guard big banks
  18. 18. Citi + IDEO Darbie 18 In other words Citi’s role in customers’ everyday lives is being marginalized.
  19. 19. Citi + IDEO Darbie 19 The good news is that today these single-function services only offer a fragmented non-holistic financial management experience. While few savvy technorati employ a suite of tools to serve all their needs, complacency and lack of awareness limit these services from reaching the majority of Citi’s customers.
  20. 20. So, what does this mean for Citi?
  21. 21. Citi has the opportunity to dramatically differentiate itself from traditional banks by owning this emergent layer of consumer-driven products and services. This is project darbie.
  22. 22. Citi + IDEO Darbie 22 Meaningful moments are happening in high frequency, low involvement interactions that allows services to fit into the everyday fabric of peoples lives
  23. 23. Citi + IDEO Darbie 23 We need to start by designing the gateway to people's everyday interactions with their finances Needing Balance Need Validation Splurge Automate Put Out A Fire AnnualDaily Low Engagement Interactions High Engagement Interactions
  24. 24. Citi + IDEO Darbie 24 These are broad, and universal needs, and over time we can expand to meet more comprehensive needs Needing Balance Need Validation Splurge Automate Put Out A Fire Group Management Education Planning My Future AnnualDaily Low Engagement Interactions High Engagement Interactions
  25. 25. How did we get here?
  26. 26. Design Test
  27. 27. Citi + IDEO Darbie 27 We used these opportunities to springboard into design Our process is a series of divergent and cycles where we design, test, and repeat
  28. 28. Rapid paper prototypes translated broad customer needs into flash experiments Cashflow management Proactive management Proactive banking Education Compare and Plan Integration with 3rd parties Realtime transfers Easy linking of accounts Everything in one place Integration with other banks Recognizing individuality Managing group finances Support saving goals
  29. 29. Citi + IDEO Darbie 29 We tested on a broad set of users in various group scenarios Young Professionals (Roommates) Young Professionals (Couples) Young Parents with Children Established Parents Young Professional Children Established ParentsYoung Parents (Baby on the way)
  30. 30. Citi + IDEO Darbie 30 We heard about paint points and needs people experience across their financial interactions Finding the right balance is hard “We woke up one day and realized we were 48 years old and had never saved. I don’t want that to happen to her.” “Right now I pay for 100% of the bill and she’ll just pay me her share later, or the next time.” Group fairness and equity is difficult to achieve “My bank was re-ordering my expenses so that I would always get dinged with an overdraft fee.” “I feel like I’m trapped in this cycle of wanting to go out, but then I remember I have to pay my student loans.” Simple organization and planning doesn’t exist “I guess I just always mentally gauge how well I am doing.” “I check my balance 3 x a day. It’s the one thing that makes me feel in control, even though I know the number.” Educational coaching is critical Constant struggle to find peace of mind Banks are hard to trust
  31. 31. Citi + IDEO Darbie 31 We began to understand consumers beyond traditional demographics
  32. 32. Citi + IDEO Darbie 32 There are universal financial modes people move in and out of when it comes to money
  33. 33. Citi + IDEO Darbie 33 Financial modes (1 of 2) Feeling trapped I feel overstretched. My debt and financial obligations are weighing on me. My financial state is limiting my ability to live the life i want to live. Feeling thrifty I know I could spend less or save more. How can I do so without sacrificing my lifestyle? Put out a fire I have a financial emergency and need to fix it now! Automate Do I really need to spend so much time dealing with my money? How can I automate bills? Needing balance Am I financially ok? Am I living beyond my means?
  34. 34. Citi + IDEO Darbie 34 Needing validation I want to make a purchase, but make sure I can afford it. Splurge I want to go out and spend even though maybe I shouldn’t. Planning my future I want to plan early for a big event in the future. How can I budget for that? Educate I want my children to better understand how to manage their money and the value of money. Group Financial Management I need help keeping track of my finances with others. Financial modes (2 of 2)
  35. 35. Citi + IDEO Darbie 35 So if this is what we learned, how do we start?
  36. 36. Citi + IDEO Darbie 36 Prototype
  37. 37. Darbie
  38. 38. Citi + IDEO Darbie 38 Value creation Creating value for Citi begins with delivering value to Citi’s customers through tools and services that are transparent, simple, and proactive. transparent simple proactive t s p
  39. 39. Citi + IDEO Darbie 39 Defining Darbie: Value Proposition Pillars Simple Citi makes banking simple by allowing me to organize my finances in a way that makes sense to me. Transparent Citi pulls back the curtain and demystifies banking; I can see exactly how much I’m spending, how I compare to others where I can save. Proactive Citibank understands me: they proactively help me manage my cashflow, reduce fees achieve the best returns on my money.
