OCAD University Open Research Repository

DESIGNING FOR TRUST: Futures of Digital Financial Experiences Beyond the Smartphone Era

SCHREIBER, BENJAMIN (2021) DESIGNING FOR TRUST: Futures of Digital Financial Experiences Beyond the Smartphone Era. [MRP]

Item Type: MRP
Creators: SCHREIBER, BENJAMIN
Abstract:

The amount a customer trusts a product is a major indicator of product success. Trust is a core component of overall customer experience, but it is poorly defined, rarely measured, and never explicitly designed for. This masters research project explores how customers develop trust with new digital products broadly, and uncovers what organizations can do to develop more trust with their customers in the short term.

This masters research project set out to answer two questions: “How might organizations design for trust?” and “How might customers trust digital financial products in the future?” A design thinking approach was used to develop this work which presents a novel Trust Adoption Cycle (TAC) model. The TAC model describes how trust can be demonstrated to customers and when to demonstrate it to them. A 2x2 scenario matrix foresight technique is used to develop four unique visions of how personal financial services might feel to customers in the future. In these speculative future scenarios, the different ways in which customers develop trust with financial providers is considered

The key findings are relevant for digital financial industry leaders who are interested in launching widely adopted digital products that maximize long-term customer value. They are: 1) customer trust is developed as a result of demonstrating trustworthiness in a specific cycle, starting with integrity, then competence, and then reliability, and 2) in the future, this cycle by which customers develop trust in the product is developed may change depending on the degree to which customers want to be engaged in their financial decision-making.

Date: 8 January 2021
Uncontrolled Keywords: Banking, behavioural economics, business model, business model innovation, competitive differentiation, consumer behaviour, design thinking, digital finance, finance, fintech, foresight, future of fintech, futures, human centered design, innovation, personal banking, personal finance, product adoption, product lifecycle, product management, scaling, scenario planning, scenarios, Service design, Strategic Innovation Lab (sLab), strategy, trends, trust, Trust Adoption Cycle model, TAC model, Trustworthiness.
Divisions: Graduate Studies > Strategic Foresight and Innovation
Date Deposited: 20 Jan 2021 02:01
Last Modified: 20 Jan 2021 02:05
URI: http://openresearch.ocadu.ca/id/eprint/3155

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