financial ux strategy

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  • 1. Jerome NadelChief eXperience Officer

2. The Evolution of DigitalMainframes Networking The Web is Born The .com Bubble The Second ComingRule 2 3. Digital Mega-TrendsWe live in exponential times3 4. 1. Wired WorldClose to 2 billion people will be online by 20104 5. 2. Invisible ComputersToday, everything is connected to the Internet5 6. 3. Online Business ModelsLong Tail Brokerage ModelBrokerBuyerSellerFree + Premium = Freemium Online Advertising FreeDemand $ 0.01Price6 7. 4. Social Computing19951997 Today7 8. 5. User Generated Content Web-based ContentMillions of Content Creators Thousands of Publishers (Consumer) 8 9. 6. Organic KnowledgeBusiness Intelligence is the #1 priority and IT growth spend Documented / FormalizedOrganic / ExperientialChatTagging Reports GlossariesNotes Previous ActionsHelp SystemsResearch Comments Business RulesTaxonomies CommunitiesBlogsWikis 9 10. What are the Implications? 10 11. 1. Changing User Needshttp://innovationfeeder.wordpress.com/2008/02/01/what-people-are-doing-online/ 11 12. 2. Business Needs to Catch Up BusinessDigital TechnologyUsersStrategyStrategyDigital Technology UsersBusiness 12 13. 3. Digital Empowerment of UsersUsersBusiness13 14. 4. Adapt or Die 14 15. The Banking/Investment Ecosystem of OldHigh Net Worth Financial Advisor ConciergeOnline StatementMass AffluentConsultancy, Financial Advisor(Investment) Collaborative Portfolio Institution EmailBankingSelf-Service OnlineMobile Statement CSR Credit Cards MortgageChecking AccountSavings AccountCD 15 16. The Evolution of the Banking EcosystemHigh Net Worth Financial Advisor Concierge Institution EmailOnline StatementMass Affluent Banking Consultancy,Financial Advisor(Investment)+OnlineMobile CollaborativeConsolidatedMass AffluentStatement Statement CSR(Investment) Credit CardsPortfolioMortgagePortfolioChecking AccountSavings AccountCD Institution EmailBanking OnlineMobile Statement CSR Credit Cards MortgageChecking AccountSavings AccountCD 16 17. Financial Institutions are Changing ForeverVanishing Act: Wall street is disappearing through mergers and acquisitions and recent failures17 18. Mass Affluent ROI18 19. Customer Experience as a Differentiator Products & ServicesService Channels Customer Experience Portfolio Checking/savings Internet banking Value added productsaccounts ATM networkand services based on Mortgage 24x7 Call center deeper understanding Debit/credit cards IVR & email supportof customer behavior Investment products Mobile banking Efficient multi-channel Third party transfers Online chatcustomer experience Bill payment Reduced cost ofservicing19 20. Understanding Customers is Key 20 21. Managing Customer Experience79% of consumers will commit to a deeper product or service relationship with abrand after a satisfying experience.Create advocates!Advocatesspend moreremain customers longerrefer new customers59% of customers who have multi-channel interactions will stop doing business withthe brand after just one bad experience - 2004 IBM customer study 21 22. Optimizing a Multi-channel ExperienceResearch ATM TransactBranchWebsiteBranchCall centerSecure Website MobileWebsiteApply BranchCall centerMobileIVR EmailSupportFeedback22 23. Optimizing Cost vs. ValueScenario: Open an accountPerceived value Customer convenience- Personalized service- Time and effort- Privacy and security- AdviceWebsiteWebsite Call center Branch +PerceivedvalueCustomerconvenienceCost per transaction23 24. Converting a Visit Into a Relationship ConvertServiceEngage Highlight value proposition Offer self-serve channels Maintain communication Educate on products Provide proactiveacross channels Support product selectioncommunication and support Advise to make good financial Simplify application process Contextually up sell productsdecisions Contextually up sell productsand services Offer value added services Address privacy and securityand products $ $concernsSha re $Wallet $ $ Loyaltyction ProactiveSatisfa Enriching$ ResponsiveRewardingReliableAdvisoryPersuasiveConsistentEmotivePredictableTrustworthy24 25. Strategic Initiatives and Digital TechnologyCompany StrategySI SISI SI 25 26. Strategic Initiatives and Digital TechnologyCompany StrategySI SISI SISI SISI SI 26 27. Business Strategy Converges on User Experience Business Strategy & Vision Data Applications A B TechnologyC IT Infrastructure Competitive LandscapeTarget Audience 27 28. Staying Ahead by Looking at the Future How do you get there?Where are you now? Where do you want to be?28 29. Stakeholder VisioningPriorities of Individual Stakeholders Unified and Executable Vision Competitive advantageBetter access toGreater