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'Abacus' - future of personal finance project


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  • 1. 0 110 0100 10101 0010 10101 1101 01001 0 101 101 & 01010 0100 0 1 0 1 1 0 1 0 1 0Research 0 Design Process 1 0 1 1 010 1010 01010 0010 01001 0101 100T h e m a t i c // 0 100 0101 10101 1011 01001 1000 10‘Cloud Computing’ 0 101 1010 01010 1101 00010 0100 0 0 100 0101 01011 0101 01001 0101 1 0 101 0101 10101 0101 00101 1011 1 101 1010 10101 0101 00100 1010 1 010 0101 01001 1001 01010 010 1 011 0101 01010 0101 11011 01 ‘abacus’; the futu 1 0 1 s0o0n a 1 0 1f0i n1a 1 0 1 0 0 1 1 1 r e o f p0e r0 1 1 0 1 0 l 0 0 0 00n c e 1 0 1 01 101 0101 001 0101 0 010 0101 10101 0101 10010 101 1010 10101 1010 01010 010 1010 01010 1010 0101 010 1010 10110 0101 010 0 1 0 0 1 1 0 0 0 1 0F1 a s1r0G1i b1b 1 0 1 r e 01 1 10 1
  • 2. 0 110 0100 10101 0010 10101 1101 01001 0 1 0 1 1 0 1 0 1 0 1 0 1 is0 1 0 0 1 0 1 0 0 1 0 0 0 1 0 1 What Cloud Computing? 10 010 10101 010 1001 101 00 10 01 0 0 0 01 101 01 010 0101 10110 1001 10001 0 0 1 01 010 1010 11 10 1010 0010 1001 0 0 0 01 101 1010 101 10 1 010 1001 01010The capabilities of cloud computing in the future: 0 0 0 01 101 0101 101 1001 01 0 01 0111 0 110 0101 11010 1010 10010 0101 increased remote accessremote hardware, so lesser need for high powered personal computers 101 1010 10100 0100 10101 1010huge remote storage space 101 1010 10101 0010 11101 101 010 1010 10101 0010 10100 01For human experience this now means: 010 1010 01010 0010 01011 0the cloud can process huge amounts of information on you 010 0101 10101 0101 10010it can sense and remember things for you 101 1010 10101 1010 01010 010 1010 01010 1010 0101 010 1010 10110 0101 010it has the ability to grow as you grow, getting to know you and you habits 010 0110 00101 1011 101 01 1 10 1
  • 3. Money Today, Money TomorrowCloud computing is As we move away from “It is likely that there will bea technology that is physical money towards few peoplebeginning to influence our a cashless society, what outside the reach of wirelesseveryday lifes. With 24hr will this begin to look communications byinternet access, virtually and feel like? How will 2020”anywhere, coupled with an we understand our own *Scenarios for Branchless Banking in 2020unprecedented processing money, pay for things andpower, its influence on the experience the financialfinancial industries and world by 2020?the individual leaves hugeopportunity for new userexperiences. ?
  • 4. Finances in the CloudCurrently, we are seeingthe introduction of moneymanagement systems, centredaround the iphone and onlineplatforms. These systemsgather your financial data - bankaccounts, card transactions etc -into one place and allow users toaccess on the go.What they do not do is providea place to experiment andlearn about your money. Theydo not give a user a sense ofnurturing their own personalfinancial knowledge and grow anunderstanding of their own moneyas they themselves grow older.Users need tailored assistancefrom a system that knows theirbehaviour.
