What Customers Will Expect in the Future
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What Customers Will Expect in the Future How will we know? Melanie Arens VP, Customer Experience, Wells Fargo Digital November 2014 Wuxi, Jiangsu, China © 2014 Wells Fargo Bank, N.A. All rights reserved. User Friendly2014 未经允许 请勿传播
Transcript of What Customers Will Expect in the Future
What Customers Will Expect in the Future How will we know?
Melanie Arens VP, Customer Experience, Wells Fargo Digital
November 2014
Wuxi, Jiangsu, China © 2014 Wells Fargo Bank, N.A. All rights reserved.
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Wells Fargo at a Glance (as of 3/31/2014)
Assets: $1.5 trillion
Team members: more than 265,000
Customers: 70 million
Locations: more than 9,000
ATMs: more than 12,500
Market value of stock: $262 billion User Friendly2014
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Wells Fargo at a Glance 2014 Recognition
Voted the Digital Banking Experience Leader in Online Banking by Javelin Strategy & Research
Jim Smith was selected as a finalist for the American Banker Digital Banker of the Year Awards
Keynote’s Mobile Banking Scorecard named Wells Fargo #1 in overall performance
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Wells Fargo at a Glance 2014 Recognition
Additionally, Keynote ranked Wells Fargo best in Functionality, Ease of Use, and Quality & Availability
Wells Fargo also took top honors for several mobile modes including Mobile Web, and its iPhone and Android apps
Wells Fargo was named to Money magazine’s Best Banks in America list. Money also awarded Wells Fargo it’s award for Best Mobile App
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We’re working to understand our customers on new levels at Wells Fargo.
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Our focus is on developing innovative products and services, and great experiences. Our process is iterative.
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We innovate to help all of our customers succeed financially.
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The future is taking shape all around us.
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It’s on our wrists.
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It’s in our cars.
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It’s on our phones.
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The future is in our social networks. U
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And on our customers’ refrigerators.
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How will you work, play, and get things done a year from now?
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…three years from now?
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…five years from now?
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Mantra: Customers’ expectations are being shaped by
experiences they’re having outside of financial services.
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Mantra: What customers will do in the future will be the same…
How they do things will change.
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We think about the future every day at Wells Fargo.
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We know that for our customers… Today’s innovations are tomorrow’s expectations.
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How do we predict customer expectations? What is our process for innovation?
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5 Methods 20 Insights 1 Guiding Principle
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The Methods Ethnography
Synthesis
Service Design
Innovation Boot Camps and Protothons
Wells Fargo Labs User Friendly2014
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Ethnography
Method 1
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We use ethnographic research to gain a fuller understanding of customer expectations.
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Ethnography offers rich, holistic insights into people’s views and actions.
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We spend time in the homes of customers in cities across the U.S.
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Review Research
MARKET 1 MARKET 2 MARKET 3
Diary Study
in-market research
workshop
Diary Study
in-market research
workshop
Diary Study
in-market research
workshop
Persona & task model development
create personas
create task model
create personas
create task model
finalize personas
finalize task model
Review
s
Review
s
Current state
Create implementation plan
Our process includes in-market research, and development of task models, personas, and implementation plans.
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We create personas, which are empathy tools that help designers and business owners create products and services focused on customers.
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Insights User Friendly2014
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Personal Epiphany Financial Awakening Circumstances shape habits
Insight No. 1
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Events from our past — bad investments, the loss of a house or “moments” we witnessed when we were young — influence the way we think about money, and the way we think about money affects how we act. User Friendly2014
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Dave Who? Your customers’ experts may not be your experts
Insight No. 2
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Suze Orman, Dave Ramsey?
Your customers are not listening to the same podcasts you are, nor reading the same blogs. Know who they are listening to.
Dave Ramsey is big in America.
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Patchwork and Personalized Customers are tailoring systems to suit themselves
Insight No. 3
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Customers are stitching together apps, spreadsheets, bankers’ tools, and even envelopes to create unique tracking, budgeting, and planning tools.
It’s not unlike the way people are customizing their digital entertainment ecosystems through unique combinations of Apple TV, Netflix, Roku, and Hulu.
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Secrets and Lies Are rules meant to be broken?
Insight No. 4
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Couples and families set up systems and then game them.
How can we create a space and tools that allow couples with wildly different financial values to create transparency and compromises to form good habits, and facilitate communication?
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Side Gigs Are Everywhere And for everyone
Insight No. 5
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People are using digital platforms — like Airbnb, Craigslist, eBay —to buy and sell things, turning purchases into sources of income.
