Senior citizens and Mobile Finance: Design and Support Solutions to Empower the Senior Set

COPYRIGHT 2013 CORPORATE INSIGHT, INC.

DESIGN AND SUPPORT SOLUTIONS

TO EMPOWER THE SENIOR SET

SENIOR CITIZENS AND MOBILE FINANCE

ALAN MAGINN & SEAN MCDERMOTT

OCTOBER 2013

TABLE OF CONTENTS

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Introduction

Key Issues

o Interaction Issues

Readability

Voice Commands

o Education Issues

Help Centers

In-person training

Recommendations and Solutions

Corporate Insight Thought Leadership

About Corporate Insight

INTRODUCTION

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INTRODUCTION

Recent studies by the Pew Research Center and Sachs Insights highlight a growing segment of mobile device users senior citizens. Dubbed the newly mobile senior set, this demographic tends to have its own distinct uses for smartphones and tablets, but they also struggle with a unique set of challenges. At a recent NYC UXPA event, Tammy Sachs presented her firms findings on mobile users aged 65 and older, outlining how seniors are using these devices and the common usability issues they experience.

When it comes to health, wellness and travel, many of the elderly participants in Sachs Insights study are using their mobile devices in innovative ways. We werent surprised to hear that these same seniors expressed a reluctance to conduct financial activity via the mobile channel. We expected security fears to be the main thing keeping seniors from using their bank or brokerage firms mobile apps; however, that wasnt the case. Instead, seniors cited a fear that they would unknowingly do something to harm their own account.

This fear of human error stems in part from the small screen size of these devices. Many seniors who participated in the study noted having difficulty reading text-dense screens and interacting with certain touchable screen elements, e.g., navigation buttons or a devices internal keyboard. In that same vein, participants felt uneasy performing certain tasks on mobile devices because they lacked access to the training or guidance that would have made them more comfortable.

Based on Corporate Insights user-testing expertise and ongoing mobile finance research, the following slides discuss some specific areas where seniors may struggle with financial services apps and the best practice solutions that will give this valuable client base the support it needs.

KEY ISSUES

INTERACTION ISSUES

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o Readability

o Voice Commands

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SSMALL SCREEN SIZE CREATES PROBLEMS READING TEXT AND INTERACTING WITH TOUCHABLE SCREEN ELEMENTS

Age may lead to wisdom, but it also tends to bring a deterioration in eyesight and fine motor skills. As

a result, it should come as no surprise that the seniors interviewed in the Sachs study consistently

identified screen size as a top usability issue on mobile devices. The limited screen real estate on

smartphones and tablets creates two distinct problems for seniors content can be difficult to read

and touchable screen elements (e.g., navigation buttons or the internal keyboard) can be difficult to

interact with. While mobile software developers are restrained by the size of the hardware (the

average screen size is 9.26 inches among 61 market-leading tablets), a well-conceived design that has

been vetted through user research can help designers ensure they create an effective, usable

interface.

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PROVIDE CUSTOMIZABLE TEXT-SIZE OPTIONS FOR CONTENT-HEAVY SCREENS

Many seniors have difficulty reading text-dense screens on their mobile device. To combat this issue,

firms should offer customizable text options within logical sections of an app, such as the Market

News section found on most brokerage apps. While some devices internal settings allow users to

customize text size like the Dynamic Type option on iOS the users preferred text size is not

guaranteed to display in a third-party app. Giving seniors the ability to select their font size within an

app eliminates the risk that the app is not compatible with dynamic type or that the user has not

customized their devices settings. The BBC News app offers an excellent example, featuring an

adjustable slide bar that provides a great deal of customizability to the user. CNNs app also allows

users to adjust text-size, but limits users to three size options.

BBCs Text-Size Slide Bar CNNs Text-Size Button

Users can tap the button to toggle between three

different text sizes.

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INTEGRATE VOICE COMMANDS INTO YOUR APP TO MINIMIZE USERS DEPENDENCE ON TOUCHABLE SCREEN ELEMENTS

Voice recognition software can free seniors from many of the challenges created by their devices touch

screen. Speak-to-type technology makes it possible for users to bypass their devices internal keyboard,

while voice command features enable users to navigate and initiate actions (e.g., Call Susan) without

touching the screen. While Apple and Android operating systems offer built-in voice command and speak-

to-type functionality, a user cannot use these native features to navigate the interface of a third-party app.

