In this video we share our thoughts about the contrasting needs of banks and their customers. We draw some conclusions about where these overlap and what this might suggest for Banks about experience design strategy.

1. BRIDGING THE
EXPERIENCE GAP
Tom Wood & Tim Loo

2. FOOLPROOF?
© 2013 Foolproof Limited

3. © 2013 Foolproof Limited

4. FOOLPROOF &
FINANCIAL SERVICES
Average per year 2007-2012:
— 2,043 depth interviews
— c500K survey respondents
— Foolproof revenue from FS = 52%
© 2013 Foolproof Limited

5. WE SPEND A LARGE AMOUNT OF
TIME WATCHING AND LISTENING TO
BANKING CUSTOMERS IN THE
UK, EUROPE AND AROUND THE
WORLD.
© 2013 Foolproof Limited

6. SPRING
SUMMIT
20 consultants from our Financial Services practice gather to share learnings:
UX strategy
© 2013 Foolproof Limited

7. WHAT DO
BANKS WANT?
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8. WHAT DO
BANKS WANT?
1. Rebuild balance sheets
— Product margins
— Paid-for services
— Product holding per customer
© 2013 Foolproof Limited

9. WHAT DO
BANKS WANT?
2. Channel migration
— Make digital centre-of-gravity for service
— Reduce cost to serve (and cost to leave)
© 2013 Foolproof Limited

10. WHAT DO
BANKS WANT?
3. Data monetization
— Exploit customer data for value-add
services and third-party revenue
— Real-time segmentation & targeting
© 2013 Foolproof Limited

11. WHAT DO
BANKS WANT?
4. Wealth customers
— Build premium services
— Advice and financial management
— International services
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12. WHAT DO
BANKS WANT?
5. Exploit the mobile opportunity
— Understand customers’ mobile contexts
— Build beyond basic account services
— Location-based services
© 2013 Foolproof Limited

13. WHAT DO
BANKS WANT?
6. Differentiate through technology
— Financial management & planning
— Mobile and peer-to-peer payments
— Discount & cash-back schemes
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14. WHAT DO
BANKS WANT?
7. Better security, less fraud
— Reduce security & fraud vulnerabilities
— Make fraud the rest of the world’s problem
© 2013 Foolproof Limited

15. WHAT DO
BANKS WANT?
1.
2.
3.
4.
5.
6.
7.
Rebuild balance sheets
Channel migration
Data monetization
Wealth customers
Exploit the mobile opportunity
Differentiate through technology
Better security, less fraud
© 2013 Foolproof Limited

16. WHAT DO
CUSTOMERS
WANT?
© 2013 Foolproof Limited

17. WHAT DO
CUSTOMERS WANT?
1. Get the basics right
— Easy to switch & set-up
— No mistakes or (failing that) easy redress
— Usability standards set by the global
tech giants
— Joined-up journeys & communications
— Useful, simple mobile services
© 2013 Foolproof Limited

18. WHAT DO
CUSTOMERS WANT?
2. Use what you know about me
to serve me better
— Staff & systems recognise and ‘know’ me
— Personalised communications about
relevant products & services
— Help me avoid fees & charges
© 2013 Foolproof Limited

19. WHAT DO
CUSTOMERS WANT?
3. Simpler products
— Fewer, less complex products
— Easy to compare and choose
(internal & external)
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20. WHAT DO
CUSTOMERS WANT?
4. Tools to advise myself
— Simple, engaging tools for account
management and planning
— Advice and guidance for new or important
product choices
© 2013 Foolproof Limited

21. WHAT DO
CUSTOMERS WANT?
5. ‘Just right’ security
— Easy-to-use two-factor authentication
— Sense of security and oversight
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22. WHAT DO
CUSTOMERS WANT?
6. Evidence that loyalty is rewarded
— Higher levels of service and attention
— Better rates and products
— Discretion over fees & charges
© 2013 Foolproof Limited

23. WHAT DO
CUSTOMERS WANT?
7. Banks that know their place
— Act on behalf of customers
— Know when to speak, when to listen
and when to be invisible
© 2013 Foolproof Limited

24. WHAT DO
CUSTOMERS WANT?
1. Get the basics right
2. Use what you know about me
to serve me better
3. Simpler products
4. Tools to advise myself
5. ‘Just right’ security
6. Evidence that loyalty is rewarded
7. Banks that know their place
© 2013 Foolproof Limited

25. SO WHERE IS
THE WIN/WIN?
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26. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited

27. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited

28. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Draw customers to digital with excellent, accurate
user experience that joins up across all channels Foolproof Limited
© 2013

29. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited

30. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Use data assets to serve and reward
customers more effectively
© 2013 Foolproof Limited

31. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
© 2013 Foolproof Limited

32. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Be careful how you reveal your motives
around segmentation and profitability
© 2013 Foolproof Limited

33. Banks
Customers
1. Rebuild balance sheets
1. Get the basics right
2. Channel migration
2. Use what you know about
3. Data monetization
me to serve me better
4. Wealth customers
3. Simpler products
5. Exploit the mobile
4. Tools to advise myself
opportunity
6. Differentiate through
technology
7. Better security, less fraud
5. ‘Just right’ security
6. Evidence that loyalty
is rewarded
7. Banks that know
their place
Focus on technologies which enhance ease-of-use,
service and value for the customer
© 2013 Foolproof Limited

34. THE JOURNEY TO
MUTUAL VALUE
© 2013 Foolproof Limited

35. THE JOURNEY TO
MUTUAL VALUE
CUSTOMER
Get the basics right
FACILITATION
BANK
Recognise me and
respond to what I
need
PERMISSION
Competence
You value my
custom, and I value
you
RELEVANCE
Dialogue
TRUST
GROWTH
Value
© 2013 Foolproof Limited

36. THE JOURNEY TO
MUTUAL VALUE
Get the
basics right
Recognise
me and
respond to
what I need
You value
my
custom, and
I value you
Establish the foundations
Encourage an exchange of data
Nurture & grow the relationship
— Clear structure and
— Provide relevant content,
— I feel valued due to the
signposting
— Create ‘flow’ in user journeys
— Error prevention & redress
— Elegant security
— I understand the language
my bank speaks
offers, products & services
— Personal data used
intelligently for my benefit
— You seem to understand my
evolving needs
preferential products and
service you offer me
— You provide guidance and
advice that keeps me loyal
— You are flexible and go out of
your way to help me
© 2013 Foolproof Limited

37. CONTACT
Tom Wood
tom.wood@foolproof.co.uk
+44 7803 857354
@foolproofer
Tim Loo
tim.loo@foolproof.co.uk
+44 7714 415677
@timothyloo
© 2013 Foolproof Limited