Fintech: The User Experience opportunity

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For years, banks have been banking on consumer friction and the lack of understanding from consumers to make money. But we are not ready to accept that anymore. Standards are changing and consumers learned to demand much more from services they use everyday. As consumers turn to tech companies to handle their finances, we're seeing a massive opportunity to reinvent the user experience of how we interact with our money.

Using BillGuard as a use case, this presentation goes through examples of carefully crafted mobile experiences to think about when reinventing consumer elements of finance.

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Fintech: The User Experience opportunity

  1. 1. FINTECH: THE UX OPPORTUNITY Raphael Ouzan June 2014
  2. 2. BAN KING BANKS ON CON SUM E R F R I CTI ON
  3. 3. {EXAMPLE OF CONSUMER FRICTION}
  4. 4. FRICTION To consumers: • Unclear fees and plans • Painful authentication processes ! To the industry: • No Plug & Play - Monolithic institutions • Aversion to risk • Less than innovative reaction to regulations
  5. 5. WH AT ABOUT PE RSONAL FI NANCE E DUCATION?
  6. 6. A. More than $102 B. Exactly $102 C. Less than $102 Suppose you have $100 is savings account earning 2% a year. 
 After 5 years, how much would you have?
  7. 7. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, would you be able to buy: A. More than today B. Exactly the same as today C. Less than today
  8. 8. A. True B. False C. I don’t know ‘Buying a single company stock usually provides a safer return 
 than a stock mutual fund.’
  9. 9. LACK I N G • 86% of Americans can’t answer this quiz properly • More than one-third of American workers have less than $1,000 saved for retirement
  10. 10. UX O P PO RTUNITY Consumer Friction Lack of education + =
  11. 11. • Towards contextual, customer-centric view • Innovation not limited to backend fintech. • New paradigms: Bitcoin, mobile payments FI NTE CH IS SHIF TING
  12. 12. AN D TH E M AR K E T I S R E ADY Accenture survey:“If these companies offered banking services, how likely would you be to bank with them?
  13. 13. 13
  14. 14. OUR CASE STUDY TODAY ! • Control • Insights • Transparency • Security & Trust Can checking your bills not suck?
  15. 15. CON TROL • Started with “set and forget model” – Assumption: “People don’t want to work” – Limited to email alerts and monthly report
  16. 16. 16
  17. 17. E NGAGE MENT • {webapp}
  18. 18. CON T ROL “Set and forget model” = DIDN’T WORK – Limited mindshare - People loved the service but not part of their “workflow” – As a result: No WoM
  19. 19. CON T ROL - AT T EM P T # 2 Maybe people do need to work at list a little to achieve peace of mind? ! Pioneering engaged security 19
  20. 20. 20
  21. 21. 21
  22. 22. Engagement – new approach [attempts]
  23. 23. More attemps…
  24. 24. 1. Notification TH E SOLUTI ON – HABIT FORM IN G UX
  25. 25. 2. Action
  26. 26. And Repeat! 3. Reward
  27. 27. RE SULT: I T W OR K S Banks: From institution to application ”It’s no longer about wallet share. It’s about app-driven mindshare” Marc Hochstein, American Banker
  28. 28. INSIGH T S – CAN PEOPLE HAN DLE CH ARTS TH AT AR E N OT PI E CH ARTS?
  29. 29. Smart– the right insights [attempts]
  30. 30. YE S.
  31. 31. I NSI GHTS – RE SULTS Spend Analytics Launch: Impact on retention was drastic
  32. 32. TRANSPARENCY Where is my money going?
  33. 33. 35
  34. 34. BUT WHERE IS MY MONEY GOI NG?
  35. 35. TRU ST • Trust is an impression made within 2 seconds • Requires high design standards and great care for details
  36. 36. SECU R I T Y 46
  37. 37. A LWAYS AVAI LABLE

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