Great Banking Experience by Service Design - Banks vs. FinTechs
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Cash money and banks as we know it will be gone in the near future. Digital financial services by new FinTechs will rule our everyday routines. This could be one scenario. Another could be that banks outrun FinTechs in the long run because of their established customer base and big budget. Which of the two scenarios is more likely? Together, we will look into the realities and opportunities of innovative concepts from Banks and FinTechs. Learnings from the past 15+ years of eBanking and new financial services will be presented. You will see how successful service designs for new banking services were created – both from FinTechs and from Banks. With the help of a Value Proposition Canvas we will analyse some new digital financial services. In the end, we will discuss the recent develoment in the FinTech realm: the first FinTech got a banking license in Germany. Now, time seems to be near that FinTechs and Banks compete even more, or they cooperate. The hypothesis is: FinTechs or Banks or Bank plus FinTech – it does not matter. What matters is how well the service meets the user needs and provides a great customer experience. And service design is a great way to create such services.
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Great Banking Experience by Service Design - Banks vs. FinTechs
- 1. Banks vs. FinTechs Christian Graf Service Design Drinks #18 Hamburg, 9. August 2016 Great Banking Experience by Service Design
- 2. 2Great Banking Experience by Service Design www.uxessible.com Who I am #userexperience #userresearch #concept #productmanagement #innovation #agile #teamwork #10years+ #uxlead #designthinking #creativityjam #uxroundtable #fes-stip #startsocial #mentor+coach #unimd #computervisualistics #fhg #iese #unihro #igd-r #unihb #cosy #Ph.D #kiel #bih #sarajevo #magdeburg #newzealand #auckland #christchurch #rostock #kaiserslautern #bremen #hamburg
- 3. 3Great Banking Experience by Service Design www.uxessible.com Some of my References
- 4. 4Great Banking Experience by Service Design www.uxessible.com Events I attend or organize
- 5. 5Great Banking Experience by Service Design www.uxessible.com Digital Services: Opportunity or Threat?
- 6. 6Great Banking Experience by Service Design www.uxessible.com Services Today: Inherently Digital
- 7. 7Great Banking Experience by Service Design www.uxessible.com „We have a situation, Mr. President!“ „Erst sterben die Filialen, dann stirbt die Bank“ (Deutsche Startups) „bis 2025 rund gut 40 Prozent weniger Bankfilialen“ (Handelsblatt)
- 8. Mapping the digital thread
- 9. Consumers already rate the digital experience as important as the branch Quelle:https://d3fj8d3h19iopa.cloudfront.net/wp- content/uploads/2015/12/20151208_Beyond-Fintech-Infographic-UK.pdf
- 10. Customers with more financial needs have higher interest in digital-only services Quelle:https://d3fj8d3h19iopa.cloudfront.net/wp- content/uploads/2015/12/20151208_Beyond-Fintech-Infographic-UK.pdf
- 12. 12Great Banking Experience by Service Design www.uxessible.com Service Design in a Nutshell
- 13. 13Great Banking Experience by Service Design www.uxessible.com Service Design in a Nutshell User Centric
- 14. 14Great Banking Experience by Service Design www.uxessible.com Service Design in a Nutshell
- 15. 15Great Banking Experience by Service Design www.uxessible.com UX Design relates to Service Design Author/Copyrightholder:_dChris.Copyrighttermsandlicence:CCBY2.0
- 16. Service Design in the bigger picture of brand management Author/Copyrightholder:erikroscamabbing.Copyrighttermsandlicence:CC BY-NC-SA2.0
- 17. 17Great Banking Experience by Service Design www.uxessible.com Service Design in a Nutshell Author/Copyrightholder:brandonschauer.Copyrighttermsandlicence:CCBY-SA2.0
- 18. The Business Model Canvas Video for Explanation
- 19. 19Great Banking Experience by Service Design www.uxessible.com The Value Proposition CanvasThe Value Proposition Canvas Video for Explanation
- 20. 20Great Banking Experience by Service Design www.uxessible.com Banks vs. FinTechs
