Recommended
More Related Content
What's hot
What's hot (20)
Viewers also liked
Similar to Ria for online banking domain
Similar to Ria for online banking domain (20)
Recently uploaded
Recently uploaded (20)
Ria for online banking domain
- 1. RIA for Online Banking Domain Author Subbiah Ramalingam
- 2. Why Rich internet banking application Online banking domain is fast becoming the primary medium of interaction between the bank and its customers. Not only is it a medium it is also a direct channel of cross selling and up selling. A medium to promote its products and above all it defines the brand and the experience the user can expect with the bank. While the above factors have been largely addressed in the current online banking domains through the implementation of various Usability practice's. The rich customer experience has largely been stagnating due to technology limitations. RIA break through all those limitation by taking the customer experience to the next level. Web 2.0 technologies used with UX perspective delivers the next generation of online experience combined with faster response and shorter task completion time
- 3. Case Study I have conducted an expert analysis on 2 online banking sites (www.citibank.co.in and www.icicibank.com) from a usability perspective. Observations have been made in terms of flow of information interaction and generic user experience. Comments have been highlights next to the screen shots. Comments in Green means positive feedback and observations. Comments in Orange highlight issues which have been identified during site analysis
- 4. Login Screen 1. Keyboard to ensure user does have Typo error. 2. Key placement in the keyboard keeps changing with each login – this improves the security of the site
- 5. 1. Page content design can be made more concise 2. Breadcrumbs not available 3. Information architecture is cluttered 4. Option to Print statement is available at a location where the user would overlook Server round trip would be required for each sorting option or with each page refresh Content grouping could be more consistent in UI standards Account Summary
- 6. Account Statement User is asked to navigate to a separate page in order to make the statement search Applyion. This increases the number of tasks the user has to perform and also the number of server round trip
- 7. Login Screen 1. Multi Factor Authentication has not been implemented
- 8. Account Summary 1. On clicking on Account summary once is brought to this page. This and the Mini statement page could be combined together to give a short summary to the user OR by default the user can be shown the mini statement page so as to eliminate one step in the whole process 1. Breadcrumbs not available
- 10. Account Statement (Search) 1. Page real estate has not been used optimally 2. Consistency in page layout is missing – with the content alignment varying from page to page 3. Breadcrumbs not available 4. Information architecture is cluttered 5. Option to Print statement should be available at the beginning of the content also
- 11. Account Statement 1. Page navigation has not been provided. The user does not know how many pages of content he has to view at any given time 2. Breadcrumbs not available 3. Print option is not available 4. No functionality to control the presentation of the data.
- 12. Proposed Rich Internet Solution The following screen is a high level wire frame of the proposed rich internet application. The advantages of which are :- 1. Overcomes the shortcomings shown in the previous screen. 2. Provides single window application with dynamic interactivity 3. Incorporate multi factor authentication
- 13. RIA Solutions for financial services • Financial services like banking / insurance can be made more user friendly and productive using all or a combination of the following RIA solutions / products • Interactive Statements • Most of the online statements depending on the user search requirements will go on to 3 or more pages. At the end of which the user has to come back to the beginning if they want to try out a new search. • UX Interactive statements would offer a single window interface having the following features. – At-a-glance summary of account balances – Tabular and graphical display of account summary – Drill-down to statement of last 10 transactions on each account – Cross-sell and up-sell business rules engine – Search options/functions visible always to the user. • Guided-Selling of Financial Products • Financial products like loans, insurance and mortgages are researched a lot over the internet before they are bought through a offline channel. Owing to the complexity of the products and the plethora of options available, the user is put through a tedious task while researching a product. The complexity of the product reflects on the branding of the business. A simple guided solution of the products through RIA will increase the customer base and improve the brand image of the business • UX Interactive statements would offer a single window interface having the following features. – Guides customer step by step through a complex purchasing decision – Interactive product filtering – Highly visual product suite – Cross-sell and up-sell business rule engine
- 14. RIA Solutions for financial services – Cont: • Single Window Form application • Research on the traditional linear method of filling forms shows that 5% of users drop off for every page in the application process. Delays in server response or low bandwidth speeds further delay the application process. Eliminating the linear method and reducing the server interaction and bandwidth constraints drastically reduces the frustration levels of the user. This results in a dramatic increase in the number of completed online applications. • Single window form applications features : – Guided completion of the form. – Number of form pages reduced to one single window. – Forms can be completed Offline or online. – A simple and easy-to-use navigation style that allows users to flip between form pages effortlessly. – Users can navigate within the forms without server round-trip. • Account Dashboard • This is a value add to the customer where the customer can perform traditional tasks like grouping of various expenditure/income, sorting of expenses etc.. In a single window dynamically. Reports can be generated and used for budgeting purposes. RIA features like dynamic sorting, filtering and interactive charts provide a rich unified experience to the user. This also facilitates Intelligent cross selling of related products. • Account Dashboard features : – Traditional "statement of account" with dynamic sorting and filtering – At a glance summary screen of monthly spending – Dynamic drill-down charting of spending history . – Customized Reporting Module
