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UX Track: Creating a Holistic Financial Experience Strategy - Rikki Teeters37:19 with Rikki Teeters
Large financial institutions have lost the trust of their customers. The traditional branch is not dead, it just needs to be revived. It is crucial for banks to create an Omin-Channel Experience Strategy in order to survive in the harsh economic climate. User Experience has a major impact on whether a organization is leading or falling behind. New unexpected competitors such as Simple and mBank are raising UX standards and making a big impact on the industry. Considering the rapid pace of change in the technology industry, organizations must not tie their Experience Strategy to specific technologies but instead focus on creating positive experience across all channels and touch points. During this talk we will discuss how to create a holistic financial experience strategy, while thinking about what this means for the future.
[MUSIC] 0:00 So today, we're here to talk 0:04 about creating a holistic financial experience strategy. 0:05 Some of you might know exactly what that means, and 0:08 some of you may have no idea what that means. 0:11 So my hope is, by the end of this talk, we come into 0:15 a common understanding of what I mean 0:17 by creating a holistic financial experience strategy. 0:19 So before I get started, there are a couple things that I need to clear up. 0:23 So some words that I'm going to be using throughout the 0:27 presentation that I'd like for us all to be on the same page on. 0:29 So, as a user experience designer, when we refer 0:32 to people interacting with our products, we call them users. 0:36 But as I was researching for this presentation, I noticed that a lot 0:40 of different industries and a lot 0:43 of different roles call people different names. 0:44 So for the purposes of this presentation, when I say people, this is what I mean. 0:47 So, when I say users, 0:52 same thing as a customer, same thing as a client. 0:54 These are all people who are interacting with your brand or with yourself. 0:56 So when I say people I mean human beings, people that are 1:01 the same as me and people who are the same as you. 1:04 When I say experience I mean the overall feeling that someone gets, a person 1:07 gets, when interacting or reflecting on your 1:12 brand, your company, other people, places, products, 1:14 services. The entire package of an experience. 1:18 So when I think of experience, I don't think of how well something works. 1:23 So usability, which is often placed under user experience, or thought 1:26 of as the only thing that user experience does besides visual design. 1:31 But when I think of experience, I think of life being the ultimate experience. 1:35 So we're all in this big experience together. 1:40 So you may have heard of an omni-channel 1:45 experience, a multi-channel experience, possibly a cross-channel experience. 1:47 And well all of these kind of have similar meanings to me. 1:52 And the problem I have with the channel part 1:55 is that it isn't encompassing the whole of someone's experience. 1:57 So when I say holistic experience I mean a seamless 2:02 approach to meeting the needs of people across all touch points. 2:05 If your unfamiliar with what 2:08 a touch point is, we'll talk a little bit more about that later. 2:10 So, I'm Rikki Teeters and I am a user experience designer in Cincinnati. 2:14 And I'm a consultant for cardinal solutions group, which is a great company. 2:20 And one of the sponsors of this conference. 2:23 Right now I am consulting at a big bank. And working in the financial industry. 2:27 So my relationships with banks over time has changed. 2:33 When I was born, both of my parents were members of different banks 2:36 and I was already benefiting from services and products that banks had to offer. 2:39 When I was 15, I opened my first bank account. 2:44 So I would have been a consumer, according to the bank. 2:46 And I started using, I became a user of technology, 2:49 when I was 16, when I started using Internet banking. 2:52 I don't have this up here, but when I was 2:56 19, I downloaded my first banking app on my phone. 2:58 And now I'm getting, I'm transitioning from a user, or a consumer, 3:02 to someone who's looking behind the scenes and seeing how this actually works. 3:05 So my question for all of you before we get started, is who loves their bank? 3:10 Okay? 3:15 Couple hands are raised, that surprises me. 3:17 So I'm actually interested, what do, what do you love about your bank? 3:19 Okay [LAUGH], 3:21 okay, what else? Anyone 3:24 else? 3:27 Okay, so we love credit unions that's awesome. 3:28 And what about you? Okay. 3:31 Okay, so you like the virtual branch concept? 3:36 Okay, and you? 3:40 Okay, that's really weird to hear so, that's 3:43 awesome I'm glad you've had a great experience. 3:45 So, for the rest of you who didn't raise your 3:48 hands, you're kind of in the same bucket as me. 3:49 So, my question to you is if we don't love 3:51 our banks then why do we stay loyal to them? 3:53 So, that's another question for you, anyone in the audience. 3:56 Yeah. 3:59 >> It's hard to change, banks. 