Ux 101 - Context to Fintech by @RuthlessUx
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Seminar on User Experience for Fintech for Startupbootcamp!
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Ux 101 - Context to Fintech by @RuthlessUx
- 1. UXDESIGN - CONTEXT TO FINTECH (Banks, FinTech startups, insurance and charity services, trading platforms and payment services. 10th March, 2017 @RuthlessUx -Shaheena Attarwala
- 2. @RuthlessUx By Shaheena Attarwala "Everything is Designed and Everything is simple. If it ain't simple enough, It just ain't designed well enough". -RuthlessUx
- 3. About me @RuthlessUx • UX Consultant • Currently Head of Design at Wigzo Technologies • Founder PurpleCube Design Studio (2009 - Present) • Ex - Designer BookMyShow(2009) and Shaadi.com(2012) • Ex - Co-founder & Design Head at Truss Networking (2014) • UX Blogger at www.RuthlessUx.com Shaheena Attarwala www.RuthlessUx.com
- 4. UI - Interface Elements UX- How a user gets. from point A to point B. www.RuthlessUx.com UX involves human psychology as well as business analysis. @RuthlessUx -Shaheena Attarwala
- 6. There are a very few known techniques that can precisely and consistently shape a good ux Keep it simple / Relate to things people used to/ Learnt it anecdotally / via Experiment www.RuthlessUx.com
- 7. deadly simple | breathtaking creative experience.
- 10. Utility / Usability Comes first | Beauty is secondary masochistic teapot
- 11. Users resist change Fool them slowly rather than quickly
- 12. Make users feel smart (Salt&Pepper Rule) Don't hide things in complexity in design.
- 13. 4 step to build a Good UX Be Specific - Narrow it down Build Accurate Test Simplify
- 14. Triune brain 80%Behaviour: 20% Paul MacLean,1960 LIZARD BRAIN Fight or flight, MAMMAL BRAIN Emotions, habits, emotions, feelings and social interactions. NEOCORTEX Abstractions, Finances, thinking and cognitive processes.fear, safety & tracking movement. Rational consciousness
- 15. It is not in our nature to understand finances. 80% Of costumers behavior is determined by sub-consciousness Old part in the Human Brain
- 16. • Finance is an Artificial Concept • Lies in our consciousness • We have to work with our conscious mind • That`s why we are not perfect with calculations and controlling our financial behavior.
- 17. Self Control?
- 18. Half a box of chocolate now? Full box of chocolate in a week?
- 22. Current financial services, especially bank services, are really complex. • Frustrate users • Do not engage them.
- 24. FinTech’s are here to compete with banks and users choose those solutions because they solve their problems and fulfill their needs.
- 25. • Change thinking from product-centered to user- centered. • Product-centered thinking is about push marketing and advertising with the aim to make someone love your product. User-centered thinking is about making a product that everyone loves. These are two different approaches. Design thinking is a user-centered approach to problem solving. Empathy is key.
- 26. • Banks is that they are too big and old-fashioned • FinTech companies observe the market and quickly offer new and valuable products.
- 27. • Users don’t want to have to switch or tap dozens of buttons. • One Button Push • Users get what they want
- 28. People are never going to learn enough. People are never going to be beginners. People will always be learning. - Allan Cooper Make it simple enough. Discoverability is a great tool for learning. Humans are hardwired and naturally intuitive to things that resonate to their gut
- 29. Lack of understanding of consumers SERVICESPROVIDERS BELIEVE THEY UNDERSTAND 81% CONSUMERS FEEL THEY DON’T 37% Econsultancy, 2015
- 30. Only a few bank products used by online banking users 1 PRODUCT USED 20% 2-4 PRODUCTS USED 70% Ernst & Young, Europe, 2014
- 32. • Users want to see their balances, view their transaction history and make transfers and payments. • Less Clicks! This is a big advantage over traditional banking solutions, which typically require over eight clicks.
- 37. > As humans can’t communicate without human language. > Technology can’t provide it`s value without design. > Gain customers through design as a language.
- 38. Bad user experiencecauses customers switching Ernst & Young, Europe, 2014 Econsultancy, 2015 said previous company failed them Product Experience Pricing Other 73% More than one bank 50% Opened or closed accounts in the last year 30% 9% 20% 20%
- 39. Moving from Cash Society to Completely Digital Finance
- 40. Low Averagescore of banking apps Average rating for personal finance apps/ Expense Managers Personal finance Taxes Banks 79 73 70 61 Payments 45
- 42. Try out “customer shoes”
- 43. Britain`s CashlessVS Cash Eg. Electronic Payments telegraph.co.uk, 2015 30b 25b 20b 15b 10b 2005 2010 2015 2020 Cash Non-cash Major European banks HSBC, Deutsche Bank, Lloyds Bank, DNB, Banco Santander, Royal Bank of Scotland, Barclays during the last month announced plans to close more than 1,000 branches.
- 44. Experts predict that by 2030 Sweden becomes the first country to completely become cashless economy.
- 45. Fintech on the rise KMPG, CB Insights, 2015 $2.4B 2011 $2.8B 2012 $3.9B 2013 $12.2B 2014 $19.1B 2015
- 46. WHAT TO DO?
- 47. Learn “customer’s understandable language” Copy Taxonomy Architecture Scenarious Interactions Design Colors Graphic Typography Forms BEHAVIOUR / COGNITION / PSYCHOLOGY
- 49. Force users to fill out all those multi-step forms? Import all required info through APIs?
- 50. Customer research Find pain points Prioritize preferred tasks Paint user personas Discover best practices Interviews to find their motivations.
- 51. HOW?
- 53. https://www.techinasia.com/flipkart-myntra-app-only-disaster http://timesofindia.indiatimes.com/business/india-business/Flipkart-drops-its-plan-to-go-app-only/articleshow/49751060.cms http://forbesindia.com/article/special/why-myntra-is-going-back-to-its-desktop-version/43199/1 ● Mobile accounts for 70-80% of e-commerce traffic today. ● Forcing users to download the app and shutting out rivals. ● Within 9 months reopened its mobile site Understand Users! Do research! May 2015
- 54. Source :Google - The New Multi-screen World: Understanding Cross-platform Consumer Behavior - August 2012 Smartphones are the most common starting place for online activities
- 55. Source :Google - The New Multi-screen World: Understanding Cross-platform Consumer Behavior - August 2012 PCs are most often a starting point for more complex activities
- 57. RESULT?
- 58. Smart budgeting Application / Software
- 60. Marketplace
- 61. Testing
- 62. Main takeaways Innovation fromUXDA: 1. Step in “customers shoes” 2. Learn “human language” 3. Deliver “magic button” MAGIC BUTTON
- 71. Keep innovating - The foreplay of AI and User Experience www.RuthlessUx.com