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Creating A Mobile Wallet Worth Having Omar Green director, strategic mobile initiatives @madfu @intuitinc

SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green

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SXSWi 2012 Presentation - Creating a Mobile Wallet Worth Having: With buzzwords like “NFC” and “mobile wallet” thrown about in the press ad nauseam, consumers and the mobile and financial industries are looking for who will emerge the winner in the effort to control mobile money – and there’s a great deal of money to be had if it’s done right. But as often as the mobile wallet is lauded for its convenience, it’s derided as “a solution in search of a problem.” Ultimately, in order to meet the real needs of consumers, wallet-makers need to stop focusing solely on the technologies of mobile payments, and actually look at what will drive usage: a mobile solution that is actually worth having. This doesn’t yet exist, but it could, if application developers create tools that actually change the way merchants and consumers feel, think, spend and save money. We will discuss what the true opportunity is for the mobile wallet and the elements that need to be included to move beyond technologies like NFC, to delivering the customer benefit to end users.

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Page 1: SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green

Creating A Mobile Wallet Worth Having

Omar Green director, strategic mobile initiatives

@madfu @intuitinc

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WHO I WORK FOR

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Transforming 50M Lives

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prep & file my taxes

manage my finances

get paid

intuit mobile apps address real problems

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WHY WE CARE ABOUT THIS PROBLEM

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income levels remain flat for the majority of americans

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while everything grows more expensive

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working americans are forced to do more with less

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SOLUTION IN SEARCH OF… Perhaps We’re Defining The Problem Incorrectly…

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how can mobile add value to payments?

•  accelerate the transaction –  translates to spending my money faster

•  simplify coupon & improving targeting –  enabling brands to spam me better

•  close the proverbial “marketing loop” –  no idea what this is

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the anonymity of cash

in china, System D is estimated at $1.47 trillion

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a wallet “stuck” in a phone

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In the broadest sense, CONTEXT represents the circumstances around which a user expresses behavior, captured digitally. It can encompass geo-spatial, temporal, emotional, cognitive, and other domains, so long as the domain lends itself to electronic monitoring and data capture.

defined

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re-defining…with CONTEXT

the question becomes:

how can mobility add value within the context of a financial transaction?

we need to understand the context 16

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early learnings

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outcomes

• CDI & FMHs were invaluable, but the data was incomplete

•  customers had a hard time describing something they hadn’t experienced yet

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break down flows to see context

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mobile $$$ txns =

+

+

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journey thru context to solution

Groking the Human Component

Agents, Models, & Counterfactuals

The Wallet Worth Having

Groking the Existing Flow

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GROKING THE HUMAN COMPONENT

$$$ and J

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first principles – abraham maslow

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mo

ne

y + m

aslo

w

history tells us money impacts every aspect of human existence…

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mo

ne

y + m

aslo

w

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the hedonic treadmill

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easterlin paradox

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contrary theory

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kahneman/deaton

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mo

ne

y + m

ob

ile +

m

aslo

w

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GROKING THE HUMAN COMPONENT

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kahneman

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stanovich & west

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the science: we have 2 minds

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the science: we have 2 minds

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System 1 unconscious, intuition, effortless

pattern recognition, emotional, decisive

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the science: we have 2 minds

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System 2 conscious reasoning, effortful,

slow & deliberate, rule-following indecisive

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the science: we have 2 minds

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System 1 leveraged when we spend

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the science: we have 2 minds

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System 2 leveraged when we use almost all

financial tools

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hypothesis: we use the wrong mind

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scientific theory goes farther

we might be biologically predisposed to be incapable of making

rational decisions about money, especially when we are spending

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learnings -- $$$ J

•  the way we think effects the way we think about money, and therefore, financial happiness

•  current financial software isn’t designed to help us where we might need help most – in System 1 activities

•  $$$ J must become a part of the tools we build

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journey thru context to solution

Groking the Human Component

Agents, Models, & Counterfactuals

The Wallet Worth Having

Groking the Existing Flow

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AGENTS, MODELS & COUNTERFACTUALS

Agent Logic

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how we build: today

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what if my need EXCEEDS my capability?

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remember this picture?

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what if the nail were instead a long screw?

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this tool is insufficient

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how we build: evolved

Capability

Need

Agent

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the agent: raw capability

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AGENTS, MODELS & COUNTERFACTUALS

Models

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Actually this is more like it

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Or this…

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53 …we can learn something here…

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MiJac

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colony capital

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outcomes

•  hardcore analysis – by experts

•  heavy lifting – financial models to predict future income from assets

•  the conclusion – MiJac needs an alternative behavior: GO BACK TO WORK

•  bailout – Colony Capital rolls the loans over, becoming MiJac’s creditor & MiJac goes back to work

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it happened again…

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AGENTS, MODELS & COUNTERFACTUALS

Geek Eureka – A Perfect Model?

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a shield against adversity…

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…a weapon against threats…

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…everything you learn, captured…

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RE-DEFINED

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what if a mobile wallet was an ACTIVE PARTICIPANT in securing successful financial outcomes, and in doing so increased

the likelihood of financial happiness?

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AGENTS, MODELS & COUNTERFACTUALS

Counterfactual Testing

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AGENTS, MODELS & COUNTERFACTUALS

The Shared Financial Object

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the outcome

•  leveraging “agent logic” and financial modeling, mobile wallets could become an active participant in helping to secure positive financial outcomes

•  such a wallet would enable consumers and software to experiment with possible financial outcomes and offer alternatives – “counterfactual testing”

•  if these alternatives and outcomes could be shared securely, users could learn from one another, increasing the likelihood of financial happiness

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journey thru context to solution

Groking the Human Component

Agents, Models, & Counterfactuals

The Wallet Worth Having

Groking the Existing Flow

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WALLET WORTH HAVING

10 facets, broken down into 3 buckets: •  Enable Transactions •  Improve Skillz •  Build Happiness

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10 facets, 3 buckets

•  Enable Transactions –  Pay for Stuff –  Get Paid –  The Loyalty Billfold &

Virtual Accounting –  Move Value Around

•  Improve Your Skillz –  Money Genius –  My Flows –  Rainy Days & Restful

Nights

•  Build Happiness –  Mogul Engine –  Outside the Box

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ENABLE TRANSACTIONS

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Pay Fo

r Stuff

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Ge

t Paid

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Loya

lty Billfold

&

Virtu

al A

cc

ou

ntin

g

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Mo

ve V

alu

e A

rou

nd

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IMPROVE YOUR SKILLZ

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Mo

ne

y Ge

niu

s

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My Flo

ws

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Ra

iny D

ays &

R

estfu

l Nig

hts

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Guess what?...it’s on a tablet

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BUILD HAPPINESS

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Mo

gu

l Eng

ine

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Ou

tside

the

Box

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A Final Word

“We become what we behold.  We shape our tools, and then afterwards, our tools shape us.”

- Marshall McLuhan

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Thanks!