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CX Strategy

ID 004621 Online Wires


Kendra Shillington

REVISION HISTORY
04.27.2011 CB
04.22.2011 CB
04.21.2011 CB
04.20.2011 CB
04.04.2011 CB

ID 004621 Online Wires CX Strategy 1


Table of Contents
Purpose of this Document 3

Research & Insights 4

The Wires Universe 5

Wires at Wells Fargo 6

Layered Complexity 7

Standalone vs. Integrated 8

A Multi-Touch Point Experience 9

Scenario 1 10

Scenario 2 14

Scenario 3 18

CX Considerations 22

Business Drivers 30

CX Strategy & Recommendations 31

Risks & Barriers 32

Next Steps 33

Preliminary User Flow 34

Example: Service Blueprint 35

ID 004621 Online Wires CX Strategy 2


Purpose of this Document

• Articulate the fundamental business requirements for the Online Wires project.

• Understand and identify key issues and barriers that impact the customer experience.

• Provide a user-centered design framework for the customer experience.

• Propose a customer experience strategy based on user-centered design methodology.

• Create a roadmap and determine next steps for implementing customer experience design.

• Build consensus on customer experience strategy and approach.

ID 004621 Online Wires CX Strategy 3


Research & Insights*

Customer Feedback
• Customers have a clear understanding
of wires

• Current wire usage is tied to transfers that


need a combination of speed, safety, high
dollar limits, and international
availability.

• In-store experience is inconsistent and


frustrating – it takes too long and bankers’
experience varies.

* Online Wires Foundational Research

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The Wires Universe
Popular Recipients Cutoff
Fees & (Title & Investment Times Advanced
Disclosures Name,
Limits Delivery companies Recurring Access
Address, etc.
Speed Terms and Tiered or Future
What you'll Conditions Limits
MTS (linked
Wires vs Fed Ex need SWIFT/BIC to Funding Currency
ACH Model Lookup Tools Acct) Remittance
Info
Product
Comparison
Account/ Save as
Recipient RTN Info Select From Template
Details Account Payment
Basic Info Details
Repetitive
Search
Understand Wires Email
Authenticated Verify &
Session Submit
Evaluate SMS

Customer Add/Select Alerts


Support Recipient Send Wire (Wire Sent)
Print
Find Initiate &
Search Setup Receipt SMS
(Public Site)
Confirm
Store
Locator Locate/ Email
Navigation Alerts
Discovery (Wire
Account Received) Outgoing
Activity
Account
Track/
Services Transfers &
Review
Transaction
Payments Incoming
Experience History
Wire
Transfers
Ecosystems

Hogan

Systems & Phone


Touchpoints Banker
Data

SWIFT Servicing
MT103
Browser
(Online)

WF Wire
OPs Pay Dirt

Branch/
Store
Process SVP/Banker
Exception Save/Access
Fed Wire Platforms
Recipient Data
Mobile

Dedicated
800 Number Online Help
OCS Priority
Queuing

ID 004621 Online Wires CX Strategy 5


Wires at Wells Fargo
Current State Future State
Reduce costs in the stores
Expensive to process
wires in store
Better customer support

No integration across
channels/touchpoints Improve cross-channel Phone Banker
In-Store/Branch experience

Mobile In-Store/Branch
CEO CEO WF.com
Online Online

CEO CEO wellsfargo.com


Mobile Mobile Online

Phone Banker

Enable mobile wires

Increase adoption & use


of online wires

Currently offered in the branch and by phone Reduce costs through self service channels like
based on approval of manual forms. web and mobile.

CEO offers wires online and through their mobile A standalone product may be quicker to market as
app. a mobile service.

Bof A, Chase, and Citibank have an online wires Avoid customer attrition by not offering online wires
offering. when our competition does.

ID 004621 Online Wires CX Strategy 6


Layered Complexity

Advanced Access?
T&C’s What’s this?

Help/Service

Limits & Settlement


Currency Conversion

SWIFT/BIC/IBANN/ABN Lookup

Add Recipients
Advanced Access/Authentication

Online Wires First­time


Customer

The wires experience is potentially a multi-layered process which involves additional security measures
and authentication, lookup tools for routing numbers, etc. and various levels of help, servicing, and
disclosures.

A well designed first-time customer experience, clear servicing guidelines and a nicely orchestrated
cross-channel experience will be key for Online Wires success.

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Standalone vs. Integrated

• The FedEx model of money movement is

P2PBillINTER­FI
Pay
widely used and easily understood by
customers.