3:59 >> Okay, yes. 4:01 >> [INAUDIBLE] anybody else has figured it out. 4:01 >> Okay, right. 4:06 They're all the same. >> [INAUDIBLE] 4:06 >> It's what there is. Okay. 4:11 >> It's because you work for them. 4:12 >> [LAUGH] Or, you work for them. All right. 4:14 I actually don't, bank with the company that I'm consulting with. 4:16 So that's really interesting to me, for me to see. 4:20 How my experience as a user, is actually affected by the behind the scenes, so. 4:23 For me, the reason I stay with my bank, I don't love them, 4:29 but they're the keepers of my money, so I feel attached to them. 4:32 When I have 4:35 a direct deposit, it goes into my bank account. 4:36 When I pay my bills, it's through internet banking. 4:38 When I pay a friend, sometimes I'm even using, quick pay through my bank. 4:40 So, any type of financial transaction that I have, I go through my bank. 4:44 Which leads me to a deeper question. 4:49 Why do we need money? Another question for you guys. 4:52 Come on. 4:55 [LAUGH] To tip, not even 4:57 cash, but money in general. Why do we need it? 5:01 Yeah. >> [INAUDIBLE]. 5:03 >> Trade, yes. So, to get things we need money. 5:06 So, none of you said survival, but for me, that's why I need money. 5:10 So, what are some, what are three basic needs for humans? 5:15 Maybe you learned this in fifth grade. >> Water. 5:18 >> Water, okay. >> Shelter and food. 5:20 >> Shelter and food, yes. So, we have food, water and shelter. 5:22 Those are the three basic needs for humans. 5:25 And so without money which of these things, three things is easy to access. 5:27 [CROSSTALK] 5:31 So, so sometimes we can get water. 5:33 But in a lot of places its difficult to get clean water without money. 5:35 So, money is essential for survival. And therefore banks are not going away. 5:39 So this brings me to the question of, what 5:45 will money and banking look like in the future? 5:47 So I start where every good research project starts. 5:50 I Google. >> [LAUGH] 5:52 >> And I just typed in, what is the future of banking. 5:54 This is the visual results that I got. 5:57 So if you can't see this very clearly, there's a lot of 6:00 touch screens, this is like an iPhone 3G a couple years ago. 6:02 But when I look at this, I don't think this is the future. 6:07 I think this is what's happening now or has already happened. 6:10 So I dug a little deeper, did 6:13 another visual search at iStockphoto.com, this was worse. 6:14 [LAUGH] So if this is the future 6:18 of banking, I'm really worried about our society. 6:20 [LAUGH] So I decided I needed to some actual research and I looked 6:23 at over 50 academic journals, I looked at industry blogs, I did undercover research. 6:27 So in the middle of my financial meetings, eight 6:32 hour meetings everyday, I would stop and I would say 6:35 to a business analyst or user experienced designer in 6:38 the room with me, what is the future of banking. 6:40 It was really interesting to hear their response. 6:43 You get some hesitation, and from someone who's been working there for 6:46 fifteen years, their response was, you know, I've never thought about that. 6:49 That worries me a lot, so we need to start thinking about 6:54 what the future of the financial industry is for it to change. 6:58 So while I was doing research I found a lot of problems and 7:02 I'm just going to go over a few of the problems I found. 7:05 So that we can fix them with our strategy. 7:08 So big banks are out of touch with technology. 7:11 How many people work at big banks? 7:13 So you know what I'm talking about. [LAUGH] We're still on IE7. 7:15 >> We are still on IE7 so. And I'll. 7:18 One of the big problems too, the employee's 7:21 know is when, if we're trying to do research 7:22 we're, at least where I am, we're blocked 7:25 from most places where we could get modern research. 7:27 There's a couple other issues and that's the users actually 7:31 have more, the people, have more technology in 7:34 their pockets than bankers do in a branch. 7:36 That seems really backwards to me. 7:39 So when you get out your phone to, how 7:41 many of you use mobile deposit to scan checks in? 7:42 >> [INAUDIBLE] >> Yeah, scares you. 7:45 >> [INAUDIBLE] 7:47 >> Well, yeah we'll talk a little bit more about that later, but. 7:48 So when you do that, when you scan a check 7:51 and you can see instantly that it's pending in your account. 7:53 Or at least at my bank you can. When you go into a bank, 7:55 the banker has to scan it, and put it in a yellow 7:59 bag and send it off to headquarters or to a payment processing company. 8:01 A couple days later, the money is in your account. 8:04 So why don't they change this? 8:07 And that's because modern banking systems are actually 8:09 built on a mainframe computing system built in 1970. 8:11 At least those clients that I've worked with. 8:14 [LAUGH] 8:17 So, why don't they, [LAUGH], yeah. 8:19 So, instead of fixing the problems and building a solid foundation for the 8:24 future, banks put band aids on big problems because of budget and scope. 8:27 And the people that work at the big banks are nodding their heads. 8:31 Yeah they do. 8:33 There are a lot of reasons for that and, unfortunately, we don't 8:35 have enough time to cover all of the things I need to cover. 