UXLausanne2015 | #fadingMoney @myinteraction
FADING MONEY
The evolution of banking A modern customer experience
Trading for everyone A bank of relationship
UXLausanne2015 | #fadingMoney @myinteraction
The roadmap to innovationMost major payment innovations have occurred in the last 15 years
Credit cards
Nov 13 - The financial Brand
ATMs
Debit cards
Online banking
First branchless bank
PayPal launched
Mobile eWallets
Tablet banking
Square mobile payments
NFC
Mobile banking
P2P mobile payments
Mobile check deposit
Coin cards
1940 1950 1960 1970 1980 1990 2000 2010
UXLausanne2015 | #fadingMoney @myinteraction
From industrial economyThe evolution from focusing on product and transactions…
High transaction costs
Vertically integrated
Product & transactions
Information scarcity
Payments Insurance & risk management
Capital markets & trading
Wealth & asset management
Retail banking & consumer finance
Business & corporate banking
UXLausanne2015 | #fadingMoney @myinteraction
To the information economy
MARKET EVOLUTION
Low transaction costs
Platform & Apps
Customer experience
Information abundance
Payments
Insurance & risk management
Retail banking & consumer finance
Business & corporate banking
…to focusing on customer experience, in a world of everything as a service.
Capital markets & trading
Highly networked
Service oriented
Wealth & asset management
UXLausanne2015 | #fadingMoney @myinteraction
The shift to digitalThe evolution from traditional banking to digital services
has changed completely the role of touchpoint in the banking experience
Retail C. ServiceATM Desktop/ Tablet Mobile devices
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Monthly Frequency
UXLausanne2015 | #fadingMoney @myinteraction
The long chain to dataCustomer behaviour shift: instant content
visualisation & seamless payment functionality
ProcessesTechnology SystemsData
User
UXLausanne2015 | #fadingMoney @myinteraction
Building a Cross-Channel strategyTraditional bank started building a cross channel strategy by adding
additional touchpoints to their structure trying not to lose users
User
ATM
Web
Advisor Branch
WearableApps
UXLausanne2015 | #fadingMoney @myinteraction
New credit cards are taking placeMany new pure digital players are entering in the transaction game to take
over the business of the “highways of money” and disrupt the market
Apple Pay CurrentC Google Wallet
UXLausanne2015 | #fadingMoney @myinteraction
New players are disrupting the marketEmerging start-ups are disrupting the market from the ground,
both for personal banking and small business
Personal Small Business
Transferwise
Simple Bank
Square
Ware
UXLausanne2015 | #fadingMoney @myinteraction
New coin are going mainstreamNew currency are becoming adult. A P2P money is fighting to became a currency while
a private credit is acquiring the largest audience in the world
Open Source Trademark
UXLausanne2015 | #fadingMoney @myinteraction
UserUserUser
Why is that happening?A new breed of customer will dominate the market.
It’s the age of Digital Natives
2005 2010 2015 2020 2025
Traditional Consumer Transitionals Digital Natives
FinTech Customers: The Digital Natives
UXLausanne2015 | #fadingMoney @myinteraction
A new set of toysOld technology are substituted by new, smart devices that facilitate and
extend the customer journey in many directions.