FXOL
ICT
?
• It might be hard to integrate Online Wires
into our money movement offerings because
wires is a product that works across our
EXPress SEND
current tab structure.

• A standalone service may be appropriate


since customers know what it is and are
already looking for it online (and mobile).

The FedEx Model of Money Movement


Product Limits Cutoff Time Delivery Cost
Speed

ACH $1000.00 5PM PST


2 $3
DAY

$1000.00 5 PM PST NEXT


ACH
DAY
$10
$500,000.00 3PM PST SAME Paradox
WIRES
DAY
$25 of Choice

ID 004621 Online Wires CX Strategy 8


A Multi-Touch Point Experience

Hi, I’m online right now


trying to make a wire transfer No problem,
and had a question about how can I help?
IBANN codes.

Customer
Support

Customers will embrace new channels and touch points,


but won’t just necessarily abandon old ones. (Forrester)

First­time
Customer

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Scenario 1:
Family member robbed & stranded overseas

ID 004621 Online Wires CX Strategy 10


URGENCY is often a part of the WIRES
On the
experience and can add stress. train back from Rome,

Calm down... I was Robbed!


It’s going to be OK!
We’ll wire you the money.

Harry’s daughter Sarah is SARAH


studying for a year abroad
in London. Emotions can be elevated when family, loved ones
HARRy or high­value transactions are involved.

EMOtiOns

tOuCHPoinTs
PHONE WEB MOBILE

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CUTOFF times?

The UK
is 8 hours ahead.
I can save time by
doing it online.

Customers have the


WF Consumer
Transfers
Between your accounts
| To another customer
| ExpressSend | Wires

Cancel Continue

expectation that doing


things online will
save time.
When they’re upset or emotional,
ease of use, comfort, and security,
are even more important to them.

HARRy

EMOtiOns

tOuCHPoinTs
PHONE WEB MOBILE

ID 004621 Online Wires CX Strategy 12


A couple of hours later, Harry receives
a call from his daughter on his cell phone
that the wire has reached its destination.
He is relieved she’s OK, received
the funds, and won’t be sleeping on a park
bench in Trafalgar Square.

Harry checks his balance


on wf.com to be sure the
funds have been removed
from his account.

EMOtiOns

tOuCHPoinTs
PHONE WEB MOBILE

ID 004621 Online Wires CX Strategy 13


Scenario 2:
Making a big investment (life goals)

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Can you email
me the details of
where you want the
wire to go?

Bill has been considering some


investment opportunities for capital growth
and is thinking of getting involved in a REIT.
The deadline for participation is

$
approaching and the company suggests
that Bill wires the $100,000.00
to their account.

EMOtiOns

tOuCHPoinTs
PHONE WEB STORE

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I can do Oh Snap!
this online, I think. I have to go to
Let’s see here... the branch.

Because of the amount of


Bill’s Wire Transfer and a
combination of other factors
to evaluate risk (interdiction),
Bill must physically go into a branch
to authenticate and complete
the transaction.

EMOtiOns

tOuCHPoinTs
PHONE WEB STORE

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I have a
wire transfer that
I started online.

Let me pull
it up for you

I need to
ask a couple of
questions

Fortunately, the details of Bill’s wire transfer


and the recipient info has been saved, so he
doesn’t have to start over from scratch
at the branch.

EMOtiOns

tOuCHPoinTs
PHONE WEB STORE

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Scenario 3:
Doing business overseas (recurring wires)

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Jerry has a startup. He offshores his development to the Ukraine. He usually sends repetitive wires at
least once or twice a month.

SAN FRANCISCO Hi, I need KIEV


to cancel an
outgoing wire.

UKRANIAN
DEVELOPMENT
TEAM

He has a recurring wire scheduled for today,


but calls the WIRES hotline to cancel. The
latest invoice is for a greater amount than usual
JERRY
(ENTREPENEUR)
and he needs to take a closer look at his finances.

EMOtiOns

tOuCHPoinTs
PHONE WEB MOBILE

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nsume r s Wires
WF Co
|
Transfer ExpressSe
nd
|
er customer

Wires
| To anoth
unts
your acco
Between

Outgoing

Jerry is constantly on the move. At the cafe


he checks his email, account balances, looks at
his wire activity, and realizes he has enough in
his account to wire the Ukraine for their
recent invoice. He knows the cutoff time is
approaching but has to leave for a meeting.

