Design Mind frogcast: Toshi Mogi, AVP of Strategy, Financial Services, frog New York

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Design Mind frogcast Ep. 11 – Building Trust into Digital Futures

<p><strong>The financial services landscape</strong> is constantly changing. From cryptocurrencies to digital payments to disruptive new investment and insurance paradigms, design has a critical role to play in ensuring the financial sector drives innovation in a way that is as good for people as it is for business.</p>
<p>On this episode, we&#8217;re joined by Toshi Mogi, AVP of Strategy, <strong><a href="https://www.frog.co/sector/financial-service-design" target="_blank" rel="noopener">Financial Services</a></strong>, based in frog New York. Toshi&#8217;s here to share his insights from two decades of working on consulting and design programs in the financial sector. Toshi also shares a story of Futurecasting, a frog method of scenario building that helps business imagine plausible futures for their business.</p>
<p>Listen to the podcast episode and find transcripts below. You can also find us on <a href="https://podcasts.apple.com/us/podcast/design-mind-frogcast/id1541644073" target="_blank" rel="noopener"><strong>Apple Podcasts</strong></a>, <strong><a href="https://open.spotify.com/show/5mxbuRY6KtBwIrNhWhu0sx" target="_blank" rel="noopener">Spotify</a> </strong>and anywhere you listen to podcasts.</p>


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Elizabeth Wood

Toshi Mogi

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Authors

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What financial services companies can do right now to strengthen relationships with their customers and start building
the road to the next normal

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Instilling Consumer Confidence Through Design

<p>The coronavirus pandemic has put tremendous stress and uncertainty on both financial services firms and their customers. Millions of people have lost income or jobs, markets remain volatile as events continue to unfold, and individuals and organizations must sort through potentially confusing and conflicting advice on what safety and prevention measures to take.</p>
<p>As every good leader knows, managing perceptions is critical to managing a crisis. During this crisis, consumers have been forced to reassess their relationships with and commitments to various organizations, institutions and services. Consumers want to perceive that you are as committed to your relationship with them now as you were before the pandemic, and that you are taking steps to maintain and indeed strengthen that relationship.</p>
<p>it’s not necessarily the case that coronavirus has resulted in a breach of trust with your customers, taking proactive action to address their uncertainties can provide them confidence in your relationship going forward.</p>
<p>In this report, we’ll share strategies that will help you connect with your customers right now while simultaneously positioning you for success in the long run by inspiring new levels of customer confidence.</p>
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<p><strong>Download the Report to learn more about:</strong></p>
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<li>What financial services companies can do right now to strengthen relationships with their customers and start building the road to the next normal</li>
<li>The Four Pillars of Trust</li>
<li>Strategies and steps to help ensure your business and your customers are moving confidently forward with smart, design-driven decisions, solutions and digital products</li>
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<p>As AVP of Innovation Strategy at frog, Dr. Toshiharu (Toshi) Mogi leads the Financial Services Practice. With over 20 years of experience, Toshi leads frog engagement teams to incorporate design thinking, emerging technologies, market disruptions, and entrepreneurial methods to help clients identify opportunities, develop competitive growth strategies, and create new innovative products and experiences.</p>


<p>frog is a global design and innovation firm. We transform businesses at scale by creating systems of brand, product and service that deliver a distinctly better experience. We strive to touch hearts and move markets. Our passion is to transform ideas into realities. We partner with clients to anticipate the future, evolve organizations and advance the human experience.</p>


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How to drive ROI on Customer Experience Strategy and Design

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Digital Transformation Needs Design

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<p>Financial services firms are investing billions in digital transformation (DX) initiatives in response to both increasing consumer demand for intelligently-designed user experiences and the entry of digital competitors such as Amazon, Apple, Facebook and Google into the financial services sector–yet these initiatives continually fall short. The COVID-19 pandemic and its attendant social distancing requirements, however, have made the development and implementation of digital tools and services imperative. As firms are forced to embark on digitization initiatives in response, they must understand that a digital transformation without design will only lead to improved eciency in a soon-to-be outdated service model. Outstanding design is no longer a nice-to-have, but a necessity for survival in the “new normal.”</p>
<p>Most often, we find that companies are prioritizing digitization of processes, often at the expense of a prioritizing well-designed, customer-centric experiences. Many of these companies will adopt adaptive development methodologies, like the scaled agile framework (SAFe), that prioritize eciency, iteration and technology operations. However, more often than not, customer experience is treated as an afterthought. Ideally, a customer experience-focused strategy requires not only a quality design team, but also a strong commitment to cross-functional coordination, adaptive and rapid decision making, tolerance for uncertainty, and acceptance of learning through failure. In reality, what we’ve seen time and again are frustrated clients feeling bogged down by interdepartmental politics and slow approval processes, vendors placing their own interests above the client’s, and siloed product teams that aren’t able to see the full spectrum of customer experiences.</p>
<p>The problem is that “digital transformation” has become a catch-all phrase to describe the process of making legacy companies digitally native, but it doesn’t always constitute the concept of “transformation” as a whole, which is the crucial element to success. In other words, getting a team of developers and business analysts together to push your digital products to market fast is certaintly valuable, but if those applications aren’t connected to your entire organization’s digital ecosystem, and aren’t serving the client needs in broader, more meaningful ways, then they’re falling short of true digital transformation.</p>
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<p><strong>Download the Report to learn more about:</strong></p>
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<li><span class="c-message__body" dir="auto" data-qa="message-text">Moving from digitization to transformation</span></li>
<li><span class="c-message__body" dir="auto" data-qa="message-text">Strategies to keep your DX in service of your CX</span></li>
<li><span class="c-message__body" dir="auto" data-qa="message-text">Leading with design to win with design</span></li>
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The financial industry is facing a crisis of consumer trust. Simultaneously, the potential for disruption from outside sources is at an all-time high. To compete in a digital world, financial institutions will need to design along a trust-building framework, despite common barriers to successful innovation.

