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For years, banks have been banking on consumer friction and the lack of understanding from consumers to make money. But we are not ready to accept that anymore. Standards are changing and consumers learned to demand much more from services they use everyday. As consumers turn to tech companies to handle their finances, we're seeing a massive opportunity to reinvent the user experience of how we interact with our money. Using BillGuard as a use case, this presentation goes through examples of carefully crafted mobile experiences to think about when reinventing consumer elements of finance.
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FINTECH: THE UX OPPORTUNITY
Raphael Ouzan
June 2014
B A N K I N G B A N K S O N C O N S U M E R F R I C T I O N
{ E X A M P L E O F C O N S U M E R F R I C T I O N }
F R I C T I O N
To consumers: • Unclear fees and plans • Painful authentication processes !
To the industry: • No Plug & Play - Monolithic institutions • Aversion to risk • Less than innovative reaction to regulations
W H AT A B O U T P E R S O N A L F I N A N C E E D U C AT I O N ?
A. More than $102
B. Exactly $102
C. Less than $102
Suppose you have $100 is savings account earning 2% a year. After 5 years, how much would you have?
Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year.
After 1 year, would you be able to buy:
A. More than today
B. Exactly the same as today
C. Less than today
A. True
B. False
C. I don’t know
‘Buying a single company stock usually provides a safer return than a stock mutual fund.’
L A C K I N G
• 86% of Americans can’t answer this quiz properly
• More than one-third of American workers have less than $1,000 saved for retirement
U X O P P O R T U N I T Y
Consumer Friction Lack of education
+
=
• Towards contextual, customer-centric view
• Innovation not limited to backend fintech.
• New paradigms: Bitcoin, mobile payments
F I N T E C H I S S H I F T I N G
A N D T H E M A R K E T I S R E A D YAccenture survey:“If these companies offered banking services, how likely would you be to bank with them?
13
O U R C A S E S T U D Y TO D AY
!
• Control
• Insights
• Transparency
• Security & Trust
Can checking your bills not suck?
C O N T R O L
• Started with “set and forget model” – Assumption: “People don’t want to work”
– Limited to email alerts and monthly report
16
E N G A G E M E N T
• {webapp}
C O N T R O L
“Set and forget model” = DIDN’T WORK – Limited mindshare - People loved the service but
not part of their “workflow”
– As a result: No WoM
C O N T R O L - AT T E M P T # 2
Maybe people do need to work at list a little
to achieve peace of mind?
!
Pioneering engaged security
19
20
21
Engagement – new approach [attempts]
More attemps…
1. Notification
T H E S O L U T I O N – H A B I T F O R M I N G U X
2. Action
And Repeat!
3. Reward
R E S U LT: I T W O R K S
Banks: From institution to application ”It’s no longer about wallet share. It’s about app-driven mindshare” Marc Hochstein, American Banker
I N S I G H T S – C A N P E O P L E H A N D L E C H A R T S T H AT A R E N OT P I E C H A R T S ?
Smart– the right insights [attempts]
Y E S .
I N S I G H T S – R E S U LT S
Spend Analytics Launch: Impact on retention was drastic
TRANSPARENCY
Where is my money going?
35
B U T W H E R E I S M Y M O N E Y G O I N G ?
T R U S T
• Trust is an impression made within 2 seconds
• Requires high design standards and great care for details
S E C U R I T Y
46
A LWAY S AVA I L A B L E
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