Fading Money

UX LAUSANNE 2015

FADINGMONEY

Antonio De Pasquale

@myinteraction • #fadingmoney

Hi, I’m Antonio De Pasquale

@myinteraction

Senior Interaction Designer at frog Milan

UXLausanne2015 | #fadingMoney @myinteraction

Let’s clarify


We will not be talking about this fading money!


WE WILL TALK ABOUT

BANKS & MONEY


WE WILL TALK ABOUT

BANKS VS COMPLEXITY


WE WILL TALK ABOUT

BANKS & PEOPLE


FADING MONEY

The evolution of banking A modern customer experience

Trading for everyone A bank of relationship

ANALOG TO DIGITAL EXPERIENCES

THE EVOLUTION OF BANKING

EXPERIENCE STRATEGY

MARKET EVOLUTION

“Financial services disruption is the next huge market to be taken”

Fred Wilson


The roadmap to innovationMost major payment innovations have occurred in the last 15 years

Credit cards

Nov 13 - The financial Brand

ATMs

Debit cards

Online banking

First branchless bank

PayPal launched

Mobile eWallets

Tablet banking

Square mobile payments

NFC

Mobile banking

P2P mobile payments

Mobile check deposit

Coin cards

1940 1950 1960 1970 1980 1990 2000 2010


From industrial economyThe evolution from focusing on product and transactions…

High transaction costs

Vertically integrated

Product & transactions

Information scarcity

Payments Insurance & risk management

Capital markets & trading

Wealth & asset management

Retail banking & consumer finance

Business & corporate banking


To the information economy

MARKET EVOLUTION

Low transaction costs

Platform & Apps

Customer experience

Information abundance

Payments

Insurance & risk management

Retail banking & consumer finance

Business & corporate banking

…to focusing on customer experience, in a world of everything as a service.

Capital markets & trading

Highly networked

Service oriented

Wealth & asset management


The shift to digitalThe evolution from traditional banking to digital services

has changed completely the role of touchpoint in the banking experience

Retail C. ServiceATM Desktop/ Tablet Mobile devices

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Monthly Frequency


The long chain to dataCustomer behaviour shift: instant content

visualisation & seamless payment functionality

ProcessesTechnology SystemsData

User


Building a Cross-Channel strategyTraditional bank started building a cross channel strategy by adding

additional touchpoints to their structure trying not to lose users

User

ATM

Web

Advisor Branch

WearableApps


New credit cards are taking placeMany new pure digital players are entering in the transaction game to take

over the business of the “highways of money” and disrupt the market

Apple Pay CurrentC Google Wallet


New players are disrupting the marketEmerging start-ups are disrupting the market from the ground,

both for personal banking and small business

Personal Small Business

Transferwise

Simple Bank

Square

Ware


New coin are going mainstreamNew currency are becoming adult. A P2P money is fighting to became a currency while

a private credit is acquiring the largest audience in the world

Open Source Trademark


UserUserUser

Why is that happening?A new breed of customer will dominate the market.

It’s the age of Digital Natives

2005 2010 2015 2020 2025

Traditional Consumer Transitionals Digital Natives

FinTech Customers: The Digital Natives


A new set of toysOld technology are substituted by new, smart devices that facilitate and

extend the customer journey in many directions.


A better integrationImproving the needs of everyone by connecting all the different worlds

Business Tech

Customer

Direct editing Full digital experience

Cross & Up-sell Mkt

Service integration Security & Legacy

Agile development

Seamless experience

Personal & relevant

Realtime & Context aware

A MODERN USER EXPERIENCENEW BEHAVIOURS

A CIRCULAR JOURNEY

IMPROVING THE GAPS

“We need banking, but we don’t need banks anymore ”

Bill Gates


New UX are setting the BarModern services are setting the user expectation when it comes

to digital software and native applications

Coin Apple Touch ID Messenger Payments

Stratos Card https://www.youtube.com/watch?v=txcv9PJjYGU

https://www.youtube.com/watch?v=txcv9PJjYGU


New users are changing their habitsThe New User wants simple but powerful user experiences, tailored precisely

to the needs, with all of the gears working quietly in the background

Splitwise Digit Ready for Zero


New technologies to support UX Technology improvements are facilitating the approaches on the UX level

Speed Content caching Data compression

Flexible layout CSS basedMODERN UX

Responsive website Backward compatibility Screen resolution

MULTI-CHANNEL

Active and passive customisation System intelligence in presenting content

PERSONALISATION

Quick integration of new services (Custom development) Third party integration (API) Delivery roadmap

PERFORMANCE

MODULARITY

Pixel depth Touch enabled experience Compression

Charts engine Typography

Front

Back


How are Banks reacting?!