- 15. RIA Solutions for financial services – Cont: • Single window Bill Payment • According to Forbes.com, 87% of customers who pay bills online visit their banking website weekly, while 41% visit their site daily. • Repeat customers show how comfortable they are with the site and they are the ones who would most likely go in for online services. Single window bill payment is another value add to the customer who can avail of features like paying multiple bills in a single window, shorter time for completing a task, graphical payment history feature. • Single window Bill Payment features : – multiple bill payments – multiple bill payments from multiple accounts – Graphical bill payments history – Detailed account information – Alerts and reminders for bill payment
- 16. Suitable RIA solution RIA Solutions for financial services – Cont: Type of activities : • Risk management • Accessing tolerance to risk. • Analyze counterparties and trade risks • Rating advisory services Type of activities : • Executing trades of Equity securities • Portfolio hedging and restructuring • Assisting companies in raising capital • Developing innovative products and strategies that broaden capital-raising opportunities • Exchange-based market making • Developing trading models and algorithms Type of activities : • Relation management, • Research and analysis, • Customer interactions, • Portfolio handling and strategic partnerships. • Product development in diff asset classes, • Portfolio and product management across asset classes. RISK MANAGEMENTTRADINGASSET MANAGEMENT Type of solutions : •Management Dashboard •Analysis / reporting tool Type of solutions : • Rich Portfolio management tool • Rich trading platform Type of solutions : • Guided Selling RISK MANAGEMENTTRADINGASSET MANAGEMENT
- 17. RIA - Potentially Measurable Benefits » Time spent waiting for data to be transmitted: Time is money. Over many repetitions, the time user spend waiting for the page to load can add up to significant costs. » Time spent completing a particular task: Increased efficiency in the user interface can often mean that time is saved at the task level, offering opportunities for concrete cost savings there. » Bandwidth consumed for the entire task: The cost of bandwidth does not increase linearly, but does increase as the company invests in larger-capacity Internet connections and new hardware to accommodate greater server loads. A firm's cost structure for bandwidth depends on the scale of their operation and these capital investment needs. The amount of bandwidth consumed also has implications for time savings. » Steps to complete a task: Reducing the number of steps has implications for the amount of time consumed but also for the number of opportunities for error. Fewer errors mean cost savings down the road when these errors would have to be manually corrected. » Improved application responsiveness: More responsive applications can improve productivity not just by reducing "wait," but by promoting a more fluid, uninterrupted workflow. In a responsive application, users can move rapidly from one action to another as quickly as they can visualize the workflow. Less responsive applications can defeat the user's workflow visualization by forcing them to continually wait for program information.
- 18. LOGO CARDS BANKING LOANS INSURANCE INVESTMENTS DEALS User Id Password SUBMIT HOME PAGE CONTENT GLOBAL FOOTER Bread Crumbs PROMOTION SPACE About Us | Careers | Site Map New Users Register here Forgot Password | Trouble logging in Report a suspicious e-mail Cyber Cafe Security | About e-mail fraud
- 19. LOGO USER LOGIN MULTI AUTHENTICATION PAGE GLOBAL FOOTER Login > Authentication PROMOTION SPACE CARDS BANKING LOANS INSURANCE INVESTMENTS DEALS About Us | Careers | Site Map
- 20. LOGO GLOBAL FOOTER Login > Banking >Account Summary CARDS BANKING LOANS INSURANCE INVESTMENTS DEALS About Us | Careers | Site Map 20.00Tincidunt ut laoreet12354622/04/06 100.00Sed diam nonummy Nibh euismod12354624/04/06 5.00Adipiscing elit12354627/04/06 55.00Consectetuer123546 15.00Dolor sit amet123546 250.00Lorem ipsum12354629/04/06 5.00Target12354602/05/06 1000.00Wire Transfer12354603/05/06 +50.00Amazon12354604/05/06 55.00Consectetuer123546 15.00Dolor sit amet123546 250.00Lorem ipsum12354629/04/06 5.00Target12354602/05/06 1000.00Wire Transfer12354603/05/06 +50.00Amazon12354604/05/06 AmountDescriptionRef.Date • Account Summary • Funds Transfer • Smart Money Order • Card-2-Card Funds Transfer • Requests • Customize • Write to A/c Manager • Apply For Debit Card • Account Statement By Email • Prepaid Mobile Recharge PROMOTION SPACE Account Summary From Date To Date Total Debit & Credit Debit = $4520 Credit = $3125 1 2 3 4 1 2 3 4 Transactions Grouped Amazon $112 Wire Transfer $2250+ + Target $1050 _ Target $15002/12/06 Target $15004/12/06 Target $55008/12/06 Target $15014/12/06 Year : 2006 Month : Dec +- +- Year : 2006 Month : Dec Account Summary Search bar Welcome : “xxxx xxxxxxxxxxx”
- 21. LOGO GLOBAL FOOTER Login > Cards > Apply for Credit Card CARDS BANKING LOANS INSURANCE INVESTMENTS DEALS About Us | Careers | Site Map • Card Summary • Apply For Credit Card • Account Statement By Email • Prepaid Mobile Recharge • Pay bills online PROMOTION SPACE Apply for Credit Card Apply Card Type Apply Card Features Cash back or loyalty offers Introductory rate for purchases Cards you can use abroad Introductory rate for purchases Debit Charge Mortgage Secured Credit Card I am interested in Interest-free days Low interest rate No annual fee No late payment fee Rewards program Gold Platinum All Standard Card I would like to see Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details Card X Apply | Details +- Interest Rate (11%) Welcome : “xxxx xxxxxxxxxxx”
- 22. Industry Spectrum of RIA Solutions