  40. 40. Citi + IDEO Darbie 40 Value Proposition For young professionals and early established families who are too busy to constantly manage their finances but who still want to be financially responsible, Darbie is a platform, unlike those provided by traditional banks that are driven by legacy systems and outdated business models, that brings customers peace of mind over their finances through a simple, proactive financial management system that fits into the fabric of their everyday lives. t s p
  41. 41. Citi + IDEO Darbie 41 User Stories Instead of just presenting the concepts as a set of features we felt it was important to show how these features come to play in real life situations. In order to humanize Darbie we have brought it to life through the lens of two key user segments: young parents and young professionals.
  42. 42. Citi + IDEO Darbie 42 Matt Karina
  43. 43. Matt and Karina have two children. Annie, 5, and Albert, 6. They’re using a joint account with Citi’s True Balance for their bill payments and savings goals.
  44. 44. With the kids in bed, Matt’s watching TV and Karina’s reading on the iPad. The family on television is in Hawaii. Karina turns to Matt — she wants a vacation too. Grinning, he takes the iPad and they check their True Balance, energized by the prospect of a little time off.
  45. 45. In Glance View, they can see their current True Balance as well as get a quick forecast 15 days and 1 month into the future. Karina swooshes to Timeline to see when it might be realistic to get away.
  46. 46. The True Balance Timeline gives them a quick visual of past payments and recurring expenses.
  47. 47. They swipe to view month-to-month and see a few big expenditures on the horizon. But once those clear, their True Balance will peak in mid-October, a perfect time to get away. With another tap, they create a bucket and start saving for a week in Hawaii.
  48. 48. Karina titles a bucket and selects “vacation” as the main category. She sets an achievable savings goal, adjusts contribution frequency and uses the interactive timeline to add start and end dates.
  49. 49. She taps to commit and the timeline updates accordingly. Leaning back into the couch, she turns to Matt and chuckles, rejuvenated by the idea of a good book and an ocean view. For these young parents, October can’t come soon enough.
  50. 50. A couple of day later, Karina speaks to her parents to ask if they’d like to come along and spend time with their grandchildren. Before they hang up the phone, Karina’s father is off to get suitcases out of the closet.
  51. 51. Karina swipes to find the Hawaii Vacation Bucket on the Bucket Collection screen and taps on edit to make the necessary updates to include her parents.
  52. 52. Karina adds her parents to their vacation bucket team. She keeps her and Matt’s individual contributions equal, updates the savings goal and pushes back the end-date to November 20th.
  53. 53. After tapping on Save, Karina is able to see all the updates reflected accordingly on the Vacation Bucket Details overlay.
  54. 54. Karina grins, delighted to see the Hawaii Vacation updated on the Bucket Collection screen.
  55. 55. Citi + IDEO Darbie 55 Jess Tara
  56. 56. Jessica and Tara are out for drinks on Thursday night. Friday morning will bring headaches and bruised budgets . But these rooomates are blowing off steam in the city that never sleeps.
  57. 57. Jess grabs her morning coffee and scans the news, checks the photos from last night on Facebook. An alert from Citi’s True Money app pops up. Rent is due in three days. She taps to make a payment.
  58. 58. On the Timeline she scans a graph to see any other cash flow issues she might have to worry about. A simple visual gives her a financial snapshot of the month. With a single tap, she executes the payment.
  59. 59. Her True Balance updates and the rent icon flashes to show that she’s all paid up.
  60. 60. Jess dives deeper into her rent bucket and sends Tara a reminder to pay her half of the rent. Before they had a way to keep track of their shared bills, things were tense in their little apartment. But this app lets them focus on the fun stuff.
  61. 61. After brunch with friends on Sunday, they pop into a boutique. Jess splurges on a few shirts and an adorable new jacket. Another awesome weekend flies by and now Monday is staring them in the face - ugh!
  62. 62. Before bed Jess checks email. From True Balance she can see she went a little overboard this weekend. She’ll be in the red soon and might not have enough to cover her student loan payment.
  63. 63. She flicks back to the Timeline to see what happened. True Balance recommends a financial cleanse to get her get back on track.
