Reimagining Banking: Understanding customers’ relationship with money
#UserExperienceDesign
CONTEXT
While managing money and investing are extremely personal decisions, it can be an overwhelming and intimidating experience. How do you redesign the current experience of managing money to make it more joyful, giving back control and confidence to the customer .
our process
Pensaar Design carried out in-depth qualitative research with individuals across multiple large cities, customers who actively managed personal and/or household finances and those with diverse levels of investment proficiency.
OUR FINDINGS
What had started as two different projects objectives, on digging deeper had common challenges. Individuals with varying levels of investment proficiency were looking for support in the choices that they were making.
Relationship with Money
People do not like to relinquish financial decisions to anyone. They wish to have the final say even if they are not the most qualified person in the room.
Security
Make money work as hard as they do. Financial Planning is seen as something successful people do.
Control
People need help in resisting impulsive purchases and not just budgeting.
They could not rely on banks for support as they had a frayed relationship with the bank. How do you create a financial tool that allowed the user to feel a sense of control over their financial decisions, and seek support from trusted parties?
Deep Sense of Control
Giving customers a deep sense of control: just-in-time live advisor when you need it. AI does the work so you don’t have to.
Future Scenarios
Inspired by the Beardstown Ladies we explored concepts that allowed consumers to play out future scenarios for themselves and with others building confidence in the financial decisions they were going to make.