UXLausanne2015 | #fadingMoney @myinteraction
A better integrationImproving the needs of everyone by connecting all the different worlds
Business Tech
Customer
Direct editing Full digital experience
Cross & Up-sell Mkt
Service integration Security & Legacy
Agile development
Seamless experience
Personal & relevant
Realtime & Context aware
UXLausanne2015 | #fadingMoney @myinteraction
New UX are setting the BarModern services are setting the user expectation when it comes
to digital software and native applications
Coin Apple Touch ID Messenger Payments
Stratos Card https://www.youtube.com/watch?v=txcv9PJjYGU
UXLausanne2015 | #fadingMoney @myinteraction
New users are changing their habitsThe New User wants simple but powerful user experiences, tailored precisely
to the needs, with all of the gears working quietly in the background
Splitwise Digit Ready for Zero
UXLausanne2015 | #fadingMoney @myinteraction
New technologies to support UX Technology improvements are facilitating the approaches on the UX level
Speed Content caching Data compression
Flexible layout CSS basedMODERN UX
Responsive website Backward compatibility Screen resolution
MULTI-CHANNEL
Active and passive customisation System intelligence in presenting content
PERSONALISATION
Quick integration of new services (Custom development) Third party integration (API) Delivery roadmap
PERFORMANCE
MODULARITY
Pixel depth Touch enabled experience Compression
Charts engine Typography
Front
Back
UXLausanne2015 | #fadingMoney @myinteraction
A new Customer JourneyBanking is changing: the big change is in the way users are approaching their financial assets and how they are hanging them along the journey.
CHECK & PAY
MANAGE & SAVE
FINANCING SUPPORT& LEARNING
BUY & INVEST
DISCOVER & SUBSCRIBE
UXLausanne2015 | #fadingMoney @myinteraction
DISCOVER & SUBSCRIBE
LEARN
Clear value proposition
ACTIVATE
Access with no barriers
LANDING
All I need at a glance
The customer understands the unique value proposition and learns the service value before creating an account.
Highlight the main areas and features to provide a general overview of the current status.
Facilitate activation process for prospect clients and simplify the access for current users.
UXLausanne2015 | #fadingMoney @myinteraction
CHECK & PAY
CHECK
Understand my status easily.
PAY
Quick & Smart payments
Control my daily activities, verify credit and expenses at a glance.
Facilitate payments and improve repeated actions with smart interactions.
UXLausanne2015 | #fadingMoney @myinteraction
MANAGE & SAVE
intellingent suggestion
ANALYSE
Understand my habits
SAVE
Saving to achieve my goals
CUSTOMIZE
A personalised experience
A powerful history that offers a clear summary of my account usage and reminds me of significant events.
An home banking that adapts itself to my needs and allows me to customise smart actions that I use frequently.
A system that helps me in achieving my short and long terms goals, challenging me in a positive way.
UXLausanne2015 | #fadingMoney @myinteraction
BUY & INVEST
trading / simulatorpurchase cart system
australian bankmoney farm
PLAN
Planning for the future
BUY
Just buy in an easy way
COMPARE
Facilitate selection
Simulate forecast scenario to better understand long term future goals and investment opportunity
Create wishlist to help users starting discussion with friends or professional consultant to better evaluate their final decision.
A bank that look like my favourite e-commerce where I can buy something with just one click without problems.
UXLausanne2015 | #fadingMoney @myinteraction
CONFIGURE
A tailored offer for you
BUY
A more integrated purchase
Personalise insurance & loans in self service mode with the right support and save it as a temporary selection.
Facilitate the final conversion without losing control of the offline process.
FINANCING
COMPARE
Facilitate selection
Compare multiple configurations to start a discussion with friends or professional consultant to better evaluate my final decision.
UXLausanne2015 | #fadingMoney @myinteraction
SUPPORT & LEARNING
GUIDE
Smart suggestions & live help
ADVISE
Learning finance with fun
SUPPORT
Cross touchpoint smartness
Learn while doing, discovering tips & tricks for a better use and being able to search help with the problem in focus.
The users deals with many devices & technology and they need to interact with their banks in the same easy way as they do with their friends network
A service the improve my knowledge in financial topics and teach me how to do a quick payment or how to start investing in funds.
UXLausanne2015 | #fadingMoney @myinteraction
A simple quizIt’s your turn, write down your answers and check your score!
Suppose you had $100 in a savings account and the interest rate was 2% per year.
After 5 years, how much do you think you would have in the account if you left the money to grow?
More than $102
Exactly $102
Less than $102
A
B
C
Do not knowD
1
UXLausanne2015 | #fadingMoney @myinteraction
A
B
C
D
A simple quizIt’s your turn, write down your answers and check your score!
