Fs Web2 V2

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Benefiting the financial customer with Web2.0

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  • Fs Web2 V2

    1. 1. Benefiting the financial customer with Web2.0 Hayden Sutherland Ideal Interface 14 January 2008
    2. 2. Topics <ul><li>Definition of Web 2.0 </li></ul><ul><li>How are Financial Services using Web2.0? </li></ul><ul><li>All that glitters… </li></ul><ul><li>Information vs. Application Interfaces </li></ul><ul><li>How other companies are using Web2.0 </li></ul><ul><li>Our thoughts </li></ul><ul><li>About Us </li></ul>
    3. 3. Definition of Web 2.0 <ul><li>Web 2.0 is the most ‘over hyped’ term of 2007 </li></ul><ul><ul><li>But there is no single recognised definition </li></ul></ul><ul><li>It has been driven by the ubiquity of broadband internet connectivity & the browser </li></ul><ul><li>It is generally agreed to be a mix of emerged trends: </li></ul><ul><ul><li>Community & collaboration: </li></ul></ul><ul><ul><ul><li>Social Networks, UGC, Wiki’s, Blogs </li></ul></ul></ul><ul><ul><li>Web-Centric Services </li></ul></ul><ul><ul><ul><li>Google Apps, SaaS, SOA, Syndication/Push, etc. </li></ul></ul></ul><ul><ul><li>Richness: </li></ul></ul><ul><ul><ul><li>Personalised, Interactivity, Pod/Video </li></ul></ul></ul>
    4. 4. A changing landscape <ul><li>“ New companies are transforming our industry” Jacques Kemp, ING </li></ul><ul><ul><li>In 2000 – Items from Ebay </li></ul></ul><ul><ul><li>In 2005 – Music from iTunes </li></ul></ul><ul><ul><li>In 2010 – Money from ??? </li></ul></ul><ul><li>Technology </li></ul><ul><ul><li>Enables a better dialogue with the end user </li></ul></ul><ul><ul><li>But… numerous touch-points </li></ul></ul><ul><ul><ul><li>Creates ‘channel confusion’ </li></ul></ul></ul><ul><ul><ul><li>Especially when they provide different levels of service </li></ul></ul></ul><ul><li>Different generations are interacting and using Financial Services in different ways </li></ul>
    5. 5. How are Financial Services using Web2.0 ? <ul><li>Well…. Most in the UK FS’s aren’t! </li></ul><ul><li>Web2.0 adoption is “low” to “low/medium” </li></ul><ul><ul><li>Infosys Web2.0 Evaluation Oct 2007 </li></ul></ul><ul><ul><ul><li>Researched 155 Financial Service Providers Worldwide </li></ul></ul></ul><ul><ul><ul><li>11 in UK, 65 in USA </li></ul></ul></ul><ul><ul><ul><li>Critera: Content, Collaboration & Commerce </li></ul></ul></ul><ul><li>However there are some good reference examples of its implementation in USA </li></ul><ul><ul><li>E.g. Wells Fargo </li></ul></ul><ul><ul><ul><li>1 st Bank to Blog, 1 st in Second Life, 1 st VP of Social Media! </li></ul></ul></ul>
    6. 6. How are Financial Services using Web2.0 ? <ul><li>Community & collaboration </li></ul><ul><ul><li>P2P Finance </li></ul></ul><ul><ul><ul><li>www.zopa.com (A start-up, gaining traction in market) </li></ul></ul></ul><ul><ul><li>‘ Crowdsourcing’ financial markets research </li></ul></ul><ul><ul><ul><li>Social Network for investors to test their investing strategies </li></ul></ul></ul><ul><ul><ul><ul><li>http://www.marketocracy.com/ </li></ul></ul></ul></ul><ul><ul><li>Social Media </li></ul></ul><ul><ul><ul><li>Barclays Bank Investing Group on Facebook </li></ul></ul></ul><ul><ul><ul><ul><li>http://www.facebook.com/group.php?gid=2324229644 </li></ul></ul></ul></ul><ul><ul><ul><li>Blogs – several good examples </li></ul></ul></ul><ul><ul><ul><ul><li>ING Asia http://www.ingblogs.com/mycupofcha/ </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Wells Fargo Student Loans http://blog.wellsfargo.com/StudentLoanDown </li></ul></ul></ul></ul>
