PurchasePower
A mobile app that helps people improve their credit products affordability
01 Brief
Objective
Open Banking is a regulation launched 2 years ago in the UK, which allows the user‘s different bank accounts to be integrated into one platform.
With the capabilities of sharing financial data in seconds, I aim to define opportunities for niching innovation in digital banking with a commitment to personal data ownership for user conversion and customer success.
Outcome
Project being supported by and shared with Bud, a financial ecosystem builder.
Validated by user test and expert interview.
My Role
As a self-direct project for Master Degree, Service Design at the Royal College of Art,
I take the role of product owner: responsible for stakeholder management, concept development, business design, and demo prototype(UI on this page).
During: Feb-July, 2020
02 Challenges
How might we
Help Young Professionals Clarify and Improve Affordability to
Get the Best Deal for Credit Products?
Clarify the
Affordability
1
product proposition
Communicate large chunks of complex data into easily digestible formats to keep track of spending, income, and budgeting.
design challenge
2
product proposition
Personalised Loan Recommendation
Tailor the filter options that fit customers' touchpoints, win their trust, and turn it into decision-making. Weaken the awareness for the "role of broker"
design challenge
3
Nudge Financial Behavior
product proposition
Humanise the Artificial Intelligence and bespoke the tone of voice, break down the goal into actionable small tasks engage customer
design challenge
1
Clarify
Affordability
Dynamic Personalised Module based on Classified Financial Behaviors
2
Personalised Loan Recommendation
Tailored Filter Setting and Predicted Best Deal Recommendation
3
Nudge Financial Behavior
Bespoke Chatbot Provides
Actionable Tips and Engaged Progress Tracking
03 Value Network
For Financial Institution
1
Provides detailed analysis and historical track record of the borrower’s financial statements.
This enables the lender to provide a more accurate proposal for the borrower with a higher precision score.
2
Accelerates and Improves the on-boarding process by digitalization and automation.
Lenders are provided with instant statements from borrower’s accounts in any financial institution across the EU in seconds.
3
Supports the lender to stay up-to-date with the borrowers’ financial health all the time, to reduce their risk.
For Customer
04 Process Management
Regulation-led Innovation
As a human-centered product service based on the regulation change, the biggest challenge we faced is how to leverage the opportunities that match the customer’s needs and aspirations.
We dig deep into the discovery phase, launch the expert interview and user research at the same time. Synthesise insights across findings through rapid prototyping of assumptions to diagnose the niche point.
Data Driven Design
I request my data from Monzo, and use Python to diagnose my personal consumption patterns from the transaction data in order to better understand my financial behaviour.
My belief is that getting the insights from data and engaging in deep informative conversations with the interviewees, in order to understand the attitudes and reasons behind the "screen" and "action", would help elevate the user research to the next level and with generating product strategies.
Design during Pandemic
Although the video call interview can’t let us “read the air”, really get their facial expression and body language, we design and develop digital toolkits to help the interviewees keep focus and stay in their comfort zone so that we can better get empathy with them.
We use an online collaboration platform like Miro for co-working, sharing any sketch immediately like working in studio.
2
05 Key Takeaway
Humanise Artificial Intelligence
1
People have various views on what the role of a chatbot should play and it's characters, even they might from the same demographic and with the same observed behaviors. So a tailored communication strategy should be made case by case with the power of machine learning.
Human-centered design should be involved in the algorithm development that bespoke the tone of voice.
2
Win Customer Trust Through Dynamic Propositions
People are losing trust in banks. it’s even challenging to make them trust a FinTech product. Our product strategy is a dynamic approach. Be a professional tool first, that accomplish the task, then provide information beyond customer’s needs, in the end, take the role of assistant, bring more humanist into the customer relationship
3
Impact Measurement Metric
The impact of a service/product is to be measured through the same touchpoint that delivered value to users.
In this case, the evidence comes from customer reaction with the chatbot and his transaction pattern change.
Improve affordability for the loan he wants? Does he get the loan successfully in the end? be more confident for the financial future.