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Bischoff_Fung_Wysocki_Presentation FINAL
- 1. HSA MOBILE INITIATIVE JulianFung, Natalie Wysocki, Andrew Bischoff – Summer 2016
- 2. 2 AGENDA • Meet theteam • Problem • Solution • Strategic vision • Financial models
- 3. 3 THE TEAM Julian Fung ProductStrategy Natalie Wysocki Experience Design Andrew Bischoff Software Development
- 4. THE PROBLEM HSA receiptmanagement
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- 6. 6 OUR USERS Ivy HenryZara The SaverThe Spender The Investor
- 7. 7 HENRY’S HSA 2015 AccountBalance
- 8. THE SOLUTION Streamline receiptmanagement
- 9. 9 3 SIMPLE STEPS Snapa pictureSelect a transaction Upload to cloud
- 10. 10 WORK FLOW Linking receiptsto transactions
- 11. THE SOLUTION PART2 Encourage HSA savings
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- 15. 15 WORK FLOW Saving outof pocket expenses
- 16. 16 WORK FLOW Making areimbursement
- 17. 17 VALUE FOR USERS Seamlessconnection throughout ecosystem Lifelong receipts in one place Guidance on HSA planning
- 18. 18 VALUE FOR DST Betterproduct offering Increased investments
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- 21. 21 VALUE FOR DST Betterproduct offering Increased investments Big data insights
- 22. 22 ROADMAP • Eligible expensesuggestion • Automated bill payments • Automated linking of receipts • Behavioral economics • Billing error recognition
- 23. 23 SUMMARY OF GOALS Short-term Long-term Solve“receipt management” problem Create pipeline for customer interaction • Influence consumer behavior • Consumer driven healthcare
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Editor's Notes
- #6 IRS publication of rules for eligible HSA expenses It’s messy. No one is going to read this 20 page document It’s difficult to manage receipts
- #7 These are the main 3 personas who use HSA Ivy: unorganized; short term; lives paycheck to paycheck; financially illiterate Zara: has MBA; in finance industry; very financially literate; forward thinking; on top of retirement planning; spreadsheets and valuations Henry: not financially literate in nature; but, trying to improve; tries to educates himself but needs some help
- #8 Henry is our main target persona, because: Henry would be most willing to seek out help to solve Receipt Management problem This is real HSA account balance data of someone who emulates Henry He tries hard to save, but life events hit him, and he ends up below his starting balance The two big drops were actually in child birth: These times are chaotic, messy. Money and bills flowing in and out; really hard to keep track of receipts There’s gotta be a better way
- #9 Here’s the solution: Streamlined receipt management
- #10 We believe we can provide a solution in 3 simple steps We built a prototype native android app to solve this The three steps are: Select a transaction (When you use HSA debit card to pay, Yodlee pulls in transaction data from the bank into the app) Snap a receipt (of receipt in your hand) Receipt gets uploaded to cloud (Need to connect your personal cloud i.e. Google Drive/Dropbox etc)
- #11 This is the workflow of linking receipts to transactions Screen 1: Tap on one of those cards (they represent transactions that are outstanding – have not been linked to receipts yet) Screen 2: Takes you camera, take a picture Screen 3: Put optional notes, add another picture if receipt is too long, CONFIRM Screen 4: DONE! Receipt get archived into the “receipt vault”
- #12 Now, we’ve solved the receipt management problem But, we see more opportunities within the solution that would benefit HSA users Saving and investing within HSAs
- #13 We want to “move” and “shift” these users from the left to right side of spectrum Think of this as a passive to a more active shift in behavior First shift (Ivy Henry) This can be accomplished by just providing Ivys with the app It’s simple, practical, and convenient This way, we can encourage the Ivys to spend a few seconds at time to save their receipts, rather than a few hours during tax season sorting them Second shift (Henry Zara) Move the next slide
- #14 1. This opportunity to “shift” from Henry to Zara doesn’t lie in these big transactions, but rather (Next slide)
- #15 In these smaller transactions that happen Why? Because it is always in the users’ best interest to try and keep as much money in HSA as possible and let it accumulate This leads to compounding triple-tax benefits growth This is really powerful, because its exponential growhth This compounding triple-tax benefits growth can be achieved by: Paying for HSA eligible items out of pocket(OOP), instead of using your HSA card Meanwhile, let you HSA balance grow
- #16 This is the workflow of how you save a receipt of an OOP purchase Screen 1: Press the floating plus icon on bottom right of screen to “add a receipt” Screen 2: It launches the camera Screen 3: Type in details (only $ amount is necessary) Screen 4: Done. Receipt gets stored in personal cloud, and receipt vault in app
- #17 This is the workflow of how to make a reimbursement: Screen 1: Tap on “make reimbursement” card; you can view your total reimbursable Screen 2: This allows you to select the amount/receipts you want to reimburse Screen 3: Select receipt and appropriate amounts you want to reimburse Screen 4: Click confirm. You’re done and the total selected amount get transferred to your bank
- #18 We acknowledge that there are many apps out there that do receipt management But they don’t do one or all of these features First, seamless connection throughout ecosystem: No matter what format receipt, it gets linked directly to the transaction info on app for future ease of reference Second, lifelong receipts in one place Its portable. You can use it for multiple HSA account, platforms, and providers If you use other RM apps, need to use one app for each account, platform, and provider Third, leverage Behavioral Econ. to provide guidance on HSA planning Help ppl utilize their HSA to its fullest
- #19 First value prop to DST is: This app is going to be valuable – simple, convenient, practical. HSA usage are on the rise (>17mil accounts), many are going to need receipt management (RM) This will increase DST product offering Second value: Increased investments: App encourages saving & investing. This leads to increased assets under management Good for DST clients like banks (UMB). Better margins and revenue In turn good for DST – Build good relationship with clients, potentially increased frequency and traffic from clients
- #20 While there are really solid value proposition, there is an even bigger opportunity here long term.
- #21 Medical bills are often abbreviated to the point it’s not humanly possible to understand 40-50% of medical bills contain errors This is a 3 trillion dollar industry, and half the money flowing through are erroneous If we keep seeing these receipts, which we will from passing through the app We can flag anomalies and outliers within bills This provides consumers a tool to challenge HC system; empower consumers and provide more consumer driven HC
- #22 This is our RENEWED value prop. We can accumulate these bills and perform Big Data Analytics on it To gain valuable insights and information to: Better DST’s internal offerings Improve consumer healthcare
- #23 If we can perform Big data analytics, we can go down this roadmap The sky is the limit for this one, and the list is endless
- #24 Summary of our goals LT goal: Create pipeline for DST to interact with consumers to “influence” their behavior in Healthcare.. Spending and savings
- #26 First flow: 100K transactions 20 receipts per active user 5k active users 4% ratio 125k downloads Second flow: What would it cost DST to build an app that would get 125k downloads? (Refer to spreadsheets titled “HSA cost projections” for details)
- #27 We can’t quantify the dollar amount for the data, but these are some revenue streams we can tackle.