customer centred design in financial services
DESCRIPTION
What is Customer Centred Design? How does it apply to Financial Services? What are the costs, benefits and challenges?TRANSCRIPT
How it adds value to financial service product design & management
Customer Centred Design (CCD)
Agenda
Broad definition What does CCD address? A typical CCD approach Costs benefits and challenges for financial services
What is Customer Centred Design?And how does it pertain to financial product management?
What it is
A philosophical approach to product or service design and management
A risk mitigation strategy against launching a product customers won’t buy
A means to reduce costs through fewer service calls
Engaging directly with customers, regularly
What it is not
The domain of professional designers only
A panacea to supersede all traditional product design practices
Simply asking customers what they want
What does CCD address?Some thorns in the side of product & service development
I reckon people want the “X” feature
I reckon people want the “X” feature
All the competition have pie graphs…All the competition have pie graphs…
If we cut out “Y” we’ll save time and moneyIf we cut out “Y” we’ll save time and money
Subjective arguments
Customers and their requirements
Business and its requirements
Technology,compliance,procedure
Design
How we typically work
Project Managers make a product through using expertise and working to constraints…
Customer must learn how to use the product accordingly…
Building a product …not getting it.
How does CCD change this?The basic approach to CCD
Customer Centred Design philosophy
Customer behaves in a certain way, has goals, needs and perceptions…
Product manager builds product to match the customer’s “mental model”
Understand the customer… …then build accordingly.
Step by step
DesignTest
Iterate
Implement
IdeateTest
Iterate
Requirements
Learn here Less valuable Too late
ExperienceResearch
$ $Cost of Change
Specify the context of use
Evolve the requirementsDesign solutions
iteratively
Business Context
Viability
Feasibility
Start by building customer empathy
Start by building customer empathy
Understand customer’s experience, needs & goals
Understand customer’s experience, needs & goals
Sketch the new experience accordingly
Sketch the new experience accordingly
Make a prototype, test, iterate
Customer experience in financial servicesThe challenges unique to this sector
Intangible products
Financial products are inherently unpredictable
No owner of the end-to-end customer experience
Products are “for life”
Incremental legacy
12
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Number of systems
Cost of c
hange
Costs and benefitsConsiderations when choosing whether CCD is appropriate
With CCD Business as usual
Approach & costs
Some investment required up front to define the customers needs, behaviours, goals
Leverage the statistics from the marketing department
Benefits Reduce risk of misjudging customer needs and investment in flawed assumptions
Attain credibility around statistically based data
Risks Requirements take time to define which makes justifying the project difficult. The mandate is hard to predict and measure.
Relies on guesswork around specifics of customer needs and defines the experience based on legacy systems. Low innovation potential.
Cost of requirements
With CCD Business as usual
Approach & costs
Devolve decisions to the “voice of the customer” which becomes a key stakeholder
Carry on as usual making decisions that are coloured with the political aspirations of stakeholders
Benefits Create team-working atmosphere by basing decisions on objective evidence
Usual governance and processes are unchanged, resulting in efficiency
Risks Uncertainty and stakeholder skepticism can undermine success.
Subjectivity and a technology, compliance or process-lead solution.
Stakeholder engagement
With CCD Business as usual
Approach & costs
Prototyping and ongoing customer involvement can add unpredictability to scope and development costs
Don’t add any processes after requirements gathering, that may impact the scope
Benefits Predictability in returns. Assurance that the solution will be effective for customers. Costs build toward a long term strategy.
Predictability in costs.
Risks Unpredictability in costs, as the solution definition evolves with customer feedback over time.
Unpredictability in returns from defining requirements “in a vacuum”. The end results affecting the customer’s experience are unknown.
Predictability in returns vs costs
Better thinking. Better experiences. Better results.TM
http://www.different.com.au
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About Different
Different provides customer centric product and service design consultancy toward building valuable and differentiated customer experiences. We do this through qualitative customer research, crafting strategies from a customer experience perspective and producing designs that meet customer’s unarticulated needs.
We've helped many financial services organisations build better websites, software, call centre processes, branch layouts and signage, new financial products and printed collateral. All ways customers come into contact with an organisation are considered in Different's approach
Contact : (02) 9571 7444
Anthony Colfelt (Creative Director) [email protected]
Clarissa Mattingly (Founding Director) [email protected]