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.

January 17, 2020

From Products to Experiences

The move from consumer products to consumer experiences is upon us. Customers see their interactions with brands as one continuous experience, and we need to design them accordingly. Understanding and designing for the end-to-end customer journey is now a requirement, not a nice-to-have. So what are the best ways to connect the dots? How do you orchestrate a seamless experience in siloed organizations? And what needs to change about the way we work to make that a reality?

Envisioning Products as Holistic Experiences
Give Your Customers an Experience, Not Just a Product
You Sell Experiences Whether You Realize It or Not
Customer Experience Is The New Brand
Building a design-driven culture

October 11, 2019

Human-Centered Design Drives Transformation

Human-centered design and innovation drives transformation. It’s based on the observation that the usefulness and desirability of a product or service isn’t determined by its technological sophistication, but whether people experience it as a valuable addition to their lives. It doesn’t just embrace customer-centricity, but puts designing for people at the heart of the entire process. It goes beyond designing for form and function, and extends the potential by designing for experience (e.g. meaning). Design becomes a key competitive advantage.

One of the challenging aspects of becoming design-driven is that it requires seamlessly streamlining people, processes, technology, and funding. It requires fundamentally transforming the way an organization is structured and how it works, but also demands a cultural mindset shift. A transformation that yields measurable positive impact to both customers and the business.

Competing on customer experience: How the value proposition of design is changing
The forgotten step in leading large-scale change
The Digital Transformation is a Design Transformation
Building a design-driven culture
6 Ways to Build a Customer-Centric Culture
The Right Way to Lead Design Thinking
5 Ways to Get the Most Out of Your Design Team

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

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