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Customer Centred Design (CCD)
How it adds value to financial service product design & management
Agenda
 Broad definition
 What does CCD address?
 A typical CCD approach
 Costs benefits and challenges for financial services
What is Customer Centred Design?
And how does it pertain to financial product management?
What it is
  A philosophical approach to product or service design and
  management

  A risk mitigation strategy against launching a product customers
  won’t buy

  A means to reduce costs through fewer service calls

  Engaging directly with customers, regularly
What it is not
  The domain of professional designers only

  A panacea to supersede all traditional product design practices

  Simply asking customers what they want
What does CCD address?
Some thorns in the side of product & service development
Customer Centred Design in Financial Services
All the competition
                          have pie graphs…




                          I reckon people want
                              the “X” feature




If we cut out “Y” we’ll
save time and money
Subjective arguments
Customers and their      Technology,
requirements             compliance,
                         procedure


          Design




      Business and its
      requirements
How we typically work

Building a product                 …not getting it.




Project Managers make a product   Customer must learn how to
through using expertise and       use the product accordingly…
working to constraints…
How does CCD change this?
The basic approach to CCD
Customer Centred Design philosophy

Understand the customer…         …then build accordingly.




Customer behaves in a           Product manager builds
certain way, has goals, needs   product to match the
and perceptions…                customer’s “mental model”
Step by step
            Specify the                                           Design solutions
                            Evolve the requirements
           context of use                                            iteratively

                                                     Viability


             Experience      Ideate                                   Design
              Research          Test             Requirements            Test
                              Iterate                                  Iterate


Business                                            Feasibility                   Implement
Context




             Learn here                                           Less valuable      Too late



   $                                                                                        $
                                        Cost of Change
Start by building customer empathy
Start by building customer empathy
Understand customer’s experience, needs & goals
Understand customer’s experience, needs & goals
Sketch the new experience accordingly
Sketch the new experience accordingly
Make a prototype, test, iterate
Customer experience in financial services
The challenges unique to this sector
Intangible products
Financial products are inherently unpredictable
No owner of the end-to-end customer experience
Products are “for life”
Incremental legacy
 Ability to change




                     1
                         2
                                   3
                                          4
                                                 5



                             Number of systems
Costs and benefits
Considerations when choosing whether CCD is appropriate
Cost of requirements

                      With CCD                       Business as usual
Approach   Some investment required up          Leverage the statistics from
& costs    front to define the customers        the marketing department
           needs, behaviours, goals

Benefits   Reduce risk of misjudging            Attain credibility around
           customer needs and investment        statistically based data
           in flawed assumptions


Risks      Requirements take time to            Relies on guesswork around
           define which makes justifying        specifics of customer needs
           the project difficult. The mandate   and defines the experience
           is hard to predict and measure.      based on legacy systems.
                                                Low innovation potential.
Stakeholder engagement
                   With CCD                    Business as usual

Approach   Devolve decisions to the     Carry on as usual making
& costs    “voice of the customer”      decisions that are coloured with
           which becomes a key          the political aspirations of
           stakeholder                  stakeholders

Benefits   Create team-working          Usual governance and processes
           atmosphere by basing         are unchanged, resulting in
           decisions on objective       efficiency
           evidence

Risks      Uncertainty and stakeholder Subjectivity and a technology,
           skepticism can undermine    compliance or process-lead
           success.                    solution.
Predictability in returns vs costs
                       With CCD                      Business as usual

 Approach   Prototyping and ongoing             Don’t add any processes after
 & costs    customer involvement can add        requirements gathering, that
            unpredictability to scope and       may impact the scope
            development costs
 Benefits   Predictability in returns.          Predictability in costs.
            Assurance that the solution will
            be effective for customers.
            Costs build toward a long term
            strategy.
 Risks      Unpredictability in costs, as the   Unpredictability in returns
            solution definition evolves with    from defining requirements “in
            customer feedback over time.        a vacuum”. The end results
                                                affecting the customer’s
                                                experience are unknown.
Better thinking. Better experiences. Better results.TM




http://www.different.com.au
Follow us on Twitter: @DifferentUX and @colfelt
About Different
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.
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's approach