  64. 64. It suggests two options: 1) Move her vacation contribution to after she gets paid. 2) Dip into savings to readjust. She picks the first and re-shuffles to make the loan payment.
  65. 65. Damn, that was a close one! Being fabulous can really break the bank. But now she’s back on track.
  66. 66. Before we dive in we would love to pause and hear from you
  67. 67. Screen Detailed View
  68. 68. At-a-Glance Alternative Views Two other views include 15 day and 30 day, calculated as “True Balance=Total Balance (current day) + Forecasted In-Flows (up to “x” day) - Forecasted Payments (up to “x” day)” At-a-Glance Default View Simple and clear representation of True Balance, calculated by “True Balance=Total Balance + In-Flows - Payments”. Default view is “Today” At-a-Glance (1 of 2) Modes • Needing balance • Automate • Need validation Key Assumptions • At-a-glance fills the need for the most frequent reasons to open the app • Reduces phone calls to check balances Key Metrics to measure • # CBOL balance checks by app users • # phone call balance checks • # of app views per day Big Idea Simple visual representation of available balance (pending and upcoming transactions)
  69. 69. Notifications Highlight key alerts including bill payment reminders, low balance indicators, co-payment alerts, etc. At-a-Glance (2 of 2)
  70. 70. Timeline Stage A visual representation of the user's True Balance viewed for the past, present, and future. Buckets Compartmentalizes financial activity Timeline Activity Highlights key past, current, and upcoming transaction activity. Timeline View (1 of 3) Modes • Needing balance • Put out a fire • Need validation Key Assumptions • People will create buckets to forecast future income and expenses Key Metrics to Measure • Amount of time spent • More stable balances above minimum account levels Big Idea A 30-day timeline view of your past, pending, current, and upcoming financial activities
  71. 71. Financial Cleanse Alerts Key messages indicating when balance levels hit dangerous thresholds, prompting options to course correct. Financial Cleanse Options Troubleshooting options to course correct your True Balance level including, switching payment schedules, pulling from savings, etc. Timeline View (2 of 3)
  72. 72. Bucket Payment Notification Actionable alerts designed to notify people about upcoming payments, and provide a way to execute the payment directly. Will also indicate whether True Balance is at a safe level to complete the payment. Timeline View (3 of 3)
  73. 73. Scheduled Outflows Inflows These are buckets that have a scheduled outflow of money (e.g. monthly mortgage payment) or inflow of money (e.g. bi-weekly direct deposit paycheck). The scale of the circles are proportional to the amount of money for that bucket. Bucket Collection Page This page is the third primary view for users to get a overview of all the buckets they've created and are participating in. Saving Goal Buckets Users are able to see the Savings Goal buckets that they are participating in. The visualization also shows the user's progression, amount saved, and expected finish date (if applicable). View Toggle Users have the ability to sort the buckets according to their viewing preference. Buckets (1 of 2) Modes • Planning my future • Feeling thrifty • Automate • Group financial management Key Assumptions • Bucketing improves ability to save • Customers will create shared buckets with other Citi customers Key Metrics to measure • # of buckets set up • # of alerts acted upon Big Idea Simple way to co-manage expenses and budget for extraordinary expenses (e.g. home buying, vacation)
  74. 74. Buckets (2 of 2) Modes • Planning my future • Feeling thrifty • Automate • Group financial management Key Assumptions • Bucketing improves ability to save • Customers will create shared buckets with other Citi customers Key Metrics to measure • # of buckets set up • # of alerts acted upon Big Idea Simple way to co-manage expenses and budget for extraordinary expenses (e.g. home buying, vacation) Participants and Contribution Breakdown This graph allows the user to see the participants for the selected bucket, as well as the status of the individual's contribution for that payment period (paid vs. not paid). Savings Goal Progress Users will be able to view the progress towards their savings goal. Context Timeline Mapping This visualization shows the user overall activity in context to their True Balance timeline. Bucket Detail Page The detailed view of a bucket including name, type, date, amount, co-team members, status summary, and frequency of payment.
  75. 75. Roadmap Overview
  76. 76. A draft of how the features could be rolled out in stages of gradual increases in commitment of time and resources on behalf of both Citi and the User. We’ll track the success of features as we launch them and make sure we’re investing in a strategy that works.
