The official YouTube channel of Service Design Network. Service Design Network is the leading institution for expertise in service design.
24 of design’s most important principles animated
Love this video on journey mapping. If you are new to Service Design and blueprinting this is a great overview!
I’m currently reading Experience Design book from Patrick Newbery and Kevin Farnham who are the CSO and CEO of a design/…
Akendi explains the ethnography behind its approach to UX design
Ethnographic Field Research (EFR) is an immersive, observational way of finding out what kind of experience a potential product or service will generate for users – before it actually hits the market.
Technologic advances have allowed interactive mobile engagement through ad retargeting and location based push solutions. However, privacy concerns and a lack of understanding among consumers about how retargeting works hold us back.
How financial institutions can create a great customer experience using Service Design
In the new digital world, where customers have immediate access to extensive information about financial institutions, there’s been a shift in power from the marketer to the consumer. As such, customer expectations are rising and because traditional financial marketing is losing influence on how customers think about brands, the best approach and focus to balance out this power shift is to influence the customer experience.
Customer Experience, or CX, is now becoming the key discipline not just within the financial services industry, but within all industries. Financial institutions are realizing that competing with lending products or nifty apps don’t always create loyal brand advocates. Experience is the feelings people have while interacting with a service and connecting on this emotional level with customers is what establishes long-lasting relationships and loyalty.
The challenge is that many financial institutions provide an experience for their customers by default as opposed to by design. They have great touchpoints or channels, but those touchpoints are disjointed and not well integrated with one another. For example, a company may have a great social media presence, but it presents an inconsistent experience with its phone support. Features have been added to a mobile banking app that the vast majority of users prefer to do from their desktop.
An interesting stat is that $2 Billion is spent in the US on the practice of planning and designing services, while $40 Billion is spent advertising those services. This imbalance presents an opportunity for financial brands to shift and gain a competitive advantage and grow their business.
The key in this shift is not to create and develop a number of individual touchpoints to deliver an experience. The key is to look at the world of your customer, understand and design an experience that meets their needs and then utilize those touchpoints to make that great experience a reality.
Financial brands collectively spend billions of dollars each year on experiences intended to attract, serve, and retain customers. They build new branches and launch new websites; answer thousands of questions in call centers; market, advertise, and promote in multiple channels; experiment with mobile apps; roll out new products; and re-engineer services. In short, organizations create and manage a myriad of touchpoints that they want to add up to a differentiated customer experience that sets them apart.
What’s important to customers is that their financial institution is meeting their needs across touchpoints and across the competitive landscape. As such, it’s important for financial brands to not only understand what they can deliver to improve that experience, but to also understand where not to spend on experiences that will have limited impact.
There is a proven and growing methodology to help marketers realize an advantage in customer experience and it’s called Service Design. What’s important is that Service Design not only focuses on how to create great experiences for the customer, but it also focuses on what is needed by your organization to deliver those experiences. The simple definition of Service Design is that it’s a methodology to create a great experience across all touch points, while understanding and designing the ability to deliver it for the long term.
In my professional experience, we found tremendous improvements and efficiencies using common Service Design tools and and methods such as personas, customer journey maps, service blueprints, prototypes and design sprints.
Based on my experience, I’m a believer that Service Design should become a common practice in most service based businesses. It allows companies to gain an advantage through great experiences for their customers, but to also ensure they are delivering them in the most efficient way possible.
Here are some good sources to learn more:
Companies should embrace new strategic frameworks to avoid getting caught up in the digital hype that hit them every day with new solutions and focus on what can actually help them achieve their business and communication objectives.