Creating a Holistic Financial Experience Strategy BlendConf 2013

Rikki Teeters
@RikkiCreative
Creating a Holistic Financial
Experience Strategy

When I say People I mean users, customers, clients,
employees, men, women, children, etc.

When I say People I mean
Human Beings.

When I say Experience I mean the overall feeling that a
Person has when interacting with or reﬂecting on your brand,
company, other people, places, products, services, etc. !

Life itself is the greatest
Experience we will ever have.

When I say Holistic Experience I mean a
seamless approach to meeting the needs of
People across all touchpoints.

Rikki Teeters
Girl of the 21st Century
@RikkiCreative

Passive Consumer (since birth)
Consumer (since age 15)
Bank Technology User (since age 16)
UX Consultant at a Big Bank (currently)
My Relationship with Banks

If we don’t really love our banks,
then why do we stay loyal?

What is essential for survival?

What is essential for survival?
FOOD.
WATER.
SHELTER.

Without money.
FOOD.
WATER.
SHELTER.

Money is essential for survival.

Banks are not going to go away.

What will money and banking
be like in the future?

Through research, I found a lot of problems with
the current state of Experience in the Financial Industry.

Problem #1
Big Banks are out of touch with technology

People have more technology in their pockets…

…than bankers do in branches.

`

Modern banking systems are built on top of
Mainframe computing systems created in 1970.

Instead of ﬁxing those systems
and building a solid foundation
for the future…

…banks put band aids on problems to stay within
budget and scope.

Upgrading these old broken systems takes
time and money.

IT Departments at Big Banks do not have
enough time or money.

`

IT Projects are funded based on
immediate Return on Investment…

…instead of long-term value.

Bank IT Projects that improve experience
are often pushed aside for “later” because
the business does not see an opportunity
for instant Return on Investment.

Problem #2
Sales drive business

!
!
Big Banks see people as customers…!

..but not as fellow human beings.

How do banks make money?
Fees.!
! Overdra.
Fees

Enrollment
Fees

Account
Fees

Applica&on
Fees

Interest
Fees

Penalty
Charges

Late
Payments

Commission

Problem #3
People have lost trust in Big Banks

Technology
Automotiove
Telecommunications
Food & Beverage
Biotech
Retail
Entertianment
Pharmaceuticals
Energy
Consumer packaged goods
OTC personal health care products
Brewing and spriits
Media
Insurance
Banks
Financial Services
81%
69%
68%
66%
65%
65%
63%
63%
62%
59%
57%
57%
54%
52%
51%
50%
Source: 2011 Edelman Trust Barometer Key Findings, http://edelman.com/trust/2011/
How Much Do You Trust the Following Industries
to Do What is Right?

Problem #4
No Strategic Experience plan for the future

Experience Strategy
A
strategically
designed
plan
to
create
be@er

experiences
for
all
people who touch an
organization.

Experience Strategy Essentials!
Born through Research
Executed with a clear Vision
Aligned with the Business
Consistent across Touchpoints
Created uniquely for the People
Follows a strategically designed Road Map

Experience Strategy Essential #1
Born through Research
User Interviews
Usability Studies
Competitive Analysis
Historical Review
Ethnographical Studies
Academic Research
Surveys
And much more…

Experience Strategy
Competitive Analysis!

Executed with a Clear Vision

Photo
of
old
person
with
cash

“The
most
avid
adopters
of
virtual

channels
–
tech-‐savvy
consumers–
are
also

the
most
frequent
branch
visitors.”

Source:

Cisco
IBSG,
June
2012

Responses When Asked About Replacing Branches
with an All-Virtual Branch
Source: Cisco IBSG, June 2012
30%
25%
25%
22%
7%
20%
15%
10%
5%
0%
Would be happy, but would keep same deposits
Would be happy, but would reduce deposits
Would switch banks

Would you want to take out
a $400,000 Home Loan online?!

The Branch is not Dead.
It just needs to evolve.!

