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Fading Money

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Fading Money: the future of home banking and financial services.

The first generation of digital Banks and financial services tried to transform an obscure world into something that could be used by everyone. The first scope was just enabling the access to daily basic functionality through simple web services but many things changed after. The advent of mobile solutions, tablet and smart sensors (beacon, NFC, portable card reader etc.) changed completely the actual landscape and banks needs to adapt their service experiences following new principles: simple, cross-channel and tailored.
Starting from the pillars of modern banking solutions we’ll discover the impact of big data on personal finance management, the role of mobile and desktop interfaces today and how physical branches are reinventing their role to follow this ever-evolving ecosystem.
We’ll discover also how intelligent systems can create tailored financial experiences for mass market, supporting the user in improving his knowledge of economics and creating personalized offers based on analytics and data tracking.

Today home banking is becoming a commodity and user are considering banks more and more as modern personal wallets. Tomorrow artificial intelligence, personal financial advisor, smart branch, wearable devices and the overall cross channel strategy will become the key factors of products differentiation.

Publié dans : Design

Fading Money

  1. 1. UX LAUSANNE 2015 FADING MONEYAntonio De Pasquale @myinteraction • #fadingmoney
  2. 2. Hi, I’m Antonio De Pasquale @myinteraction Senior Interaction Designer at frog Milan
  3. 3. UXLausanne2015 | #fadingMoney @myinteraction Let’s clarify
  4. 4. UXLausanne2015 | #fadingMoney @myinteraction We will not be talking about this fading money!
  5. 5. UXLausanne2015 | #fadingMoney @myinteraction WE WILL TALK ABOUT BANKS & MONEY
  6. 6. UXLausanne2015 | #fadingMoney @myinteraction WE WILL TALK ABOUT BANKS VS COMPLEXITY
  7. 7. UXLausanne2015 | #fadingMoney @myinteraction WE WILL TALK ABOUT BANKS & PEOPLE
  8. 8. UXLausanne2015 | #fadingMoney @myinteraction FADING MONEY The evolution of banking A modern customer experience Trading for everyone A bank of relationship
  9. 9. ANALOG TO DIGITAL EXPERIENCES THE EVOLUTION OF BANKING EXPERIENCE STRATEGY MARKET EVOLUTION
  10. 10. “Financial services disruption is the next huge market to be taken” Fred Wilson
  11. 11. UXLausanne2015 | #fadingMoney @myinteraction The roadmap to innovation Most 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
  12. 12. UXLausanne2015 | #fadingMoney @myinteraction From industrial economy The 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
  13. 13. UXLausanne2015 | #fadingMoney @myinteraction To the information economy 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
  14. 14. UXLausanne2015 | #fadingMoney @myinteraction The shift to digital The 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
  15. 15. UXLausanne2015 | #fadingMoney @myinteraction The long chain to data Customer behaviour shift: instant content visualisation & seamless payment functionality ProcessesTechnology SystemsData User
  16. 16. UXLausanne2015 | #fadingMoney @myinteraction Building a Cross-Channel strategy Traditional 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
  17. 17. UXLausanne2015 | #fadingMoney @myinteraction New credit cards are taking place Many 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
  18. 18. UXLausanne2015 | #fadingMoney @myinteraction New players are disrupting the market Emerging start-ups are disrupting the market from the ground, both for personal banking and small business Personal Small Business Transferwise Simple Bank Square Ware
  19. 19. UXLausanne2015 | #fadingMoney @myinteraction New coin are going mainstream New 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
  20. 20. 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
  21. 21. UXLausanne2015 | #fadingMoney @myinteraction A new set of toys Old technology are substituted by new, smart devices that facilitate and extend the customer journey in many directions.
  22. 22. UXLausanne2015 | #fadingMoney @myinteraction A better integration Improving 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
  23. 23. A MODERN USER EXPERIENCE NEW BEHAVIOURS A CIRCULAR JOURNEY IMPROVING THE GAPS
  24. 24. “We need banking, but we don’t need banks anymore ” Bill Gates
  25. 25. UXLausanne2015 | #fadingMoney @myinteraction New UX are setting the Bar Modern services are setting the user expectation when it comes 
 to digital software and native applications Coin Apple Touch ID Messenger Payments
  26. 26. Stratos Card https://www.youtube.com/watch?v=txcv9PJjYGU
  27. 27. UXLausanne2015 | #fadingMoney @myinteraction New users are changing their habits The 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
  28. 28. 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
  29. 29. UXLausanne2015 | #fadingMoney @myinteraction How are Banks reacting?!
  30. 30. UXLausanne2015 | #fadingMoney @myinteraction A new Customer Journey Banking 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
  31. 31. 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.
  32. 32. 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.
  33. 33. UXLausanne2015 | #fadingMoney @myinteraction MANAGE 
 & SAVE 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.
