Introduction 

In what way will banking evolve in the future? This challenge in basic banking is to move beyond pragmatics and build a platform that is intuitive and emotional, and which gets us engaged and involved in our day-to-day lives.

The Scenario

I was instructed to design concepts for a new native iOS banking app. I have a choice of fidelity level, and design:

• A navigation structure with detailed landing experience

• A detailed view of transaction flow, and

• Show how a user would switch between accounts

Role

Timeline: 2 days 

Platform: iOS application

Team: Jasmine Cheng (Me)

Introduction to the Solution

My objective was to develop a solution that enables people to manage more than just banking, but also other aspects that are close to their hearts. It was my goal to solve retention by creating a culture of trust and shared values.

The coveted green tick —

The green tick is a verification of sustainable practices. Eco friendly brands will be approved by the bank, this visual trigger will then create trust for customers to make conscious purchase choices.

The sustainable cloud —

Your monthly purchase will convert into keywords and accumulate into a word cloud. This allows users to share a visual representation of their lifestyle and promote sustainability.

One-Stop-Solution banking experience —

A platform where you can easily split payments within groups, request money to avoid awkward conversations, and manage your monthly subscriptions in your profile.

My Assumptions —

Developed my research approach based on the following assumptions:

1. Banks's method of attraction is very pragmatic and rational. They attract people with high interest rate and cash back deals. They don't provide emotional values for customers

2. People are seeking for authenticity instead of loyalty, they can easily aggregate information and evaluate benefits online. So to capture leads, focusing on social capital would be more effective than creating brand value through mass advertising.

3. There is no one-stop-solution for customers to manage their expenses

The Research — Millennials are the future of banking

Millennials are ready to share personal information for product accuracy

According to a Salesforce study, 61% of respondents do not mind sharing their personal information with the business, in case it will make product or service interaction both offline and online more personalised. Also, 58% of Millennials said that they are ready to share personal information to get more accurate recommendations related to their interests.

This is the obvious difference between young people and the previous generations — for example, among the group of baby boomers, only 41% of users would share personal information.

Customer loyalty and retention are in decline

The Kasasa study revealed that 82% of Millennials don’t mind changing banks and 83% of them would go to the competitors who offer more favorable conditions (interest rates, cashback, etc.). 65% of the users would choose a more convenient mobile app.

Millennials spend money on impressions not things

A report from pwc also shows it’s crucial for the Millennials to feel important as customers and not just a figure in the bank financial reports. All aspects of interaction between the finance company and the customer should aim at better relationships.

The Impact —

To make the Millennials feel valued, we must set up a solid impact. So what triggers their emotions?

2021 Deloitte survey shows Environment actually remains as a priority for Millennials despite of COVID, 60% of respondents fear business will deprioritise combatting climate change in the aftermath of the pandemic.

Millennials also believe in their individual power to drive change - There is an increased number of people who donate to charities and actively contribute to environmental and social issues

Where should these triggers be placed within the design?

The Design System

Interactive Prototype

Future Steps

I would test and validate how this solution can solve my assumptions by measuring in-app engagement rate, using unmoderated usability test and interview to justify how conspicuous the features are to the users.

I would also love to implement the following features in the second sprint:

• Integrations for loyalty cards

• Cash back for 'The Green Tick' shops, inspiring people to participate and take responsibility for their actions by making conscious decisions

I ap-peach-iate your time. 🍑

Reach out on LinkedIn! I’m always down for a chat.