Comments on: An attempt to answer William

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By: Pierre

Pierre — Thu, 17 May 2007 18:23:08 +0000

Not to grossly oversimplify but at the end of the day we (banks/cu’s) are a lock and key protecting information that is stored in a data base. Ideally the user should be able to access and see the information presented in whatever way that would suit them best. We should not be an access barrier.

All products and technology can be commoditized… if you are do what I believe Gene is hinting at then the user becomes the architect of the product.. which due to the infinite permutations of possibility would be very difficult to replicate– aside from the actual process itself which potentially could be copied by other banks/CU’s.

This is actually not a new phenomenon, many companies these days are ‘handing the keys’ of product development over to the user creating environments with certain controls and parameters (regulations, legal requirements etc.) but allowing the user to do the rest. In a virtual world where we really aren’t ‘manufacturing’ anything except moving information bits around, this would be very plausible.

By: Robbie Wright

Robbie Wright — Tue, 08 May 2007 16:09:29 +0000

I’m a big proponent of “the experience”, as Colin is, but for any company to be successful they need to apply their innovation and resources to both aspects of the business. I personally believe that the best product innovation comes direct from observing and dealing with your members/customers so the environment needs to help strengthen the feedback.

I believe Gene is correct, the VHE (virtual human experience) is a tremendous avenue to receive quality feedback. Wesabe is a wonderful example of this. They’ve been able to combine uber-sensitive data into a community forum and gather an amazing amount of insight. Not only does Wesabe listen to the direct feedback from their customers, but the data they can gather is extremely power in understand how people use their finances.

I’ve seen so many companies with terrible products because they don’t listen to end user feedback. It might be the next great thing, but if it can’t be used effectively and efficiently, it won’t.

Build the environment for your members, and you won’t have to worry about what latest technology to use or what your next product will be. You’re members will tell you.

By: An attempt to answer William » SHARING IDEA WEBLOG

An attempt to answer William » SHARING IDEA WEBLOG — Sat, 05 May 2007 15:41:41 +0000

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By: tinfoiling

tinfoiling — Sat, 05 May 2007 06:02:34 +0000

What does anyone expect from a FI? I would suggest the folowing.
Not having to wait in line. Take care of that first. No or minimal lineup are possible. Next before you do anything with their account (read transferring money) be sure you communicate with them first and foremost. Forget about automatic phone answering systems. Have a person answer the phone and when they ask for a balance be sure you can securely give it to them. When they come in to talk to someone about a loan let them come into the loans office now, not at a later date or time after making an appointment. The list goes on but the experience is just common sense. What do they expect? To be treated properly. Staff should treat member as they would like to be treated. The golden rule. From that base, and only from that base you need to move forward by tying in that crux to your products and services that need to operate outside the times you are open. 25 years ago you could only do banking when the doors opened. I don’t know what the figure is now but it might be 50%? of people’s banking is done on their own through some out of hours technology (for some it is even higher — I spoke with someone who hadn’t been in a bank branch for 3 years because of the lineups). Banks or whoever have not been able to produce product because the product can’t portray any extension of something other than themselves. Credit Unions have an opportunity from their base to develop or extend their products from who they are and will continue to be. For lack of an English word this would be the virtual human experience (VHE).
I agree 100% that before you do anything understand what the member expects, always exceeding those individual expectations and build on that. Don’t generalize but pay attention to each unique individual. The condtion of trust takes a lifetime to build.
Great comments!

By: Colin

Colin — Sat, 05 May 2007 05:31:09 +0000

RE: “Maybe it isn’t only the website but the products that could be an integral part of the website.”

While you guys are lunching, just some thoughts from a radical, and you are hinting at it in your picture:

- I say forget about websites and product
- consider customer experience
- customers expect what?

Once you figure out the experience customers expect, you can think about the usual, people, process, technology stuff.

Product – my take: forget about it. It comes last. Banks have been product centric for ever, and that doesn’t work when you get into experiential design.

Lastly, Credit Unions have an ideal relationship with their customers to develop the emotive aspect of their customer experience. Work from there.

By: William Azaroff

William Azaroff — Fri, 04 May 2007 23:56:47 +0000

Thanks Gene! I really appreciate the expanded answer. Your perspective is fascinating. The marrying of the product itself and the way it shows up on the website isn’t something I’ve ever really thought about before.

Yes, a lunch sounds essential. Can I selfishly ask if there’s a way we could meet without me having to drive to Abbotsford?