Customer & Market Insights Briefing - Leading Global Bank - Innovation Consulting
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As part of an innovation consulting project at Haas, the first stage of our work consisted of collecting actionable insights into retail banking.
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Customer & Market Insights Briefing - Leading Global Bank - Innovation Consulting
- 1. Haas@Work Insights Briefing Feb 26, 2018 CONFIDENCIAL Bank Logo
- 2. Our Team Adrien Stern Felix Tong Assistant Coach Jason Zhixuan Dai Baris Dogruoz Samarth Gupta Darren Le Zachary Garrett Tokay Zeynalov Soravis Prakkamakul Lourdes Amayo Rohan Kapuria Dipti Ranjan Sahoo Clark Kellogg Instructor & Team Coach Ryan Dingler Project Manager
- 3. Why are we here? Define Wells Fargo’s Banking as a Platform Valued digital platform and ecosystem for customer’s complete financial journeys
- 4. Where we are now? Discover Insights Generate Concepts Improve Ideas Phase 1 Identifying key insights and framing the problem Phase 2 Identifying new concepts and possible solutions Phase 3 Experiments to prove or disprove key assumptions Today
- 5. Today is about sharing insights (not solutions) • Opportunity for you to share in our insights • Opportunity for us to listen to your feedback What it is not • We have specifically resisted developing solutions Fresh perspective from the foundation of a innovation process What it is
- 6. Research Our team performed in-person & telephone interviews, read market landscape reports, and analyzed competitors offerings Interviews conducted: Continents covered: Age range of interviewees: 65 4 16 - 65 North America South America Europe Asia Research reports, annual reports, and surveys read: 53
- 7. Recap of the current project stage Agenda Insight briefing from all 5 lenses Next Steps - Customer Insights - Orthodoxies - Discontinuities - Core Competencies - Industry Mapping & Whitespaces
- 8. 1Core beliefs and behaviors regarding banking Customer Insights Leveraging customer insights ensures the development desired products
- 9. What is a bank? Core banking is a commoditized service As long as I can get my money when I want, I don’t care who has it. I don’t care about 0.25% interest. “ ““ “
- 10. Like marriage, for better or worse... always better Bank as a life companion Supported like friends or family Banking is a family affair Heard, understood and appreciated Part of my life decisions Like any relationship, banking is one that requires ongoing care.
- 11. Banks should be chameleons I would be open to sharing my data to get personalized and intelligent recommendations. When firms hold customer data, customers expect services to be tailored I pay for the service, the bank should adapt to me. “ “ “ “
- 12. Researching for suitable investment is painful, listening to someone is not. I judge products based on reviews from others’ experience. I get financial advice from friends more than official sources. I like sharing my thoughts about finance & investment strategies. Trust is contagious The power is with the people, customers control the brand “ “ “ “ “ “ “ “
- 13. My money, my call ! Customers have strong desire to maintain visibility and control I want full visibility into what I earn and what I’m charged. “ “ Convenience should not remove my control from the decision process. “ “
- 14. Let me love you Customers want their banks’ values to align with their own My bank doesn’t care about me, or at least they don’t show it. If I knew they were doing good things… but it seems they’re just in for the profit. “ “ “ “
- 15. It’s a tech world An empowering UX lays the foundation for customer loyalty • Banking applications are compared to all other applications • The UX is more important than the brand to drive loyalty • Complexity does not empower customers
- 16. 2Established beliefs and practices Industry Orthodoxies What conventions or paradigms are potentially “rocks worth overturning”?
- 17. Relationships start at branches of relationships start online 30% Mobile on-boarding process is not a pleasant journey today, and can be drastically improved 1. Source: Aite Group, 2016 1.
- 18. Only customers deserve help Many people need financial advice before they even become a customer When does a banking relationship begin?
- 19. We don’t ask our customers to help us grow I need to open a bank account. If my family trusts the bank then I trust the bank. How can banks use this trust better? Banks don’t incentivize existing customers to help grow their business Which banks does my family trust?
