Milford Asset Management has consistently led the way in New Zealand's wealth management sector through its pioneering efforts to create digital experiences that significantly enhance the client experience. This innovative approach has not only set Milford apart in the industry but has also demonstrated their commitment to continuously evolving and improving the way they serve their clients. With a series of successful, tailored digital tools and applications, Milford has shown a proactive approach in adapting to the needs and expectations of their clients, consistently seeking new ways to refine and augment the client experience through technology.
Using human-centred design to co-develop the Client Experience Framework for Milford.
Background
Opportunity
The evolution of Milford's digital landscape, characterised by rapid growth and multiple digital deployments, had reached a pivotal point and needed to be underpinned with a cohesive, rich understanding of what it means to be a client at Milford. The opportunity was to understand:
- How does Milford integrate its products to deliver a cohesive client experience?
- What gaps exist within the current solution offerings?
- What should be developed next to maximise client value and ensure sustainable growth?
Approach
Purple Shirt used human-centred design to co-develop the Client Experience Framework with Milford. This methodology aimed to deliver deep insights into client needs and behaviours, creating a foundation for actionable improvements to the client experience.
Phase 1: Domain analysis
Initial activities focused on aligning strategic intent and understanding the current client and operational landscapes through workshops and stakeholder interviews. This phase set the foundation for a collaborative and informed framework development process.
Phase 2: Client research
We gathered in-depth insights from Milford clients using targeted interviews. This phase was crucial for understanding the client journey, identifying pain points, and uncovering opportunities to enhance the client experience.
Phase 3: Research synthesis and framework development
The insights gathered were synthesised into practical frameworks that can be used to inform the future client experience, service improvements and importantly provide a horizon based roadmap for where Milford should invest its client experience improvement effort.
Outcomes
The collaboration between Milford and Purple Shirt resulted in significant positive outcomes for Milford, encapsulating both strategic enhancements and operational improvements:
- Cohesive client experience framework: A comprehensive framework that provides a rich source of insights, serving as a valuable tool for the entire organisation to understand and enhance the client experience consistently across all touchpoints.
- Adoption of a new client experience language: The introduction of a new, shared vocabulary relating to client experience, which has become a component of Milford’s ongoing focus on client-centricity.
- Exposure to human-centred design: Milford’s teams gained first hand exposure to human-centred design principles and methodologies. This experience highlighted the benefits of this approach, including increased ability to think from a client’s perspective, leading to more effective and tailored service offerings.
- Identification of new digital initiatives: Through the insights gained during the framework development, new digital initiatives were identified that directly address the evolving needs of Milford’s clients. These initiatives aim to fill current gaps and enhance Milford’s digital experiences, further aligning with client expectations and preferences.
These outcomes have collectively empowered Milford Asset Management to advance their client experience strategies, fostering a culture of continuous improvement and client-focused innovation.