These multiple income streams are both a source of fun and empowerment. User Friendly2014
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Cash Is Resurgent From budgeting, to rewarding ourselves, to making stealth purchases
Insight No. 6
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Cash is used in all kinds of surprising ways: to budget (in envelopes), to track spending and reward ourselves, to buy something quickly in order to sell it, to keep spending secret from parents and spouses. User Friendly2014
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Synthesis
Method 2
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Synthesis is a sense-making process that helps us understand customer perspectives.
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We synthesize knowledge from secondary research to gain a deeper understanding of cultural trends and megatrends that inform customer expectations.
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Everyone (yes, Wells Fargo, too) is studying Millennials…
Pew Research Center “Millennials in Adulthood: Detached from Institutions, Networked with Friends,” March 2014
Nielsen “Millennials—Breaking the Myths,” 2014
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Insights User Friendly2014
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Thinking About Themselves, and Others
Insight No. 7
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Self expression doesn’t mean self-absorbed. Broadly speaking, Millennials love music and art and value creativity.
Responsibility to take care of parents?
63% of Millennials
55% of Baby Boomers Nielsen “Millennials — Breaking the Myths,” 2014
Gifts to nonprofits
75% of Millennials Nielsen “Millennials — Breaking the Myths,” 2014
Fun fact: 38% have a tattoo compared with 15% of Boomers.
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“We should learn about personal finances and apply that knowledge as early as possible, while we have minimal risk.”
— Millennial Protothon participant from Stanford University, 2014
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Privacy and Security Still Matter
Insight No. 8
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Yes, many Millennials post personal details to Facebook.
However, they share concerns similar to the rest of us about security and privacy when it comes to banking.
Share too much online?
90% of Millennials
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I’m Not a Millennial, I’m Me Make the experience personal
Insight No. 9
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Millennials value authenticity, individuality, expression, and originality.
They’re part of a data-driven world that knows a lot about them, so they expect us to know them as our customer.
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Millennials Are Brand-aware in a New Way
Insight No. 10
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They take note when brands support their causes.
Millennials rally behind brands they consider transparent, with authentic values.
They go social with their endorsement.
Try a sponsor’s product?
25% of Millennials
10% of Baby Boomers Nielsen “Millennials—Breaking the Myths,” 2014
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Service Design
Method 3
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Service Design is a holistic research framework that we use to better understand and visualize users and team members.
It informs our design of optimal experiences and system interactions.
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Synthesize Insights Map Experiences Envision Futures
Synthesize what you know and identify knowledge gaps.
Observe customers and employees to illuminate quantitative data.
Illustrate what’s actually happening to create shared understanding.
Design cross-channel solutions to orchestrate a One Wells Fargo experience.
Plan the future to build a common vision.
1 2 3 4 5
We identify the current state of our processes, then take a phased approach to designing customer-experience solutions and creating a plan and vision to get us to the future state.
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Case Study: Social Care
Social Care is customer service via channels such as Facebook and Twitter.
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We began our research by understanding internal perspectives on delivering customer service within the social sphere.
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We create Journey Maps to visualize future experiences.
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Insights User Friendly2014
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Be Fast, Be Accessible, and Be Accountable
Insight No. 11
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The immediacy of social channels is changing customer perceptions of acceptable response times, accessibility of customer service, quality of answers, privacy, and accountability. User Friendly2014
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Customers Are Patient, Until They’re Not Then they turn to social media
Insight No. 12
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“Going social” is typically a last resort for frustrated customers. They start with a high tolerance, but become frustrated if no one seems to be taking responsibility for service issues.
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Case Study: Fraud Ops
Wells Fargo’s enterprise-wide Fraud Ops teams wanted to better understand and simplify
the customer experience of multi-channel fraud.
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We asked Forrester to teach us to fish.
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We developed an experience blueprint to visualize the future state.
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Insights User Friendly2014
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First, Look Inward
Insight No. 13
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You may be a part of your service design problem.
The world’s best companies recognize that you have to create a great team member experience before you can deliver a great customer experience.
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Know Your Customers’ History Or doom them to repeat it
Insight No. 14
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Customers expect everyone across the service continuum to be connected and have knowledge of the customer’s prior journey.
The customer’s emotional experience should be consistent and satisfying across all channels.
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Innovation Boot Camps and Protothons
Method 4
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We use these day-long workshops to teach our team members design-thinking skills and to immerse
ourselves in future research.
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INTRO
SKILL BUILDING
PERSONAS
FUTURE TRENDS & OPPS GENER
PROTOTYPES PRESENT CLOSING
Generating new ideas & solutions Group sharing How was it?
What’s next? Explore future
trends Human centered
innovation Innovation model
& skills Why are we here?
1 2 3 4 5 6 7
Skills Content Innovation
Each workshop takes team members through a group innovation process.