8:37 So if you have more questions about why this is happening or how we can 8:39 fix it, please come and find me out there and we'll talk more about it. 8:43 I'll give you a couple of hints and that's because 8:47 upgrading these old systems takes time and money. 8:49 And those people who nodding their heads know that we, as 8:52 IT departments in big banks, we don't have time or money. 8:55 Because IT projects are funded based on an 9:00 instant return on investment, instead of long-term value. 9:02 Bank IT projects that improve experience are often pushed 9:08 aside for later so that the business have, because the 9:11 business doesn't see an opportunity for that instant return. 9:14 So, for example, if you have heard of ROI. 9:17 The business really wants to see that if I invest a million dollars 9:20 in a project this year, will I make 30 million by next year. 9:23 And if they don't see that and often times 9:26 it is really difficult to improve to prove experience. 9:29 I know that if I improve the experience. 9:33 Our company is going to get better and we're going to make more money. 9:35 But it's really difficult to 9:38 prove that to a business person. 9:39 The other thing, is that a lot 9:43 of banks use a, the waterfall development methodology. 9:44 How many of you know what that is? 9:47 Great, awesome. 9:49 So for those of you who don't know what that is, it looks kind of like this. 9:51 So it starts with a charter and that these can take years to get approved. 9:54 They can be 200 pages long and what they're trying to do is 9:58 get the reason why we're going to make money signed off by the business. 10:03 It's then passed 10:07 to requirements and design that happen consecutively. 10:08 The problem with that is that can also take years. 10:11 And the designers don't have time to think about how to add 10:14 value to the lives of the people that are interacting with the bank. 10:18 And the bank doesn't have time to strategize how 10:22 this project is actually going to affect the future. 10:24 This is the scariest part of development. 10:28 So a lot of time instead of developing 10:31 it ourselves in house, we ship it off to a third party company, 10:33 or worst of all, we ship it off to another country, so overseas. 10:36 The problem with that is we in the requirements and design 10:40 phase, we're spending years and most of our time building our baby. 10:44 This is our project. 10:49 And we love it, and we've put so much time and energy into it. 10:50 And then we send it away and it comes back like this. 10:53 So it's nothing that 10:56 I recognize. It's a rebellious fifth grader. 10:58 It isn't the thing that I put all of my time into. 11:02 And that's because I wasn't there while the development was happening. 11:05 They don't know my intentions for a lot of things, 11:09 so this is a big problem that needs to change. 11:11 So we need to find a way to prove ROI 11:15 of user experience to the business to get them on board. 11:18 They need to change they need to change their methodology to, from 11:20 sales that drive business to adding value to the lives of people. 11:25 So if you don't know this, this might shock you. 11:31 Actually shocked me. 11:32 I'm naive. 11:34 I didn't know that banks saw me as a customer. 11:35 So when they're talking about me, as someone that is using 11:37 their services, they refer to me as a customer. 11:41 And not as a human being. 11:45 So I'm separate from what they are in their mind. 11:46 So how do banks make money? Question for you. 11:50 >> Overdraft 11:52 fees. >> Yeah, so fees. 11:56 Lots of fees. 11:58 There's overdraft fees, enrollment fees, account fees, application 11:58 fees, interest fees, penalty charges, late payments, and commission. 12:02 So what are each of these fees doing to 12:07 the overall experience for people who are using these services? 12:09 Yeah, it's killing the experience. 12:13 None of these are adding value to my life. It's adding money to banks. 12:15 So here's a, none of you work here. But you might, that's okay if you do so. 12:21 What I found out in the bank I'm consulting with now, 12:25 is that the user experience team would love to change these sites. 12:28 They want to make this completely valuable for the people who are using it. 12:32 However, who can identify on this page what comes from Marketing? 12:37 >> [CROSSTALK] People who work there. 12:40 >> People who work there. [LAUGH] 12:44 Yeah. >> [INAUDIBLE] We didn't do this. 12:46 >> That's okay. 12:49 So, >> [INAUDIBLE] 12:50 >> To me the green section on this page actually add value to me as a user. 12:51 I can log in and see my account. 12:54 I can search for things and I can find locations. 12:56 Everything else is coming from marketing to sell to people on this page. 12:59 Don't worry, you're not the only one. So Chase has tried, obviously. 13:04 They have made this section at the top, the login 13:08 section, the largest section on the page. 13:11 And that's only in some browsers, for those Chase customers. 13:13 But this is also from marketing. 13:17 So most of the real estate on the main, front paging interface. 