Beyond FinTech: Designing products people actually use
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The document discusses designing digital financial products that people actually use. It notes that while leapfrog in communication technology has occurred, leapfrog in financial technology requires giving users clear ways to start using new options. Digital payments can be difficult because cash is easy, so the best opportunities create higher value while lowering friction or barriers to use compared to alternatives. Small design decisions around fees, passwords, loading times and other friction points can significantly impact adoption. The key is understanding what value a product provides and how to make it easier to use than existing options.
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Beyond FinTech: Designing products people actually use
- 1. Beyond (fin)tech: Designing products people actually use Lauren Serota Head of Service Design, Yoma Bank
- 5. Leapfrog in communication technology… Leapfrog in financial technology?
- 6. We are excited about the leapfrog, but need to give it lily pads.
- 7. Why are digital payments so hard?
- 8. Why are digital payments so hard?
- 9. Why are digital payments so hard? Because cash is so easy.
- 10. Current Option Something New “This is more / new / better than before.” HIGHER VALUE
- 12. Which is the best opportunity to create value?
- 15. Current Option Something New “I understand how to start.” CLEAR BARRIER TO USE “This is more / new / better than before.” HIGHER VALUE
- 18. The best tech is the tech you have on you (and know how to use).
- 19. Smartphone ownership ≠ Smartphone literacy.” – Brad Jones CEO, Wave Money “
- 20. Current Option Something New “It is easier for me to do ________ than _________.” LOWER FRICTION “I understand how to start.” CLEAR BARRIER TO USE “This is more / new / better than before.” HIGHER VALUE
- 21. Tolerance for friction depends on the use case – on what value you are trying to deliver and the friction present in the alternatives.
- 22. Logging in
- 23. Logging in is friction when the alternative is pulling cash from my pocket.
- 24. Logging in is friction when the alternative is Cash on delivery
- 25. Logging in is NOT friction when the alternative is Carrying 10 kg of notes from Bank A to Bank B.
- 26. Seemingly small technology, business or ops decisions can have a big impact on user experience & adoption • Fees are friction • Difficult passwords are friction • Closed systems are friction • Firewalls are friction • Loading time is friction • Login failures are friction • Extra clicks / taps are friction
- 27. What value can we add or create? How can we be easier to use than the alternative / where can we avoid friction?
- 28. +1 business day, loan disbursed
- 29. The tech enables The value proposition
- 30. What value can we add or create? What are the barriers to use? How can we reduce friction?