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Converge Diverge 1 2
Deferral of Judgment The process of withholding judgment to allow for divergent thinking.
Keeps divergent and convergent thinking separate.
Ideate No judgment
No logic
WIDEN
Quality Imaginative Free Gut Child
Quality Judgmental Disciplined
Intellect Adult
Evaluate Yes judgment
Yes logic
NARROW
Innovation Thinking Skills, Alex Osborne, 1952
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social platforms
payments & rewards
mobile banking
alternate input
authorization & security
internet of things
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Top down analysis starting with STEEP megatrends
Or: Bottom up analysis—starting with customer tasks
social platforms
payments & rewards
mobile banking
alternate input
authorization & security
internet of things
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By end of day, we break into teams for ideation around new products and services.
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Which leads to real-time prototyping.
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Insights User Friendly2014
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Can You Feel It?
Insight No. 15
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Mobile devices and wearables will enhance the savings experience by enabling a range of alerts, reminders, and point-of-sale tracking of spending habits.
Saving and tracking will become a physical experience, with devices that vibrate and beep to indicate all kinds of financial events.
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It’s All in the Family
Insight No. 16
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Connectivity, mobile wallets, apps, and wearables are enhancing the potential for children to begin managing aspects of their financial lives at an earlier age.
Parents will look to banks for tools to plan and monitor spending and saving with their kids.
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Your Customers Know You Know Them
Insight No. 17
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Customers will have expectations for banks to anticipate their financial needs and provide highly customized, personalized, just-in-time banking services.
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The Banker Is on Your Fridge
Insight No. 18
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The dialogue between customer and banker will happen increasingly outside the bank.
Smartphones, ATMs, cars, and smart appliances will allow real-time interaction with bankers in a range of settings.
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Wells Fargo Labs
Method 5
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Wells Fargo Labs is our platform to test and learn new digital innovations.
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First, we listen to our customers.
Voice of the Customer satisfaction surveys
Channel pain points (store, ATM, call center, social media)
Focus groups
Metrics User Friendly2014
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Then we scan and synthesize a range of external inputs.
We’re looking for developing trends and megatrends.
Scanning tech news
Attending conferences such as Finovate
Creating write-ups and recommendations about disruptive technologies and innovative companies
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Next, we sync up our trend strategy with Wells Fargo business goals to develop an innovation agenda.
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Wells Fargo Labs Objectives Build Faster Learn Quicker Measure Value Lower Risk Improve & Enable
Market Launch
Wells Fargo Labs Ideate
Re-imagine Test & Learn
Graduate
We place small bets on innovative concepts.
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Here are some of the places we’ve gone lately.
2007 2008 2009 2010 2011 2012 2013 2014
Mobile Banking WF.com
Real Time Alerts
Transfers to Another Person
(SurePay)
My Retirement Plan (MRP)
Make an Appointment
Cash Flow Monitor
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And this is one of the places we’re headed
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Insights User Friendly2014
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Innovation Is a Team Sport
Insight No. 19
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Great ideas are everywhere.
Bring a wide range of expertise and imagination to the table during the ideation process, including your team members, varied stakeholders, subject matter experts, and customers.
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Travel Light and Learn Fast
Insight No. 20
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Innovation processes should be agile — quick iterative experiments allow you to continually learn from both successes and failures.
Use what you learn to devote resources to projects with a strategic likelihood of success.
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The Guiding Principle: Simplicity
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Remember the Millennials? It turns out they value simplicity.
A big component of their expectation for a simple experience is tied to customization.
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Source: Global Brand Simplicity Index 2013, Siegel & Gale
Simple is valuable.
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Confidence Mastery
Value Loyalty
Simplicity
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1, 2, 3 Clear Language
Remove Distractions
Clean Design
Reduce Steps Calibrated
Simple Experiences
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1, 2, 3 Clear Language
Remove Distractions
Clean Design
Reduce Steps Calibrated
Art Of Simple
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1, 2, 3 Clear Language
Remove Distractions
Clean Design
Reduce Steps Calibrated
Science Of Simple
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Business Architecture Business
Design Operations
Marketing Development
Creating Simple
Experiences (is hard)
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“Simplicity isn’t sexy, until it’s done.”
Jin Zwicky VP Experience Design
Group Customer Experience OCBC Bank
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One more
Insight User Friendly2014
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You can do this. User Friendly2014
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The wisdom and inspiration for innovation are within every team member at every organization.
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How will you create a culture that unlocks that power?
What are your 5 methods? Your 20 insights?
Your guiding principle? User Friendly2014
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Thank you
Melanie Arens VP, Customer Experience, Wells Fargo Digital
November 2014
Wuxi, Jiangsu, China © 2014 Wells Fargo Bank, N.A. All rights reserved.
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