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FINTECH: THE UX OPPORTUNITY
Raphael Ouzan
June 2014
B A N K I N G B A N K S O N C O N S U M E R F R I C T I O N
{ E X A M P L E O F C O N S U M E R F R I C T I O N }
F R I C T I O N
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
W H AT A B O U T P E R S O N A L F I N A N C E E D U C AT I O N ?
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?
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
A. True
B. False
C. I don’t know
‘Buying a single company stock usually provides a safer return than a stock mutual fund.’
L A C K 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
U X O P P O R T U N I T Y
Consumer Friction Lack of education
+
=
• Towards contextual, customer-centric view
• Innovation not limited to backend fintech.
• New paradigms: Bitcoin, mobile payments
F I N T E C H I S S H I F T I N G
A N D T H E M A R K E T I S R E A D YAccenture survey:“If these companies offered banking services, how likely would you be to bank with them?
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O U R C A S E S T U D Y TO D AY
!
• Control
• Insights
• Transparency
• Security & Trust
Can checking your bills not suck?
C O N T R O L
• Started with “set and forget model” – Assumption: “People don’t want to work”
– Limited to email alerts and monthly report
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E N G A G E M E N T
• {webapp}
C O N T R O L
“Set and forget model” = DIDN’T WORK – Limited mindshare - People loved the service but
not part of their “workflow”
– As a result: No WoM
C O N T R O L - AT T E M P T # 2
Maybe people do need to work at list a little
to achieve peace of mind?
!
Pioneering engaged security
19
20
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Engagement – new approach [attempts]
More attemps…
1. Notification
T H E S O L U T I O N – H A B I T F O R M I N G U X
2. Action
And Repeat!
3. Reward
R E S U LT: I T W O R K S
Banks: From institution to application ”It’s no longer about wallet share. It’s about app-driven mindshare” Marc Hochstein, American Banker
I N S I G H T S – C A N P E O P L E H A N D L E C H A R T S T H AT A R E N OT P I E C H A R T S ?
Smart– the right insights [attempts]
Y E S .
I N S I G H T S – R E S U LT S
Spend Analytics Launch: Impact on retention was drastic
TRANSPARENCY
Where is my money going?
35
B U T W H E R E I S M Y M O N E Y G O I N G ?
T R U S T
• Trust is an impression made within 2 seconds
• Requires high design standards and great care for details
S E C U R I T Y
46
A LWAY S AVA I L A B L E
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