finance

Rethinking Financial Literacy with Design Anthropology

by MARIJKE RIJSBERMAN (FAIR Money; Coursera) Marietta is 61 years old. She takes care of her adult son (unemployed) and her daughter-in-law (disabled), both of whom live with her in a simple 3-bedroom house on the wrong side of the freeway. Her rent is sky-high, because in Silicon Valley rents are crazy on both sides of the freeway. Marietta also contributes to her mother’s care. She is trying to keep up payments and insurance on three cars, one of which is currently non-operational, and she has title loans on the other two. And she has a set of payday loans outstanding. Small-dollar subprime loans like the ones Marietta has are marketed only to those who have few choices. Payday loans are meant to tide you over until your next paycheck, so they run at most for a period of two weeks. In California, you can borrow up to $300, but a fee of $45 is immediately withheld, so you end up with $255 in hand. You owe the full $300 in two weeks or less. If you can’t pay it back in full, you “roll it over.” That is, you get a new...

Transforming a Financial Institution: The Value of UX Professionals

ERIN O’LOUGHLIN, GINA LUCIA TAHA and MICHELE VISCIOLA Application of a user-centered approach rooted in ethnographic methodologies facilitates a major European bank’s transition to a business strategy based on understanding people’s needs, behaviors, values and motivations. Three UX case studies conducted over three years illustrate our educator, moderator, partner framework for collaborating with large enterprises in flux....

Co-opetition as the New Path to Innovation? Negotiating Strategic Change through User-Centred Design Approaches

ALICE PEINADO, MAGDALENA JARVIN and CORINNE JOUANNY This essay analyses how consensus was reached in a co-opetitive setting by looking at two, consecutive but related projects spanning from 14 to 18 months in length. The projects took place in Paris, France, between 2009 and 2013, and involved key players from the banking and insurance industry. FiDJi, short for Finance, Design et Joie d’Innover, was meant to test a new innovation method based on a design thinking approach. FAIR, short for Finance, Assurance & Innovation Responsable, was conceived as a sequel to FiDJi but had the more ambitious goal to develop a new methodology that, while using a design thinking approach as a starting mode, would provide an independent set of guidelines with respect to sustainable, responsible innovation. Consequently, the dynamic of each project varied, as did the end goals. Both projects took design thinking as a starting point but while FiDJi produced a new innovation methodology based on a user-centred design approach, FAIR had the more ambitious...

From Street to Satellite: Mixing Methods to Understand Mobile Money Users

ERIN B. TAYLOR and HEATHER A. HORST How do users incorporate mobile money into their existing practices and adapt it to their needs? The answers can be surprising. Simultaneously a commodity, a store of value, and a social good, mobile money combines a large array of applications within the one platform. This is why mobile money has been touted for its potential for socioeconomic development, as a profitable commercial enterprise, and even as a tool for strengthening governance. The fact that customers rarely use it for just one purpose can also make it difficult to untangle customers’ motives and behaviors. In this paper we compare our own research with other studies to demonstrate how deploying a full suite of ethnographic methods (qualitative and quantitative) can provide significant insights into users. We present three key insights relating to time, trust, and traces / trajectories, and make suggestions for the future of mobile money research....

Ethnography as a Catalyst for Organizational Change: Creating a Multichannel Customer Experience

ROBIN BEERS, TOMMY STINSON and JAN YEAGER This paper describes how ethnography became a catalyst for organizational change in a leading financial institution by providing a collaborative context for functional groups to come together in co-creating a multichannel customer banking experience. While consumers increasingly expect a good cross-channel experience as a de facto element of their engagement, few companies successfully deliver this experience in a compelling way. Because functional groups are siloed, focusing on their own business goals and managing their own discrete parts of the customer experience, there is limited understanding of the experience as a whole and limited interest in bridging units to improve customer experience. Building a 360° view of the customer is an “excuse” for people to step outside their silos. The ethnographic process can become a collective learning platform where people gain a common understanding of the customer and how they’re accountable for delivering the customer experience. However the...

Evolutionary Matryoshka: Mapping the Dimensions of the Evolutionary Forces Impacting Survival of Ethnographic Insights within a Large Financial Enterprise

ARI NAVE and ZACH LEV Evolutionary forces are applied as a framework for understanding the dynamics that determine which insights, generated from a corporately-funded ethnography, flourish in the organization and which fail to thrive. Using duel-inheritance theory model, the paper explores sui generis elements of the ideas themselves, contextual variables, the mechanics and mediums of transmission, as well as contextual selective pressures such as how organizational structures trigger prestige bias. Leveraging anecdotal data, the paper points to the value of evolutionary theory as a framework for understanding broad patterns of information dissemination....

What Happens When You Mix Bankers, Insurers, Consultants, Anthropologists and Designers: The Saga of Project FiDJI in France

ALICE PEINADO, MAGDALENA JARVIN and JULIETTE DAMOISEL This essay explores an initiative carried on by a group of three banks , two insurance companies and a consulting firm, European leader in the field of innovation, towards the development of a methodology aimed at innovating through a user-centered approach in design. The project, baptized “Projet FiDJI – Finance, Design et Joie d’Innover”, brought together sponsors of the banking and insurance sectors with ethnographers and designers within an academic lead context. The aim was to develop a methodological approach that would push banks and insurances to shift their focus from the more traditional, marketing lead quantitative studies towards a more qualitative appreciation of their clients. In so doing, it tried to re-position the main strategic approach of the institutions involved from that of product focused companies to user focused, service oriented ones. Project FiDJI was awarded the highly competitive label of “innovative and strategic project” by France’s “Pôle...

Navigating Value and Vulnerability with Multiple Stakeholders: Systems Thinking, Design Action and the Ways of Ethnography

MELISSA CLIVER, CATHERINE HOWARD and RUDY YULY A growing cadre of organizations, corporations, NGOs and philanthropic foundations seek to address difficult global problems like poverty using social innovation and technology. Such problems are multivalent, deep-rooted, ever changing and culturally specific. Amid this complicated terrain, ethnographic tools and methods are uniquely suited and key to successfully addressing these large-scale dilemmas. In our project, we use dynamic combinations of research, strategy and creative thinking to develop scalable financial service prototypes designed to promote financial inclusion for the world’s poorest individuals. Fostering holistic solutions in this arena requires new ways of conceiving, designing and delivering innovation. In this paper we describe our process and vision for navigating these complex environments with hybrid strategies and an embrace of systems thinking1. We conclude with six imperatives for success in global social innovation projects....