EMOtiOns

tOuCHPoinTs
PHONE WEB MOBILE

ID 004621 Online Wires CX Strategy 20


The
Daily
O’MALLEY’s Tons of Suds
Scoop LAUNDROMAT

OPEN

On his way to the meeting, Jerry decides to send the wire from his mobile phone. His previous wire
recipient info is accesible on his phone and always saved for future use.

EMOtiOns

tOuCHPoinTs
PHONE WEB MOBILE

ID 004621 Online Wires CX Strategy 21


CX Considerations | Where does it live?

WF Wells Fargo Online


Account Services
Overview | Contact Us

Account Access
Manage Guest Users

Messages & Alerts


View Messages & Alerts
Set Up/Modify Alerts

Transfers would be an intuitive place for the


Transfers Wire Transfer service to live under the
Transfer Money & Make Payments
Transfer to a Wells fargo Customer
current structure of the Account Services
Set Up Recurring Transfer page.
Express Send
Wire Transfers Customers could access the service here as
a satellite experience or as an integrated
experience under the Transfers tab.
Bill Pay
Apply for Bill Pay

ID 004621 Online Wires CX Strategy 22


CX Considerations | Transfers Hub

Transfers Overview could display all of our


transfer products and services. Similar to BOB
WF Consumer display of Transfers & Payments options.
Transfers
Transfer Overview | Transfer Activity

Between my Wells Fargo Bank to Bank Frequently Asked


Accounts Transfer money to a non­WF account. Questions
Transfer money between your WF
Limits & Fees
Accounts.
Cutoff Times
Person to Person Advanced Aceess
Transfer money to anyone by email
Express Send or mobile number ACH vs. Wires

Transfer money to recipients in Foriegn


countries for cash pickup or to an account
Wire Transfers Need Help
in our network.
Transfer money to any foreign or Choosing a
domestic account. Transfer Method?
Wires can be accessed from Try our transfer
Transfers Overview. Help customers evaluate and recommendation tool.
differentiate transfer methods OR
and costs.
View Transfer
comparison chart

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CX Considerations | Integrated Approach

WF Consumer
Transfers
Between your accounts | To another customer | To another country

Wires could be integrated


Transfer Money & Make Payments into our current IA structure.

Advanced Access is required for this transaction. What’s this?

From Account Select Any


If integrated, accounts and
To Account Select Any Add New Account or Recipient recipients, would be
interchangeable.
Enter Amount $

Surface FedEx model to


Choose Delivery Speed* determine transfer method.
3 business days ACH $3.00 5pm PST cutoff time
Expose cutoff times, could
Next business day ACH $10.00 5pm PST cutoff time be dynamic, or alternatively
show when transfer would
Same business day Wire $25.00 3pm PST cutoff time
arrive (pain point).

Cancel Continue

*Disclosures & Terms goes here

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CX Considerations | Gold Medal UI (Release 4.11)

WF Consumer
Transfers
Between your accounts | Send & Receive Money | To another country International wires add
complexity (currency
Send Money conversion, etc.) and start
to break UI framework.
Send Money Receive Money Manage Contacts
Add recipient module would
need to have options for
From Account Select Any routing codes and account
Send To Select Any Add Recipient numbers, etc. Currently,
assumes you’re sending to
Amount $ About Limits a person. What about a title
or investment company?
Description This will be seen by you and your recipient.
For first-time online wires,
Choose Delivery Speed* there may need to be
pre-defined limits to
3 business days ACH $3.00 5pm PST cutoff time
mitigate risk.
Next business day ACH $10.00 5pm PST cutoff time
For wire eligible accounts,
the wire option would be
Same business day Wire $25.00 3pm PST cutoff time
selectable.

Cancel Continue

*Disclosures & Terms goes here

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CX Considerations | Interface Elements

Wires could also be an additional


tab. Also might consider making
WF Consumer ExpressSend its own tab.
Transfers
Between your accounts | To another customer | ExpressSend | Wires
Step-thru progress
Add/Select Transfer Verfy &
Recipient Details Submit
Confirmation indicator could
1 2 3 4 help orient the
customer through-
WHERE is the wire for this recipient going? out this multi-step
US Non­US*
Allow customers What you’ll
to save recipient need:
WHO are you sending the wire to? info for re-use. Advanced Access
What’s this?
Customers should
Add NEW My Saved Recipients/Templates know what’s
Recipient ABN/ required and may
ENTER Recipient Name or choose from the dropdown Routing Number need contextual
Consider asking What’s this?
help.
questions up front Cr
Crabtree Home Mortgage SWIFT/BIC
which may have Code (Non­US)
a big impact on Crable Bros. Investments
What’s this?
Credit Mortgage
pathing or what’s Credit Suisse
displayed con- Credit Corporation of America Use autocomplete to surface a combo box with
ditionally to the Credit World Title Co. pre-validated title and investment companies
customer from our directory for the customer to choose.
downstream.
Cancel Continue