companyagility knowledge Higher Stakeholder employeeLower costs satisfaction visioningFaster timeto market Siloed and disconnectedConcrete and operational29 30. Stakeholder VisioningPriorities of Individual Stakeholders Unified and Executable VisionStakeholdervisioning30 31. Assessing Current StateHow do you get there? Where are you now?Where do you want to be? 31 32. Understanding the User 32 33. Think Personas: Your Customers and their Goals Information drivenFeature driven Value drivenRyan Phil Michelle38 years old, Sales58 years old, CEO 24 years old, MBAManager Starting her first jobPlanning for retirement.Always on the move as HR ManagerChristina Rosa and Alan Jim45 years old, Single Mom39 and 42 years. I would like to know about 48 Years, VP Telecom I m ready to focus on my finances.I want to bank at my convenience investments options.Moved to new town, newThey d like to begin collegeManages several accountspeople, new bankfunds for their two kidsand credit cardsBanking has to be as efficient as I We need an easy way to plan for ourI want a secure future for my child am. It should be there when I needchildren and protect our assets.it and it has to be simple. Product research Multi-channel Multi-product, multi-channel Product comparison and Customer support Value added servicesselection Account application High value transactions Account application Value added services Smart financial decisions Learn about privacy andsecurity measuresEducateService and AdviseCommunicate 33 34. Understanding the Current AssetsUtilities Bill Pay BrokerageTrading Retail InsuranceBank Payment Gateway Premium PaymentsAMC Investments / SIPOther Banks Funds Transfer34 35. The UX Metrics Dashboard 35 36. UX Metrics Synthesize Analytics and Strategy Cross-channel UX DashboardTrack / Compare Channel UX ScoreTrack / CompareScorecards Channel Best Personas & Scenarios Persuasion, Emotion, Trust Key Pages / PromptsPractices36 37. Jerome NadelChief eXperience Officer Seven takeaways 38. 1. Everything DigitalWe live in exponential times38 39. 2. Experience Trumps Performance Products & ServicesService Channels Customer Experience Portfolio Checking/savings Internet banking Value added productsaccounts ATM networkand services based on Mortgage 24x7 Call center deeper understanding Debit/credit cards IVR & email supportof customer behavior Investment products Mobile banking Efficient multi-channel Third party transfers Online chatcustomer experience Bill payment Reduced cost ofservicing39 40. 3. The New Banking/Investment Ecosystem High Net Worth Banking + Mass Affluent Integrated, less stratified More products and services Optimized Advisor-Investor intimacy Effective channel strategy40 41. 4. Persuasion in DesignPerformance DesignPersuasion Designcan do will do ValidationDesignAssessmentStrategySciencePerformance + Persuasion = conversion, contribution, uptake, usage41 42. 4. Persuasion in DesignPersuade me toCollaborate ContributeResearch Take Action42 43. 5. Know Me to Influence Me 43 44. 6. It s About MeMy stuffOther investments Imay be interested in What elsecan you do forme? 44 45. 7. Keep Innovating (Empirically) How do you get there?Where are you now? Where do you want to be?45 46. HFI s UX Strategy Framework46 47. Thank YouHeadquartersChicagoSan Francisco410 West Lowe 8700 W. Bryn Mawr Avenue 235 Montgomery StreetFairfield, IA 52556 Suite 800 South Chicago, Suite 810Phone: (800) 242-4480 IL 60631-3507San Francisco, CA 94104(641) 472-4480Phone: (773) 714-2362Phone: (415) 765-0962Fax: (641) 472-5412 Fax: (773) 714-4910Fax: (415) 765-0961BostonMinneapolisLondon, UK1050 Waltham Street,8400 Normandale Lake Blvd, Suite 920 Winchester HouseSuite 410 Lexington, MA 02421 Minneapolis, MN 55437259-269 Old Marylebone RoadPhone: (781) 860-7200 Phone: (952) 820-4442London NW1 5RA UKFax: (781) 860-7979 Fax: (952) 921-2306Tel +44 (0) 20 7170 4164 Fax +44 (0) 20 7170 4161Baltimore New York1720 Thames Street95 Morton StreetBaltimore, MD 21231 Ground FloorPhone: (410) 327-1012 / 1013New York, NY 10014Fax : (410) 327-1014Phone: (212) 905-3495 jerome@humanfactors.comMumbai, India Pondicherry, India ChinaUnit 7, Srishti Plaza,Aurelec Premises, Prayogashala 407, No. 555, Nanjing RoadNext to Killick Nixxon, Kuilapalayam Village West Shanghai, China 200041Off Saki-Vihar Road, Andheri (E), Auroville 605 101Phone: +86-21-52132046Mumbai 400072 Phone: +91 413 26232 95/96 Fax: +86-21-52132062Phone: 91 (22) 40170400 Fax: +91 413 2623297Fax: 91 (22) 2847 5554SingaporeBangalore, India9 Raffles Place,310/6 HR Complex, 2nd Floor Level 58 Republic Plaza,Koramangala, 5th BlockSingapore 048619Bangalore 560 095 Tel: +65 6823 1368Tel: +91 (80) 5150 7221/22/23 Fax: +65 6823 1377Fax: +91 (80) 5150 7220 47