13:18 Is for marketing, so trying to sell project. 13:22 Yes? >> [INAUDIBLE]. 13:25 >> That's a great question, I don't work there, so I'm not sure. 13:28 But it's for Firefox, this part is actually squished 13:30 over here and there's another marketing ad right there. 13:33 So I assume, 13:35 you know, I have no idea [LAUGH]. Capital One, this one, it's even worse. 13:37 So things that might as a user, like the mobile app. 13:42 That might seem like something that is valuable to me but really, marketing 13:46 is putting it there, to make money, off of me, using the mobile app. 13:50 [LAUGH] Oh so you don't even pay attention to it. 13:53 Same for me, so it was really interesting when I was 13:56 looking at all of these and I was thinking, oh that's there. 13:59 So it's not adding any value to me and it basically shouldn't be there. 14:02 It's basically the same as not being there. 14:06 So we need to change the mentality from selling 14:08 people things to adding value to their lives again. 14:10 So problem number three is people have less trust in big banks. 14:15 There are a lot of reasons for this, 14:18 number one being the 2008 economic crisis in America. 14:20 So in, a, 14:25 Edelman research study they asked people how much do 14:26 you trust the following industries to do what's right? 14:30 Check out the bottom three, so insurance, banks, and the financial services, 14:32 are the bottom three most, truster, trusted industries according to the study. 14:37 That was really interesting and we need to do something about that. 14:41 >> Least trusted. >> Oh, did I say most? 14:45 >> Yeah. >> Least. 14:47 They're not trusted. 14:48 [LAUGH] Sorry. >> [INAUDIBLE] 14:49 So one of the big problems that has lost 14:52 trust in the people is when the bailouts were happening. 14:54 The salary of the top seven, or the first seven 14:58 bailed out companies, these are the salaries of the CEOs. 15:01 So you can see in the salary category, that's 15:05 what I would expect, though I don't agree with it. 15:07 However, after bonuses in the last category, that 15:09 is what they took home, during the bailouts. 15:12 So things have changed, it isn't like that 15:15 anymore at every bank, but now we have government 15:17 regulations stopping those salaries and bonuses from being so high. 15:20 That also loses trust in the people, because a lot 15:24 of people are having difficulty trusting our government right now. 15:26 Not gonna get into that. 15:30 So the biggest problem I've noticed, is whe, when my, on my first 15:32 day there I asked my User Experience 15:36 Manager, so where is our experience strategy? 15:37 Can I have a look at that? 15:40 And they 15:42 said oh we don't have one. 15:42 So there's no plan, to fix any of the problems that I found. 15:43 And those were just a few of the problems. 15:47 I could have made this talk probably three or four hours long. 15:48 So, we need to create an experience strategy. 15:52 And for, for this talk we will refer to an experience strategy as, 15:54 a strategically designed plan to better experiences 15:58 for all people who touch an organization. 16:00 And I think there are six essentials to creating 16:04 an experience strategy. 16:08 And that means it has to be born through research. 16:09 Executed with a clear vision, aligned with 16:11 the business, consistent across all touch points, 16:14 created uniquely for the people, and it 16:18 has to follow a strategically designed road map. 16:20 So let's talk a little bit more about that. 16:23 I told you about some of the research that I did, but there are 16:24 a lot of methods that you can do to research the people in the industry. 16:27 So here are some. 16:32 I, if you're in user experience you probably 16:33 use a lot of these all of the time. 16:35 But what I noticed is when you're 16:39 doing competitive analysis this part really bothers me. 16:41 About several clients that I've worked with. 16:44 When they're looking to make a new mobile app. 16:46 Who do you think they look at? >> [INAUDIBLE] 16:48 >> Yeah. 16:52 They look at themselves. 16:52 They look at other people who look the same as them. 16:53 So these are just apps from the Apple I, app store. 16:55 I'll just click through them. Just watch the screens. 17:00 And tell me if you see things that are in common to me they all look the same. 17:04 There's not one that I would say oh wow that is the one that I wanna go with. 17:08 They all look exactly the same and they 17:12 don't offer any more functionality then the others. 17:14 So how many of you have heard of Simple great I figured. 17:18 So Simple is an alternative they say that 17:21 there a worry free alternative to the banking system. 17:23 But my bank, and several clients that I've worked with, aren't looking at places 17:26 like Simple. 17:30 So, for those of you who don't know what Simple is, it actually helps 17:31 you set goals to build your finances, 17:34 and it tracks your expenses against those goals. 17:37 So instantly they're looking at how to add value to the lives of people. 17:39 Also when you get your Simple card in the mail, first 17:44 of all you have to sign up and wait for it. 17:47 So they make it an event. 