This document discusses opportunities in the fintech industry to improve the user experience (UX) for consumers through addressing friction points and a lack of personal finance education. It provides examples of how one company developed an engaged habit-forming UX to help users gain control over their finances through notifications, actions, and rewards. This solution improved retention rates. The document advocates for fintech companies to provide more transparency, build trust quickly through high design standards, and ensure security while making services always available to users.

1. FINTECH: THE UX OPPORTUNITY
Raphael Ouzan
June 2014

2. BAN KING BANKS ON
CON SUM E R F R I CTI ON

3. {EXAMPLE OF CONSUMER
FRICTION}

4. FRICTION
To consumers:
• Unclear fees and plans
• Painful authentication processes
!
To the industry:
• No Plug & Play - Monolithic institutions
• Aversion to risk
• Less than innovative reaction to regulations

5. WH AT ABOUT PE RSONAL
FI NANCE E DUCATION?

6. A. More than $102
B. Exactly $102
C. Less than $102
Suppose you have $100 is savings account earning 2% a year.
After 5 years, how much would you have?

7. Imagine that the interest rate on your savings account
was 1% per year and inflation was 2% per year.
After 1 year, would you be able to buy:
A. More than today
B. Exactly the same as today
C. Less than today

8. A. True
B. False
C. I don’t know
‘Buying a single company stock usually provides a safer return
than a stock mutual fund.’

9. LACK I N G
• 86% of Americans can’t answer this quiz
properly
• More than one-third of American workers
have less than $1,000 saved for retirement

10. UX O P PO RTUNITY
Consumer Friction Lack of education
+
=

11. • Towards contextual, customer-centric view
• Innovation not limited to backend fintech.
• New paradigms: Bitcoin, mobile payments
FI NTE CH IS SHIF TING

12. AN D TH E M AR K E T I S R E ADY
Accenture survey:“If these companies offered banking services, how likely would you be
to bank with them?

13. 13

14. OUR CASE STUDY TODAY
!
• Control
• Insights
• Transparency
• Security & Trust
Can checking your bills not suck?

15. CON TROL
• Started with “set and forget model”
– Assumption: “People don’t want to work”
– Limited to email alerts and monthly report

16. 16

17. E NGAGE MENT
• {webapp}

18. CON T ROL
“Set and forget model” = DIDN’T WORK
– Limited mindshare - People loved the service but
not part of their “workflow”
– As a result: No WoM

19. CON T ROL - AT T EM P T # 2
Maybe people do need to work at list a little
to achieve peace of mind?
!
Pioneering engaged security
19

20. 20

21. 21

23. Engagement – new approach [attempts]

24. More attemps…

25. 1. Notification
TH E SOLUTI ON – HABIT FORM IN G UX

26. 2. Action

27. And Repeat!
3. Reward

28. RE SULT: I T W OR K S
Banks: From institution to application
”It’s no longer about wallet share. It’s about app-driven mindshare”
Marc Hochstein, American Banker

29. INSIGH T S – CAN PEOPLE HAN DLE
CH ARTS TH AT AR E N OT PI E CH ARTS?

30. Smart– the right insights [attempts]

32. YE S.

33. I NSI GHTS – RE SULTS
Spend Analytics Launch:
Impact on retention was drastic

34. TRANSPARENCY
Where is my money going?

35. 35

37. BUT WHERE IS MY MONEY GOI NG?

45. TRU ST
• Trust is an impression made within 2 seconds
• Requires high design standards and great care for details

46. SECU R I T Y
46

47. A LWAYS AVAI LABLE