SXSW 2012 - Creating a Mobile Wallet Worth Having - Omar Green
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Transcript of 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
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
early learnings
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 $$$ txns =
+
+
journey thru context to solution
Groking the Human Component
Agents, Models, & Counterfactuals
The Wallet Worth Having
Groking the Existing Flow
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GROKING THE HUMAN COMPONENT
$$$ 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
the science: we have 2 minds
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System 2 conscious reasoning, effortful,
slow & deliberate, rule-following indecisive
the science: we have 2 minds
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System 1 leveraged when we spend
the science: we have 2 minds
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System 2 leveraged when we use almost all
financial tools
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…
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?
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
Thanks!