17:48 When you get this card in the mail 17:50 you're excited to start your relationship with them. 17:51 How many of you have heard of Square? I figured that too. 17:55 So Square is an awesome service. 17:58 What it does is it enables the small 18:00 business to run, basically anywhere in the world. 18:02 How 'bout Mint? 18:04 So, I've been using Mint for a couple years. 18:06 I do have some issues with it. 18:10 But it does really good things. 18:11 Because it allows me to set goals, and 18:13 track my income, and track my expenses over time. 18:15 So it gives me a visual picture much different 18:18 than what I see when I log into my banks internet banking page. 18:20 How 'bout Moven? 18:23 It's a little bit different. 18:26 So Moven's new. 18:27 It says, they say they're a bank, but more they are a financial tracker. 18:29 So it's similar to Mint, but you actually give them your money. 18:35 But what they say is that there's no processing fees. 18:38 They're tracking your money against your goals as they happen. 18:41 So when this person checked out at a restaurant. 18:44 They see what they just spent, how much they spent in that category this month, 18:46 and how to prepare, how, how did that compare as to what they typically spend. 18:50 That's really interesting. 18:53 And Numbers is something that I hadn't heard of before that I found. 18:55 It actually looks at the way you're spending, and projects your future. 18:59 So the way that, so whatever you're making over time it guesses what 19:03 your income will be over a period of time and how your transactions 19:08 will evolve. They're having a lot of fun. 19:12 So how many of you have heard of Bitcoins, a lot 19:16 of people think that this is the currency of the future. 19:21 So what it is, is a peer to peer currency. 19:24 And you don't have to reveal your identity when you pay people which 19:28 is really interesting and it's why the government isn't a huge fan of it. 19:31 But an agency, this is from Fast Company, an agency tried to figure out how we 19:37 could take the digital world of Bitcoins and 19:42 merge it with the physical and make something tangible. 19:45 So their idea is that you could put money into 19:48 this and it would turn into digital currency, really interesting. 19:50 And then I found this article that thinks, a lot of people 19:53 think that big data is going to take over the banking industry. 19:57 So by allowing us to pay 20:01 our friends and family via our social networks that we're already using. 20:02 And use the big data to track trends and make recommendations. 20:07 That's another interesting way that the future might go. 20:10 But because we need to execute this with a clear vision, I had to image what 20:15 I think, that thinking and the financial industry 20:18 will look like just ten years from now. 20:21 So I tried to come up with a vision and the first thing 20:24 that I had to think about is what's going to happen to the branch? 20:27 So how many of you think that branches are going to disappear? 20:30 So it's a common, common thought about the future 20:35 is that branches are just going to go away. 20:38 They're not necessary. 20:40 We can do everything for digital channels. 20:41 But I don't think that's going to happen in ten years. 20:44 Definitely in the future it's a huge possibility. 20:46 But we still have a lot of generations that 20:49 are used to going into a branch and getting 20:51 personal advice on their finances and like he said, 20:54 a lot of people don't trust digital channels or 20:57 touch points, as of yet. 21:01 I think once the millennials, grow up and 21:03 generations under them, branches will certainly go away. 21:05 But it's, I found this interesting statistic 21:10 is that the most avid adopters of 21:12 virtual channels, which are the tech-savvy consumers, 21:14 are actually the most frequent brand, branch users. 21:17 And that's from a Cisco study in 2012. That was really interesting to me. 21:20 In the same study, 21:24 they showed this chart, where they asked people responses about 21:26 replacing physical brick and mortar branches with an all-virtual branch. 21:30 25% would be happy, but it wouldn't 21:35 increase the money that they're giving the bank. 21:37 However, 22% of people asked would leave their bank if it went all virtual. 21:40 So we need to consider that 22%. And I started 21:45 thinking about, because I was a fan of the all-virtual channel, but if I'm taking 21:49 out a $400,000 home loan, I kind of want to talk to someone about that. 21:53 And you know, I want them to know and tell me how that's going to affect my future. 21:57 So I don't think the branch is dead, I just think it needs to evolve. 22:03 But what will it evolve into. 22:06 Well I think that this is a great model for the banking industry to look at. 22:08 We'll talk about three things that Apple 22:12 is doing right that the banking industry can adopt. 22:14 So one is self service. 22:17 When I go into an Apple store, I don't have to ask someone to 22:19 see a device, and they have to get it out of a glass door. 22:22 Instead all the devices are sitting on the table. 