    7. 7. How are Financial Services using Web2.0 ? <ul><li>Web-Centric Services </li></ul><ul><ul><li>Google Apps, etc. (n/a) </li></ul></ul><ul><ul><ul><li>Security concerns have led to low uptake </li></ul></ul></ul><ul><ul><li>SaaS - e.g. Salesforce.com – (medium) </li></ul></ul><ul><ul><ul><li>Has high adoption rates in specific company’s </li></ul></ul></ul><ul><ul><li>Syndication/Push (medium) </li></ul></ul><ul><ul><ul><li>RSS* used by Charles Schwab for updates </li></ul></ul></ul><ul><ul><ul><li>Widgets (use RSS feed) as used by: </li></ul></ul></ul><ul><ul><ul><ul><li>Financial Times, Yahoo Finance, Bloomberg, etc. </li></ul></ul></ul></ul><ul><ul><ul><li>However no UK FS provides: company news, rate updates, etc. by RSS </li></ul></ul></ul>
    8. 8. How are Financial Services using Web2.0 ? <ul><li>Richness </li></ul><ul><ul><li>Personalised (high use) </li></ul></ul><ul><ul><ul><li>There are highly configurable financial sites </li></ul></ul></ul><ul><ul><ul><ul><li>E.g. http://uk.finance.yahoo.com/ </li></ul></ul></ul></ul><ul><ul><ul><li>Individual retail FS companies do not allow non-proprietary data or applications into their own sites </li></ul></ul></ul><ul><ul><ul><li>Drive mutual benefit for the user and our business </li></ul></ul></ul><ul><ul><li>Interactivity (low use) </li></ul></ul><ul><ul><ul><li>Functionality, such as intelligent/automatic form completion, is scarce amongst UK Retail FS sites – this is a ‘Quick Win’ </li></ul></ul></ul><ul><ul><li>Pod/Video (low to medium use) </li></ul></ul><ul><ul><ul><li>First Direct Podcasts </li></ul></ul></ul><ul><ul><ul><ul><li>http://www.interactive.firstdirect.com/podcast.html </li></ul></ul></ul></ul><ul><ul><ul><li>HSBC Corporate PR Video </li></ul></ul></ul><ul><ul><ul><ul><li>http://www.hsbc.co.uk/1/2/business/contact-hsbc/commercial-centres </li></ul></ul></ul></ul>
    9. 9. Example 1 – www.wesabe.com A rich user interface Uses (AJAX) Allows its users to Centralise their finances and share with others
    10. 10. Example 2 - www.join2grow.biz Launched by Fortis in Q1 2007 A Social Network site for European entrepreneurs Interactivity incl: Forum, chat, video blogs, etc.
    11. 11. How WILL Financial Services be using Web2.0 ? <ul><li>“ I think that eventually these kinds of Web 2.0 technologies will transform the business model through community development, 360- degree view of important product enhancements that should be made.” </li></ul><ul><ul><li>Harvey Koeppel, CIO & SVP Citigroup </li></ul></ul><ul><li>“ I strongly believe that User Generated Content and Social Media are a major opportunity for us” </li></ul><ul><ul><li>Christophe Langlois, Senior Innovation Manager, Lloyds TSB </li></ul></ul>
    12. 12. All that glitters… <ul><li>Security issues are just as relevant today </li></ul><ul><ul><li>Based on an evolving web platform </li></ul></ul><ul><ul><li>Standards & security analysis still required </li></ul></ul><ul><ul><li>“ About 80 percent of development and deployment time for customer-facing and internal [Web2.0] tools is spent on security measures, such as authentication and authorization”. </li></ul></ul><ul><ul><ul><li>Steve Ellis, EVP Wells Fargo </li></ul></ul></ul><ul><li>Usability can suffer </li></ul><ul><ul><li>Jakob Nielson - December 2007 </li></ul></ul><ul><ul><ul><li>[Web2.0 features] add more complexity than they're worth. </li></ul></ul></ul><ul><ul><ul><li>Before throwing spending money at &quot;2.0&quot; features, make sure that you have all the &quot;1.0&quot; requirements working to perfection. </li></ul></ul></ul>
    13. 13. Information Vs Applications <ul><li>‘Basic Duality’ of the user experience via a browser </li></ul><ul><ul><li>Jesse James Garrett – http://www.jjg.net </li></ul></ul><ul><li>There are 2 different ways to present an interface: </li></ul><ul><ul><li>As a hypertext system </li></ul></ul><ul><ul><ul><li>For navigating through content / information </li></ul></ul></ul><ul><ul><li>As a software interface </li></ul></ul><ul><ul><ul><li>For using an application </li></ul></ul></ul>
