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Youth & Digital Banking

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How to create emotional connection between youth & banking?

* Enable simple engagement with money.
* Build trust and form habits in order to become financial companion.
* Ensure that bank offering captures & captivates the youth audiance.

It is a digital product project which will create a new digital banking service for millennials. This new service will deliver lifestyle experiences to spend, save and live smarter.

Published in: Business
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Youth & Digital Banking

  1. 1. youthDIGITAL BANKıng BANKS THINK ECONOMIC VALUE PEOPLE THINK PERSONAL VALUE BANKS THINK ABOUT PRODUCTS THEY OFFER PEOPLE THINK ABOUT HOW THEY’RE TREATED myProduct is here m y P r o d u c t H E L L O
  2. 2. ! Source: CSC & Finextra 75% CHECKING ACCOUNT BALANCES 10% MAKING SMALL PAYMENTS ! ex: peer-to-peer MANAGING PERSONAL FINANCES 10% MAKING MERCHANT PAYMENTS 4 % FEATURES THAT RETAIL BANKS THINK ARE THE MOST IMPORTANT EXPLORING BANKING PRODUCTS 1 %! such as loans and mortgages T R E N D S FinTech in USA – Check: bill management services company – Venmo: social payments platform to make and share payments with your friends – Crowdtilt: pool funds with your friends – The Currency Cloud: international payment platform – Dwola: small payment system charging fixed fees – Square: way to accept credit cards – Stripe: optimized, cross-device payment form, with support for single click payments – BrainTree: platform to accept payments online and on a mobile app (Acquired by Paypal).   FEATURES THAT RETAIL BANKS THINK ARE THE MOST IMPORTANT ! Source: CSC & Finextra 75% CHECKING ACCOUNT BALANCES 10% MAKING SMALL PAYMENTS ! ex: peer-to-peer MANAGING PERSONAL FINANCES 10% MAKING MERCHANT PAYMENTS 4 % M I N D T H E G A P W I T H T H E C U S T O M E R A N D B A N K ! FEATURES THAT RETAIL BANKS THINK ARE THE MOST IMPORTANT EXPLORING BANKING PRODUCTS 1 %! such as loans and mortgages FinTech in UK – GoCardLess: online direct debit provider – Transferwise: marketplace for foreign exchange.   FinTech in France – Leetchi: pool funds with your friends – Weeleo: marketplace for foreign exchange – iPAYst: payment application that uses a QR-Code to trigger a payment transaction. GLOBAL FINTECH REVOLUTION
  3. 3. M A R K E T I N G S T R A T E G Y 16-25 years old, Millenials, Collage Kids, Young professionals, Teenagers They are mobile, social, conversational and always on. Based in values, they have an emotional connection with brands. TARGET USER WHAT MILLENIALS WANT IN MOBILE PAYMENT EXPERIENCE? Inc Mag, fintechranking Want to use mobile payments to speed up financial transactions. Cater to Millennials’ desires for expediency and ease of use. Want to use mobile payments to split bills with their peers. And nearly 50 percent of Millennials said they’d connect their mobile payment information to a “wearable” device, like a smart watch. Millennials want mobile transactions to be as digitally native as they are. They are interested in customizing the experience as well as having the options to pay via a mobile device in store, within their mobile browser or app, and/or on a wearable device. CONVENIENCE FLEXIBILITY 50 45% % ANALYTICS 52 Want mobile payments to help them track their spending. Fifty percent of Millennials use their smartphone to research purchases. Forty-eight percent of Millennials are interested in real-time and forward-looking spending analysis. Millennials are interested in better analytics to help them track spending, and to customize their mobile experience further. % SECURITY 54 Concerned about the security of mobile devices for banking purposes. Nearly 70 percent of Millennials are more likely to trust companies that are technology based and would be more excited about a new offerings in financial services from Google, Amazon, Apple, PayPal, or Square than from their own nationwide bank. %
  4. 4. PRODUCT WILL CREATE A NEW DIGITAL BANKING SERVICE FOR MILLENNIALS. THIS NEW SERVICE WILL DELIVER LIFESTYLE EXPERIENCES TO SPEND, SAVE AND LIVE SMARTER. AND IT WILL BE FREE WITH THE OWNER BANKS DEBIT ACCOUNT. HOW TO CREATE EMOTIONAL CONNECTION M A R K E T I N G S T R A T E G Y ENABLE SIMPLE ENGAGEMENT WITH MONEY VIA DIGITAL EXPERIENCES. BUILD TRUST AND FORM HABITS IN ORDER TO BECOME FINANCIAL COMPANION. ENSURE THAT BANK OFFERING CAPTURES & CAPTIVATES THE YOUTH AUDIENCE. m y P r o d u c t