- 22. Wie sich figo (teils gezwungen) zur Banken-API entwickel figo
- 23. 23Great Banking Experience by Service Design www.uxessible.com Finance FoxFinance Fox
- 24. 24Great Banking Experience by Service Design www.uxessible.com PAIRFinancePAIRFinance
- 25. 25Great Banking Experience by Service Design www.uxessible.com Fairr.deFairr.de
- 26. 26Great Banking Experience by Service Design www.uxessible.com Trading mobileTrading mobile
- 27. 27Great Banking Experience by Service Design www.uxessible.com Money Transfer AppMoney Transfer App
- 28. 28Great Banking Experience by Service Design www.uxessible.com Casestudy 1
- 29. 29Great Banking Experience by Service Design www.uxessible.com Casestudy 2 Zeile 1 Zeile 2 Zeile 3 Zeile 4 0 2 4 6 8 10 12 Spalte 1 Spalte 2 Spalte 3
- 30. 30Great Banking Experience by Service Design www.uxessible.com Goal: Offer services that customers want Some factors that contribute Brand & Design: modern and appealing Value Proposition: as distinctive as possible & customers‘ need driven Target user group: well defined & easy to access Organisational structure: easy to adapt, no silos, orientation towards a common goal
- 31. 31Great Banking Experience by Service Design www.uxessible.com Analysis of Factors
- 32. 32Great Banking Experience by Service Design www.uxessible.com Factor: Brand and Design
- 33. 33Great Banking Experience by Service Design www.uxessible.com Factor: Brand and Design
- 34. 34Great Banking Experience by Service Design www.uxessible.com Factor: Value Proposition Single-purposeMulti-purpose
- 35. 35Great Banking Experience by Service Design www.uxessible.com Factor: Target Groups
- 36. 36Great Banking Experience by Service Design www.uxessible.com Factor: Organisational Structure
- 37. 37Great Banking Experience by Service Design www.uxessible.com Banks and FinTechs in one pod
- 38. 38Great Banking Experience by Service Design www.uxessible.com Confrontation vs. Cooperation 3 Models for the future: Fintechs outrun Banks Banks buy FinTechs Banks and FinTechs
- 39. Model 1: FinTechs outrun Banks Example: N26 is fully licenced bank now rman startup N26 building first pan-European mobile phone
- 40. 40Great Banking Experience by Service Design www.uxessible.com Model 2: Banks buy FinTechs Example: BPCE buys Fidor
- 41. Model 3a: FinTechs as Service Providers to Banks Example: Gini as technology behind comdirect smartPay App
- 42. 42Great Banking Experience by Service Design www.uxessible.com Model 3b: FinTechs as Innovation Driver for Banks Example: Start-up Garage der comdirect
- 43. 43Great Banking Experience by Service Design www.uxessible.com Model 3b Example: AnyfolioModel 3b Example: Anyfolio
- 44. 44Great Banking Experience by Service Design www.uxessible.com Model 3b Example: FinGymModel 3b Example: FinGym
- 45. 45Great Banking Experience by Service Design www.uxessible.com Conclusion
- 46. 46Great Banking Experience by Service Design www.uxessible.com Learning from FinTechs - Start with no obligation / as less budget force as possible - MVP & Pivot fast - Diverse teams „rule“ - Embrace change / be flexible - Agile dev helps - Know your users - Settle where the infrastructure is favourable (legal, staff …)
- 47. 47Great Banking Experience by Service Design www.uxessible.com Prerequisites for Successful Service Development in Agile Teams - Establish try & error culture with clear focus - Onboard new people and integrate different skills - Establish mixed, heterogenous teams that are self-driven - Find work model (different roles, tool chain, decission making process) - Operate driven by user research and business opportunities - Find and hire people who are engaged - Define clear goals for teams, roles & responsibilities - Establish accepted conflict resolution model - Accept, promote and support change in organisational structure - LET THE TEAMS WORK ALONE / do not interfere Team tasks Management tasks
