April 9, 2020

Transforming User Experience in Banking – Business Insider Report

Last December, I had the pleasure of being interviewed for a report released this week: Transforming User Experience in Banking.

“A human-centered design mythology offers the best way to truly understand customers and develop solutions that meet their needs — solving real customer problems and delivering experiences that resonate in market. However, it’s just one part of the whole. In order to be successful, this approach needs to be customized according to your company culture and DNA.”

The report outlines strategies that financial institutions are using to deliver a superior customer experience. It covers org structure, practice/process, research, measurement, and the importance of keeping the customer at the center of design initiatives.

January 31, 2020

The Tech Movement into Financial Services

Last August, I mentioned that people are concerned about fintechs/techfins getting into banking, but the real ones to watch are tech companies moving into financial services out of a necessity to remove friction in their process, improve their customer experience, and enable increased sales. As this signal gets louder, the interesting thing to note is how some are moving from the fringe and closer to core FS experiences.

  • Uber started by enabling more drivers to work on their platform by providing car loans and bank accounts, and is now looking to keep riders [and cash] in the ecosystem through Uber Money/credit card.
  • Amazon started providing small business loans to enable more sales on their platform, partnered on a credit card, and now also provides Amazon Cash for the unbanked and Amazon Pay to reduce online purchasing friction with more to come.
  • Apple started with Apple Pay and then moved to partnering on a credit card to keep money in the ecosystem, turn PFM into a lifestyle choice, and leverage the power of the default.
  • Microsoft is working on a retirement platform.
  • Google started with Android [Google] Pay and now announced a partnership to launch consumer checking accounts.

As we look to solve client needs across our companies, it’s critical to use a first principles approach vs. design by analogy. It’s not enough to digitize current processes — we need to innovate by deeply understanding our clients and solving problems that set the experience bar across industries. Experiences that meet clients where they are and integrate into their lifestyle, are relevant and timely, and align to their mental models of how things should work.

November 22, 2019

CXSF Keynote + Interview

This week, I’d like to share my recent CXSF keynote and interview (October 2019).

The Secret To Transformational CX Design: Your Org Chart  [podcast]
What does it take to design truly transformational, human-centric customer experiences? On this episode of What It Means, Bank of America’s Rachel Kobetz shares her insights, recorded live at CX SF.

Leading Innovation 
Innovation isn’t an idea problem. It’s everything else that gets in the way.

October 25, 2019

Setting the Bar Across Industries

Because of liquid expectations, customers compare the ease and use of an experience against the best in all industries. This means that being the best in financial services is no longer enough. Customers are comparing our experience to Google, Amazon, Uber, Nordstrom — that’s where the bar is. How does that change how we benchmark ourselves? How does it change the way we evaluate what great looks like?

Customer Expectations Hit All-Time Highs
What To Do When Consumers’ Expectations Outpace Their Experiences
Consumers Expect Everything On Demand, But Banks Are Slow To Respond
Getting Ready Now for the Future of Customer Experience
Living Business: Design-led Cultural and Organizational Transformation

August 30, 2019

Explicit Value Exchange Creates the Flywheel

When customers understand a clear value exchange, they are willing to pay for it. Amazon Prime started with 2-day free shipping that has evolved into something so much more. It’s really about changing customer behavior through reduced friction, in turn making Amazon the default choice. How can banks create their version of Amazon Prime that can deliver distinct value to customers while remaining simple? And how does that enable them to win the emerging battle to be the default?

Disruptive Interfaces & The Emerging Battle To Be The Default
Digital Banking Creates ‘Amazon Prime’ Opportunity
Banking Needs An ‘Amazon Prime’ Marketing Strategy
Amazon Virtuous Cycle
The making of Amazon Prime, the internet’s most successful and devastating membership program

©2020 Kobewan