As a result, firms might consider incorporating voice command technology into their app, allowing users to

perform tasks (e.g., transfer funds, pay bills) without the fear of accidentally pressing the wrong button. As

highlighted in Corporate Insights 2013 Mobile Finance Trends and Innovations study, there are already two

firms in the industry that employ this tactic E*TRADE and USAA.

E*TRADES Voice Command Powered by Nuance USAAs Voice Command Feature

KEY ISSUES

EDUCATION ISSUES

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o Help Centers

o In-person training

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SENIORS VALUE HANDS-ON TRAINING AND RELIABLE HELP CONTENT WHEN USING NEW TECHNOLOGY

Senior citizens fear of making a mistake when using a financial app can also be attributed to a lack of

training. According to findings from the Sachs study, many senior citizens dont like to learn by trial

and error because they find the process too frustrating, and when it comes to their finances, theyre

worried that any mistakes on their part could impact their account. Instead, seniors prefer to be

shown how to use an interface in a hands-on environment. According to Sachs Insights, the majority

of seniors (59%) learn new uses for their smartphones through personal interactions with family

members, friends or coworkers.

If they need to troubleshoot an issue on their own, seniors want access to comprehensive, step-by-

step instructions. Multiple research participants lamented the absence of an owners manual

accompanying their mobile devices. Access to detailed instructions can serve as a viable alternative

when the opportunity to learn from a trusted individual is not available. Financial firms that address

these issues can position themselves to win the loyalty of this demographic.

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SAPPS SHOULD OFFER BOTH A COMPREHENSIVE HELP CENTER AND OPTIONAL SECTION-SPECIFIC INSTRUCTIONS

In order to have the confidence to use a mobile finance app, seniors need access to comprehensive help material. The ideal help content will not only inform seniors about the various features and transaction capabilities offered on the app, but also illustrate how to interact with the interface.

Comprehensive help centers may be commonplace on traditional websites, but these features are notably absent from many financial institutions mobile apps. A useful help center should offer section-specific assistance; instead, many help centers on bank and brokerage apps merely direct the user to the firms full website. Bank of America is an exception in this case, as the firms app features a thorough help center with a great deal of section-specific instructions. BofAs help section has five main topics Alerts, Mobile Check Deposit, Mobile Banking, BankAmeriDeals and Privacy/Security each of which houses information for numerous sub-topics. Seniors using this app can rely on the help center if they are unsure how to perform a specific task.

BofAs Help Center Overview & Mobile Banking Help

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PROVIDE INSTRUCTIONS FOR USING A MOBILE DEVICES INTERFACE

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Seniors that have recently adopted mobile technology may require instructions beyond descriptions of the apps features. There are actions that longtime mobile device users take for granted (e.g., swiping the screen to scroll, tapping and holding to open fly-out menus) that a novice may not be familiar with.

Firms such as Fidelity and Merrill Lynch have realized this fact, and responded with helpful user guides. Fidelity offers on-screen tutorials that users can opt to turn on or off. Fidelitys Instructional Guides will appear on relevant screens and show users how to interact with the screen. Merrill Lynch features a User Guide page that provides an overview of the various ways that users can manipulate the interface. Fidelitys On-Screen Instructions & Merrill Lynch User Guide

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OFFER PERIODIC TRAINING SESSIONS AND ENSURE STAFF MEMBERS ARE FAMILIAR WITH YOUR FIRMS MOBILE APPS

When it comes to instructional training sessions, Apple offers a great model that financial services

firms might look to emulate. While the company offers paid, one-on-one training sessions, it also

provides free, hour-long workshops at its many retail stores. Many of the participants in the Sachs

study cited these sessions as an ideal way to learn about their mobile devices. While it may not make

sense for a bank or brokerage firm to offer frequent workshops about their mobile apps, a few

sessions a year at select locations would be an opportunity for a financial institution to distinguish its

mobile offerings from the pack.

There are other feasible alternatives to periodic help sessions. Having well-trained staff members that

are comfortable using the firms mobile apps can provide seniors access to the in-person training they

highly value. Branch staff should be able to answer customers questions about the firms mobile

offerings and help familiarize them with an apps interface. Firms should also make an effort to have

devices available in branches for live demos in case interested clients did not bring their own.