- 48. 48Great Banking Experience by Service Design www.uxessible.com But Banking Experience is more than Service Individual financial needs & strategy very personal issue, depends on personal values & goals for example: doing good → fair investments, thematic investments Empowerment of customers education to enable people to make use of services playful interaction, motivation based, best: intrinsic motivation for example: trading basics → opportunity for customer and bank One solution: Seek advice from outside to analyse threats, find blind spots in service landscape, turn them into opportunities, and identify and mobilise internal ressources
- 49. 49Great Banking Experience by Service Design www.uxessible.com Many thanks for yourMany thanks for your attention.attention. Dr. Christian Graf cgraf@uxessible.com +49-178-4148006
- 50. 50Great Banking Experience by Service Design www.uxessible.com Pointers for further information Article Blurred lines: How FinTech is shaping Financial Services Article Taking friction out of banking. Article How to Create a Digital Banking Interface using UX Design Artikel Studie Finance 2020 – Digitale Transformation im Finanzbereich (D) Blog www.next-finance-blog.de Blog www.uxdesignagency.com/ux-design-blog-and-news Blog www.der-bank-blog.de Blog finletter.de bynd.com/fintech-research/ Video Vortrag Manuel Grossmann bei KreativStart 2016 – „Service Design“ (D) www.fintechnews.ch www.interaction-design.org/literature/
Notes de l'éditeur
- Past: User-Researcher & UX Manager Now: Product Manager & Innovation Coach Lately: Senior User Experience Manager @ Roche Diagnostics Ltd., Rotkreuz (Schweiz) User Researcher @ comdirect bank AG
- Service Today: Digital Uber – worldwide cab services but no cars Amazon – world leading commerce without having shops AirBnB – world leading accomodation without any flat/house ==> businesses operated without having Ebay - weltgrößte Handelsplattform bietet selbst keine Güter an Facebook – weltgrößte (geschlossene) Netzwerk und Medienunternehmen produziert keine Inhalte ==> business do prosper without having anything physical to be bought or sold (in D: 70% of national income is by services) ==> Services are omni-present and important
- We have a situation, Mr. President! „First, the branches die, then the whole bank.“ (Deutsche Startups) „until 2025 there will be about 40 percent less banking branches“ (Handelsblatt)
- Consumers already rate the digital experience as important as the branch Customers are open to digital-only for all of their banking needs Those with more complex financial products – often the banks’ most profitable customers – are even more receptive to digital-only offerings than those with fewer needs
- While security, personalization, speed and ease of use remain central customer concerns, expectations are evolving so rapidly that banks are struggling to keep up with the pace of change and improve service design in banking.
- Meeting Customer Expectations Disruptive FinTech competitors are threatening to steal the banks’ customers before they have time to respond. So, how can traditional institutions improve the digital experience, and retain customers in a competitive market? And how can they keep up with the pace of disruption? develop competative services with Service Design become an agile organisation
- „Services is everything you can't drop on your foot, ranging from hair-dressing to websites.“ (Mathew Bishop, economist) Product: designing the object for later usage by the user (full-control over the object) Service: planned activity unfolds later with the user (no control over the usage, e.g. Smöland Ikea Altona) Example: Car (Product) & Car-Sharing (Service) Service design is concerned with the design of services and making them better suit the needs of the service’s users. Goal is to improve both quality of service and interactions between the provider of the service and its customers.
- It examines all activities, infrastructure, communication, people, and material components involved in the service. The objective of service design is to formulate both front office and back office strategies that meet the customers’ needs whilst remaining economic for the service provider. Ideal services are considered to be user-friendly and competitive within their market.
- The good news is that the core skills of UX design are similar when it comes to service design – they are just altered somewhat in scope.