  5. 5. PayPal How to use it: Send and receive money using the app or website. What it’s good for: It is very secure and also international, oldest Internet payment services, it’s extremely common. Risks: If you’re not transacting with friends or family, make sure you choose the “goods and services” option so you can use PayPal’s purchase protection. Downsides: It used to be a little cumbersome for paying your friends back, but PayPaul just launched a new feature called PayPal.me that lets each user have his or her own URL. To pay or get paid, you send the URL along with the amount in an email or text, and the recipient can easily complete the transaction. Fees: Free for everyone except merchants, if you fund with a bank account. Payments to friends with credit cards are 2.9% + $0.30 per transaction. That same charge applies if you receive money for “goods and services” instead of friends and family. Venmo How to use it: Create a Venmo account and send and request money with a few clicks or taps of a phone screen. Most people use it in app form, but since it’s linked to email and your phone number, you can complete requests for money extremely easily by responding to the text notification you get if someone wants money. You don’t even have to open the app. What it’s good for: Paying friends, and friends only. It’s quick and easy to use on a regular basis. Downsides: Just the security, pretty much. It’s an incredibly frictionless user experience that has catapulted up to $2.4 billion in payments in 2015. Fees: Free for bank account transfers and major debit cards. Credit cards and non-major debit cards carry a 3% fee. Square Cash How to use it: Make an account and use it like Venmo, with an app or online. Or, use it by email. All you have to do is send an email and cc cash@square.com to make a payment or request@square.com for a request. What it’s good for: Paying your friends, people who like simplicity and don’t want an extra app on their phone. Downsides: Just the security concerns. Fees: Free for non-business transactions, 1.9% per transaction to receive money for goods from strangers. Google Wallet How to use it: Google Wallet accounts can be linked to a bank account or a debit card, though those carry a 2.9% fee. You can send money to friends or strangers through the website, the app, or Gmail—there’s a little dollar sign icon at the bottom of a message. What it’s good for: Paying your friends. Downsides: Not as user-friendly as the others, and Google discontinued the ability for Wallet to be used at stores. Fees: 2.9% fee to fund money via a debit card; free to fund with a bank account. Transfers are free. Payments in Facebook Messenger How it use it: You send a message to someone on Facebook and hit the dollar sign, input value and your debit card info. What it’s good for: Paying Facebook friends and family you trust. Downsides: Security. Think about how often friends leave joke statuses on each other’s Facebooks when the person is accidentally still logged in. Also, the unfamiliarity. Fees: Free COMPETITORS PAY M E N T S & C R E D I T C A R D S M O B I L E P R E PA I D Serve Bluebird Square Paypal Klarna Plastc Coin bPay Mocapay Apple Pay Google Wallet Valyou SoftCard Amazon Payments A R M I E S O F C O M P E T I T O R S BKM Express 12 banka ile işbirliği, iOS ve Android uygulaması, Mobil web ve internet sitesi App Store puanı: 4,8 / 5 fastPay DenizBank üye işyerleri iOS, Android ve Windows Phone uygulamaları App Store puanı: 3,9 / 5 iGaranti 3 üye işyeri iOS ve Android uygulamaları App Store puanı: 3,0 / 5 Vodafone Cep Cüzdan PTT anlaşmalı iOS ve Android uygulamaları App Store puanı: 3,9 / 5 P2P Venmo Facebook LoopPay Tilt Dwell m y P r o d u c t
  6. 6. Send money instantly to anyone, anywhere. Across the table or around the world. LINK is a social network that allows you to pay online, keep your savings, online purchases and share money with friends. It’s your new virtual wallet. Your bank. Your money. Your mobile payments platform. With LINK a completely new product appears, connecting our money to our online life in a very simple and efficient manner through the mobile. Its focus is centered on payments, purchases, and savings. m y P R O D U C T Powered by ______ LINK! m y P r o d u c t