*Disclosures & Terms goes here

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CX Considerations | Transparency

WF Consumer
Transfers
Between your accounts | To another customer | To another country

Help customers evaluate best transfer


method with a simple tool or product
Best transfer method for you! comparison matrix.
How much do you want to send?
$50,000 ­ $75,000
We recommend...
When does it need to arrive? Wire Transfers
Same Day Next Day 2­Day cost/Fee
No
$25.
SAME
Limits 00
Where is it going? Day
US Non­US

Cancel Submit
What you’ll need:
Advanced Access What’s this?
Recipient ABN/Routing Number What’s this?

Set expectations around what customers Cancel Send Wire


will need to complete the task.

Communicate clearly about fees, limits,


cutoff times, conversion rates, etc.

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CX Considerations | Hooks & Triggers

WF BiZ
Transfers & Payments
Overview | Bill Pay | Transfers | Tax Payments
Between your accoiunts To another customer To another country

Between the cut­off time of one business day and the next, $1000 is the maximum amount that you
can transfer online from your account to the accounts of other Wells Fargo customers.
Need to send more? Try Online Wire Transfers
Hooks, triggers, and entry
points for online wires will be
key to its success, especially
as a standalone service.

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CX Considerations | Design Patterns

WF Consumer
Transfers
Between your accounts | To another customer | To another country
Because of the potential
complexity of the experience,
Advanced Access is required for this transaction. What’s this? dynamic and conditional
Sign up NOW!
displays can help reduce
customer confusion and
frustrations.

Advanced Access is required for this transaction. What’s this? Progressive disclosure and
hide/show patterns can also
help reduce clutter and keep
the customer on task.

Lightboxes and overlays may


contain discreet subtasks i.e
looking up a routing number or
accepting terms & conditions.

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Business Drivers

• Cost savings benefit from time and personel servicing in-store wires (73 FTE’s/yr, $1.5M/yr)

• Increase utilization of foreign currency. Generate revenue from foreign currency conversion($5M/yr)

• WOW– provide a great customer experience, increase loyalty and retention.

• Acheive parity with our competitors, avoid customer attrition.

• Increase use and adoption of Online Wires.

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CX Strategy & Recommendations

• CX will continue to support business goals and user needs through UCD process.

• Transparency should be given to standard attributes such as fees, limits, cutoff times,
disclosures, etc., but also to support the business goals, we need to be transparent around
foreign currency conversion and its associated customer benefits.

• Particular consideration should be given to the first-time customer experience.

• Be empathetic and respectful of the emotional and stressful nature often associated with
high-value, urgent transactions. (Communication strategy, voice and tone, are important to
support this goal.)

• A standalone wires service may be a desirable short-term approach. Customers know what
wires are and are already looking for them under specific circumstances.

• We need to give consideration to the current IA and tab structure and better understand the
quickly shifting money movement landscape to accomodate our new products and services
that are presently making the current structure obsolete.

• The capacity to save and re-use customer data and recipient info within online wires and
across the enterprise will help make this a good customer experience and reduce customer
pain points.

• Short-term, may consider enabling online channel for repetitive wires only after the recipient
accounts have been verified by an initial in-store wire.

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Risks & Barriers

• Wires are the riskiest out of bank transfer for both the cusomer and the bank.

• Fraud prevention measures and risk management are critical to enable this functionality
online, let alone mobile.

• Because security is a huge and central component surrounding this experience for both the
bank and customer, this process needs to be bullet-proof, front and center, but not get in the
way of completing the transaction.

• There are added complexities and anomalies because the wires product spans both
domestic and foreign transactions. International transfers may have different limits, intermediary
banks, certain types of specific routing codes (SWIFT or IBANN), and the additional layer of
currency conversion.

• Our ability to communicate clearly to the customer about our money movement story and the
differences between alternative transfer products is a challenge. (The FedEx model will have
additional complexity to accurately describe our transfer products.)

