Digital Banking
- Mobile App Concept
This was a conceptual project for the CTO to showcase to the CEO and other higher-level leaderships.
The purpose of this project was to focus on Gen Z and design revolutionary solutions to bring digital banking experience and social life together. Using data and machine learning models to help identify customers and predict which products and services to offer to help customers' financial goals.
Digital Banking Trends:
- Social integration
- Gamification
- Voice processing
- Biometrics
- Personalization
- Robo advising
- Big data
Key Innovations:
- A personalized financial assistant and advisor
- Bring personalization to the next level
- Open for integration with third-party services
My Role:
I am the sole designer
UX/UI: Research | Low - High-Fidelity Wireframes | Prototypes
Team:
Stakeholders: The CTO
The Challenge
The new generation puts its trust in tech over traditional banks. The younger generation will gravitate toward brands that provide the best user experience, the best value, and ultimately, can help them reach their financial goals. The "norm" won't work with this new generation.
Data and AI Use-Cases were to:
- Customer Attrition Prediction: Reduce Customer Churn
- Micro-Segmentation: Next product to buy
- Automated Money Management: Get the most out of their money with limited effort
- Recommended Money Management: Pay down debt
- Mortgage Tenure Reduction Tips: Reduce mortgage tenure and save money
- Financial Health Management: Attend concerts with friends
The Solution
Rather than teaching Gen Z how to manage cash, use a checkbook and spend with credit, I needed to show more value in developing features in-app that helped them managing money in an “always-on” way and met whatever their goals they wanted to set for themselves.
To meet the financial needs and lifestyle of Gen Z, I came up with a concept that provided them with the segmentation of their money between various investment currencies and fiat, including crypto, as well as tools to segment financial goals, including savings, and data visualizations to provide insights and recommendations. Not to mention peer analysis, sharing, and integration with influencers, and brands for shopping.
To bring banking and social life together. The area I focused on were:
- Personal Goal
- Group Events
- Social Events
- Personalization
Learnings
I was trying to make this app have younger feel so I used circles to break traditional banking boring look and feel and added more colors on it. However, leadership still wanted to keep the "blue" branding color. I was hoping that I would have more freedom to create the app since it's a concept app.
Side Note: The color version was my first initial concept created in late 2017. Chase bank launched a similar product in early 2019 called "Chase Finn" which was very identical to my first concept.
What have I learned?
To design a concept app was really fun. On the other hand, there was no such requirement and it's not easy to read leadership's mind so mostly it's about the guessing game. I would feel frustrated sometimes due to the focus was not on the concept but on visual elements.
I know that most of the stakeholders were easy to get distracted by the colors and visual elements; that's why I liked to start with the black and white version so stakeholders would more likely to focus on the concept.
Financial banking is a very conservative industry. Even though the bank wanted to do innovations, it still being limited by many regulations.