  7. 7. Send Money from mobile to mobile Simple money transfer to anyone via mobile phone number. Easy, fun and fast as sending a message to a friend.And its free! Transfer Real time transactions between bank accounts. Prepaid account linked to either a Mastercard or Visa credit card account. Connect and Share Use all your contacts and create a network of friends so that to make a payment between people, known as “peer-to-peer” payments, is as easy as sending a text message. Highlight online group allowances, a unique system to be able to organize purchases as a group. Split dinners, birthday gifts and house spendings. Set up joint funds for nights out or weekends away or a birthday present is to be made between several friends. Assign a quantity for each participant, then to claim and receive it, and know at all times who participated in the fund and who has yet to pay in his or her part. If you have LINK, you can spend funds as soon as you receive them, without waiting for the funds to transfer to a debit card or bank account. F E A T U R E S Mobile Wallet - P2P Payments Spend Pay mobile, enable digital payments using your existing app. Cash out when it is over from any ATM, with no card required. m y P r o d u c t
  8. 8. F E A T U R E S Mobile Payment - Manage your money m y P r o d u c t Calendar View your expenses for a selected period; day, week or month. You can also compare expenses during the previous months with the current one. Use calendar to enter backdated expenses. Control Set limits for your monthly or weekly expenses. If you want to set a limit per category. A pre-paid card makes it particularly interesting for online purchases, with young people no-longer having to ask their parents for their card. And it makes it possible to maintain greater control on expenses. Analyse & Track Check your whole feed of your expenses and understand what expenses can be cut down. his helps you easily track the amount of money left or saved. Track bills and pay them in one place, and also offers an at- a-glance view of how much money you’ve actually got on hand, at all times. Categorise Define categories, add expenses accordingly and easily manage your budget. Link your bills and app will aggregates all of your monthly bill information.
  9. 9. C O M M U N I C A T I O N S T R A T E G Y NOT TO BE BANKY Cool features, Funway to bank, Fun account, Easy to understand MAKE THINGS PEOPLE LOVE Become hype and get millennials talk about the app. Be the best in class in financial services for millennial by putting users at the heart of service by design and usage. m y P r o d u c t “SPLIT SPENDINGS” “YOUTH COMMUNITY” “MANAGE YOUR MONEY”
  10. 10. C O M M U N I C A T I O N S T R A T E G Y LINK! DO MORE WITH LESS. LINK! Povered by _______ Povered by _______ SHARE, SPEND, SAVE TOGETHER. m y P r o d u c t
  11. 11. F U T U R E S T R A T E G I E S Partnerships with Festivals, Organisations, Universities, Restaurants & Cafes, Sport Activities, Concerts, Hotels, Transportation services, Other digital services, Shops and Merchants, etc. A wristband for contactless NFC payments for purchases. m y P r o d u c t
  12. 12. PROJECT PLAN WEEK 1 WEEK 2 WEEK 3 WEEK 4 WEEK 5 WEEK 6 WEEK 7 WEEK 8 WEEK 9 WEEK 10 WEEK 11 Discovery Service Blueprint Key Service Concepts Interaction Models Interaction Design User Research User & Stakeholder Workshops WEEK 12 Visual Design Annotated Wireframes P R O J E C T P L A N DESCRIBEDISCOVER DESIGN ROADMAP Understanding the market Business context User and market research Competitor analysis UX Guidelines from VDF UK SelfCare analysis Stakeholder interviews Touch-points analysis Product and service lifecycle Technology capabilities Assessment Business KPIs Rumble Workshops Rumble Output Vision and Strategy Service Concepts Opportunities Framework creation & Service Blueprint Service Blueprint Design principles Final service definition Final Release plan Define deployment roadmap FrameworkContext + Insights Customer Journeys + Prototype Phase II Plan Service Design Mobile Interaction + Visual (15 screen Max) Web Interaction + Visual (15 screen Max) Click-through Prototype m y P r o d u c t
  13. 13. Be innovative but keep it simple. Focus on “Mobile Life” services supporting every aspect of people’s lifestyles at home, at work, and on the move. Create post-login experience. By monitoring customer transactions and behavior, the dialog engine can suggest tools for financial planning and budgeting, act as a virtual advisor, offer peer comparison on selected products or services, and much more. Be relevant. Deliver improved service to customers by developing digital applications that recognise contextual signals and engage customers within that context. Be narrow but socially useful. It is better to be narrow but to satisfy a customer need in the right context rather than to be wide and try to offer everything at a time. Build an ecosystem rather than a single app. Extend the ecosystem by offering a greater range of services for their customers. P E R F O R M A N C E m y P r o d u c t
  14. 14. THANK YOU! m y P r o d u c t G O O D B Y E

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