22:25 For me to explore on my own. 22:27 IDO came up with a concept, and this is a few 22:31 years ago, but they see a touchscreen personal booth within branches. 22:33 Where you can do all of your finance, financial transactions, 22:37 but it's still within a branch and it's still high-tech. 22:41 This is what that would look like, another view. 22:44 And then I saw a few articles. 22:48 This was actually in 2010 so I'm disappointed 22:49 that it hasn't happened but they see virtual kiosks. 22:51 So, the idea 22:54 that I'm seeing with these technology companies 22:56 and design agencies is they want to put 22:58 as much technology and touchscreen into banking 23:00 branches and that's how we're going to evolve. 23:03 But I don't think we can tie our strategy to technology 23:05 because technology changes and we can't predict how that's going to change. 23:08 So we also need personal attention, so when 23:13 I'm using that booth, that really cool ideal 23:15 booth, let's say I have a problem or I want to take out a $400,000 loan. 23:17 I love that the Apple store has geniuses 23:23 that give me personal attention when I have questions. 23:25 And those geniuses have been using the products themselves so they 23:28 have real experience to share with me when I have a question. 23:32 And then trusted advisers. 23:38 As I said, those people understand the technology in the Apple store. 23:40 When I have a question they happily come 23:45 over and help me understand what I'm dealing with. 23:47 And I can also make appointments with them and 23:50 go and to speak with them, whenever I need to. 23:52 So, how can we in the financial industry change into trusted advisors? 23:55 Where people who are looking to us as industry leaders. 24:01 Well, advisers should give people personal attention. 24:05 They should know my financial goals and help me set them, they 24:09 should always be looking at my expenses and treat me as a client. 24:12 They should help me save for my kids' 24:15 college, buy a car, take out that home loan, 24:17 and also I would love for them to be 24:21 monitoring my credit and my identity at all times. 24:22 Because that is a big issue in the world that we live in. 24:26 The most important thing 24:29 is they need to advise me on every large financial 24:30 decision that I have to make throughout my entire life. 24:33 I want to build a real relationship with them. 24:37 So relationships are going to have to change to build. 24:41 We have to change from salespeople and customers. 24:44 To trusted advisers and clients. 24:47 But how will we do that without getting the business on board? 24:51 This is going to be the biggest struggle. 24:53 Once you are so excited to change the world after you leave this conference, 24:55 and you take it back to the business and say, look what we can do. 25:00 And they say, show me the RLI. 25:02 So how can we get executive support because it is required. 25:05 Well I'll tell you that starting at the 25:10 bottom and working your way up may seem like 25:11 your only plan, but you probably will only 25:13 get halfway up the pyramid, which is really disappointing. 25:16 But if you 25:20 can find a way to get that top person on 25:20 board and help them understand how your strategy is going to 25:23 make them money and improve the business overall, then it's 25:26 really easy to get everyone else to share that same vision. 25:29 So show them this statistic. 25:35 From 2007 to 2010, stock performance of 25:37 customer experience leaders and customer experience laggards. 25:41 So it's very obvious from this research, and there's a lot 25:45 more out there that I don't have time to show you. 25:47 That people who are investing in an experience are making the most money. 25:50 So you're also going to notice that the 25:56 business goals are very different than the experience goals. 25:58 So we want our users first. 26:01 We want to understand people. 26:03 We want to increase user adoption and improve the overall experience. 26:05 And most of all we want to build and maintain relationships with people. 26:09 But the business wants money first. 26:13 They want to understand their market. 26:15 They want to increase revenue, improve customer experience 26:16 and they want to acquire and retain customers. 26:20 But it's interesting how the experience 26:24 goals can actually provide the business goals. 26:25 So by putting users first, we'll make money. 26:29 By understanding people, you will understand the market. 26:31 By increasing user adoption, you'll increase revenue, and by 26:34 improving the overall experience, we will improve customer service. 26:38 But most of all, we need to teach them, and help them 26:42 understand that building and maintaining relationships 26:44 is how we're going to move forward, 26:47 and that is our strategy. 26:49 [BLANK_AUDIO] 26:50 And happy people equal a lot of money. 26:53 [LAUGH] So this isn't the way to build relationships. 26:55 I don't think this is happening now but from this article, 26:59 Chase was actually offering people $250 to switch from their bank. 27:02 So obviously that's not a great way to start a relationship. 27:06 Cuz what's going to stop me from switching 27:09 again six months later when someone offers me 300? 