- 20. No history, no credit Credit history is siloed by geographical regions I am likely to earn a six figure salary in two years and yet cannot get a education loan in the US. “ “
- 21. 3Changes that are already happening Discontinuities Identifying and acting on discontinuities can help mitigate disruption
- 22. Trust is moving from people to software people are expected to use Robo-Advisors to manage their money by 20221 1. Statista estimate January 2018 – defined as automated online portfolio management of private assets 122million
- 23. From reactive to proactive Machine learning is allowing companies to provide personalized contextual advice for each customer
- 24. From privilege to mass-market Democratization of luxury1 Who needs that second home in Hawaii anyway Personally curated fashion advice… done Daily tax loss harvesting previously only for clients with net worth $5M+ 1. Language from FJORD – Design and Innovation Accenture
- 25. From banks to … Lending DepositsPayments Personal Finance Wealth Management ü ü ü ü ü ü ü ü Competition is coming from companies that don’t look like banks ü
- 26. From closed system to open developer platforms Leveraging developers across the world for ideas
- 27. 4Company’s deep and differentiated know-how Core Competencies How might strengths be leveraged in new areas?
- 28. What is a Core Competency? Creates Value Unique Sustainable Important The organization’s deep, leverageable and differentiated “know how” or strengths that could be leveraged into new areas Can be leveraged
- 29. The Bank has advanced credit risk capabilities We employ over 13,000 people in corporate risk department. .. disciplined, modern and complex credit risk management capabilities.” The Bank emerged unscathed post 2008.“ “ ““
- 30. The Bank’s National Distribution Capability to distribute product and services to 70 million customers in person 1 CNN Money Deep brick and mortar penetration, even in unusual places CONFIDENCIAL Bank Branch Map
- 31. Ability to cross-sell complex financial products Digital banking origination can be limited due to product complexity Consumers prefer a “conversation” when buying more complex financial products
- 32. Turnaround and integrate acquired businesses 2008200719981996 Long history of acquisitions gives rich expertise in integration and change management CONFIDENCIAL Bank Acquisitions
- 33. 5Potential industry dimensions to determine where we might compete. Identifying White Spaces What new spaces are emerging based on unmet or unarticulated needs?
- 34. Meet people where they are and empower them Enabling and empowering consumers builds loyalty Some consumers prefer to have their finances taken care of … … others enjoy building their own financial future
- 35. Connect banks’ and consumers’ values Consumers are increasingly skeptical of banks’ motives, business models and incentives Consumers are increasingly aware of companies’ values I feel that banks’ incentives and values are fundamentally opposite to mine. “ “ OUR VALUES
- 36. Live at the intersection of serious and fun Opportunities to make “serious business“ , well – fun! Bank interactions are considered as a “serious business“ Younger consumer segment associated dealing with a bank with feelings of anxiety, time waste and urgency
- 37. Money is increasingly virtual Change of perceptions Deposit = Investment Changing lenses on deposits to match consumer expectations creates new product opportunities Depositing is investing not just safekeeping
- 38. Home away from home I want foreign exchange before I leave U.S. Making the customer feel taken care of when travelling Being in a foreign country I don’t have the same banking convenience as at home. “ “ “ “
- 40. Recap of the current project stage Agenda Insight briefing from all 5 lenses Next Steps - Customer Insights - Orthodoxies - Discontinuities - Core Competencies - Industry Mapping & Whitespaces
- 41. Phase 2: Identifying new concepts and solutions Phase 1 Identifying key insights and framing the problem Phase 2 Identifying new concepts and possible solutions Phase 3 Experiments to prove or disprove key assumptions Today Gallery of Ideas Discover Insights Generate Concepts Improve Ideas
- 42. What lies ahead in the second phase? Ideation (Lens Crashing)Discover Insights Generate several hundred ideas Gallery of Ideas Idea clustering, elaboration & selection 10 – 12 ideas 3 ideas