- High Level view (strategy): Service Design in the context of brand management
- Mid level view (operational): The main tool of a Service Designer: the service blueprint to orchestrate the different assets, interactions etc. of one service Goal of service blueprints: fully understanding the process related to a service Means: They map all the interactions related with delivering a service, both physical and digital that A service blueprint is an extension of a customer journey map. A customer journey map specifies all the interactions that a customer will have with an organization throughout their customer lifecycle. In a world where the line between product and service is becoming increasingly blurred it only makes sense for a UX designer to learn how to deliver and use service blueprints in their work.
- Kleingruppenarbeit 2x10min + je Gruppe 2min Pitch + Diskussion
- Wie sich figo (teils gezwungen) zur Banken-API entwickelte http://www.deutsche-startups.de/2014/06/02/figo-banken-api/
- Trading mobile make Forex trading available to non-tech-savvy users. It had to be clear and intuitive, but still with a full set of functionality and a black & white color range. iOS & Android App
- Money Transfer App a modern and intuitive look for their revolutionary money transfer app. Financial inclusion in emerging markets requires easy-to-use and innovative solutions. Red Cloud Technologies aims to achieve this with a unique mobile-based cloud platform. Android App
- Factor: brand and design Old design of comdirect until June 2016
- Factor: brand and design The new brand design of comdirect: New type, new logo, new visuals, new colour: redesign! Old information structure, old navigation structure, old content Nothing changed under the hood
- Breadth of Services Retail Bank: multi-purpose & broad („Wholesale“) FinTechs: single-purpose & deep („Specialization“) Example: comdirect mobile App vs. FastLoan
- Retail Bank: existing user base, often used to retail banking FinTechs: new tech-savy customers, digital natives Example: comdirect banking App vs. N26
- Retail Banks: each Sparkasse or Volksbank/Raiffeisenbank is independent and does not interfere with any other bank of the same network → slow, network FinTechs: centralized decission making → fast, hierarchical Example: Paypal vs. Paydirekt
- FinTechs outrun Banks Number 26 gets Bank license (25. July 2016) > first step towards full blown bank
- Banks buy FinTech: BPCE übernimmt Fidor Die bekannte Bankengruppe BPCE, eine Art französische Volksbank, übernimmt die Münchener Internetbank Fidor. “BPCE will mit dem Kauf der Fidor Bank ihre digitale Transformation beschleunigen. Die Fidor-Bank wiederum erhofft sich von den Franzosen die nötige Finanzkraft für die ehrgeizigen Wachstumspläne außerhalb Deutschlands” – berichtet Finance zum Deal. Der Kaufpreis soll angeblich bei über 100 Millionen Euro liegen. http://www.deutsche-startups.de/2016/07/31/bankengruppe-kauft-fidor-fuer-ueber-100-millionen/
- Banks and Fintechs: FinTech as Service Provider for Bank, e.g. Gini for SmartPay App by comdirect
- Banks and Fintechs: - Sutor Bank Start-up Plattform - comdirect Start-up Garage Bankathon by Sutor & comdirect: http://www.hamburg-startups.net/zweiter-bankathon-hamburg-arbeitet-an-der-future-of-banking-gastbeitrag-von-hartmut-giesen/ https://www.der-bank-blog.de/investitionen-in-fintech-steigen-weiter/studien/digitalisierung-finanzdienstleistung/22328/
- Example 1: Anyfolio in Start-up Garage Anyfolio ermöglicht Investitionen in themenbasierte Portfolios. Anleger haben dadurch angeblich die Möglichkeit, ihr Geld in Trends wie IT-Sicherheit, Big Data oder Online Gaming zu stecken. „ganzheitliche Social-Trading-Plattform“. Aktien werden durch ein Team von Profis und die Community ausgewählt,
- Example 2: FinGym in Start-up Garage „Finanzen lernen“ > education approach promise: KLARHEIT, FINANZIELLE FITNESS, LEBENSQUALITÄT, UNABHÄNGIGKEIT
- Pursue personal values: e.g. doing good → fair investments, donatations (e.g. GLS Bank)