Imagine that the interest rate on your savings account is 1% per year and inflation is 2% per year.
After 1 year, would you be able to buy …
More than
Exactly the same as
Less than today
2
Do not know
UXLausanne2015 | #fadingMoney @myinteraction
A
B
C
A simple quizIt’s your turn, write down your answers and check your score!
Do you think that the following statement is true or false?
“Buying a single company stock usually provides a safer return than a stock mutual fund.”
True
False
Do not know
3
UXLausanne2015 | #fadingMoney @myinteraction
The importance of Financial LiteracyA fast-changing world economy makes financial ignorance
more dangerous than ever before.
The Economic Importance of Financial Literacy: Theory and Evidence
53% 50%
31%27%
21%
4%
Quiz Solution: 1A, 2C, 3B
% User that got a full score
USA Self rating
7
0
6
5
3
2
1
430%
UXLausanne2015 | #fadingMoney @myinteraction
Credit Crunch effect on savingThe credit crunch turned into a financial crisis and interest rates were slashed,
hitting savers and ushering in an era of uncertainty and austerity.
5.8 %Apr 2015Dec 2007
1.4 %
6.0
4.5
3.0
1.5
0.0
UXLausanne2015 | #fadingMoney @myinteraction
The Wolf of Wall Street https://www.youtube.com/watch?v=c1Vtzn3MZyA
UXLausanne2015 | #fadingMoney @myinteraction
Making Money GrowWith low saving interest, Users are looking for new solutions to protect and grow their investments, but online trading is still a strong blocker.
??
UXLausanne2015 | #fadingMoney @myinteraction
Smart manager & Dynamic GoalIntelligent software learns from your habits and supports you to
accomplish your saving goals, visualising your expenses patterns
Numbrs, SImpleBank, Toshl
UXLausanne2015 | #fadingMoney @myinteraction
Financial SimulatorBuild a financial plan starting from your needs. Smart advisor helps people to better
manage and grow their wealth for a fraction of the cost of traditional financial services.
Wealthfront, Betterment
UXLausanne2015 | #fadingMoney @myinteraction
User to User advisoryFinancial services meet social networks. P2P suggestions help Users
to play with virtual portfolio and challenge other users.
Stocktwits, eToro
UXLausanne2015 | #fadingMoney @myinteraction
The gamification of bankingA new way to train and learn, helping industries meet the complex challenges
presented by the modern world and taking them to the next level
whyMoolah, CommonWealth Investorville
UXLausanne2015 | #fadingMoney @myinteraction
A Bank AcademyTeaching finance in a way that is less intimating, more memorable,
easier to understand, and it’s just simply more fun
Edukate, Wall Street Survivor
“No candle-maker has become a bulb manufacturer, no carriage-maker has become a car producer and the post
office did not invent the email”
Marc Giget Club de Paris des Directeurs d’Innovation
UXLausanne2015 | #fadingMoney @myinteraction
Ford Model T ProductionUber Black Service
WE ARE LIVING
IN THE EXPERIENCE ECONOMY
UXLausanne2015 | #fadingMoney @myinteraction
Banking SAAS
A digital relationship
Technology & processes Operations agility
Time-to-market agility Compliance agility
Digital services are always evolving and banks should transform themselves to follow their customers, transforming their assets
Traditional Banking
UXLausanne2015 | #fadingMoney @myinteraction
The role of BranchesTransforming the branches means improving their performance enabling
both an emotional space for relationship and quick operational tasks
CheBanca branch, Ziraat Bankası ATM
UXLausanne2015 | #fadingMoney @myinteraction
Smart self services devicesIn wealthier countries Banks are looking at advanced ATMs
as a cheaper alternative to branches.