A new Customer JourneyBanking is changing: the big change is in the way users are approaching their financial assets and how they are hanging them along the journey.

CHECK & PAY

MANAGE & SAVE

FINANCING SUPPORT& LEARNING

BUY & INVEST

DISCOVER & SUBSCRIBE


DISCOVER & SUBSCRIBE

LEARN

Clear value proposition

ACTIVATE

Access with no barriers

LANDING

All I need at a glance

The customer understands the unique value proposition and learns the service value before creating an account.

Highlight the main areas and features to provide a general overview of the current status.

Facilitate activation process for prospect clients and simplify the access for current users.


CHECK & PAY

CHECK

Understand my status easily.

PAY

Quick & Smart payments

Control my daily activities, verify credit and expenses at a glance.

Facilitate payments and improve repeated actions with smart interactions.


MANAGE & SAVE

intellingent suggestion

ANALYSE

Understand my habits

SAVE

Saving to achieve my goals

CUSTOMIZE

A personalised experience

A powerful history that offers a clear summary of my account usage and reminds me of significant events.

An home banking that adapts itself to my needs and allows me to customise smart actions that I use frequently.

A system that helps me in achieving my short and long terms goals, challenging me in a positive way.


BUY & INVEST

trading / simulatorpurchase cart system

australian bankmoney farm

PLAN

Planning for the future

BUY

Just buy in an easy way

COMPARE

Facilitate selection

Simulate forecast scenario to better understand long term future goals and investment opportunity

Create wishlist to help users starting discussion with friends or professional consultant to better evaluate their final decision.

A bank that look like my favourite e-commerce where I can buy something with just one click without problems.


CONFIGURE

A tailored offer for you

BUY

A more integrated purchase

Personalise insurance & loans in self service mode with the right support and save it as a temporary selection.

Facilitate the final conversion without losing control of the offline process.

FINANCING

COMPARE

Facilitate selection

Compare multiple configurations to start a discussion with friends or professional consultant to better evaluate my final decision.


SUPPORT & LEARNING

GUIDE

Smart suggestions & live help

ADVISE

Learning finance with fun

SUPPORT

Cross touchpoint smartness

Learn while doing, discovering tips & tricks for a better use and being able to search help with the problem in focus.

The users deals with many devices & technology and they need to interact with their banks in the same easy way as they do with their friends network

A service the improve my knowledge in financial topics and teach me how to do a quick payment or how to start investing in funds.

TRADING FOR EVERYONEFINANCIAL KNOWLEDGE

INVESTMENT & TRADING

ADVISORY & ACADEMY

“The role of genius is not to complicate the simple, but to simplify

the complicated.”

Criss Jami


A simple quizIt’s your turn, write down your answers and check your score!

Suppose you had $100 in a savings account and the interest rate was 2% per year.

After 5 years, how much do you think you would have in the account if you left the money to grow?

More than $102

Exactly $102

Less than $102

A

B

C

Do not knowD

1


A

B

C

D


Imagine that the interest rate on your savings account is 1% per year and inflation is 2% per year.

After 1 year, would you be able to buy …

More than

Exactly the same as

Less than today

2

Do not know


A

B

C


Do you think that the following statement is true or false?

“Buying a single company stock usually provides a safer return than a stock mutual fund.”

True

False

Do not know

3


The importance of Financial LiteracyA fast-changing world economy makes financial ignorance

more dangerous than ever before.

The Economic Importance of Financial Literacy: Theory and Evidence

53% 50%

31%27%

21%

4%

Quiz Solution: 1A, 2C, 3B

% User that got a full score

USA Self rating

7

0

6

5

3

2

1

430%


Credit Crunch effect on savingThe credit crunch turned into a financial crisis and interest rates were slashed,

hitting savers and ushering in an era of uncertainty and austerity.