27:11 Nothing. 27:13 So we need to build real human relationships. 27:16 My question is how do we build human relationships? 27:18 So throw out some factors in creating these. 27:21 Yeah. >> Free toasters. 27:25 >> Free toasters. All right. 27:28 So when you're thinking about your relationship with your loved 27:29 one or your family, what type of factors build that relationship? 27:33 Trust. >> [INAUDIBLE] 27:37 >> So like transparency, communication, okay. 27:43 [INAUDIBLE] Yes, great. 27:46 So I just chose a couple. 27:49 But I definitely think that trust is a huge factor. 27:51 We need them to trust us. 27:53 And we need to trust them. 27:55 Emotional availability. 27:57 How many of you have banks that are emotionally available? 27:59 [LAUGH] That might be scary. 28:02 openness. 28:05 I, I definitely know that my bank, that I am a use, 28:06 a consumer with Is not open. What about alignment? 28:08 So personal goals and lifestyles, and commitment. 28:12 I'm not committed to my bank and really they're not committed to me. 28:17 I'm just a number to them. 28:20 Safety, without trust it's really hard to feel safe with someone. 28:22 And honesty. 28:27 So I'll just run and oh, communication is huge. 28:28 And we'll talk about that a little bit more in the strategy phase. 28:31 But when you think of your bank, do 28:34 you think of any of these relationship builders? 28:35 So we need to build real relationships using those factors, 28:41 and our relationships need to be consistent across every touchpoint. 28:44 That people have with our company or our brand. 28:48 So who knows what a channel is? Are we aware of channels? 28:51 So banks see channels and not touch points. 28:54 The problem is we see neither as users or consumers or people. 28:57 So for those of you who were not sure 29:01 what channels were, banks consider ATM channels, maybe your iPhone 29:03 is a channel, the branch itself is a channel. 29:06 So this is how the I don't know how you guys can see this clear alright great so 29:10 this is how the banks views their channels these 29:15 are all the ways that they can interact with you. 29:18 So let's say that I want to deposit a check which channel would I go to. 29:21 Okay, so I have a couple options, but 29:28 you'll notice that I don't have every option. 29:30 So the functionality that I need is not consistent across all channels. 29:32 There are a couple of places I can go to do it. 29:36 What about check my balance? 29:38 Couple more. What about take out a loan. 29:44 We're really limited when we need loans we have to talk to someone some banks 29:50 are are trying to modernize that and make 29:55 online loan enrollment but that's that's really rare. 29:57 What about complain about an issue. 30:01 Social media, the branch or a call center. 30:04 So I have to yell out, and honestly, who's 30:07 gonna, which one are they gonna hear me through? 30:09 [NOISE] Social media. 30:10 What if I want to research, get advice, and get a credit card. 30:13 So I might start at Google, [LAUGH] again, 30:18 do some research end up in Internet banking. 30:20 Oh no! 30:23 I cannot get a credit card through Internet banking. 30:24 So I call someone. They transfer me to six people. 30:26 Still can't get one. 30:29 I go out to social media, I complain about how I 30:32 can't get one, and then I research a little bit more. 30:34 I type in to see what other people are saying about this credit card. 30:36 Then I might go back. 30:41 But by the end of my journey, it's possible that 30:43 I would have touched every single channel that the bank has. 30:45 So within one journey, I've touched every channel. 30:49 The problem is, people don't see channels as I've said. 30:52 Their relationship with your brand or company is 30:56 based on a series of interactions over time. 30:58 And the way they feel during each of those interactions. 31:01 That is what forms the overall experience and opinion of your company. 31:03 So this is what we need. 31:08 We need a holistic experience strategy that allows us to 31:10 have all of the relationship elements through each touch point. 31:15 So I don't want to go to an external website and be denied the ability 31:19 that I would have through my mobile phone or through the call center or branch. 31:23 And a lot of times banks and large corporations 31:29 tie their strategy to technology. 31:34 And the problem is the context, this is from Google, 31:36 context often defines the device that we choose to use. 31:40 So we can't predict that someone wouldn't want to take out a loan on their phone. 31:44 It might be less likely but we don't know. 31:48 So the future of banking is about making connections with your customers and 31:51 engaging them when and where they need to solve a banking problem or provide 31:55 a service. 31:59 So we need constant access to these financial advisors. 32:02 Because that will enhance the quality of remote service. 32:05 So a couple studies I looked at actually 32:07 thought that video is a possible future for 32:09 banking so, so that we can get rid 32:12 of branches and video in with a trusted adviser. 32:14 That's interesting. 