Source:
Apple.com

Personal Attention

Financial Goals
Real Time Expense Tracking
Save for Kids’ College
Savings Plan
Buy a Car
Take Out a Home Loan
Monitor Credit Report
Monitor & Protect Identity
Advise on important Financial Decisions

Advisors should give people personal attention

Relationships have to change from
Sales people / Customers!

to
Trusted Advisors / Clients!

Aligned with the Business!

Executive Support is Required!

You must get executive buy in.

2007-2010 Stock Performance of
Customer Experience Leaders, Laggards and S&P 500
Source: HFI White Paper, UX Mistakes Made by Financial Institutions
30.0%
20.0%
CxP Leaders
19.0%
S&P 500 Index
-3.3%
10.0%
0.0%
-10.0%
-20.0%
CumulativeTotalReturn
-30.0%
-40.0%
CxP Laggards
-46.3%

Key Hybrid Business Experience Strategy :
Build and Maintain Life-long Relationships

We must build real human relationships.

What makes a good human relationship?

Consistent Across Touchpoints

BANK
ATM
Mobile
Applications
Internet
Banking
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media

BANK
ATM
Mobile
Applications
Internet
Banking
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
I want to ...
Deposit a Check

BANK
ATM
Mobile
Applications
Internet
Banking
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
I want to ...
Check my balance

BANK
ATM
Mobile
Applications
Internet
Banking
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
I want to ...
Take out a loan

BANK
ATM
Mobile
Applications
Internet
Banking
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
I want to ...
Complain about an
issue

BANK
ATM
Mobile
Applications
Internet
Banking
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
I want to ...
Research, get advice,
and get credit card

BANK
ATM
Mobile
Applications
Internet
Banking
Google
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
I want to ...
Research, get advice,
and get credit card

BANK
ATM
Mobile
Applications
Internet
Banking
Google
Consumer
Enrollment
Call Center Branch
3rd Party
Applications
Social Media
Within 1 journey,
I have touched all
channels.

BANK
People do not see channels.

BANK
Their relationship with your brand is
based on a series of interactions
over time.

BANK
The way they feel, during each of
those interactions, is what forms
their overall experience.

Source:
Research
Study
by
Google
Inc.

“The future of banking is about connections
with your customers, engaging them when
and where they need banking to solve a
problem or provide a service.”"
"
- April McGee (VP HFI Eastern Region)

Constant access to Financial Advisors will
enhance quality of remote advice.

It would also allow “Advisors” to work from
anywhere in the world.

`

According to a 2012 study by Cisco…
People desire to control the time, place, channel,
and information required to perform their banking
activities.

Created for the uniquely for the People"
!
User Interviews
User Groups
Ethnographic Research
Experience Mapping
Usability Testing
Behavioral Research
Card Sorting
Mental Models


Understand that people desire to be constantly !
connected & heard.

Plan to build true relationships with them.

Anticipate needs of the people.

Empathize with their needs, pain points, journeys.!
!

Try to form an emotional connection with people.!
!

As you start to know and understand people
look for Actionable Insight.!

Create a strategy to
add value to their lives.

Follow a Strategically Design Road Map!

X + Y * Z = Experience Strategy !

What factors will not change over the next 10 years?!

Human Relationships and Change itself.
In fact, the only 2 constants that we can rely on are

Add
friends

How can we add value to the
lives of people?

•  Create
a
strategically
wri@en
plan
to
Build
real

rela&onships
with
people.

– Align
ALL
projects
with
that
plan

– Create
checkpoints
along
the
way
to
reﬂect
and

update
plan

– Constantly
research
change
in
technology,
people,

behavior,
context,
and
our
world.

– Always
strive
to
add
value
to
the
lives
of
people.

Summary

"When you grow up you tend to get told the
world is the way it is and your life is just to live
your life inside the world. Try not to bash into the
walls too much. Try to have a nice family, have
fun, save a little money.

That's a very limited life. Life can be much
broader once you discover one simple fact:

Everything around you that you call life
was made up by people that were no
smarter than you.
And you can change it, you can inﬂuence it,
you can build your own things that other
people can use!
Once you learn that, you'll never be the
same again.”
-Steve Jobs

Creating a Holistic Financial Experience Strategy BlendConf 2013

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