The good, bad, and the ugly. Mobile banking in NZ.


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We looked into the mobile banking scene in NZ. Who will come out on top?

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The good, bad, and the ugly. Mobile banking in NZ.

  1. 1. The$good,$the$bad$and$the$ugly:$$Mobile$Banking$in$New$Zealand$Michael(Du+on((@Op1malNZ(
  2. 2. 8757 miles =14097 kmThats a long wayto travel, mobilebanking better bereally cool downhere!
  3. 3. Mobile( banking( (NZ)( Banking(MobileBanking didnt (NZ)(exist as asearch term2.5 yrs ago inNZ. Google&Analy+cs(
  4. 4. Wish I hadkept up withthe storm ofmobile.
  5. 5. Disclaimer, Optimal Usability hasdone 94 user experience projectswith the banks in NZ. However, Ihave not been involved in a singleNZ bank project yet.
  6. 6. +2000%$Mobile$Banking$ 1.1bn$ Users?$ 550m$ 55m$ 2009$ 2013$ 2015$ h/p:// h/p:// h/p:// mIbankingI530ImillionIusersI releases/2010/02/ News.aspx? byI2013I2695.html& prweb3553494.htm& m_m=6&s_m=1&
  7. 7. Who are theseindividuals that arecreating the mobilebanking storm? They are people like us, 40% of the 1 billion smartphone owners in China are using mobile banking.
  8. 8. Its also us, the under- banked and un-banked individuals.h/p://
  9. 9. Pop Q:( This(country(has(29( million(mobile(Quiz! subscribers.(( 65%((19(million)(use( mobile(money(services.(( Where(am(I?( A:( Kenya( h/p://
  10. 10. We want toknow who itis in the US.
  11. 11. Say Cheese!Its us, thesame youngadults found inother countries.
  12. 12. InternaGonal$eBanking$$ Benchmark$Study$Australia( Japan( $Brazil( Poland(( (Canada( Russia(( (Chile( South(Africa(( (Czech(Republic( South(Korea( (( (Finland( Spain( (( (Germany( Switzerland( (( (Ireland( UK(( (Italy( USA(( (
  13. 13. Even though we are part of the UXalliance,no one had created a solid and objectivemethodology to assess Mobile Banking. ?Which left us wondering, whos No.1?
  14. 14. Werenumber 1,among USbanks.
  15. 15. We were excited to find aNZ bank rated number 2through a meta-analysis,but then we found out thatMr. Nuciforo worked on theANZ goMoney app.Thats not exactly objectivein our book!
  16. 16. d Ob serve Who c Usability$ user an ? use it? expe rience InteracGon$ PlaLorms$ design$ Mobile H ow do design ing exist i t? principles? rateusers User$raGngs$ Features$ What can users do? Our framework for identifying the best mobile app.
  17. 17. Usability$ InteracGon$PlaLorms$ design$ User$raGngs$ Features$ Six NZ banks were tested along with the three time Keynote winner Chase bank.
  18. 18. Spider diagrams arepretty simple.Bigger = Better! Usability$ InteracGon$ PlaLorms$ design$ User$raGngs$ Features$
  19. 19. Not bigger = Not better Usability$ InteracGon$ PlaLorms$ design$ User$raGngs$ Features$
  20. 20. ANZ = $7bn revenue. Westpac,BNZ and ASB are roughly the samesize at $4bn-ish. KiwiBank is about$1bn. And TSB is “only” $200millionCompare this with Chase bank,which turns over $100 billion + Deloi/e/Management&Magazine&Top&200&(December&2012)&
  21. 21. Using these three criteria, we created a heatmap showing capability.PlaLorms$ User$raGngs$ Features$
  22. 22. iPhone Y Y Y Y Y Y y yPlatform iPad N Y N N N N y y Android Y Y Y Y Y N y y Windows Y N N N N N y N Open3accounts N N Y N N Y N N No3log9in3balances Y Y Y N N N N N 4/53digit3log9in Y N Y Y Y N N Y View3account3balances Y Y Y Y Y Y Y Y View3transaction3lists Y Y Y Y Y Y Y Y Transfer3between3accounts Y Y Y Y Y Y Y Y Bill3payment Y Y Y N Y Y Y N Set3up3payees393From3Mobile N N N N N Y Y N View3automatic3payments N Y Y N Y Y N Y Change3upcoming3payments N N Y N Y y N N View3term3deposits Y Y Y N Y y N Green = has it N View3mortgages3&3loans Y Y N Y Y Y Y Y Red = does notFunctionality View3KiwiSaver Y N N N N N N N Pay3tax N N N N Y Y N N have it Alerts:3333333333333333333333333333333333333333Text N N N N N Y Y N Push N N N N N Y Y Y Email N N N N N Y Y N Foreign3exchange,3rates3etc. Y N N N Y Y N N Share3trading N N N N N N N y NFC N N N N N y N N Location3based3services Y N Y N N N Y Y Pay3to3mobile Y N N Y N Y N Y Pay3TradeMe3sellers Y N Y N N N N N Pay3to3Facebook3friends Y N N N N N N N Personalise3account N N N N N Y N N Personalised3service N N N N Y N N N Picture3cheque3deposits N N N N N N Y N Loyality3scheme3points Y n N N N N Y N Secure3Messaging Y N N N Y Y N N App3store393latest3version 4.53 3.33 4.55 1.82 4.35 4.45 2.34 2.19Rating App3store393all3versions 3.31 1.87 4.16 1.82 4.35 4.45 3.49 3.00 Google3play 3.94 2.93 4.50 3.93 4.35 4.24 3.92
  23. 23. How many is enough?How many is Features$ too many?
  24. 24. Features come in many different variations.Verve Mobile surveyed 1,200 people andfound five core features users want:transfers, bill pay, alerts, person toperson payments, and branch/ATM locator.We added a sixth: find a past transaction.
  25. 25. Core(Features( Non(Core( Features( Of the six core features we looked for, some had multiple facets. This allowed the banks to score up to nine points in this area.0( 5( 10( 15( 20(
