Where's the win/win in retail banking?

Tom Wood & Tim Loo

BRIDGING THEEXPERIENCE GAP

FOOLPROOF?

FOOLPROOF &FINANCIAL SERVICESAverage per year 2007-2012:

— 2,043 depth interviews— c500K survey respondents— Foolproof revenue from FS = 52%

WE SPEND A LARGE AMOUNT OF TIME WATCHING AND LISTENING TO BANKING CUSTOMERS IN THE UK,

EUROPE AND AROUND THE WORLD.

20 consultants from our Financial Services practice gather to share learnings:

SPRING SUMMIT

UX strategy

WHAT DOBANKS WANT?

WHAT DO BANKS WANT?1. Rebuild balance sheets

— Product margins— Paid-for services— Product holding per customer

2. Channel migration

— Make digital centre-of-gravity for service— Reduce cost to serve (and cost to leave)

WHAT DO BANKS WANT?

3. Data monetization

— Exploit customer data for value-add services and third-party revenue

— Real-time segmentation & targeting

WHAT DO BANKS WANT?

4. Wealth customers

— Build premium services — Advice and financial management— International services

WHAT DO BANKS WANT?

5. Exploit the mobile opportunity

— Understand customers’ mobile contexts— Build beyond basic account services— Location-based services

WHAT DO BANKS WANT?

6. Differentiate through technology

— Financial management & planning— Mobile and peer-to-peer payments— Discount & cash-back schemes

WHAT DO BANKS WANT?

7. Better security, less fraud

— Reduce security & fraud vulnerabilities— Make fraud the rest of the world’s problem

WHAT DO BANKS WANT?

WHAT DO BANKS WANT?1. Rebuild balance sheets2. Channel migration3. Data monetization4. Wealth customers5. Exploit the mobile opportunity6. Differentiate through technology7. Better security, less fraud

WHAT DOCUSTOMERS WANT?

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

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

WHAT DO CUSTOMERS WANT?

3. Simpler products

— Fewer, less complex products— Easy to compare and choose

(internal & external)

4. Tools to advise myself

— Simple, engaging tools for accountmanagement and planning

— Advice and guidance for new or importantproduct choices

5. ‘Just right’ security

— Easy-to-use two-factor authentication— Sense of security and oversight

6. Evidence that loyalty is rewarded

— Higher levels of service and attention— Better rates and products— Discretion over fees & charges

7. Banks that know their place

— Act on behalf of customers— Know when to speak, when to listen

and when to be invisible

WHAT DO CUSTOMERS WANT?1. Get the basics right2. Use what you know about me

to serve me better3. Simpler products4. Tools to advise myself5. ‘Just right’ security6. Evidence that loyalty is rewarded7. Banks that know their place

SO WHERE ISTHE WIN/WIN?

1. Rebuild balance sheets

4. Wealth customers

5. Exploit the mobile

opportunity

6. Differentiate through

technology

1. Get the basics right

2. Use what you know about

me to serve me better

3. Simpler products

6. Evidence that loyalty

is rewarded

7. Banks that know

their place

Banks Customers

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

Banks Customers

Banks Customers1. Rebuild balance sheets

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

Banks Customers

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

Banks Customers

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

Banks Customers

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

Banks Customers

Focus on technologies which enhance ease-of-use, service and value for the customer

4. Wealth customers

opportunity

technology

3. Simpler products

is rewarded

7. Banks that know

their place

THE JOURNEY TOMUTUAL VALUE

THE JOURNEY TO MUTUAL VALUE

Get the basics right

CUSTOMER

BANK Competence Dialogue Value

Recognise me and respond to what I

You value my custom, and I

value you

FACILITATION PERMISSION RELEVANCE TRUST GROWTH

THE JOURNEY TO MUTUAL VALUE

Establish the foundations

— Clear structure and

signposting

— Create ‘flow’ in user journeys

— Error prevention & redress

— Elegant security

— I understand the language

my bank speaks

Encourage an exchange of

— Provide relevant content,

offers, products & services

— Personal data used

intelligently for my benefit

— You seem to understand my

evolving needs

Nurture & grow the

relationship

— I feel valued due to the

preferential products and

service you offer me

— You provide guidance and

advice that keeps me loyal

— You are flexible and go out of

Get the basics right

Recognise me and respond to what I

You value my

custom, and I

value you

CONTACT

Tom Woodtom.wood@foolproof.co.uk+44 7803 857354@foolproofer

Tim Lootim.loo@foolproof.co.uk+44 7714 415677@timothyloo

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