Goals 360

Project background

For customers it’s not about finances, it’s about goals. AMP Goals 360 is not traditional advice on building wealth. It’s financial advice using a tried and true process for achieving goals – explore, plan, track, and realise. With Goals 360, AMP is helping more Australians realise more of their financial goals.

Challenge

Why is it that even though essential to life, managing finances turns so many people off? Studies show that on average people who receive financial advice are $70,000 better off and are 10% more likely to save than those who don’t. Yet 44% say good advice costs more than they can afford. AMP’s answer? Goals 360 focuses on customer’s living the life they want – such as pursuing passions, being debt free, and retiring right – not on building wealth. In doing so we’re forever changing the service offered by financial advice.

My Role

Design lead – Led and managed projects and team. Responsible for running Service Design projects, running the co-design process, and embedding Human Centred Design. Defining opportunities in each project and end to end design of what was to be built and how this aligned to the target state experience.

Solution

With AMP Goals 360 customers explore, plan, track, and realise their goals. They work with concierges, and goals coaches – newly introduced at practices to deliver Goals 360 – who help customers ask “what if…?” They receive help from financial advisers who use visual tools and real-time modelling – backed by 120+ hours of supplemental training and support on establishing customer behaviour change and commitment – to see the impact of different decisions on achieving goals. And customers receive Goals Plans with actions – and tools to track progress at home – so they remain clear and motivated. After all, they’re now realising their goals!

AMP Goals 360 is an interactive goals-based advice platform with a completely new, visually engaging experience. Underpinned by sophisticated modelling technology, AMP Goals 360 helps advisers and their customers explore, plan, track and achieve their goals.

AMP Goals 360 delivers a dramatically different advice experience which takes goals-based advice to the next level. Rather than filling out a lengthy fact-find, customers spend time with a goals coach, using a highly engaging digital interface to identify their financial goals, prioritise those goals and set timings for each one.

The AMP Goals 360 advice engine uses stochastic modelling to calculate the probability of achieving each goal. “Unlike most stochastic models, however, AMP has come up with a simple graphical way to show the likelihood of achieving each goal,” said Chant West.

“The customer can then make trade-offs in financial decisions, with the engine calculating in real time, the impacts on achieving each goal. Through this process the customer arrives at a plan that’s realistic and that they’re comfortable with. The modelling also enables the customer and their adviser to periodically return to track their progress against each goal.”

It’s a highly personal and interactive experience supporting customers in making better financial decisions – all with the expert help of an adviser.

Impact

With AMP Goals 360 customers explore, plan, track, and realise their goals. They work with concierges, and goals coaches – newly introduced at practices to deliver Goals 360 – who help customers ask “what if…?” They receive help from financial advisers who use visual tools and real-time modelling – backed by 120+ hours of supplemental training and support on establishing customer behaviour change and commitment – to see the impact of different decisions on achieving goals. And customers receive Goals Plans with actions – and tools to track progress at home – so they remain clear and motivated. After all, they’re now realising their goals!

No system, tool, nor human interaction is left unchanged in the shift from traditional financial advice to AMP Goals 360 service. As one of our advisers put it, “this is game changing stuff”. What gives AMP the confidence to implement such a revolution? The results we’re now seeing in market, and the process of co-design that brought us here. So far, in addition to widespread surveys, we’ve held 165 in-person sessions. That’s over 300 hours of in-depth observation, idea and requirement gathering, and prototype testing – with customers and advisers. To make sure all elements – including technology, compliance requirements, document production, and staff training – align systematically, we turned the end-to-end experience into a storyboard. A really big storyboard. It’s a space in which we at AMP can physically immerse ourselves as we design, deliver, and implement the next set of Goals 360 features. Immersion is important as teams realise our own goals at AMP, such as more automated advice production for advisers, and more real-time tracking of goal achievability for customers. For our advice practices, and for our customers we are well on our way to achieving the AMP Goals 360 service revolution.

Quotes

“In our view, it’s the most exciting development the advice industry has seen, with the potential to revolutionise the way advice is delivered,” Chant West said when announcing the award.

The Good Design Awards jury described AMP’s design strategy for its goals-based advice experience as ‘an incredible example of a systems design approach to a complex challenge…the outcomes from working in this way are insight-led, encompassing customer and organisational experience in ways rarely seen to such a calibre.’

Awards