  • 5. Future Financial Behaviour “ the n um b e r o f f ul l t i m e , “ Mo re serv ic es = “ t h e a v er a g e B r it is h h o us eh o ld h a s“only 10%of transactions ‘perm a n en t ’ e m p l o y ee s i s p red i ct e d m o re t ra n s a c t io n s ; 1 4 r eg u la r f in a n c ia l c o m m it men t s ,in t h e U S will be cash by to decl i n e a s t he ra n k s o f co n t ra ct i n co m e s, DD s , SO s , a ll o f w h ic h r eq u ir e p a y men t byt h e ye a r 2020” wo rke rs i n cre a se”* AC N i e l s en sub scri p t i o n s . . . ” dir ec t debit o r s t a n din g o r der ” Of f ic e o f t h e F urt ure 2020 *goodwebguide (2003)H o w w i l l we Multiple jobs and changing careers Invisible m o n ey The re a re a hu ge n u mb e re x p e r ie n c e money mean money from different places transfers m a ke i t e a s ie r, of mon ey t ra n s fe rs t ha tif p h ys i c a l cas h is at different times; how will this be but more in t a n gib l e , t o a r e v e r y ha r d t o ke e p t r a c khar d er t o c o m e by? exp er ie nc e this? spend mon ey of a n d u n de rs t a n d
  • 6. Future Industry TrendsI visited the CharteredInstitute of Bankers inScotland (CIOBS) andgained some valuableinsights into the future ofbanking, from a industrypoint-of-view.This ‘live’ illustration,drawn during a discussionwith leading financialfigures, predicts a massiveshift towards generatingrelationships based onsatisfying the customer’sfinancial need at key timesin their lives.*Shaping the future if banking: ‘Dynamic portfolios’: c. 2020A ten year vision money management tools ‘Aggregate financial services’: ‘Customer life cycles’: that begin to know you; accessing all your money and building and sustaining personalised and intelligent to assests from anywhere at valuable relationships with each individual need anytime customers over entire life spans
  • 7. Future User Groups 8 DDs/SOs/Subscriptions Teenager/Student rent managing money for the first time lifestyle spending Many young people start out their financial life with no idea of how to manage money, be it simple budgeting or developing their savings accountsstudent loan part-time job for the future. User Need: a service that allows young users to manage, learn and develop an understanding of their own personal financial situations, from day one. tuition fund 1 account
  • 8. Future User Groups 18 DDs/SOs/Subscriptionspensions lifestyle spending Young Couple multiple jobs, on the property ladder Young couples find themselves having2 accounts 2 accounts to deal with a new way of managing not only their own money but their partners too. Multiple accounts,2 jobs 3 jobs lifestyle balancing and preparing for the future are key considerations in their financial world. savings User Need: a service that allows ISAs couples to play with future financial scenarios to gain insights and make informed decisions, while also being loans mortgage able to manage their day-to-day finances. 1 joint account joint account
  • 9. Future User Groups 24 DDs/SOs/Subscriptions pensions children, education Middle-aged still working, pension planning, multiple savingspart-time job late retirement (still working) With people working longer it is important for older users to keep up with the progress of their pensions and loans paid back holidays other savings, and plan carefully for their retirement. With similar needs to the younger users, the older user is keen to balance commitments with a fruitful lifestyle. ISAs savings User Need: a service that allows older users to plan effectively for retirement, shares mortgage(s) view and play with the possible uses of their money, and above all enjoy life in 3 joint accounts ‘the silver- age’. joint account
  • 10. Customer Lifecycle 8 DDs/SOs/Subscriptions 18 DDs/SOs/Subscriptions 24 DDs/SOs/Subscriptions pensions lifestyle spending pensions children, education rent lifestyle spending 2 accounts 2 accounts part-time job late retirement (still working)student loan part-time job 2 jobs 3 jobs loans paid back holidays savings ISAs savings ISAs tuition fund loans mortgage shares mortgage(s) 1 account 1 joint account 3 joint accounts Cloud computing can , and will, effectively initiate the creation of a new understanding of our money and how we experience our personal financial world. Considering the processing power that ‘the cloud’ can access, users of all ages throughout an entire life span will not only gain a better understanding of their money, but have their money understand them.
  • 11. BriefDesign an experience that allows users to understand theirmoney better at different periods of their life’s. In easing thetransitions between, for example, managing money for the firsttime right through to preparing for retirement, allow a user toview and play with their financial scenarios that inform them oftheir short, mid and long time personal financial outlook.
  • 12. ConceptsIn our internet, ‘sign-in’ culture, we have many online profiles and thus alot of information and statements on our lifestyle choices and preferences.What if your money could understand these preferences and suggest ideasthat relate to not only your financial situation, but to your desires andlifestyle, adding value to your money. all registered sites details your account activity plans/aspirations networks comes independently from your cloud lifestyle statements wage/income In this idea you would sign onto your own ‘personal cloud’ that would immediately access all the online content on you. Combining the sites you are affiliated with and your incomes, the cloud would begin to understand your lifestyle and suggest ideas based on your interests. For example your facebook status hints at going on holiday so the cloud can pick up on the fact you will be paid on X date and you prefer flying with Ryanair.