Contact : (02) 9571 7444

Anthony Colfelt (Creative Director) anthony.colfelt@different.com.au

Clarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au

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Customer Centred Design in Financial Services

  • 1. Customer Centred Design (CCD) How it adds value to financial service product design & management
  • 2. Agenda Broad definition What does CCD address? A typical CCD approach Costs benefits and challenges for financial services
  • 3. What is Customer Centred Design? And how does it pertain to financial product management?
  • 4. What it is A philosophical approach to product or service design and management A risk mitigation strategy against launching a product customers won’t buy A means to reduce costs through fewer service calls Engaging directly with customers, regularly
  • 5. What it is not The domain of professional designers only A panacea to supersede all traditional product design practices Simply asking customers what they want
  • 6. What does CCD address? Some thorns in the side of product & service development
  • 8. All the competition have pie graphs… I reckon people want the “X” feature If we cut out “Y” we’ll save time and money
  • 10. Customers and their Technology, requirements compliance, procedure Design Business and its requirements
  • 11. How we typically work Building a product …not getting it. Project Managers make a product Customer must learn how to through using expertise and use the product accordingly… working to constraints…
  • 12. How does CCD change this? The basic approach to CCD
  • 13. Customer Centred Design philosophy Understand the customer… …then build accordingly. Customer behaves in a Product manager builds certain way, has goals, needs product to match the and perceptions… customer’s “mental model”
  • 14. Step by step Specify the Design solutions Evolve the requirements context of use iteratively Viability Experience Ideate Design Research Test Requirements Test Iterate Iterate Business Feasibility Implement Context Learn here Less valuable Too late $ $ Cost of Change
  • 15. Start by building customer empathy
  • 16. Start by building customer empathy
  • 19. Sketch the new experience accordingly
  • 20. Sketch the new experience accordingly
  • 21. Make a prototype, test, iterate
  • 22. Customer experience in financial services The challenges unique to this sector
  • 24. Financial products are inherently unpredictable
  • 25. No owner of the end-to-end customer experience
  • 27. Incremental legacy Ability to change 1 2 3 4 5 Number of systems
  • 28. Costs and benefits Considerations when choosing whether CCD is appropriate
  • 29. Cost of requirements With CCD Business as usual Approach Some investment required up Leverage the statistics from & costs front to define the customers the marketing department needs, behaviours, goals Benefits Reduce risk of misjudging Attain credibility around customer needs and investment statistically based data in flawed assumptions Risks Requirements take time to Relies on guesswork around define which makes justifying specifics of customer needs the project difficult. The mandate and defines the experience is hard to predict and measure. based on legacy systems. Low innovation potential.
  • 30. Stakeholder engagement With CCD Business as usual Approach Devolve decisions to the Carry on as usual making & costs “voice of the customer” decisions that are coloured with which becomes a key the political aspirations of stakeholder stakeholders Benefits Create team-working Usual governance and processes atmosphere by basing are unchanged, resulting in decisions on objective efficiency evidence Risks Uncertainty and stakeholder Subjectivity and a technology, skepticism can undermine compliance or process-lead success. solution.
  • 31. Predictability in returns vs costs With CCD Business as usual Approach Prototyping and ongoing Don’t add any processes after & costs customer involvement can add requirements gathering, that unpredictability to scope and may impact the scope development costs Benefits Predictability in returns. Predictability in costs. Assurance that the solution will be effective for customers. Costs build toward a long term strategy. Risks Unpredictability in costs, as the Unpredictability in returns solution definition evolves with from defining requirements “in customer feedback over time. a vacuum”. The end results affecting the customer’s experience are unknown.
  • 32. Better thinking. Better experiences. Better results.TM http://www.different.com.au Follow us on Twitter: @DifferentUX and @colfelt
  • 33. About Different 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. 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's approach Contact : (02) 9571 7444 Anthony Colfelt (Creative Director) anthony.colfelt@different.com.au Clarissa Mattingly (Founding Director) clarissa.mattingly@different.com.au