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How it adds value to financial service product design & management,[object Object],Customer Centred Design (CCD),[object Object]
Agenda,[object Object],Broad definition,[object Object],What does CCD address?,[object Object],A typical CCD approach,[object Object],Costs benefits and challenges for financial services,[object Object]
What is Customer Centred Design?,[object Object],And how does it pertain to financial product management?,[object Object]
What it is,[object Object],A philosophical approach to product or service design and management,[object Object],A risk mitigation strategy against launching a product customers won’t buy,[object Object],A means to reduce costs through fewer service calls,[object Object],Engaging directly with customers, regularly,[object Object]
What it is not,[object Object],The domain of professional designers only,[object Object],A panacea to supersede all traditional product design practices,[object Object],Simply asking customers what they want,[object Object]
What does CCD address?,[object Object],Some thorns in the side of product & service development,[object Object]
Customer Centred Design in Financial Services
All the competition have pie graphs…,[object Object],I reckon people want the “X” feature,[object Object],If we cut out “Y” we’ll save time and money,[object Object]
Subjective arguments,[object Object]
Customers and their requirements,[object Object],Technology,,[object Object],compliance,,[object Object],procedure,[object Object],Design,[object Object],Business and its requirements,[object Object]
How we typically work,[object Object],Building a product,[object Object],…not getting it.,[object Object],Project Managers make a product through using expertise and working to constraints…,[object Object],Customer must learn how to use the product accordingly…,[object Object]
How does CCD change this?,[object Object],The basic approach to CCD,[object Object]
Customer Centred Design philosophy,[object Object],Understand the customer…,[object Object],…then build accordingly.,[object Object],Customer behaves in a certain way, has goals, needs and perceptions…,[object Object],Product manager builds product to match the customer’s “mental model”,[object Object]
Step by step,[object Object],Specify the context of use,[object Object],Evolve the requirements,[object Object],Design solutions iteratively,[object Object],Viability,[object Object],Ideate,[object Object],TestIterate,[object Object],Experience,[object Object],Research,[object Object],Design,[object Object],Test,[object Object],Iterate,[object Object],Requirements,[object Object],Feasibility,[object Object],Implement,[object Object],Business Context,[object Object],Learn here,[object Object],Less valuable,[object Object],Too late,[object Object],$,[object Object],$,[object Object],Cost of Change,[object Object]
Start by building customer empathy,[object Object]
Start by building customer empathy,[object Object]
Understand customer’s experience, needs & goals,[object Object]
Understand customer’s experience, needs & goals,[object Object]
Sketch the new experience accordingly,[object Object]
Sketch the new experience accordingly,[object Object]
Make a prototype, test, iterate,[object Object]
Customer experience in financial services,[object Object],The challenges unique to this sector,[object Object]
Intangible products,[object Object]
Financial products are inherently unpredictable,[object Object]
No owner of the end-to-end customer experience,[object Object]
Products are “for life”,[object Object]
Incremental legacy,[object Object],Cost of change,[object Object],1,[object Object],2,[object Object],Ability to change,[object Object],3,[object Object],4,[object Object],5,[object Object],Number of systems,[object Object]
Costs and benefits,[object Object],Considerations when choosing whether CCD is appropriate,[object Object]
Cost of requirements ,[object Object]
Stakeholder engagement,[object Object]
Predictability in returns vs costs,[object Object]
Better thinking. Better experiences. Better results.TM,[object Object],http://www.different.com.au,[object Object],Follow us on Twitter: @DifferentUX and @colfelt,[object Object]
About Different,[object Object],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. ,[object Object],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'sapproach,[object Object],Contact : (02) 9571 7444,[object Object],Anthony Colfelt (Creative Director)   anthony.colfelt@different.com.au,[object Object],Clarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au,[object Object]

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Editor's Notes

  1. Experience is deeper than a touch point or a systemGood product experience can be undermined by poor overall customer experienceIt is hard, nearly impossible, to change human behavior.Yes, people will buy a better mousetrap. That is because their behavior doesn’t have to change ... they are already using mousetraps. No business can afford to educate customers
  2. Fundamentally RATIONALFeatures copied from like-products or servicesStuff from people’s heads…BLINKERED – tends to focus on a particular problem out of context to the wider ecosystem into which it fits.Planning a product or service can be myopic – focuses on the problem at hand, not at the context into which it fits.
  3. Silver tongues win influence, even when they’re wrongDisharmonious teams are less productiveTeams who argue with one another tend to feel less like doing work.Unhappy folk do not pull equally on the yoke
  4. Tech drives business processBusiness process defines Customer ExperienceDesign as an afterthoughtDoes anybody feel like they’re a comet? Does anybody
  5. Products and services are about enabling people to achieve their goals. Not about the product itself.
  6. Post launch… you need to keep testing and ongoing dialogue
  7. Contextual researchStatistical dataCustomer feedback
  8. Contextual researchStatistical dataCustomer feedback
  9. Financial necremancySome financial products can be really hard to explain to customers, so people gravitate toward metaphors. We can design touchpoints, but how do you design the experience people essentially have in their heads. e.g. Foreign exchange risk management is commonly perceived as ‘gambling’ because people glom on to inappropriate metaphors.Products are very much about achieving a goal. Not about the product itself.- Financial services are a little further removed from the goal. E.g. Network TEN provides entertainment, but the programming has a close association with the activities that enable that.
  10. Predictability is a fundamental tenet of good experience.Unpredictability needs to be really carefully managed.- Allow customers to mitigate their fear early in processes - e.g. Royal Bank of Scotland in the reverse mortgage product allows customers to state how much equity they want to retain up front.
  11. Products have owners- Channels have owners Nobody owns the end-to-end customer experience. Customer does something in one channel, but that is often unknown to staff in the other channel till the customer tells them. This makes the bank look unintelligent.
  12. People’s needs and goals change over time. Products need to change with them.e.g. Deposits products need to focus on the needs of various life-stages. E.g. Budgeting may be important earlier and later in life…Tension between targeting and marketing toward a demographic, when customers don’t stay in one demographic forever.Jeremy Walker from BT pointed out: The average Super Annuation product lasts 60 years. But CEOs last for 3-5! Changes in bank strategy (with the CEO) can push and pull the customer and degrade the experience.
  13. You build new systems atop the old systems – Ultra secure, ultra reliable. These systems take time to change and change introduces risk.To mitigate riskTo reduce costs
  14. How long does it actually take?