  77. 77. Citi + IDEO Darbie 77 Roll out low barrier to use, easy-to-build features that serve as the “Gateway” to Citi banking experience: Improve initial feature set and roll out more task oriented, higher engagement features Improve initial feature set broaden the products and service offerings to expand into high engagement, multi-product feature set • Darbie provides consumers with peace of mind • Darbie helps simplify the user experience • Consumers use Darbie for top 3 online banking activities (online bill pay, transfers, direct deposit) Objectives: Key Assumptions: Feature: Key Metrics: At-a-Glance View • Checking account only • Detail of most current transactions • Include a Refer a Friend email button At-a-Glance • In-app notifications • Linked account functionality (Checking account only) • Timeline view • Checking account only • Linked account functionality • Bucket creation Bucket Creation and Management • Creation and bucket detail view pages) • Transfers leveraging Pop Money • Create and manage goals (self-only) At-a-Glance • Integrate with savings and credit cards Timeline view • Integrate with savings and credit cards • Automatic creation and population of buckets on the timeline Bucket Creation Management • Ability to create shared buckets • Ability to make payments directly from buckets • Integration with 3rd party services (travel, retail, etc.) • Financial Cleanse • Payment re-arrangement and offer to pull from savings • Account Sweeper • Optimize interest from savings • Protection from overdraft • Darbie users will increase share of wallet with the bank • Darbie users will take advantage of partner offers • NPS • At-a-glance views • Decreased balance-only visits to CBOL • NPS • At-a-glance views and notification clickthrough • # of Buckets created, # of transfers made • Time spent on At-a-glance and Timeline pages • # of Linked accounts created • NPS • At-a-glance views and notification clickthrough • Timeline views • # of Buckets created, # of transfers made • Time spent on At-a-glance and Timeline pages • # of linked accounts created • Average Marginal contribution • # offers shown vs. acted on • Amount of additional interest generated through sweeping Phase 2 Phase 3Phase 1 Roadmap Bold items indicate features IDEO developed in Darbie proof of concept.
  78. 78. Citi + IDEO Darbie 78 Mobile Infastructure: • Design iPhone screens • Mobile team integrates At-a-glance into iPhone/iPad App • (2-3 weeks development) • Mobile team designs and builds features • Mobile team designs account linking process • (3-4 months development) • Joint team to integrate Pop Money • Mobile team designs and builds features • (6-12 months development) • Integrate with PopMoney for transfers between accounts and shared bucketing (1-2 months) • Start developing (or integrate with Citi’s on-going effort) for Mint-like infrastructure (identify transactions by type / frequency, capture transactions from credit cards and multiple accounts, automatic bucketing) • (6 months development from scratch) • Assumption: Linked account functionality is ready on backend, automatic bucketing) • (6 months development from scratch) • Process for guest users (enable them to participate in buckets and flow them into a new customer initiation process • Full integration • Special / Partner offers • (2-3 months), automatic bucketing) • (6 months development from scratch) Phase 2 Phase 3Phase 1 Implementation Plan
  79. 79. Opportunity Analysis
  80. 80. Citi + IDEO Darbie 80 Humanizing the mobile banking experience Darbie simplifies the mobile banking experience, creating a gateway for Citibank to improve customer value and expand your reach
  81. 81. Citi + IDEO Darbie 81 Darbie creates value for Citi in three ways: Measured By: Net Promoter Score Retention Impact Customer Referrals Average Marginal Contribution Better User Experience Greater Satisfied Customers More Customers + Higher Value Customers
  82. 82. Citi + IDEO Darbie 82 Increase NPS by 7%, from 53% to 57% Stem 10%, ~2M customers, of all customers threatening to leave Citi could preserve $100M in net interest Capture 5% of bank switchers, or drive 4,500 referrals Increase average marginal contribution of each customer by 5%, from $208 to $218 Better User Experience Greater Satisfied Customers More Customers + Higher Value Customers Darbie's projected value:
  83. 83. Citi + IDEO Darbie 83 Over the 3 key phases we believe Darbie can erode the key paint points driving NPS Checking experience, and potentially improve by 16%: Business Processes • Fees 4% Usability • Navigation/Clutter 6% • Need Dashboard 1% • Task Complexity 1% Technical • Site Slow 2% • New Features needed 2% Source: NPS Online and Chat May 2012 FINAL PDF Darbie's projected value:
  84. 84. Citi + IDEO Darbie 84 Our assumption is that each phased rollout of Darbie will directly contribute to alleviating NPS pain points Source: NPS Online and Chat May 2012 FINAL PDF • Improve NPS by 7% • Navigation/Clutter • Task Complexity Low Mid High • Improve NPS by 11% • Phase 1+ • Site Down/Slow • New feature needed • Improve NPS by 16% • Phase 1+2+ • Fees • New dashboard
  85. 85. Citi + IDEO Darbie 85 A closer look at stemming attrition by 10% We asked ourselves how we could save $100M in net interest, and made the following assumptions to arrive at that figure: Sources: (Stephen Beck, Managing Partner at cg42 (Wall Street Journal, February 2012; assuming 2.81% in Net Interest Margin Citi 2Q 2012 1. 9.8% of Citibank customers are likely to switch banks over 12 months, possibly taking as much as $33 billion of deposits with them 2. Leading to a loss of $930M in Net Interest alone, assuming 2.81% in Net Interest Margin x $33B 3. Citibank has 200M existing customers
  86. 86. Citi + IDEO Darbie 86 If we save 10% of the 9.8% of customers threatening to leave we could save $100M in net interest. Applying this logic to the phased rollout, assuming we could do an incremental 10% each year we could stem the following in net interest: Sources: (Stephen Beck, Managing Partner at cg42 (Wall Street Journal, February 2012; assuming 2.81% in Net Interest Margin Citi 2Q 2012 • Stemming 10% of threatening customers • $100M in Net interest • Preserve ~2M customers • Stemming 20% of threatening customers • $200M in Net interest • Preserve ~4M customers • Stemming 30% of threatening customers • $300M in Net interest • Preserve ~6M customers Low Mid High
  87. 87. Citi + IDEO Darbie 87 A closer look at driving customer referrals Our assumption is that an improved NPS will help drive new customer referrals. We used Bank Simple’s waiting list figure as a proxy to understand the potential pool of customers we switch to become Citi customers. 1) Bank Simple has a waiting list of 90,000 people 2) For a low case scenario we estimated an improved NPS would help capture 5% of the Bank simple pool, or individuals looking to leave their bank Sources: Bank Simple’s waiting list http://money.cnn.com/2011/12/20/technology/simple_bank/index.htm
  88. 88. Citi + IDEO Darbie 88 Assuming higher NPS could help drive referrals, the following are low,mid, and high estimates of that impact: If we capture 5% of Bank Simple’s pool it could drive 4,500 referrals If we capture 10% of Bank Simple’s pool it could drive 9,000 referrals If we capture 15% of Bank Simple’s pool it could drive 13,500 referrals Sources: Bank Simple’s waiting list http://money.cnn.com/2011/12/20/technology/simple_bank/index.html Low Mid High
  89. 89. Citi + IDEO Darbie 89 A closer look at driving average marginal contribution per customer Our assumption is that as Darbie evolves, customers will use Darbie to manage more of their financials related activities (vacation planning, goal setting, credit cards, mortgage, etc.). We believe this presents the opportunity to earn referral fees from third-party sites (e.g. travel sites, retail, etc.). We made the following assumptions to calculate the increased impact on average marginal contribution per customer Sources: Linda Benowitz data on Average Marginal contribution per Dual Citi customer ($208); Mint.com pitch presentation 1) Current average marginal contribution per Dual Citi customer is $208 2) Mint.com projected an estimated $30 per user from referral revenue. As a sensitivity analysis we broke this into three scenarios, where the low scenario is an estimated $10 in incremental revenue, mid if $20, and high is Mint’s $30
  90. 90. Citi + IDEO Darbie 90 Assuming over time Darbie would drive a greater SOW of customers financial activity, the following our estimates on the potential impact on average marginal contribution through incremental revenue from third party referral fees. Sources: Linda Benowitz data on Average Marginal contribution per Dual Citi customer ($208); Mint.com pitch presentation If we capture $10 an incremental revenue, average MC would increase by 5%, or to $218 If we capture $20 an incremental revenue, average MC would increase by 10%, or to $228 If we capture $30 an incremental revenue, average MC would increase by 15%, or to $238 Low Mid High
  91. 91. Appendix
  92. 92. Citi + IDEO Darbie 92 Looking In
  93. 93. Citi + IDEO Darbie 93 Stakeholder interviews Jennifer Platt Whitney Stevens Laura Villanueva Simon Bracken Brian Hayes Corey Thompson Debbie Brackeen Jeffrey Steer Sachin Hamirwasia Abdul Jaludi Tracey Weber Maggie Young Linda Benowitz Andrew Brunger Busy Burr We learned more about existing, products, services, segments, processes, etc.