  • 13. ConceptsAs money becomes even more intangible and somewhat invisible, ‘thecloud’ can play its role in assisting the tangibility of money. All your credit debit car d debit car dand debit cards would reflect the activity on your account, shrinkingand growing as transactions take place. By remaining solely coloured and your account activitynot revealing figures, the system would still remain private. debit car d debit car d electron electron
  • 14. ConceptsAn interface that displays all your finances in a playful manner would entice Virgin Team Salesusers to move their finances around and see what it could look like, mimickingan abacus. I mapped out all the commitments that people commonly balanceand how a simple interface could help build a different type of portfolio - onethat lets the user see all their finances on a short and mid-term basis. £800p/m Account X Account Y Account Z + Account Incomes Commitments Preparation 10% Virgin Team Sales Pension £800p/m view your Audi Ltd £980p/m finances as 3 separate areas RBS Personal Loan £200p/m £100p/m Future Now Incomes Commitments Preparation Virgin Team Sales + £920p/m flick to ‘future TV License British Gas Mastercard Phone + Gym Internet Bannatynes Store card TopShop Audi Ltd BT Car + mode’ to play £1220p/m with your finances RBS Personal Loan -- £150p/m Now Future
  • 15. Key Concept 8 DDs/SOs/Subscriptions 18 DDs/SOs/Subscriptions 24 DDs/SOs/SubscriptionsHaving talked to a wide number of people - from differing backgrounds, rent lifestyle spending pensions lifestyle spending pensions children, educationfinancial situations and periods of their life’s - it became clearer that a new 2 accounts 2 accounts part-time job late retirement (still working)understanding of personal money and what you can do productively with it student loan part-time job 2 jobs 3 jobs loans paid back holidayswould suit the needs of an ever-changing world. People generally ask ‘big’ tuition fund ISAs savings ISAs savingsquestions about money and seek answers that are relevant to them. loans mortgage shares mortgage(s) 1 account 1 joint account 3 joint accounts “How will council tax effect my “If I where to have children, how “Will I have enough money to do what I money/financial life after I leave would I support them?” want to do want to do in my life?” University?” Ben, one half of young couple Joe, middle-aged Lizze, student “How will I know what my pensions “Which pension package will suit me best?” “How can I get out of my overdraft?” will do if get a new job?” Johnston, nearing retirement Tom, student Kirsty, changing jobs “What would happen if I changed my “Why is my bank charging me for an “How much is owning my car going monthly mortgage repayments to, say, overdraft; what did I do!?” to cost me?” £180 a month? Grace, student James, just started new job Richard, late 40s
  • 16. Key ConceptUsing ‘the cloud’ as the underlying technology I sketched out a systemthat a user would experience over an entire lifespan. I approached thescenarios with key quotes from users to help build the system. Users could literally come to the system with a financial query and retrieve completely tailored and personal advice that relates exactly to their lifestyle and financial well- being. The system would grow with you and understand how to assist you better in later years, managing all types of spending, saving and potential financial decisions.
  • 17. Key ConceptUsing a simple colour coded ‘abacus’ style aesthetic, a user would relate ‘commitments’ watch your financialeach button to an area of their money. Then, as your financial life gets more world grow ‘savings’ over time...complex, you see your finances grow within a system that tracks yourcircumstances and your spending behaviour. You could query purchases ‘incomes’before buying while on the go, as well as making more informed decisions onyour savings, or the progress of your pension for example. ‘query ’ query a price at the point of purchase and link it to your search for a type of overlay accounts and move wider financial outlook saving to put on your your money/payments around financial timeline to see potential affects... search for a new income to place of see where your payments your financial timeline lie in each month and scroll foward in time...
  • 18. ‘Abacus’ I discussed the concept with an accountant.His key insight points out that contrary to popular belief, people’s knowledge of money is often inverted i.e. those who have a good handle of their mortgage etc do not have an grasp of day-to-day responsibilities, which is often the other way round for many people.prints.The interface would be accessed on a range of devices to enable users to viewtheir finances where they feel most comfortable. Users could view and play withtheir finances privately, with a partner or friends, while at home, on the train orin a shop. The advantage of a touchscreen ‘Abacus’ would allow users to discusstheir finances in the bank with an advisor, accessed securely with fingerprints.
  • 19. ‘Abacus’ 1st 30th 1st 30th RBS 356*****.. HSBC 440**.. RBS 356*****.. HSBC 440**.. HBOS 224**.. RBS 356*****.. HSBC 440**.. HBOS 224**.. RBS 356*****.. HSBC 440**.. HBOS 224**.. RBS 356*****.. HSBC 440**.. HBOS 224**.. 03/06/20 | 00:02 Payment by: BACS to RBS Acc 356******* Training Solutions £29.45 Ltd From: Compass Group Learns about you O 2 (Job 3) throughout your Cineworld S’scrip Virgin (Job 2) financial life Active Gym Virgin 03/06/20 | 14:44 TV/Int/ Phone Payment to: O2 Mobile Car Post £25.00 Finance Office Explore your options: ISA RBS From: RBS Acc 356******* Mortgage HSBC British Savings + Inheritence/gift Gas Acc enter amount: BP Pension Acc Why not try: Orange deal - 300mins/300texts N.I Cont’ £20,223 unlimited internet for £22.50 Click here Make changes to your: Nissan Car Finance Now is a good time to invest in a Cash ISA with RBS. With the extra money you are earning at present, Put £15,000 here for 6 years and you will beable you could comfortably afford to pay off an extra £30 to pay off your mortgage by 2026 a month and have it completely paid before 03/09/20 click here click hereMy My Total at end My My My Total in Acc: Total in Acc:Day-to-Day Month-by-Month of month: Month-by-Month Year-by-Year Total in Acc: Year-by-Year Total in Acc:Finances £329.71 Finances £329.71 Finances £329.71 Finances £2329.71 Finances £2329.71Day-to-Day purchases Month-by-Month review Year-by-Year planning ‘Abacus’; An intelligent personal money system that grows with you and understands your financial behaviour over your life-span. The system reflects trends within the financial industry towards catering for entire customer life cycles and allows users to opt in at any stage, making good use of short term spending advice right through to building a pension.