  34. 34. UXLausanne2015 | #fadingMoney @myinteraction BUY
 & INVEST 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.
  35. 35. 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.
  36. 36. 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.
  37. 37. TRADING FOR EVERYONE FINANCIAL KNOWLEDGE INVESTMENT & TRADING ADVISORY & ACADEMY
  38. 38. “The role of genius is not to complicate the simple, but to simplify the complicated.” Criss Jami
  39. 39. UXLausanne2015 | #fadingMoney @myinteraction A simple quiz It’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
  40. 40. UXLausanne2015 | #fadingMoney @myinteraction A B C D A simple quiz It’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
  41. 41. UXLausanne2015 | #fadingMoney @myinteraction A B C A simple quiz It’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
  42. 42. UXLausanne2015 | #fadingMoney @myinteraction The importance of Financial Literacy A 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%
  43. 43. UXLausanne2015 | #fadingMoney @myinteraction Credit Crunch effect on saving The 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
  44. 44. UXLausanne2015 | #fadingMoney @myinteraction The Wolf of Wall Street https://www.youtube.com/watch?v=c1Vtzn3MZyA
  45. 45. UXLausanne2015 | #fadingMoney @myinteraction Making Money Grow With low saving interest, Users are looking for new solutions to protect and grow their investments, but online trading is still a strong blocker. ??
  46. 46. UXLausanne2015 | #fadingMoney @myinteraction Smart manager & Dynamic Goal Intelligent software learns from your habits and supports you to accomplish your saving goals, visualising your expenses patterns Numbrs, SImpleBank, Toshl
  47. 47. UXLausanne2015 | #fadingMoney @myinteraction Financial Simulator Build 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
  48. 48. UXLausanne2015 | #fadingMoney @myinteraction User to User advisory Financial services meet social networks. P2P suggestions help Users 
 to play with virtual portfolio and challenge other users. Stocktwits, eToro
  49. 49. UXLausanne2015 | #fadingMoney @myinteraction The gamification of banking A 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
  50. 50. UXLausanne2015 | #fadingMoney @myinteraction A Bank Academy Teaching finance in a way that is less intimating, more memorable, 
 easier to understand, and it’s just simply more fun Edukate, Wall Street Survivor
  51. 51. A BANK OF RELATIONSHIP THE ROLE OF
 BRANCHES A PLATFORM 
 TO CONNECT EXPERIENCE PILLARS
  52. 52. “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
  53. 53. UXLausanne2015 | #fadingMoney @myinteraction Ford Model T Production Uber Black Service WE ARE LIVING IN THE EXPERIENCE ECONOMY
  54. 54. 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
  55. 55. UXLausanne2015 | #fadingMoney @myinteraction The role of Branches Transforming the branches means improving their performance enabling both an emotional space for relationship and quick operational tasks CheBanca branch, Ziraat Bankası ATM
  56. 56. UXLausanne2015 | #fadingMoney @myinteraction Smart self services devices In wealthier countries Banks are looking at advanced ATMs 
 as a cheaper alternative to branches. BBVA Concept ATM, Chase Bank ATM
  57. 57. UXLausanne2015 | #fadingMoney @myinteraction Chase Bank https://www.chase.com/news/111614-branch-of-the-future
  58. 58. UXLausanne2015 | #fadingMoney @myinteraction A virtual branch for everyone Evolving 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
  59. 59. UXLausanne2015 | #fadingMoney @myinteraction An extended Customer Journey Integrating the branch as an extended touchpoint of the digital experience, reducing the distance between the physical and digital world. 7 AM DIGITAL A C T I V I T I E S ANALOG 22 AM
  60. 60. UXLausanne2015 | #fadingMoney @myinteraction A platform to connect Connecting multiple channels & service to be the transaction leader API WEALTH & A SSET MA NAGEMEN T PERSON AL MONITOR ING PAYM ENT SERVICES INSURANCE & FINANCING
  61. 61. UXLausanne2015 | #fadingMoney @myinteraction The big data Alchemy Big 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 B A
  62. 62. UXLausanne2015 | #fadingMoney @myinteraction HOW CAN WE DESIGN 
 THE NEXT BANK?
  63. 63. UXLausanne2015 | #fadingMoney @myinteraction FAST & PERSONAL MODULAR PLATFORM SMART COMPANION INSPIRING + EDUCATIONAL The Experience pillars For the next generation of home banking services
  64. 64. UXLausanne2015 | #fadingMoney @myinteraction Facilitating daily operations and organising data & information in a meaningful way for the Users. FAST & PERSONAL
  65. 65. UXLausanne2015 | #fadingMoney @myinteraction A scalable and future-proof service that can be extended easily adapting to the next user needs. MODULAR PLATFORM
  66. 66. UXLausanne2015 | #fadingMoney @myinteraction Supporting the users and anticipating their needs 
 with personalised solutions. SMART COMPANION
  67. 67. UXLausanne2015 | #fadingMoney @myinteraction Helping the users in their growth while suggesting new solutions to their problems. INSPIRING + 
 EDUCATIONAL
  68. 68. INTRODUCTION“The art of simplicity 
 is a puzzle of complexity” Douglas Horton
  69. 69. FURTHER READING BOOKS & ARTICLES
  70. 70. 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
  71. 71. 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
  72. 72. UX LAUSANNE 2015 THANKS! @myinteraction • #fadingmoney

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