BBVA Concept ATM, Chase Bank ATM
UXLausanne2015 | #fadingMoney @myinteraction
Chase Bank https://www.chase.com/news/111614-branch-of-the-future
UXLausanne2015 | #fadingMoney @myinteraction
A virtual branch for everyoneEvolving from a basic service desk to a new space for listening to the customers and establishing an emotional relationship
Bank Audi Novo, Simple Bank, ASB Virtual Branch
UXLausanne2015 | #fadingMoney @myinteraction
An extended Customer JourneyIntegrating the branch as an extended touchpoint of the digital experience,
reducing the distance between the physical and digital world.
7 A M
DIGITAL
ACT IV IT IES
ANALOG
2 2 A M
UXLausanne2015 | #fadingMoney @myinteraction
A platform to connectConnecting multiple channels & service to be the transaction leader
API
W E A LT H & A S S E T M A N A G E M E N T
P E R S O N A L M O N I T O R I N G
PAY M E N T S E R V I C E S
I N S U R A N C E & F I N A N C I N G
UXLausanne2015 | #fadingMoney @myinteraction
The big data AlchemyBig Data provides a more personal assistance and helps banks with detailed information on their clients crafting personalised solutions.
1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 1 0 0 1 1 0 1 0 1 0 0 C
1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 1 0 0 1 1 0 1 0 1 0 0
BA
UXLausanne2015 | #fadingMoney @myinteraction
FAST & PERSONAL MODULAR PLATFORM SMART COMPANION
INSPIRING + EDUCATIONAL
The Experience pillarsFor the next generation of home banking services
UXLausanne2015 | #fadingMoney @myinteraction
Facilitating daily operations and organising data & information in a meaningful way for the Users.
FAST & PERSONAL
UXLausanne2015 | #fadingMoney @myinteraction
A scalable and future-proof service that can be extended easily adapting to the next user needs.
MODULAR PLATFORM
UXLausanne2015 | #fadingMoney @myinteraction
Supporting the users and anticipating their needs with personalised solutions.
SMART COMPANION
UXLausanne2015 | #fadingMoney @myinteraction
Helping the users in their growth while suggesting new solutions to their problems.
INSPIRING + EDUCATIONAL
UXLausanne2015 | #fadingMoney @myinteraction
The Experience Economy
B. Joseph Pine II,James H. Gilmore, 2011
Economix. How our economy works
Michael Goodwin, 2012
BOOKS
This is service design thinking.
Marc Stickdorn and Jakob Schneider, 2012
UXLausanne2015 | #fadingMoney @myinteraction
The Omni-Channel moment in bank marketing has arrived
http://thefinancialbrand.com/52635/omni-channel-bank-marketing/
5 Elements of Omni-Channel User Experiences
http://uxmag.com/articles/5-elements-of-omni-channel-user-experiences
The Future of financial services
http://www.banking.com/wp-content/uploads/2011/04/intuit_corp_banking2020_0311-FINAL.pdf
Fintech Revolution: How Startups are changing finance
http://boostcompanies.com/fintech/
Seven prediction for the future of finance
http://thetally.efinancialnews.com/2015/06/seven-predictions-future-finance/
The future of UX Design
http://thenextweb.com/uxdesign/2015/06/23/future-ux-design/
Cardless ATM
http://banknxt.com/51514/cardless-atms/
Is your iPhone replacing your wallet?
http://www.usertesting.com/blog/2015/06/24/digital-wallet/
Why one of Google’s wildest designers left for a bank
http://www.fastcodesign.com/3032630/why-one-of-googles-wildest-designers-left-for-a-bank
Mobile Banking Satisfaction drops as digital expectations rise
http://thefinancialbrand.com/51762/digital-mobile-banking-satisfaction-study/
10 Branches designed to Wow the digital banking consumer
http://thefinancialbrand.com/52315/future-banking-concept-branch-design-showcase/
The Unbundling in Finance
http://techcrunch.com/2015/05/29/the-unbundling-of-finance/
ARTICLES & REFERENCES
UX & Strategy Trends & forecast