Bank X – The Road to Money Moments is through the Heart of your People

Bankers ask us all the time why they can’t jump over this people betterment malarky and just go ahead and use our CX workshops to create Money Moments.

Many of our conversations go like this:

“We at Bank X love the idea of Money Moments instead of Banking Products!”

“Thanks, that’s great.”

“We think that’s spot on!”

“Brilliant.

“Can you guys come in and roll out some “EX not UX – how to Create Money Moments” workshops with some best practice examples please?

“Sure… Before we talk about that, what have you guys done to challenge the status quo of the offering so far?”

“Well we have various internal initiatives and projects.”

“Excellent – such as what?”

“There’s… well a multitude of things. There’s the overall digitisation priority of course.”

“…”

“And we are launching another innovation lab!”

“…”

“AND we are nearly ready for Open Banking!”

“Right. So are you guys fully Agile?”

“No – well that’s being implemented in some teams I hear.”

“Has everyone in Product and Proposition reentered around HLD? Have you popularised design with the rest of the organisation?”

“Well we’ve always designed well.”

“What have you found when you re-examined the full proposition with a “What if we had a blank slate, what would we build?” lens?”

“We do a lot of blueskying in every innovation sprint, I’m sure we have done some of that.”

“Have you asked your customers what counts for them money wise to design those moments?”

“We constantly listen to user feedback, sure.”

“What can you tell me about your culture? How empowered do you think your people are?”

“Huh? We attract the highest percentile of top graduates in the industry,  and we recently went through a strong re-branding exercise, we even changed the name of the digital offshoot so that’s not the issue – what’s the connection to changing products into MoneyMoments?”

“OK these banking products you want to change – how many of them do you have today?”

“…”

“Can we start by first taking an honest look at your organisation?”

“What? No! Why can’t we just get some of those killer-app style quick wins a consumer would like? Isn’t that a MoneyMoment?”

Leaving aside how MoneyMoments refers to the collection of all experiences the consumer has with their financial provider, whether overt or invisible, online or in person, conscious and subconscious, and not mere specific features or interactions, the answer to that is that even if the bank could create the most magical of UX while not having worked on Knowledge, Passion and Courage, then it would simply be masking the deeper issues within and it would be futile exercise with little end value.

And that’s a big “IF” because painting by numbers when it comes to the end-user experience simply doesn’t work.

how-to-know-if-someone-is-a-good-person

Moments of CX delight are unique and unless genuinely authentic and born of a true need to make the consumer happy they don’t resonate so they are non-transmittable.

This is why the extraordinary touch points that set Zappos, Disney and Apple aside have not become the norm cross industries.

It’s not for lack of information – everyone knows what makes the Apple store experience magical in terms of tools and processes – but while widely desirable it’s unrivalled. Everyone understands how Zappos goes above and beyond but offers mechanical copies of their wording at best. The technology Disney employs to make the experience seamless is easily accessible to any other experience provider be they a museum or a cinema and yet we don’t see it anywhere else.

What makes them unique is the intensely consumer-driven intention that built the experience. Their customer driven purpose. Their obsession with making them go “wow”.

Unless that spirit comes from the inside, unless the company  has enough good people with courage and passion who deliver against this purpose not because they read it in a white-paper, or it was mandated in their KPIs but because they live and breathe the conviction that it would make their customer’s life better – the “wow” can’t be copied and bolted on. Not consistently, not genuinely.

Supercharging emotions on top of the best of human centred design practices creates such magical experiences that we consumers fall -and stay- in love with the brands that can consistently give us that.

I ask bankers to imagine they could hook up the majority of their employees to a lie detector and ask them if they truly, genuinely, from the bottom of their heart care about their consumers.

Unless they are prepared to bet the summer cottage on how the answer would be a heart-felt, resounding “yes!” they shouldn’t wonder why their bank can’t delight and build MoneyMoments.

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