What is Customer Centred Design? How does it apply to Financial Services? What are the costs, benefits and challenges?

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

9. Subjective arguments

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

17. Understand customer’s experience, needs & goals

18. Understand customer’s experience, needs & goals

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

23. Intangible products

24. Financial products are inherently unpredictable

25. No owner of the end-to-end customer experience

26. Products are “for life”

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