Designing A Better Bank

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EVOLVING MOBILE BANKING
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    18-Jan-2017
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Transcript of Designing A Better Bank

  • E V O L V I N G M O B I L E B A N K I N G

  • WE HELP CLIENTS GO BEYOND PRODUCTS & SERVICES THROUGH THE DESIGN OF SEAMLESSLY CONNECTED

    BRAND EXPERIENCES.

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  • BRAND + EXPERIENCE DESIGN + TECHNOLOGY

    = BRAND INTERACTIONS TM

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  • Focused on both front stage & back stage parts of the

    service, including value chain and operations.

    Focused on providing a seamless

    multichannel customer experience.

    Focused on

    digital experience.

    SERVICE DESIGN

    (SD)UX

    BRAND INTERACTIONS IS BROADER THAN DIGITALLY-LED UX. IT IS T-SHAPED & UNDERSTANDS THE ENTIRE CUSTOMER JOURNEY.

    CUSTOMER EXPERIENCE

    (CX)

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  • DESIGNING A SMARTER

    MOBILE BANKING EXPERIENCEH O W R E T A I L B A N K S M U S T M O V E B E Y O N D T R A N S A C T I O N A L R E L A T I O N S H I P S

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  • WHEN MOBILE BANKING

    LOOKS LIKE A [email protected]

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  • AND TRANSACTION SERVICES

    ARE [email protected]

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  • BANKS NEED TO OFFER MORE

    TO AVOID DISRUPTION [email protected]

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  • 60%35% 53%Millennials say they would be likely to

    bank with a non-financial service company.

    Millennials think all banks have the same offerings.

    Estimated percentage of banking revenues that will be at risk by 2020

    due to disruption.

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  • Young adults have a transactional relationship with their banks

    This has created a gap between their needs and the services banks offer.

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  • They want financial advice, strategies, and support.

    But they dont see their banks as catalysts to financial well-being.

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  • Banks need a fresh UI, using existing data to visualise financial standing.

    Day-to-day banking apps designed with customer empathy will better meet the needs of both young adults and banks.

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  • As convenience increased, customers relied less on local branches - opportunities for banks to deliver personalised support and build meaningful relationships with their customers has started to disappear.

    Digital Services have eased the reliance on humans.

    But they aren't developed enough to provide a similar level of service.

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  • WHAT DO MILLENNIALS

    WANT FROM THEIR BANKS?

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  • STORAGE AND ACCESS TO

    MONEY

    A CLEARER UNDERSTANDING OF

    THE FINANCIAL PRODUCTS THAT ARE AVAILABLE TO THEM

    INFORMATION ON MANAGING AND REDUCING

    DEBT

    SAVING STRATEGIES

    AND SUPPORT

    AN EASY WAY TO PAY BILLS AND

    AUTOMATE TRANSACTIONS

    WAYS TO AVOID BIG FINANCIAL MISTAKESTHE ABILITY TO

    TRANSFER MONEY TO FRIENDS, FAMILY

    AND COLLEAGUES

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  • This change in customer behaviour has amplified the disconnect between young customers and the banking industry. The value-added services that banks provide in-branch simply dont reach customers whose banking experience centres around their phones.

    For today's young adults, the banking experience is almost entirely transactional.

    Their most common day-to-day banking tasks take place on their laptops and smartphones, and when they do need help, they don't turn to their bank for support or guidance.

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  • 3. FORECASTING5. MOBILE

    PAYMENTS & MONEY TRANSFER

    Key touch-points in the existing customer journey. Opportunities to innovate and build more extensive, valuable service offerings.

    2. SAVING & DEBT REDUCTION

    1. BALANCE & ACITVITY ENQUIRY

    4. EDUCATION & SUPPORT

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  • 1. Balance & Activity Enquiry

    The current relationship between banks and customers is akin to a glorified spreadsheet

  • Why not model the banking

    interface around a more

    contemporary, timeline influenced

    structure?

    The timeline should

    incorporate contextually

    relevant information,

    transactions and call to

    actions.

  • This activity should conglomerate all accounts.

    Metadata should separate transaction types into

    distinct buckets.

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  • UI elements, typography and colour should be

    used to signpost (warnings, spending patterns,

    trends)

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  • Young adults have the perception that banks are primarily focused on helping people save for large goals - a down payment on a house, retirement - things that cash-strapped 20-somethings know theyll eventually want, but dont seem immediately relevant.

    2. Saving & Debt Reduction

    Millennials most common day-to-day banking tasks take place on their laptops and smartphones, and when they do need help, they don't turn to their bank for support or guidance.

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  • Motivational messaging, imagery and

    alerts should contextualise how

    spending patterns affect saving goals.

    Letting users know how far theyve

    come, and how many contributions

    they have left, make goals more

    attainable.

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  • Simple actions like getting them to name a goal, decide how much they want to save and when they want to reach their goal, banks can help customers plan an easy to follow contribution schedule. And adding images to goals remind people what they are saving for.

    Users should be able to set targets by quickly assessing trends in spending patterns.

    Helping mobile-centric customers understand how to save is an important factor to increasing customer loyalty.

  • In addition, using anonymous data to

    overlay spending patterns, wage levels

    by age and job role, should incentive

    career growth and better allocation of

    available finance.

    (for better of worse) Social networks

    give people a sense of place and

    belonging. The banking experience

    should strive to give users a better

    sense of their standing.

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  • Money might be a serious affair, but it

    represents the ultimate form of

    measured success.

    Aspiring to Gameify saving, spending

    and earning targets will have a positive

    impact on the relationship between

    consumers and their banking services.