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Next Steps

• Consider the possibility of conducting Listening Labs with low fidelity or clickable (iRise)
prototypes to gain more insights into usability before commiting to a full Usability study.
(CX & LOB)

• CX to begin modeling the experience: design for wireframes & actual screen mock-ups for
online wires experience. (CX)

• Gain more understaniding into the MMS Roadmap from key stakeholders consider near-term,
mid-term, and long-term affects and impacts to this project and MMS. (LOB)

• CX to help with assets or artifacts to present at Stage Gate 2.(CX)

• Gain approval to pass through Stage Gate 2 and get additional resources to move forward.(LOB)

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Preliminary Task Flow
Transfer &
Payments Account
Activity In-store/Branch

1 2 3
Call Center
Acount OLB/WIB Store Go to 2nd Signature Store Manager
Validation
Branch/ Required Approval
Services Entry Point Locator
Store
Tiered Limits & Security Steps

Wires
BIZ or
BIZ Landing Page May not be
Consumer?
This may not be a (BIZ) necessary to
separate page but
segment out
could be a module or
Help tile on the Wires
landing page Consumer Physical
Go to Receipt Exit Branch/
Branch/ Store
Store

What You'll First-time


Yes Customer
Need Y/N?
Incoming/
What's Outgoing
this? No Activity
Email SMS
800
Number

Advanced Wires
Advanced
Access Access
Cancel/ Landing Page Alerts
See Activity
No Modify Sent
Sign Up EnrolledY/N? (Consumer)
Saved
Recipients

Yes Standard Save for Recurring


Limits or
Templates other details Reuse?
Use Template,
Add New Stored Recipient, trigger
or Add New? exception
Sign Up Or maybe this
Complete Currency Do not display goes at the end
Converter to First-time of the task
Request What's customers
Existing Recipient
Code this?
or Template

Add SWIFT/BIC
Recipient Select From Transfer Advanced Advanced Verify &
Lookup No Access Approved Options No Confirmation
Recipient Y/N? Info/Details Account Details Code Y/N
Submit

Popular Yes
Recipients Not
Approved Yes
Print
Receipt Save for
Standard Terms & SWIFT/ Intermediary Reuse
Future/
Templates Conditions BIC Bank Info
Recurring?
Lightbox

ABN/RTN Lookup tools vary based on transfer


IBANN
Number destination (domestic vs. foreign, etc.)

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Example: Service Blueprint

Use Case 1: First Time Wire Transfer (Current Experience)


Physical Evidence

Customer picks Customer glances Customer enters Customer fills out Customer gets a paper Money shows up Customer logs in to
up phone at clock local branch paper form receipt of transaction Two hours pass by in account Online Banking

Customer calls a Phone Customer notices the Customer enters the Customer fills out the Customer gets a paper Wire transfer is complete Customer goes online
Banker to initiate a wire clock and realizes that the branch store and is greet- form with the details for receipt for the wire and funds appear in the later in the evening and
Customer Actions

transfer to their daughter end of business day in ed by a customer service the wire. He does have transfer and thanks the customer’s dughter’s recieves an email
FRONT STAGE

who is traveling in Europe Frankfurt is fast approach- person who directs then questions about what is banker for his help account. confirmation that funds
and has been robbed. ing. Overcome by a sense to a banker who can help or isn’t required and the have been recieved at the
of urgency he grabs his with the wire transfer. in-store banker is helpful. destination account
keys and heads to his Customer’s signature is
local branch. He doesn’t required.
want his daughter sleep-
ing on a park bench.
LINE OF
INTERACTION
Front-of-stage
Interactions

Phone Banker explains to The banker gives the Banker verifies details Banker tells customer that
customer that wires need customer a form that they with customer and enters information for this trans-
to be initiated in a branch need to fill out with the transaction details into the action will be kept on file
store. details of the wire transfer. system. in case of future wires.

LINE OF VISIBILTY
Back-of-stage
Interactions

Because it is a high-value
transaction and the banker
does not have a lot of
experience with wires, a
BACK STAGE

manaager’s approval is
required.
LINE OF INTERNAL
INTERACTION

PAY DIRT SWIFT MT 103 STP 820 ISO 20022 HOGAN/ALERTS


Support Processes

Details or overview of Details or overview of Automated batch email


what processes are hap- what processes are hap- alert is sent notifying the
pening on the back-end pening on the back-end customer that funds have
behind the scenes would behind the scenes would reached the destination
go here. TBD. go here. TBD. account.

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Thank You!
(THE END)

ID 004621 Online Wires CX Strategy 36