5.8 %Apr 2015Dec 2007

1.4 %

6.0

4.5

3.0

1.5

0.0


The Wolf of Wall Street https://www.youtube.com/watch?v=c1Vtzn3MZyA

https://www.youtube.com/watch?v=c1Vtzn3MZyA


Making Money GrowWith low saving interest, Users are looking for new solutions to protect and grow their investments, but online trading is still a strong blocker.

??


Smart manager & Dynamic GoalIntelligent software learns from your habits and supports you to

accomplish your saving goals, visualising your expenses patterns

Numbrs, SImpleBank, Toshl


Financial SimulatorBuild a financial plan starting from your needs. Smart advisor helps people to better

manage and grow their wealth for a fraction of the cost of traditional financial services.

Wealthfront, Betterment


User to User advisoryFinancial services meet social networks. P2P suggestions help Users

to play with virtual portfolio and challenge other users.

Stocktwits, eToro


The gamification of bankingA new way to train and learn, helping industries meet the complex challenges

presented by the modern world and taking them to the next level

whyMoolah, CommonWealth Investorville


A Bank AcademyTeaching finance in a way that is less intimating, more memorable,

easier to understand, and it’s just simply more fun

Edukate, Wall Street Survivor

A BANK OF RELATIONSHIPTHE ROLE OFBRANCHES

A PLATFORM TO CONNECT

EXPERIENCE PILLARS

“No candle-maker has become a bulb manufacturer, no carriage-maker has become a car producer and the post

office did not invent the email”

Marc Giget Club de Paris des Directeurs d’Innovation


Ford Model T ProductionUber Black Service

WE ARE LIVING

IN THE EXPERIENCE ECONOMY


Banking SAAS

A digital relationship

Technology & processes Operations agility

Time-to-market agility Compliance agility

Digital services are always evolving and banks should transform themselves to follow their customers, transforming their assets

Traditional Banking


The role of BranchesTransforming the branches means improving their performance enabling

both an emotional space for relationship and quick operational tasks

CheBanca branch, Ziraat Bankası ATM


Smart self services devicesIn wealthier countries Banks are looking at advanced ATMs

as a cheaper alternative to branches.

BBVA Concept ATM, Chase Bank ATM


Chase Bank https://www.chase.com/news/111614-branch-of-the-future

https://www.chase.com/news/111614-branch-of-the-future


A virtual branch for everyoneEvolving from a basic service desk to a new space for listening to the customers and establishing an emotional relationship

Bank Audi Novo, Simple Bank, ASB Virtual Branch


An extended Customer JourneyIntegrating the branch as an extended touchpoint of the digital experience,

reducing the distance between the physical and digital world.

7 A M

DIGITAL

ACT IV IT IES

ANALOG

2 2 A M


A platform to connectConnecting multiple channels & service to be the transaction leader

API

W E A LT H & A S S E T M A N A G E M E N T

P E R S O N A L M O N I T O R I N G

PAY M E N T S E R V I C E S

I N S U R A N C E & F I N A N C I N G


The big data AlchemyBig Data provides a more personal assistance and helps banks with detailed information on their clients crafting personalised solutions.

1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 1 0 0 1 1 0 1 0 1 0 0 C

1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 1 0 0 1 1 0 1 0 1 0 0

BA


HOW CAN WE DESIGN THE NEXT BANK?


FAST & PERSONAL MODULAR PLATFORM SMART COMPANION

INSPIRING + EDUCATIONAL

The Experience pillarsFor the next generation of home banking services


Facilitating daily operations and organising data & information in a meaningful way for the Users.

FAST & PERSONAL


A scalable and future-proof service that can be extended easily adapting to the next user needs.

MODULAR PLATFORM


Supporting the users and anticipating their needs with personalised solutions.

SMART COMPANION


Helping the users in their growth while suggesting new solutions to their problems.

INSPIRING + EDUCATIONAL

INTRODUCTION“The art of simplicity is a puzzle of complexity”

Douglas Horton

Fading Money

Design

Transcript of Fading Money