of 48 /48
FINTECH: THE UX OPPORTUNITY Raphael Ouzan June 2014

Fintech: The User Experience opportunity

Embed Size (px)

DESCRIPTION

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.

Citation preview

Page 1: Fintech: The User Experience opportunity

FINTECH: THE UX OPPORTUNITY

Raphael Ouzan

June 2014

Page 2: Fintech: The User Experience opportunity

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

Page 3: Fintech: The User Experience opportunity

{ 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 }

Page 4: Fintech: The User Experience opportunity

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

Page 5: Fintech: The User Experience opportunity

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 ?

Page 6: Fintech: The User Experience opportunity

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?

Page 7: Fintech: The User Experience opportunity

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

Page 8: Fintech: The User Experience opportunity

A. True

B. False

C. I don’t know

‘Buying a single company stock usually provides a safer return than a stock mutual fund.’

Page 9: Fintech: The User Experience opportunity

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

Page 10: Fintech: The User Experience opportunity

U X O P P O R T U N I T Y

Consumer Friction Lack of education

+

=

Page 11: Fintech: The User Experience opportunity

• 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

Page 12: Fintech: The User Experience opportunity

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?

Page 13: Fintech: The User Experience opportunity

13

Page 14: Fintech: The User Experience opportunity

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?

Page 15: Fintech: The User Experience opportunity

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

Page 16: Fintech: The User Experience opportunity

16

Page 17: Fintech: The User Experience opportunity

E N G A G E M E N T

• {webapp}

Page 18: Fintech: The User Experience opportunity

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

Page 19: Fintech: The User Experience opportunity

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

Page 20: Fintech: The User Experience opportunity

20

Page 21: Fintech: The User Experience opportunity

21

Page 22: Fintech: The User Experience opportunity
Page 23: Fintech: The User Experience opportunity

Engagement – new approach [attempts]

Page 24: Fintech: The User Experience opportunity

More attemps…

Page 25: Fintech: The User Experience opportunity

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

Page 26: Fintech: The User Experience opportunity

2. Action

Page 27: Fintech: The User Experience opportunity

And Repeat!

3. Reward

Page 28: Fintech: The User Experience opportunity

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

Page 29: Fintech: The User Experience opportunity

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 ?

Page 30: Fintech: The User Experience opportunity

Smart– the right insights [attempts]

Page 31: Fintech: The User Experience opportunity
Page 32: Fintech: The User Experience opportunity

Y E S .

Page 33: Fintech: The User Experience opportunity

I N S I G H T S – R E S U LT S

Spend Analytics Launch: Impact on retention was drastic

Page 34: Fintech: The User Experience opportunity

TRANSPARENCY

Where is my money going?

Page 35: Fintech: The User Experience opportunity

35

Page 36: Fintech: The User Experience opportunity
Page 37: Fintech: The User Experience opportunity

B U T W H E R E I S M Y M O N E Y G O I N G ?

Page 38: Fintech: The User Experience opportunity
Page 39: Fintech: The User Experience opportunity
Page 40: Fintech: The User Experience opportunity
Page 41: Fintech: The User Experience opportunity
Page 42: Fintech: The User Experience opportunity
Page 43: Fintech: The User Experience opportunity
Page 44: Fintech: The User Experience opportunity
Page 45: Fintech: The User Experience opportunity

T R U S T

• Trust is an impression made within 2 seconds

• Requires high design standards and great care for details

Page 46: Fintech: The User Experience opportunity

S E C U R I T Y

46

Page 47: Fintech: The User Experience opportunity

A LWAY S AVA I L A B L E

Page 48: Fintech: The User Experience opportunity