Future financial planning service for preparing life events
by providing easy and customized information
9 Weeks (2018)
The project's mission is to re-imagine what a bank branch should be and do in 2019. The role of the branch is unclear in 2019 due to shifts in customer behavior meaning more core banking activities are completed online. Therefore, the importance of the branch is getting weaker and the role of staff is being unclear than before. And, Lloyd's final goal is to help Britain prosper by supporting people who have the low financial capability.
So, the project goals are
1. Redefining the role of branches and increasing their value
2. Utilizing Lloydbank's assets more efficiently including staffs and branches and technologies
3. Increasing UK citizen's financial capability for the UK to prosper
Many UK adults will meet several life events/transitions during the whole life. However, many people have low financial capability and do not have enough financial knowledge to deal with these events. And, this situation negatively affects Britain's economic prosperity. Therefore, thinking about how to increase people's financial capability and make people have enough financial knowledge will be the key points to cope with life events.
Low financial capability
17.0 million people in the UK have the low financial capability
8.5 million people are not rainy-day ready There are now 17% people who would struggle immediately if their income were to stop.
Lack of Financial knowledge
46% of all UK adults are lack of financial knowledge
24% of all UK adults do not think they have enough information for decision making about financial issues.
Need to prepare life events
When people meet life transitions, they need a lot of financial knowledge to deal with new situations.
Getting a job / Marriage / Buying a house / Retirement Getting an Illness / Having and nursing a child (Maternity leave, Many children) / Losing and changing a job
UK Consumer Digital Index 2018 - Lloyds bank
WHY PEOPLE STILL GO TO THE BRANCH
Through the interview of 10 customers(age 25-60) who use Lloyds, Barclay, Metro bank and research North America Consumer Digital Banking Survey (N=3,478) I found that it is undeniable that the use of branches has decreased noticeably due to the increase in online usage. However, still many people visit branches for face-to-face conversation as people believe they can get more personalised, trusty and deeper information through counseling than online.
Trust & Safety
Specific & Deeper
People still prefer face-to-face conversation and getting information
People feel safer when they talk personally with a counselor
People think they can get more suitable information in branches
It is difficult for some people to deal with the application and web
It is difficult to find exact information through online
When people meet new transition they have lots of things to consider
TRENDS OF BANK BRANCHES
Rather than maintaining the function of existing banks, Lloydsbank is continuing to make new changes. And, it tries to more focus on encouraging communication including consulting, community activities, and education. Also, it provides an environment and atmosphere where we can talk deeply and comfortably at the same time and get more suitable information for the individual.
Hip to hip
A conversation about needs rather than product
Tablet / App wall
Space - In
FUNCTIONS OF LLOYDS BANK BRANCHES
Customers visit branches especially when they have complex needs and want to solve the problems through counselling. For simple needs, people more prefer to use other touchpoints such as digital platforms, mobile branches. Based on the researches, we decided to think about how we could effectively provide counseling and education.
F2F for complex customer needs
1800m people still prefer to visit branch as a first touch point
INTERVIEW FOR UNDERSTANDING USERS
I did interviews with Lloydsbank and Lloyds Halifax staffs
and customers. First round was more focused on understanding user's situations and why people use the branch deeply. Second round was for finding the reasons why people think financial information is difficult.
12 Bank users
15 Bank users
Too much, difficult and general financial information
Even though people can find financial information, the information is too much, difficult, and general. So, it is difficult to search for suitable information and figure out what it means to the individual. Therefore, it makes people put off and give up thinking about financial materials.
There is so much information on the website that it is difficult to find only the information I need. I feel like I am almost lost...
I searched for information to plan to buy a house, but the information was too difficult to understand. And, I cannot get what it can be applied to me.
User in his 20's
User in her 30's
Put off preparation for financial future
People come to the bank when they already faced a problematic event. It takes a long time to figure out the situation and solve the problems, and also makes it difficult to solve. Also, this interfered with the efficient work of employees.
Most people visit the bank after the problem comes up, which complicates the situation.
When people face difficulties, there are not only fewer ways to solve them, but it also takes a long time to make people understand.
