rethinking the customer journey - federal reserve bank of ...rethinking the customer journey driving...
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Rethinking the Customer JourneyDriving Behavioral Change via Mobile
Ramy Serageldin
COO
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Technology Impacts Behaviors
DATA
Storage
Retrieval
Transmission
COMPUTATION
Processing
Analysis
Insight
DECISIONING
Context
Choices
Action
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New Ways to….Stay Fit….Get Around….Find Love
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There’s Almost Always an App for That
When was the last time you couldn’t…
…find your way?
…name a song?
…check on a flight?
…get the best price?
…choose a restaurant?
…etc.
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But What about Banking?
What is the behavior change we’re trying to drive?
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Eliminating? Coupons…Wallets…POS?
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ELIMINATING FRICTION
In a perfect world you would
• buy everything at a discount
• without a physical wallet/purse
• and without having to check out
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“I really wish it were easier
for me to spend my money.”
No one. Ever.
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Millennials Aren’t Impressed
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And They Don’t Expect to Be
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Finance Peer Group
Because Banks Aren’t TRULY Innovating
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They’re Building a Faster Horse
If I had asked people what they wanted, they
would have said faster horses. – Henry Ford
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Tough financial times for Millennials in the US
Average debt $45,000
Avg. credit cards 3
Unemployment 12.4%
Live with their parents 24%
Don’t pay bills on time 42%
No cash savings 70%
So What is the real Need?
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Can it work the other way?
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Transform the retail banking
account into a primary financial
app
Cost-effective business
model focusing on financial
wellness
3-5x interactions a day with
higher engagement than any
other basic banking product
✓
✓
✓
Reinventing Personal Banking
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1 2 3
Download the app, use debit card or
contactless sticker
Get instant feedback with every purchase
Track spending across all accounts
Send money easily with social integration
4
The Phone as Your Account
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The Old Way of Getting Around
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Context:
Where Am I
Control:
What Can I Do
Advice:
What Should I Do
The New Way of Getting Around
Action
How do I do It
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Understanding the Driver
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“The human brain is
basically a mammalian
brain with a larger cortex.
This means human
behavior will generally be a
compromise between…
animal emotions and
instincts, and… human
deliberation and foresight.”
C. Camerer (Cal Tech), G. Loewenstein (Carnegie-Mellon), D. Prelic (MIT), 2004, Neuroeconomics: Why
economics needs brains. Scandinavian Journal of Economics, 106(3), 555-579.
“We are all just monkeys with money…”
– Tom Waits
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Rational Thought
Immediate Rewards
The limbic system is dopaminergic, meaning it responds to
reward-motivated behavior and stimuli.
The Biological Basis of the Human Behavior
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Short Run Self Long Run Self
Plans, prepares and optimizes for
long term utility and happiness
A series of sequential selves
all focused on the immediate
“Our theory proposes that…decision problems should be viewed as a
game between a sequence of short-run impulsive selves and a long-run
patient self.”
Drew Fudenburg (Harvard U.) and David K. Levine (Washington U.), 2006, A dual-self model of impulse control.
American Economic Review, 96(5), 1449-1476.
Dual Self Model of Decision Making
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Context:
Where Am I
Control:
What Can I Do
Advice:
What Should I Do
So How Do You Design for Success?
Action:
How do I do It
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CONTEXT: Where Am I?
EFFORTLESS MEANINGFUL
• Data Collection
• Transaction Categorization
• Right Level of Insight
• Individual, Peer & Benchmark
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CONTEXT: Where Am I?
AND ABOVE ALL
MAKE IT SIMPLE
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CONTROL: What Can I Do?
PERSPECTIVE EMOTIVE
•Short Term vs. Long Term
•Alter Perceptions of Time•Social Commitments & Life Events
•Make Marginal Decisions Emotional
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CONTROL: What Can I Do?
AND BE PREDICTIVE!
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ADVICE: What Should I Do?
TRANSPARENT ALIGNED
• Clarify True Cost of Action
• Highlight Tradeoffs Required
• Offers, Discounts & Rewards
• Product & Merchant Recommendations
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ADVICE: What Should I Do?
AND ALWAYS TRUSTWORTHY
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ACTION: How Do I Do It?
FRICTIONLESS SOCIAL
• Moment of Pause
• Or Instantly Actionable
• Status & Achievements
• Goals & Milestones
Engagement should accommodate
different states of social transparency.
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Pre-Commit to Fewer Temptations
Bad Behaviors
Good Behaviors
• Increase cost
• Reduce rewards
• Make harder
• Reduce costs
• Increase rewards
• Make easier
ACTION: How Do I Do It?
AND CAREFULLY
ARCHITECTED!
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Context:
Where Am I
Control:
What Can I Do
Advice:
What Should I Do
So How Do You Design for Success?
Action:
How do I do It
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The Journey’s Just Begun