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Designing A Better Bank

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Evolving Mobile Banking

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Designing A Better Bank

  1. 1. E V O L V I N G M O B I L E B A N K I N G
  2. 2. WE HELP CLIENTS GO BEYOND PRODUCTS & SERVICES THROUGH THE DESIGN OF SEAMLESSLY CONNECTED BRAND EXPERIENCES. hello@matterofform.com
  3. 3. BRAND + EXPERIENCE DESIGN + TECHNOLOGY = BRAND INTERACTIONS TM hello@matterofform.com
  4. 4. 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) hello@matterofform.com
  5. 5. DESIGNING A SMARTER MOBILE BANKING EXPERIENCE H 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 hello@matterofform.com
  6. 6. WHEN MOBILE BANKING LOOKS LIKE A SPREADSHEET… hello@matterofform.com
  7. 7. …AND TRANSACTION SERVICES ARE EVOLVING… hello@matterofform.com
  8. 8. BANKS NEED TO OFFER MORE TO AVOID DISRUPTION hello@matterofform.com
  9. 9. 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. hello@matterofform.com
  10. 10. Young adults have a transactional relationship with their banks This has created a gap between their needs and the services banks offer. hello@matterofform.com
  11. 11. They want financial advice, strategies, and support. But they don’t see their banks as catalysts to financial well-being. hello@matterofform.com
  12. 12. 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. hello@matterofform.com
  13. 13. 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. hello@matterofform.com
  14. 14. WHAT DO MILLENNIALS WANT FROM THEIR BANKS? hello@matterofform.com
  15. 15. 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 MISTAKES THE ABILITY TO TRANSFER MONEY TO FRIENDS, FAMILY AND COLLEAGUES hello@matterofform.com
  16. 16. 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 don’t 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. hello@matterofform.com
  17. 17. 3. FORECASTING 5. 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 hello@matterofform.com
  18. 18. 1. Balance & Activity Enquiry The current relationship between banks and customers is akin to a glorified spreadsheet
  19. 19. 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.
  20. 20. This activity should conglomerate all accounts. Metadata should separate transaction types into distinct buckets. hello@matterofform.com
  21. 21. UI elements, typography and colour should be used to signpost (warnings, spending patterns, trends) hello@matterofform.com
  22. 22. 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 they’ll eventually want, but don’t 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. hello@matterofform.com
  23. 23. Motivational messaging, imagery and alerts should contextualise how spending patterns affect saving goals. Letting users know how far they’ve come, and how many contributions they have left, make goals more attainable. hello@matterofform.com
  24. 24. 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.
  25. 25. 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. hello@matterofform.com
  26. 26. 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? hello@matterofform.com
  27. 27. 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. hello@matterofform.com
  28. 28. Mobile apps should calendar sync, using API’s from other apps to advise on spending decisions There is so much data available in a device, but banking apps don’t interact at all with other applications that might inform advice or alerts. hello@matterofform.com
  29. 29. 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. hello@matterofform.com
  30. 30. 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? hello@matterofform.com
  31. 31. 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. hello@matterofform.com
  32. 32. 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? hello@matterofform.com
  33. 33. For example, rather than a simple notification of a salary being paid, advice around savings goals should be served. hello@matterofform.com
  34. 34. 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. hello@matterofform.com
  35. 35. 5. Mobile Payments Providing a smarter service over splitting payments in an increasing shared economy. hello@matterofform.com
  36. 36. Cultural shifts makes it acceptable to share everything from assets to bills.
  37. 37. Banks need to develop services that make it easy for customers to quickly split payments inequitably (utilities, rent, drinks, petrol, etc.).
  38. 38. HOW CAN BANKS TAKE CONTROL?
  39. 39. 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.
  40. 40. Or how about noticing the user is in an airport, offering currency purchase and insurance
  41. 41. 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??
  42. 42. 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…?
  43. 43. 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.
  44. 44. 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.
  45. 45. HOW MIGHT THIS COME TO LIFE?
  46. 46. Meet Jessica.
  47. 47. Its payday. Jessica sees most her recent transactions, taxonomised into spending buckets She’s made a saving goal. Cash automatically transfers to her holiday pool. She's assigned a motivational image to the goal.
  48. 48. As its the end of the quarter, the app offers Jessica a view of her earning trajectory. She’s 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.
  49. 49. 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 she’s in a position to start saving for a house. But first things first, she’s off to Brazil. The app senses she’s at the aiport, and offers her a deal on foreign currency.
  50. 50. The next payday arrives soon after. Jessica is offered a budget review. She’s 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.
  51. 51. Jessica has also set a health goal. Her app integrates with Healthkit on her iPhone. She’s 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.
  52. 52. Next month Jessica’s 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.
  53. 53. 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.
  54. 54. 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.
  55. 55. IT’S TIME TO RE-THINK THE BANKING INTERFACE FROM THE GROUND UP.
  56. 56. Anant Sharma, CEO Matter Of Form. anant@matterofform.com. +44 (0) 203 141 2000

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