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3 Barriers to Building Trust in Financial Services

<p><strong>The financial industry is facing a crisis</strong> of consumer trust. Simultaneously, the potential for disruption from outside sources is at an all-time high. To compete in a digital world, financial institutions will need to design along a trust-building framework, despite common barriers to successful innovation.</p>
<p>Consumers have proven they are willing to explore alternative options for their personal finances, making the financial services landscape more competitive than ever. Yet, forging new ground requires allowing for consumer trust at each step of the design, development and delivery process. Designing trustworthy, secure and reliable financial products is the best, most sustainable way of helping customers accept newer, more innovation solutions.</p>
<p>At frog, we help our clients <a href="https://www.frog.co/sector/financial-service-design" target="_blank" rel="noopener">design products and services</a> that instill trust and inspire loyalty. That’s why we’ve created what we call the <a href="https://go.frog.co/en/designing_for_digital_trust" target="_blank" rel="noopener">trust-building framework</a> based on four core pillars specifically for the financial industry: competency, reliability, empathy and customer orientation. With this in mind, here are three common barriers to designing for that trust.</p>


<p>‘Transformation’ may be a buzz word in the digital world, but it’s important for customers to feel secure enough to buy in to innovation business models, services and even new currencies. To do this, having a consistent reputation for navigating current offerings while bringing customers along to new options is key. This is equally difficult for both new startups, brand new to the marketplace, and established legacy institutions looking to launch new products, services, departments or even entirely new companies. Building up a reputation for deep financial expertise and reliable, consistent customer experiences is essential for engaging new and established customers in exploring new options.</p>


Inconsistent Reputations

<p>Personal finances are about more than collecting dollars and cents; they’re about enabling important life events, such as buying property or getting married. Knowing this, it’s hard to get customers to trust businesses that don’t seem to express empathy for their needs, motivations and financial situations. Instead of having a transactional mindset, which is one that prioritizes the exchange of goods over all, organizations looking to break new ground in the financial industry should adopt a more relationship-based mindset. An empathetic, human-centered approach leads to more personalized offerings that are better tailored to customer’s actual life experiences.</p>


Transactional Mindsets

<p>It’s no secret that financial industry leaders, FinTech companies and others outside of the traditional landscape are bringing exponentially new business models, new economies and entirely new ways of thinking about personal and institutional wealth. Yet, this means there are just as many ways for businesses to lose that customer orientation and risk consumer trust. Avoiding conflicting interests is essential. For instance, if a company were to leverage revenue streams that incentivized unhealthy spending habits at the detriment of a customer’s financial well-being, this would be a clear conflict of interest. In order for customers to be on board, they’ll need to know that organizations have their best interest in mind.</p>
<p>To find out more about how the four pillars of trust can improve customer relationships and help develop lasting trust, download the<a href="https://go.frog.co/en/designing_for_digital_trust" target="_blank" rel="noopener"> Designing for Digital Trust Insight Report.</a></p>


Conflicting Interests

To find out more about how the four pillars of trust can improve customer relationships and help develop lasting trust, download the Designing for Digital Trust Insight Report.

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<p class="b2-alt">As AVP of Innovation Strategy at frog, Dr. Toshiharu (Toshi) Mogi leads the Financial Services Practice. With over 20 years of experience, Toshi leads frog engagement teams to incorporate design thinking, emerging technologies, market disruptions, and entrepreneurial methods to help clients identify opportunities, develop competitive growth strategies, and create new innovative products and experiences.</p>
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By bringing new competition, new business models and even new currencies to the marketplace, digital disruptors are transforming the financial services landscape. For industry leaders to thrive in this new digital world, they’ll need to focus on first winning consumer trust.