“ Even though a lot of information is provided through
consulting and online, there still exists a gap between people's understanding level and provided information. ”
“ Helping people be aware of and prepare
for their financial future
to prevent them from getting into difficult situations. ”
According to our survey and interviews, we realized that 25 - 50 years old people most meet life transitions during the whole life. So, they have to prepare it such as marriage, retirement, etc. Most of them have income but they have few ideas about how to manage it and consider less about their future financial situation because they put it off until they face the event.
25 years old ~ 50 years old
They have income.
Less consideration of their financial future plan.
Age : 28
Working years : 4 years
Nationality : UK
Saving habit : Irregular, Small amount
“ I want to enjoy my youth, so I am spending major money to hang out with my friends and for traveling. But, at the same time, I am worried that I should prepare for my future financial situation.
However, when I tried to find information, it was so difficult and complicated that I put off doing it. ”
Based on the research and interview we realise that people use normal banking services in the branch but at the time they did not realize they need to prepare for their future. And when the difficulty occurs people go back to the branch and ask for advice.
To make people aware of their situation early and prepare for financial future I position the service at the first stage when people come to the bank for normal services to raise people’s awareness and provide them financial plan to deal with future events for preparing their future events earlier. So, It made it easy for people to access the service and think about the future.
WHAT WE OFFER
1. Raising awareness
about financial future
2. Personalized and easy-to-understand financial information
3. Financial planning
4. Class people can learn
and share knowledge
PROTOTYPE & TESTING
Through testing with target users we realized that people need
information to get financial knowledge easier.
People will receive an alarm as soon as they approach the branch. When they enter the branch, peer-to-peer comparison function and posters lead people to aware of their situation and think about financial planning early. Furthermore, people can book a counseling session directly through the app and discuss their situation based on the result with the staff. So, the check-up and future planning stage can be connected smoothly. Additionally, people use Lloyds lab to attend the lecture and share financial information with people who are in a similar situation.
01. Check up - Raising awareness
Notiﬁcation for the service
Inside of the branch and near outside, An alarm goes off to catch people's attraction. This can help people know about and get interested in the service.
See examples of people in a similar situation. People are more likely to be attracted by others’ experiences. It is easier to consider situations in advanced
APP for peer to peer comparison
Users are given a trigger to re-think their financial condition by comparing it to other people who are in a similar situation.
To identify and compare the current state, enter information including age, salary, current amount of savings, target amount
Choose your interests
Users can choose their interests that they want to consider for saving and future plan.
same age group
Customers can check how their savings are compared to people of the same age. This will alert people with low savings.
Comparison within one's own state
It compares when the target amount can be reached depending on the amount saved. This encourages planned and efficient savings.
Customers can use the service immediately when they want through the reservation.
Showing what other people consider and use
Users can see why people consider these life events and what they do for them.
It shows what people consider and which products are being mostly used by people with the same goals and age group.
Users can see products that other people use based on the interests.
02. Private rooms - Future planning
Lloydscrition provides information for future planning, taking into account the user's age, situation, and interests.
It consists of leaflets of selected topics and cards of product information. Customers can get it like a pack of the personalized planner.
Step by step guide with
intuitive and graphic explanations
to give a easy start
Buying a house
Saving for rainy days
Eliminate student loan debt
Contribute 15 percent of your income
Begin to contribute retirement
Have a Plan for Kids’ College
Have Twice Your Income Saved
Max Out Retirement Options
Pay Extra on Your Home
The selected products are introduced by stories of actual uses' experiences of how people in similar situations used the product.
03. Lloyds lab - Learning & Sharing
information based on
Remote consultation through
A space for learning and
A specialist from each profession
occasionally gives a class to customers.
Customers who have the same consideration
gather and share their knowledge and experiences.
WHAT WE WANT TO ADDRESS
Low awareness of future plan
Notification for future plan
and comparison with others
Too much information
by age and interest
Intuitive information through
graphic and customer’s review
Financial advice classes
USING LLOYDS ASSETS
Notification, comparison system
Booking system through app
Advertisement through app, web and tablet
Space for consultation and raising awareness
Space for class and study
Workforce for consultation
BENEFITS AND VALUES
Getting information easily
Stable financial life
intuitive & selected
in early stage
in the branch
to collect customer
More Lloyds bank products
Raise brand value
are used by customers
HOW OUR SERVICE ALIGNS TO LLOYD'S GOAL
Promoting people’s awareness of financial planning.
More and more people improve their financial capability.
The society can consist of people with strong financial capability.
To help Britain prosper