What's the Real Problem?

This week, we're diving into the heart of innovation: identifying and solving customer problems in new and exciting ways. By shifting your perspective and challenging the status quo, you can create products and services that truly resonate with your audience.

Apple's Innovation in Financial Services

On Tuesday, I revisited my episode of The Brainy Business podcast on the launch of Apple Card, a groundbreaking product that disrupted the credit card industry. This refresh serves as a reminder of how important it is to see the world through our customers' eyes and to identify unmet needs.

For example, 苹果 took an approach of “No fees ever.” on their card, something that financial institutions have always known that customers prefer…but many haven’t moved forward with or promoted quite so clearly. It isn’t like Apple isn’t making money (in case you were worried about that - ha!). If there aren’t fees on the card they make it up elsewhere (like a higher rate).

Reframing the way they considered the product and talked about it to customers made a big difference in excitement. Many banks and credit unions were already doing this and didn’t focus on it, even though they knew customers preferred it.

What might your business be missing that would resonate with customers? Tune in to get inspired...

Seeing the World Through Customers' Eyes

To help you think about customer problems in a new way, I’m delighted to share that William R. Mailer , Chief Behavioral Scientist at Commonwealth Bank of Australia is my guest on today’s episode.?

Will shares invaluable insights into building a high-performing behavioral science team and how they go about identifying and tackling customer problems in a truly innovative way. His team's work on Benefits Finder (which we discuss in depth) is a testament to the power of behavioral science when applied strategically.

He also shares about how a counterintuitive approach to credit cards – highlighting the trade-offs for each card – has resulted in a better experience for the bank and its customers.

Fascinating stuff! Don't miss this one.

Building a Behavioral Science Team

By adopting a customer-centric approach and leveraging the tools of behavioral science, you can unlock new opportunities, drive growth, and create products and services that people love. And if you want help in knowing where to start on this for your team, let’s talk .?

BE thoughtful,

Melina

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