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.
• Unclear fees and plans
• Painful authentication processes
To the industry:
• No Plug & Play - Monolithic institutions
• Aversion to risk
• Less than innovative reaction to regulations
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?
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
C. I don’t know
‘Buying a single company stock usually provides a safer return
than a stock mutual fund.’
LACK I N G
• 86% of Americans can’t answer this quiz
• More than one-third of American workers
have less than $1,000 saved for retirement
UX O P PO RTUNITY
Consumer Friction Lack of education
• Towards contextual, customer-centric view
• Innovation not limited to backend fintech.
• New paradigms: Bitcoin, mobile payments
FI NTE CH IS SHIF TING
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?