    14. 14. Web Interfaces for Hypertext <ul><li>Example: Current a/c benefits page </li></ul><ul><li>Its Information - therefore browse-able </li></ul><ul><ul><li>Infrequent use </li></ul></ul><ul><ul><li>Utilises ‘recognition’ skills </li></ul></ul>‘Heat Map’ shows users scanning content and identifying common elements e.g. logos, bullets & icons
    15. 15. Web Interfaces for software <ul><li>Example: Online banking </li></ul><ul><li>An Application and therefore task-based </li></ul><ul><ul><li>Frequent use, repetitive actions </li></ul></ul><ul><ul><li>Utilises ‘recollection’ skills </li></ul></ul>‘Heat Map’ shows an experienced user going straight to ‘Quick’ area to carrying out specific action
    16. 16. How other companies are using Web2.0 <ul><li>Retail </li></ul><ul><ul><li>One-page shopping basket </li></ul></ul><ul><ul><ul><li>Reduces drop-out rates </li></ul></ul></ul><ul><ul><li>User-generated product reviews </li></ul></ul><ul><ul><ul><li>Validates opinion and increases propensity to buy </li></ul></ul></ul><ul><li>Travel </li></ul><ul><ul><li>Rich Interface for selecting hotels </li></ul></ul><ul><ul><ul><li>Engages user and increases conversions </li></ul></ul></ul>
    17. 17. So where’s the Intelligent Interface going? <ul><li>Application design in the future adapts to user needs </li></ul><ul><li>Recommends personalised products </li></ul><ul><ul><li>Alternatives </li></ul></ul><ul><ul><li>Up & cross sell </li></ul></ul><ul><li>Only collects data once </li></ul><ul><ul><li>E.g. Why does an application that knows your monthly income still ask you your yearly salary? </li></ul></ul><ul><li>Automation of common tasks </li></ul><ul><ul><li>E.g. Pre-population of regular transferred sum to other a/c </li></ul></ul><ul><li>Scenario / planning tools </li></ul><ul><ul><li>E.g. Investing plan </li></ul></ul>
    18. 18. Our Thoughts <ul><li>There are both opportunities & dangers for Financial Services companies using Web 2.0 </li></ul><ul><ul><li>Identify the opportunities available </li></ul></ul><ul><ul><li>Prioritise according to customers / market </li></ul></ul><ul><ul><ul><li>E.g. Students use: Blogs, Comments (UGC) & Tagging </li></ul></ul></ul><ul><ul><li>Measure the effectiveness </li></ul></ul><ul><li>Make sure all channels work as hard as they can – together! </li></ul><ul><ul><li>Data collected once only </li></ul></ul><ul><li>Develop something usable </li></ul><ul><ul><li>A small amount of personalisation could create large reward </li></ul></ul><ul><ul><li>Make content browse-able </li></ul></ul><ul><ul><li>Make applications quick & effective </li></ul></ul><ul><li>Ensure viable business case for adoption </li></ul><ul><li>Plan the accompanying technology road-map </li></ul><ul><ul><li>“ If you are not planning to run online banking with significant AJAX by 2010 expect to be left behind” - http://thebankwatch.com </li></ul></ul>
    19. 19. About Us <ul><li>Ideal Interface </li></ul><ul><ul><li>A specialist digital consultancy </li></ul></ul><ul><ul><ul><li>User-centred design & interface improvement </li></ul></ul></ul><ul><ul><ul><li>Web & eCommerce strategy </li></ul></ul></ul><ul><ul><ul><li>Proven delivery capability </li></ul></ul></ul><ul><ul><li>Expertise in </li></ul></ul><ul><ul><ul><li>Financial Services, Retail & Travel sectors </li></ul></ul></ul><ul><ul><li>Passionate about delivering practical human-to-technology interactions….. that add value! </li></ul></ul><ul><ul><li>Contact: [email_address] </li></ul></ul>

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