The document discusses innovative techniques for researching financial customers. It outlines challenges in understanding customers' emotional states and perspectives. Traditional research methods are described as straightforward but lacking. The document then proposes four new techniques: quick hits to understand moods at different times; acting out tasks to see workflows from the customer perspective; reality checks using short feedback sessions with interruptions; and aligning behavioral insights using attitude statements over time. Keeping language simple and avoiding stereotypes are also recommended.

1. INNOVATIVE TECHNIQUES
FOR RESEARCHING
FINANCIAL CUSTOMERS
Prepared for: Face of Finance Conference, Bentley University | October 30, 2013
Prepared by: Meena Kothandaraman & Emily Chu
Motivate Design | 66 West Broadway, Suite 600 | New York, NY 10024 | 646.400.5108

2. FINANCIAL CUSTOMER RESEARCH CHALLENGES
•
Measure what customers cannot put into words
•
Understand the customer state (emotional and
mental mindset) when doing the research
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3. METHODS USED TODAY
•
Straightforward, a bit more vanilla
INTERVIEWS
FOCUS GROUPS
SURVEYS
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4. WHAT WE ARE TRYING TO FIND OUT
•
Recognize the emotional state of the customer
-
What is going through their minds?
What time of day is it? What day of the week?
What are their priorities for the day?
What else is going on in their lives?
What life events are they experiencing?
How have financial responsibilities been introduced to them?
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5. HOW DO WE DO THAT?
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5

6. 1. “QUICK HITS”
WHAT
•
10-minute interviews at different times
of day, different times of the week
WHY
•
Cross-check moods and emotions through
conversation to adjust perspective of questions
EXAMPLES OF INSIGHT
•
Routines differ depending on the day, week and month.
•
“Text message alerts” to inform customers are always considered helpful, but one size
cannot fit all
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7. 2. “ACT IT OUT”
WHAT
• Customers bodystorm the system
-
“What do I have to do for the system to work for me?”
WHY
•
Flows differently because you are getting customers to think about what the system gives
them, and how things are handled, in terms of security and efficiency
EXAMPLES OF INSIGHT
•
When deciding on which digital credit card to use at a store, have the system tell me which
card is the best to use – based on my APR, my balance, and reward structure/perks
•
Use historic data to address issues that are brought up, and how to deliver the message
back
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8. 3. “REALITY CHECK”
FAMILY
WHAT
•
WORK
FINANCES?
HOBBIES
Represent reality with 5- to 10-second
reviews of designs (and buzzers and bells!),
and collage the feedback
WHY
•
•
•
•
Captures gut review/reaction
Talking about finances for 30 min to 1 hour is not natural
Real life interruptions occur, and information is absorbed in small spurts
Get quick reactions with interruptions (now that is reality!)
EXAMPLES OF INSIGHT
•
Specific design requirements to attract different populations when
investing funds (how much detail, and when too much detail creates
aversion behavior)
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9. 4. “ALIGNING BEHAVIORAL INSIGHTS”
WHAT
•
Obtain quick feedback on behavior using attitude
statements / persona statements
WHY
•
Customers see their attitude statements over time, how they view themselves, and what
their level of financial confidence is over time
•
•
•
Attitude statements align and resonate with brand and/or persona characteristics developed
Overall behavior gives indication to financial approach
Good tool for marketing and UX to share in terms of customer insights
EXAMPLES OF AN ATTITUDE STATEMENT
•
•
“You feel very confident in your ability to manage your finances in the long term”
•
“You worry about the security of paying bills or transferring money via a mobile/tablet device”
“Before making a financial decision, you always do a lot of research to understand your options
(that does not involve human interaction)”
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10. KEEP IN MIND...
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11. KEEP IT SIMPLE WHEN COMMUNICATING
•
Standard financial terms can be scary
-
•
Instead of “budget,” let’s talk instead about spending,
paying bills, and saving, for an amount of time
BUDGET
Reduce large concepts into small, easily understood realities
-
Receiving, monitoring, saving, increasing, spending
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12. DON’T STEREOTYPE
•
•
Seniors do embrace digital technology
•
Technology is moving so fast, and so is adoption – we don’t need
to tell you that
Millennials don’t use mobile technology for everything – they too
are choosy for specific purposes
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13. KEY TAKEAWAYS
•
Methods
-
•
Quick hits
Act it out
Reality check
Align behavior
Approach
-
Make it simple
Don’t stereotype
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14. QUESTIONS?
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15. ABOUT US
MEENA KOTHANDARAMAN
RESEARCH DIRECTOR
EMILY CHU
DESIGN RESEARCHER
With over 20 years of experience, Meena is an
expert in understanding user motivations and
behaviors for products and services. Her role as
Experience Research Director at Motivate Design
allows her to practice what she teaches in the
Bentley University, Human Factors and
Information Design (HFID) graduate program.
Meena holds an MS in Information Resources
Management from Syracuse University, and a
Bachelors of Commerce with an MIS concentration
from the University of Ottawa, Canada.
Emily has worked on UX research projects with
clients such as: Blue Cross Blue Shield of Kansas City,
The William Carter Company, Capital One and
LexisNexis. As recent graduate from Emerson
College’s Marketing Communications program,
Emily is aware of the latest trends in the industry and
is constantly on the look out for innovative ways to
effectively communicate and connect with the user.
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16. THANKS!
Tweet us at @Motivate_Design
Motivate Design | 66 West Broadway, Suite 600 | New York, NY 10024 | 646.400.5108