Fintech: The User Experience opportunity

Download Fintech: The User Experience opportunity

Post on 23-Aug-2014

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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.

TRANSCRIPT

  • FINTECH: THE UX OPPORTUNITY Raphael Ouzan June 2014
  • BAN KING BANKS ON CON SUM E R F R I CTI ON
  • {EXAMPLE OF CONSUMER FRICTION}
  • FRICTION 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
  • WH AT ABOUT PE RSONAL FI NANCE E DUCATION?
  • 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 dont know Buying a single company stock usually provides a safer return than a stock mutual fund.
  • LACK I N G 86% of Americans cant answer this quiz properly More than one-third of American workers have less than $1,000 saved for retirement
  • UX O P PO RTUNITY Consumer Friction Lack of education + =
  • Towards contextual, customer-centric view Innovation not limited to backend fintech. New paradigms: Bitcoin, mobile payments FI NTE CH IS SHIF TING
  • AN D TH E M AR K E T I S R E ADY Accenture survey:If these companies offered banking services, how likely would you be to bank with them?
  • 13
  • OUR CASE STUDY TODAY ! Control Insights Transparency Security & Trust Can checking your bills not suck?
  • CON TROL Started with set and forget model Assumption: People dont want to work Limited to email alerts and monthly report
  • 16
  • E NGAGE MENT {webapp}
  • CON T ROL Set and forget model = DIDNT WORK Limited mindshare - People loved the service but not part of their workflow As a result: No WoM
  • CON T ROL - AT T EM 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 TH E SOLUTI ON HABIT FORM IN G UX
  • 2. Action
  • And Repeat! 3. Reward
  • RE SULT: I T W OR K S Banks: From institution to application Its no longer about wallet share. Its about app-driven mindshare Marc Hochstein, American Banker
  • INSIGH T S CAN PEOPLE HAN DLE CH ARTS TH AT AR E N OT PI E CH ARTS?
  • Smart the right insights [attempts]
  • YE S.
  • I NSI GHTS RE SULTS Spend Analytics Launch: Impact on retention was drastic
  • TRANSPARENCY Where is my money going?
  • 35
  • BUT WHERE IS MY MONEY GOI NG?
  • TRU ST Trust is an impression made within 2 seconds Requires high design standards and great care for details
  • SECU R I T Y 46
  • A LWAYS AVAI LABLE

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