SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green
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SXSWi 2012 Presentation - Creating a Mobile Wallet Worth Having: With buzzwords like “NFC” and “mobile wallet” thrown about in the press ad nauseam, consumers and the mobile and financial industries are looking for who will emerge the winner in the effort to control mobile money – and there’s a great deal of money to be had if it’s done right. But as often as the mobile wallet is lauded for its convenience, it’s derided as “a solution in search of a problem.” Ultimately, in order to meet the real needs of consumers, wallet-makers need to stop focusing solely on the technologies of mobile payments, and actually look at what will drive usage: a mobile solution that is actually worth having. This doesn’t yet exist, but it could, if application developers create tools that actually change the way merchants and consumers feel, think, spend and save money. We will discuss what the true opportunity is for the mobile wallet and the elements that need to be included to move beyond technologies like NFC, to delivering the customer benefit to end users.
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SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green
- 1. Creating A Mobile Wallet Worth Having Omar Green director, strategic mobile initiatives @madfu @intuitinc
- 2. 2
- 3. 3
- 4. WHO I WORK FOR 4
- 6. intuit mobile apps address real problems get paid manage my prep & file finances my taxes 6
- 7. WHY WE CARE ABOUT THIS PROBLEM 7
- 8. income levels remain flat for the majority of americans 8
- 9. while everything grows more expensive 9
- 10. working americans are forced to do more with less 10
- 11. Perhaps We’re Defining The Problem Incorrectly… SOLUTION IN SEARCH OF… 11
- 12. how can mobile add value to payments? • accelerate the transaction – translates to spending my money faster • simplify coupon & improving targeting – enabling brands to spam me better • close the proverbial “marketing loop” – no idea what this is 12
- 13. the anonymity of cash in china, System D is estimated at $1.47 trillion 13
- 14. a wallet “stuck” in a phone 14
- 15. In the broadest sense, CONTEXT represents the circumstances around which a user expresses behavior, captured digitally. It can encompass geo-spatial, temporal, emotional, cognitive, and other domains, so long as the domain lends itself to electronic monitoring and data capture. defined
- 16. re-defining…with CONTEXT the question becomes: how can mobility add value within the context of a financial transaction? we need to understand the context 16
- 17. early learnings
- 18. outcomes • CDI & FMHs were invaluable, but the data was incomplete • customers had a hard time describing something they hadn’t experienced yet 18
- 19. break down flows to see context mobile $$$ txns = + + 19
- 20. journey thru context to solution The Wallet Worth Having Agents, Models, & Counterfactuals Groking the Human Component Groking the Existing Flow 20
- 21. $$$ and J GROKING THE HUMAN COMPONENT 21
- 22. first principles – abraham maslow 22
- 23. history tells us money impacts every aspect of money + maslow human existence… 23
- 25. the hedonic treadmill 25
- 26. easterlin paradox 26
- 27. contrary theory 27
- 28. kahneman/deaton 28
- 29. 29 money + mobile + maslow
- 30. GROKING THE HUMAN COMPONENT 30
- 31. kahneman 31
- 32. stanovich & west 32
- 33. the science: we have 2 minds 33
- 34. the science: we have 2 minds System 1 unconscious, intuition, effortless pattern recognition, emotional, decisive 34
- 35. the science: we have 2 minds System 2 conscious reasoning, effortful, slow & deliberate, rule-following indecisive 35
- 36. the science: we have 2 minds System 1 leveraged when we spend 36
- 37. the science: we have 2 minds System 2 leveraged when we use almost all financial tools 37
- 38. hypothesis: we use the wrong mind 38
- 39. scientific theory goes farther we might be biologically predisposed to be incapable of making rational decisions about money, especially when we are spending 39
- 40. learnings -- $$$ J • the way we think effects the way we think about money, and therefore, financial happiness • current financial software isn’t designed to help us where we might need help most – in System 1 activities • $$$ J must become a part of the tools we build 40
- 41. journey thru context to solution The Wallet Worth Having Agents, Models, & Counterfactuals Groking the Human Component Groking the Existing Flow 41
- 42. Agent Logic AGENTS, MODELS & COUNTERFACTUALS 42
- 43. how we build: today 43
- 44. what if my need EXCEEDS my capability? 44
- 45. remember this picture? 45
- 46. what if the nail were instead a long screw? 46
- 47. this tool is insufficient 47
- 48. how we build: evolved Agent Need Capability 48
- 49. the agent: raw capability 49
- 51. Actually this is more like it 51
- 52. Or this… 52
- 53. …we can learn something here… 53
- 54. MiJac 54
- 55. colony capital 55
- 56. outcomes • hardcore analysis – by experts • heavy lifting – financial models to predict future income from assets • the conclusion – MiJac needs an alternative behavior: GO BACK TO WORK • bailout – Colony Capital rolls the loans over, becoming MiJac’s creditor & MiJac goes back to work 56
- 57. it happened again… 57
- 58. Geek Eureka – A Perfect Model? AGENTS, MODELS & COUNTERFACTUALS 58
- 59. a shield against adversity… 59
- 60. …a weapon against threats… 60
- 61. …everything you learn, captured… 61
- 62. what if a mobile wallet was an ACTIVE PARTICIPANT in securing successful financial outcomes, and in doing so increased the likelihood of financial happiness? RE-DEFINED 62
- 63. Counterfactual Testing AGENTS, MODELS & COUNTERFACTUALS 63
- 64. The Shared Financial Object AGENTS, MODELS & COUNTERFACTUALS 64
- 65. the outcome • leveraging “agent logic” and financial modeling, mobile wallets could become an active participant in helping to secure positive financial outcomes • such a wallet would enable consumers and software to experiment with possible financial outcomes and offer alternatives – “counterfactual testing” • if these alternatives and outcomes could be shared securely, users could learn from one another, increasing the likelihood of financial happiness 65
- 66. journey thru context to solution The Wallet Worth Having Agents, Models, & Counterfactuals Groking the Human Component Groking the Existing Flow 66
- 67. 10 facets, broken down into 3 buckets: • Enable Transactions • Improve Skillz • Build Happiness WALLET WORTH HAVING 67
- 68. 10 facets, 3 buckets • Enable Transactions • Build Happiness – Pay for Stuff – Mogul Engine – Get Paid – Outside the Box – The Loyalty Billfold & Virtual Accounting – Move Value Around • Improve Your Skillz – Money Genius – My Flows – Rainy Days & Restful Nights 68
- 69. ENABLE TRANSACTIONS 69
- 70. 70 Pay For Stuff
- 71. 71 Get Paid
- 72. 72 Loyalty Billfold & Virtual Accounting
- 74. IMPROVE YOUR SKILLZ 74
- 75. 75 Money Genius
- 76. 76 My Flows
- 77. 77 Rainy Days & Restful Nights
- 78. Guess what?...it’s on a tablet 78
- 79. BUILD HAPPINESS 79
- 80. 80 Mogul Engine
- 82. A Final Word “We become what we behold. We shape our tools, and then afterwards, our tools shape us.” - Marshall McLuhan
- 83. Thanks!