  26. 26. User$raGngs$
  27. 27. BNZ( Kiwi( ASB( Chase( Google(play( iTunes(All(Versions( TSB( iTunes(Latest( We found ratings to be moreWestPac( indicative of bugs than actual user experience. Bugs were consistently rated 1 star, but ANZ( other comments could be rated polar opposites. 0( 1( 2( 3( 4( 5(
  28. 28. PlaLorms$ Apps occassionally break, so in addition to the core platforms in NZ, we also added the criteria that they should have a responsive designed website.
  29. 29. iPhone(iPad(Android(Windows(Responsive(Design(`(Main(site(
  30. 30. PlaLorms$ User$raGngs$ Features$
  31. 31. Usability$ Who: to What Millennials ? test25% of the worldspopulation, We used the sixheaviest users of core features thatmobile banking, users identified3.4 billion in as most desired.earnings by 2018. Metho d ? here Traditional lab based W testing, counter balanced design, We have labs in single note taker for Auckland and consistency, Wellington, so it participants couldnt made sense to test their own banks test there. app.
  32. 32. Its a sled system that allows theuser have a very natural experiencewith the smartphone during testing.
  33. 33. What(we(found…(100( 20( 90( 18( 80( 16( 70( 14( SUS(score( 60( 12( Total(#(of( 50( 10( Features( Compare ASB to TSB. 40( Its a good example that 8( Usability( the number of features Issues( 30( 6( doesnt impact the overall usability score 20( 4( (SUS). It comes down to having well thought 10( 2( out interaction design. 0( 0( 1( 2( 3( 4( 5( 6( 7(
  34. 34. In general, the banks are doing well. Mostuse SMS for authentication, though BNZsNetGuard tripped us up. The deploymentof custom keyboards like ANZs goMoney,helped minimize "fat finger" experienceswhen typing in numeric values.
  35. 35. One of the trickiest areas was accountnames. Not all banks carried customaccount names like "checking" or"savings" through to the mobile app.This made transfering of funds betweenaccounts a little more challenging.
  36. 36. SUS(Score( Uber(Usability( Average(Issue( Score(At the end of the usability testing, weasked participants to stack rank the fourapps they just tested. The score of thisstack ranking was then added onto theSUS score to create an Uber Usabilityscore.
  37. 37. Usability$
  38. 38. The Creating anevaluation evaluation process framework InteracGon$ design$ We could not find a great interaction What d design framework, so we created our own. id We looked at the context of mobile usage, we lear n? adherence to platform standards, and efficiency of interactions, just to name a few. We then had our experts double check each other for our own internal consistency.
  39. 39. In total we created ten categories withfive criteria per category.
  40. 40. What is an example ofgood interaction design?
  41. 41. An example: On the left Kiwibankprovides no affordance thatanything is happening during thelog in process. Contrast that withANZ, which has the animated spinallowing the user to visually knowsomething is happening.
  42. 42. Star1ng(&(finishing( 81( Naviga1on(&(IA( Errors( Accessibility( Comprehension( Consistency(&( standards( Efficiency(of(use( Layout( Visual(Design(48( General(
  43. 43. InteracGon$ Design$
  44. 44. ?
  45. 45. Raw scores displayed
  46. 46. Usability$ 27.5%$ We realised the raw scored InteracGon$PlaLorms$ didnt tell an accurate story. An 15%$ app with only three core Design$ features should have an excellent usability score. User 15%$ ratings arent consistent between comments, so we decided we should weight things accordingly. User$raGngs$ Features$ 15%$ 27.5%$
  47. 47. ANZ came out on the bottom. This is 56.01$ Usability$ in large part because they had three of the core features, and very low user ratings. InteracGon$PlaLorms$ design$ User$raGngs$ Features$
  48. 48. ASB comes out on top. Their 77.83$ Usability$ combination of core features and excellent interaction design provided them with a great usability score. This combined with good platform coverage and high user ratings made them the overall winner. InteracGon$PlaLorms$ design$ User$raGngs$ Features$
  49. 49. 74.86$ Chase bank did well too. Their Usability$ user ratings were low due to bugs, and their usability score was hampered by marketing terminology that made tasks more challenging than needed. InteracGon$PlaLorms$ design$ User$raGngs$ Features$
  50. 50. Even though Chase came insecond overall, we decided thistesting was really about Kiwi banks.Therefore, BNZ takes second andWestPac takes third place.
  51. 51. Lessons$Feature$Bloat$–$Requires$geat$interacGon$design$Hard$to$measure$good$design$Good$user$experiences$may$make$people$switch$Americans$sGll$use$Cheques$Already$out$of$Date$ Several of the banks, have already As we noted, mobile is a storm. released updates to the apps we tested. And$finally…$
  52. 52. 41 ( ( ( ((((65 ( ( ( (((((80( Please remember to keyword your apps! Depending on the study you read, the average Millenial has between 84 and 141 apps installed.
  53. 53. QuesGons?$
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