Only a few years ago, the corporate view of retirement planning at San Francisco-based Wells Fargo Bank tended to focus on dollars and cents — how much an individual needed to invest, by when and for how many years,” write Julien Cayla, Robin Beers and Eric Arnould, authors of the article “Stories That Deliver Business Insights,” in the Winter 2014 issue of MIT Sloan Management Review. This segmentation did not account for context such as whether a person was inclined to think about long-term financial goals.
“As part of an ethnographic project commissioned by the bank, researchers had customers walk through a life timeline and recount activities they engaged in that related to retirement planning in each decade of their lives — their 20s, 30s, 40s, 50s and beyond,” write the authors. The stories showed that baby boomers faced “a complex phenomenon of continually negotiated personal travails and marketplace dynamics.”
As a result of what they heard, the Wells Fargo team reworked how they think of customers. The bank developed a behavior-based segmentation that divided retirement approaches into three groups — Reactor, Pooler and Maximizer. […]
As a result, the bank adjusted its marketing strategy and “designed its retirement planning site to include the various life stages used in the ethnographic research to convey the message ‘we meet you where you are’ and provide relevant, unintimidating guidance — as opposed to producing numbers-dense material filled with endless financial projections.”
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Why the world needs anthropologists – Coming out of the ivory tower Location: Padua, Italy, Centro Culturale Altinate/San Gaetano Date and time: Friday, 5 December 2014, 13:00 – 18:00 Padua, Italy, 5 December 2014 – The second edition of the international symposium of applied anthropologists attempts to erase the boundary between ‘pure’ and ‘applied’ anthropology, […]
Last year Experientia designed the interface of an ATM of UniCredit, a major Italian bank. The interface is now rolled out across the bank’s ATMs in Italy, to great satisfaction of the bank and the customers alike, since interaction speed is much faster and error rates went down dramatically. Last year UniCredit and Experientia also […]
In September 2014 Experientia gave a presentation on working as UX professionals with financial institutions at the EPIC conference in New York. The paper is now available on the EPIC site in HTML and PDF versions (free registration req’d). Abstract Application of a user-centered approach rooted in ethnographic methodologies facilitates a major European bank’s transition […]
Experientia president Michele Visciola is one of the keynote speakers at User Friendly 2014, the annual user experience conference of UXPA China, to be held in Wuxi, China, 13 to 16 November. The theme of the 11th conference is the “new era of the experience economy,” thus underlining the importance of transferring UX concepts and […]
An upcoming event is encouraging anthropologists to “come out of their ivory towers” and work more closely with their colleagues in the field, in order to bridge the gap between “pure” and “applied” anthropology. The international symposium “Why the world needs anthropologists” (Facebook page) will be held on 5 December 2014 in Padua, Italy. Experientia […]