  94. 94. Citi + IDEO Darbie 94 Document audit Final four Darbie notes Kick-off notes We learned about the roots of the ideas.
  95. 95. Citi + IDEO Darbie 95 Target users • Individuals between ages 21-27, graduated from college and in their 1st or 2nd job. • Starting to learn how to manage their finances now that they are on their own. • Use mobile and web services to manage and monitor their bank account. • Lives with a roommate, maybe a significant other, and has some shared expenses they have to pay together. • Income range is $60k or below • Young couple between the ages 30-38 that have 1 or 2 kids below the age 13. • Starting to think about how to plan for their kids education. Maybe planning to buy a new home in the next 5 years or recently just bought a home. • Trying to also understand how to help teach their kids about money and the value of saving. Maybe one person in the household is in charge of managing expenses. • Use mobile and web services to manage and monitor their bank account. Maybe have a financial advisor to help manage long-term investments. Income range is $100K-$500K. • Established couples between the ages 45-60 that have kids that are either early established parents or in college. • Have been planning for retirement for quite some time, and perhaps entering retirement soon. • Thinking about how they can pass on their assets to their children. Use web services to monitor finances but have probably more than one financial advisor to help with everything from strategic investments to insurance, etc. Income range of $550+ Early Professionals Early Established Parents Established Families
  96. 96. Citi + IDEO Darbie 96 Setting up the platform We chose the ipad because it helps establish the experience across multiple channels like mobile, web, tablet, ATM
  97. 97. Citi + IDEO Darbie 97 Looking Out + Competition
  98. 98. A closer look at competitors Simple Humanizing the user experience Kiboo Focused on education and responsibility Smarty pig Making the experience fun and memorable LearnVest Focused on education and aggregation Mint.com Quicken Smart categorization but still clunky There is an opportunity to find ideas that are new to Citi, but also truly game-changing for the industry.
  99. 99. Citi + IDEO Darbie 99 Survey on banking attitudes and behaviors. We asked people in our NYC, Chicago, and Boston offices... What products and services do you use to manage your finances? Everything is in a different places. I can’t get a big picture of my landscape. Dependent on morning star, SP, Lipper ratings, but I don’t know what that means. The most frustrating thing about managing my finances is... I never micromanaged until I had kids. They have my money, but they can’t help me make decisions. How much time do you spend managing your finances? Requires us both to be diligent, but she will never be. I manually subtracting how much I‘ve spent on Amex to determine how much I really have.
  100. 100. Citi + IDEO Darbie 100 Early assumptions People want a single view of all their money, across their respective team members. People want to join accounts so they can easily transfer money, pay bills, save money, and share other financial information. People have different financial roles (passive vs. active) within their financial team and want to be able to access information based on that role. People want a simpler way to understand whether their true balance is good, bad, or today. People want recommendation on what action to take next based on their true balance. People would be willing to spend more time managing their finances if were easier and helpful. People don’t want to change how much time they spend managing their finances.
  101. 101. Citi + IDEO Darbie 101 Design Test
  102. 102. What we shared and behaviors. Think about the way you manage your money. What’s changed in the last year? 10 yrs? What’s the most annoying thing that happens to you when it comes to money...other than not having more of it? 1. Learned about attitudes behaviors 2. Conducted exercises 3. Shared prioritized concepts
  103. 103. Citi + IDEO Darbie 103 Here’s a playback of what we heard Help me find the right balance..... “We woke up one day and realized we were 48 years old and had never saved. I don’t want that to happen to her.” “Right now I pay for 100% of the bill and she’ll just pay me her share later, or the next time.” Group fairness and equity is hard to achieve.... “My bank was re-ordering my expenses so that I would always get dinged with an overdraft fee.” “I feel like I’m trapped in this cycle of wanting to go out, but then I remember I have to pay my student loans.” Give me a a quick performance pulse.... “I guess I just always mentally gauge how well I am doing.” “I check my balance 3 x a day. It’s the one thing that makes me feel in control, even though I know the number.” Financial values are important in to instill in children.... Help me feel in control... Be trustworthy and helpful..
  104. 104. Citi + IDEO Darbie 104 predictive banking There were ties back to team and predictive banking team banking
  105. 105. Citi + IDEO Darbie 105 There was a clear sense of priority

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