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OFFER VIDEO CONFERENCING SUPPORT

Kindle Fires Mayday Feature

Another tactic firms can consider is integrating customer service video conferencing into their app.

The newest Kindle Fire from Amazon features an innovative Mayday button that allows users to

initiate a face-to-face chat with a live customer service representative via webcam. The ability to

access in-person instructions from a remote location is a convenient service for customers, and we

anticipate more firms will follow Amazons lead if their new program proves successful.

RECOMMENDATIONS AND SOLUTIONS

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SUMMARY OF RECOMMENDATIONS

Voice Command Technology

Improved Navigation & Readability

Coupled with a devices speak-to-type technology, this feature will help reduce the need to interact

with the small screen.

Give this feature high-visibility on text-heavy screens so users always have the ability to adjust font size independent of any internal settings a

device may or may not offer.

These features increase senior citizens ability to interact with a mobile devices limited screen size.

Customizable Text Size

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SUMMARY OF RECOMMENDATIONS

Comprehensive Help Material

Knowledgeable & Confident Users

A thorough help center and/or on-screen instructions can help seniors self-educate and avoid

frustrating trail-and-error situations.

In-person training is senior citizens preferred method of learning offering workshops can

empower them to use your firms apps.

Accessible help content and the opportunity to learn firsthand from an expert can increase senior citizens

willingness to use mobile finance apps.

Training Sessions

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User Testing is a powerful research tool that can help you:o Understand the needs and expectations of your clientso Prioritize improvements to your interfaceo Discover design flawso Improve customer satisfaction

Corporate Insight is here to help with all of your User Testing needs. Our User Research team can: o Design studies that test key features of your website or mobile app, as well as those of key

competitors o Recruit participants that represent your target audienceo Provide you with a detailed analysis of test sessionso Assist you with your existing usability efforts by moderating tests you have designed or

hosting tests at our facility, conveniently located above Grand Central Station in Midtown Manhattan

CIs User Research services also include: o Expert Reviews Focused assessment of your website or mobile offerings based on

established usability heuristics, design principles and industry best practices by one of CIs usability professionals.

o Website Audits Benchmark your customer website and mobile platform against peers in terms of design, functionality, usability, etc. and provide actionable recommendations for improvement.

CIS USER RESEARCH SERVICES

To learn more about our User Research services, please contact Alan Maginn, Director, User Research, at 646-454-2661 or [email protected].

CORPORATE INSIGHT THOUGHT LEADERSHIP

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Next-Generation Investing: Financial Startups and the Future of Financial Advice CI tracks over 100 startups that covers a wide range of new ideas across financial advice and

investing. This study will focus on each idea, analyze compares them to what established financial

institutions offer and examine the potential impact on the industry. Download the study preview!

Social Media Trends: Annuity and Life InsuranceThis presentation analyzes the current social media initiatives and promotions undertaken by leading

insurers, highlights key social media findings and trends across the insurance industry, and offer tips

for insurers looking to bolster their social presence.

Tablet-Friendly Web Design: Best Practices for Financial ServicesThe study examines the tablet-friendly website features provided by four leading firms across

financial services and provides recommendations for financial services firms building tablet-

optimized websites.

User Insights Vol. 2 - Comparing the Desktop and Tablet Banking ExperienceThis usability study provides insights to how mobile applications match up against traditional website

interfaces, both in terms of usability and functionality for five leading banks.

2013 Mobile Finance Trends and InnovationsThis slide deck includes commentary on mobile developments, key takeaways for financial services

firms and thoughts on whats next for mobile finance.

ABOUT CORPORATE INSIGHT

Connect With Us

Corporate Insight provides competitive intelligence and user experience research to the nations leading

financial institutions. For over 20 years, the firm has tracked technological developments in the financial

services industry, identifying best practices in online banking and investing, online insurance, mobile

finance, active trading platforms, social media and other emerging areas. There are no assumptions in

Corporate Insights work we use live accounts at all of the firms we research, providing our clients with

unparalleled, unbiased intelligence on the competition.

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Communications at 212-888-6115 or [email protected].

Media Inquiries

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ALAN MAGINN

Director, User Research

646-454-2661

[email protected]

@AlanMaginn

SEAN MCDERMOTT

Research Associate, Consulting Services

646-432-5481

[email protected]