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Designing for Trust in a Digital World

<p><strong>In the decade since the 2008 financial crisis,</strong> corruption and massive data breaches at leading institutions have often made headline news. With consumers well aware of these front-page scandals, it’s no surprise why many are continuing to explore some of the many emerging, tech-enabled alternatives to banking- and investing-as-usual in the marketplace. As <a href="https://www.frog.co/designmind/winning-big-gamification-fintech" target="_blank" rel="noopener">FinTech</a> startups grow and competition continues to come from unlikely and disruptive places, the need to establish consumer trust In the financial services industry has never been more critical.</p>
<p>At frog, we believe creating trust in a digital world requires <a href="https://www.frog.co/sector/financial-service-design" target="_blank" rel="noopener">designing financial products and services</a> with a deep focus on designing trustworthy customer experiences. With this in mind, we’ve built what we call the <a href="https://go.frog.co/en/designing_for_digital_trust" target="_blank" rel="noopener">trust-building framework</a> built on four core pillars: competency, reliability, empathy and customer orientation. Here’s a look at three case studies that show how frog’s human-centered approach has helped these businesses change their outlook, launch new products and craft new, engaging experiences that resonate with customers in a digital financial world</p>


<h2>BNY Mellon: Relaunching a Legacy</h2>
<p>As the longest-standing financial institution in the US, BNY Mellon has seen its share of industry shifts. To stay ahead of emerging digital competition, they first came to frog for help relaunching its brand as a digital-first company. Seeing the value of digital communication, frog and BNY Mellon partnered to use their channels with more intention, and to design and operate platforms to combine expert guidance with clear paths to relevant financial products and services. More than five years later, the initial engagement has evolved into a new brand strategy, design language system and a series of sleek and user-friendly mobile- and digital-first solutions that fit comfortably within their customers’ lives.</p>
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<h2>Charlie: Expertise Meets Emotion</h2>
<p><a href="https://www.frog.co/work/personal-finance-one-text-time" target="_blank" rel="noopener">Charlie</a> is a startup that aims to change how people understand their own financial behavior. As a friendly chatbot service delivering personalized guidance to individual customers, Charlie uses artificial intelligence such as machine learning and natural language processing to text with customers in a natural and intuitive manner. The result is an app that is able to track and recommend financial guidance in a way that is mindful of how consumers actually like to communicate. To keep consumer trust front of mind throughout, the team aligned on creating a ‘relationship model framework’ that ensures the Charlie persona would be welcome into their customers’ lives. The resulting ‘prodigy penguin’ character is empathetic and expressive, and a trusted guide to personal financial matters.</p>
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<h2>Intesa: Digital Meets Brick-and-Mortar</h2>
<p>Digital shifts are not just changing the online financial environment. Even within commercial properties like brick-and-mortar banks and financial institutions, companies need to understand and design for how their customers access services in their everyday lives. With this in mind, frog partnered with the Italian bank <a href="https://www.frog.co/work/intesa" target="_blank" rel="noopener">Intesa</a> to completely redesign their branches around their clients. Through deep design research and rapid prototyping, the frog team helped Intesa launch digital tools that improve wayfinding in-store and help their clients connect with the right products and services for them.</p>


To find out more about how the four pillars of trust can improve customer relationships and help develop lasting trust.

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Today’s financial services firms must constantly ask themselves: Which disruptive brand will be our next competitor?

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How to Re-Imagine CX as a Brand Builder for Growth

<p><strong>This is because</strong> today’s diverse companies are eliciting new brand permissions from their customers, allowing them to play in spaces previously out of reach. For instance, many financial services firms are exploring what to do <em>when </em>(not if) Amazon decides to move into their space.  Similarly, when we are looking for innovation inspiration in financial services, we turn to companies like Ant Financial, who have leveraged their expansive customer experience platform to grant them brand permission to explore new business categories.</p>
<p>Going forward, customer experience (CX) will be the key to helping financial services clients drive growth. The path for doing so will involve developing strong customer experience platforms that in turn grant new brand permissions, which will ultimately allow for the creation of new products and services growth.</p>
<p>Another threat to existing financial services companies are startups, which are emerging and building brands at scale much faster than was possible before. While incumbents have been investing large sums to establish trust and reputation through brand building in the physical and digital worlds, startups have been able to build viral followings that allow them to exponentially grow their brands and compete in new spaces. If we look at the rise of the payment platform Venmo for instance, growth wasn’t triggered by viral campaigns and a band of digital influencers, but by the peer-to-peer nature of the service itself—an engagement experience that went beyond functional, tapping into the social and emotional attachments we associate with the payment moments. In this case, the CX of the viral product drove digital brand growth and resulted in rapid scale.</p>
<p>At frog, we help our financial services clients re-imagine their CX strategy in the face of all these rising threats in order to create new brand permissions that allow for products and services that go beyond their core.</p>
<p><em>Learn more about building a world class CX strategy at frog:</em></p>


Dr. Toshiharu Mogi

<p>As AVP of Innovation Strategy at frog, Dr. Toshiharu (Toshi) Mogi leads the Financial Services Practice. With over 20 years of experience, Toshi leads frog engagement teams to incorporate design thinking, emerging technologies, market disruptions, and entrepreneurial methods to help clients identify opportunities, develop competitive growth strategies, and create new innovative products and experiences. Prior to frog, Toshi held positions of increasing leadership at Cisco Systems, Wipro Technologies, McKinsey &amp; Company, Barington Capital Group, Hewlett-Packard, and AT&amp;T Bell Labs.</p>


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