    Why don't banks take a leaf out of

    other industries?

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  • 48% of millennials express an interest in real-time and forward-looking spending analysis and 67% want their bank to provide tools and services which help them create and monitor budgets.

    3. Forecasting

    Saving time through smart budgeting, intelligently using data from other sources.

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  • Mobile apps should calendar sync,

    using APIs from other apps to advise

    on spending decisions

    There is so much data available in a

    device, but banking apps dont interact

    at all with other applications that might

    inform advice or alerts.

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  • For example, the App should sync life events, such as

    friends weddings, holidays, dates when tickets are

    booked for national or international trips, asking the

    user to set savings goals around potential periods of

    spending fluctuations.

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  • In an increasingly freelance/sole-trading economy,

    tax advice or payments should be served within the

    timeline.

    Such a complex affair, but one so easily incorporated

    into the baking experience - the bank already has all

    of your personal details - why cant these be put to

    better effect?

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  • The institution that you are doing business with provided you with information for making smart investments, or said hey, this might be something worth looking at.

    4. Education & Support.

    Proactive help in investment decisions, in context.

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  • Contextual advice should be incorporated into the

    users feed.

    21% of users check their bank balance at least once a

    day and 55% do it at least once a week. Foolish to

    miss an opportunity to engage - no?

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  • For example, rather than a simple

    notification of a salary being paid, advice

    around savings goals should be served.

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  • The ability to quickly video chat with an

    advisor will alleviate reliance on in-branch

    appointments.

    Apps like Babylon are doing this for

    healthcare, there is no reason why banks

    shouldn't too.

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  • 5. Mobile Payments

    Providing a smarter service over splitting payments in an increasing shared economy.

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  • Cultural shifts makes it acceptable to

    share everything from assets to bills.

  • Banks need to develop services

    that make it easy for customers

    to quickly split payments

    inequitably (utilities, rent,

    drinks, petrol, etc.).

  • HOW CAN BANKS

    TAKE CONTROL?

  • Geofencing to invoke triggers within certain

    environments. Ie: Overlay options to

    purchase tickets when within a station.

    Importantly, banking Apps should be

    proactive in leading the transaction.

  • Or how about noticing the user is in an

    airport, offering currency purchase and

    insurance

  • Getting smarter on understanding when a

    user is abroad, to advise on irregular activity.

    Minor front-end change. Surely this should

    be standard by now??

  • REAL TIME NOTIFICATIONS OF BILL PAYMENTS?

    AFFORDABILITY INDICATORS?

    INCORPORATING E-COMMERCE WISH-LISTS?

    AUTOPAYBACK & PAYMENT REQUESTS?

    INSTANT BORROWING TILL PAYDAY TO COVER PURCHASES?

    DIRECT INCORPORATION OF RETAIL LOYALTY SCHEMES?

    ONE CLICK CHARITY DONATIONS FOR FRACTIONAL SPENDS?

  • These features are (largely) front-end changes.

    Data already exists to implement these ideas - it must be utilised more effectively across touch-points through better mobile banking interfaces.

  • Banks need to be more than a passive enabler of transaction.

    They must strive to establish better contextual understanding of their customers needs

    With the leverage to dictate the entire spending experience, they are positioned to set a standard for quick and easy transactions, that benefit them, suppliers and users.

  • HOW MIGHT THIS

    COME TO LIFE?

  • Meet Jessica.

  • Its payday.

    Jessica sees most her recent transactions,

    taxonomised into spending buckets

    Shes made a saving goal. Cash

    automatically transfers to her holiday pool.

    She's assigned a motivational image to the

    goal.

  • As its the end of the quarter, the app offers

    Jessica a view of her earning trajectory.

    Shes making good money for her age, but

    not so good for her job role.

    The app ghosts her salary against averages

    from across the country.

  • She speaks to her boss and receives

    a pay rise. The extra cash enables

    her to reach her goal early.

    She is offered the opportunity to

    start a video chat, to discuss

    whether she might want to invest

    some of the extra cash.

    She chats to the advisor and decides

    shes in a position to start saving for

    a house.

    But first things first, shes off to

    Brazil. The app senses shes at the

    aiport, and offers her a deal on

    foreign currency.

  • The next payday arrives soon after.

    Jessica is offered a budget review.

    Shes been spending a bit too much

    on her weekends.

    In October, she makes a

    conscientious decision to offset her

    heavy spending from the month

    before.

  • Jessica has also set a health

    goal.

    Her app integrates with

    Healthkit on her iPhone. Shes

    been doing a fair amount of

    exercise, but spending far too

    much money on alcohol.

    She sets a goal to reduce her

    expenditure on eating out and

    drinking.

  • Next month Jessicas best friend is

    getting married.

    The App detects the event in her

    calendar. As the event may cause

    erratic financial activity, it suggests

    setting up a saving bucket.

    And as Jessica is earning more, she

    decides to set aside a decent amount

    for a nice gift.

  • As the year approaches its end, Jessica

    takes a snapshot of her spending

    activity.

    She's earning more money this year,

    but wants to save for a house.

    Her goal for the next year is to keep

    spending in line with this year, keeping

    within her spending trend this year -

    she sets a threshold to ensure she is

    notified should she exceed this limit.

  • The banking eco-system has moved from branch-centric to mobile-centric.

    Banks must cultivate relationships with their digitally native customers, that start within the confines of mobile and online apps, and continue throughout the customer journey.

  • ITS TIME TO RE-THINK THE BANKING INTERFACE FROM THE GROUND UP.

  • Anant Sharma, CEO

    Matter Of Form.

    [email protected]

    +44 (0) 203 141 2000

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