32:17 It also would allow advisers, instead of living in cube farms, To get out and take 32:19 these financial client needs from anywhere in the world. 32:25 According to a 2012 Cisco study, people desire to control 32:29 the time, place, channel and information required to perform thinking activities. 32:33 It's also interesting what the future of 32:40 technology will do to the financial industry. 32:42 So, my dad has Google Glass. 32:45 I don't. 32:47 But it's interesting that we can use the same interface 32:49 and the same elements across all devices that we're using. 32:52 So I imagine being able to go to the ATM and see the same thing that I'm 32:56 seeing when I'm making purchases at the grocery 32:59 store or when I'm flying from Cincinnati to Tuscany. 33:02 Or maybe when I'm out to dinner with friends. 33:05 And the most important thing about all these touch points is 33:08 they need to be aware of what the other ones are doing. 33:11 So a lot of times I do something on 33:14 my phone, and it isn't registered on internet banking yet. 33:15 But imagine if I could see this with Google 33:18 Glass, or whatever contact computer I'm wearing in ten years. 33:20 And then pass my phone to the waiter, sign and then he confirms. 33:25 So that's a way of actually 33:29 having this holistic channel experience. 33:31 So, number five is that it needs to be created uniquely for the people. 33:36 And here's, these are other ways that you can do research on people. 33:39 But you need to know people and that is 33:43 the number one, think building block for your strategy. 33:45 You need to understand people desire to be constantly connected and heard. 33:49 People want to build relationships with you, so plan to 33:53 build relationships with them. 33:56 Anticipate their needs, and understand their behavior. 33:58 Empathize with their needs, their pain points, and feel their journeys. 34:03 Try to form an emotional connection with people. 34:07 And as you start to understand people, look for 34:11 actionable insight that you can build into your strategy. 34:13 And create a strategy that will add value to their lives instead of 34:18 subtracting from the experience. 34:21 So finally, our strategy needs to follow a strategically designed road map. 34:26 So this I threw together in five minutes 34:31 because I could not find anything out there 34:33 that would actually show you what I mean by creating a road map for your strategy. 34:35 So we're here, that's where we need to be ten years from now. 34:39 So how do we get from here to there? 34:43 Well, instead of having all these projects 34:45 that are happening actually, multi-million dollar project 34:48 that are happening at the same time and not 34:51 building on each other and not building towards anything. 34:53 We need to work with the business to align these projects to build on each other. 34:56 And along the way we need strategy reviews. 35:01 Because the thread you would come up with right 35:03 now will not be the same a year from now. 35:05 Because people are changing, and we need to understand that. 35:07 So this is what your strategy may be at 35:12 the end, hopefully yours looks a lot better than that. 35:14 But there is not a formula to equal the 35:17 perfect experience strategy, and we need to understand that. 35:19 So, what factors will not change over the next ten years, what can we count on? 35:23 Can we count on technology not to change, or about human behavior. 35:28 What are the contexts in which they want to interact with us. 35:35 What about people themselves, are they going to change. 35:40 People are always changing, and what about our world? 35:43 Can we even rely on the world that we live in? 35:47 With natural disasters and war, we never know what tomorrow is going to be. 35:49 So the only two constants that we can 35:55 actually rely on are human relationships and change itself. 35:57 This isn't going to change. 36:02 So as you're building your strategy, I ask you to never stop asking this question. 36:09 How is what we're doing adding to the lives of the people that we're serving? 36:14 And as I was putting this presentation together, I got very overwhelmed. 36:18 With the amount of change that needs to happen in 36:24 the industry to reach somewhere 36:26 where we're actually providing great experiences. 36:28 So this quotes been going around a lot lately but I wanted to leave it with you. 36:30 So when you grow up you tend to get told that the world is the way that it is. 36:35 And your life is to live your life inside of that world. 36:38 Try not to bash in the walls to much. 36:42 Try to have a nice family life, have fun, and save a little money. 36:44 Well that's a very limited life. 36:48 Life can be much broader once you discover one simple fact. 36:50 Everything around you that you call life was 36:55 made of people who are no smarter than you. 36:58 And you can change it you can influence it you can 37:01 build your own things that other people can use including industries. 37:05 Our industry was built by people and once you learn that you will never be the same. 37:08 So I encourage you to change it. Thank you. 37:15
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