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SERVICE DESIGN

Lloyds Clinic

Future financial planning service for preparing life events

by providing easy and customized information

ROLE

User Research

Visual Design

Spatial Design

CLIENT

Lloyds Bank

DURATION

9 Weeks (2018)

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PROJECT GOAL

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

USER'S SITUATIONS

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. 

87%

Face-to-face

49%

Trust & Safety

47%

Specific & Deeper

Information

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

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Barriers of

Digital systems

It is difficult for some people to deal with the application and web

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Shortage of

online function

It is difficult to find exact information through online

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Meeting

life events

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.

Emotion

Build trust

Less anxiety

Warm

Safety

Personalized

Consulting

Hip to hip

Personalized

A conversation about needs rather than product

Digital materials

Starting point

Tablet / App wall

Integrated

New technology

Space - In

Cozy

Smaller space

No barriers

Flexible furnishing

Easy movement

Community

Hub

Community-focused

Experience

Financial education

Multi-functional spaces

Improvement of

communication

between team

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.

Branch network

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Branch-first Customers

Digital-first Customers

Complex Needs

Simple

Needs

Branches

Mobile branches

Post

Office

Telephony

Remote advice

Digital

F2F for complex customer needs 

1800m people still prefer to visit branch as a first touch point

Differentiated formats 

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.

1st interview​

3 Staffs

12 Bank users

2nd interview

2 Staffs

15 Bank users

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PROBLEMS

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.

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     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

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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.

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Lloyds staff

Halifax staff

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PROBLEM STATEMENT

“ 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. ”

MISSION STATEMENT

“ Helping people be aware of and prepare

for their financial future

to prevent them from getting into difficult situations. ”

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TARGET

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.

PERSONA

Name: Eddie

Age : 28

Working years : 4 years

Nationality : UK

Saving habit : Irregular, Small amount

Lloydsbank user

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“ 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. ”

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NEW JOURNEY

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.

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WHAT WE OFFER

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1. Raising awareness

about financial future

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2. Personalized and easy-to-understand financial information

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3. Financial planning

for future

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4. Class people can learn

and share knowledge

PROTOTYPE & TESTING

Through testing with target users we realized that people need

Humanized

Personalized

Intuitive

information to get financial knowledge easier.

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WIREFRAME

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STORYBOARD

SERVICE​ OVERVIEW

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. 

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SERVICE​ FEATURES

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.

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Poster

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

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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.

Put information

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.

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 Comparison with

same age group

Customers can check how their savings are compared to people of the same age. This will alert people with low savings.

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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.

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Booking for

Lloydscription

Customers can use the service immediately when they want through the reservation.

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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.

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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.

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Lloydscription

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Leaflets

Step by step guide with

intuitive and graphic explanations

to give a easy start

20-25

Buying a house

Saving for rainy days

Health insurance

25-30

Eliminate student loan debt

Home

Marriage

Contribute 15 percent of your income

30-40

Begin to contribute retirement

Eliminate all(Non-mortgage)

Have a Plan for Kids’ College

Have Twice Your Income Saved

40-50

Max Out Retirement Options

Pay Extra on Your Home

Cards

The selected products are introduced by stories of actual uses' experiences of how people in similar situations used the product.

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03. Lloyds lab - Learning & Sharing

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Selected product/service

information based on

customer’s consideration

Remote consultation through

a tablet

A space for learning and

knowledge sharing

A specialist from each profession

occasionally gives a class to customers.

Customers who have the same consideration

gather and share their knowledge and experiences.

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WHAT WE WANT TO ADDRESS

Low awareness of future plan

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Notification for future plan

and comparison with others

Too much information

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Customized Lloydscription

by age and interest

Difficulty of

understanding information

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Intuitive information through

graphic and customer’s review

Financial advice classes

USING LLOYDS ASSETS

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Tech

Collegues

Physical

branch

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

(face-to-face work)

BENEFITS AND VALUES

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Early awareness

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Getting information easily

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Stable financial life

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Raised importance

Higher efficiency

Becoming skillful

considering future

life events

intuitive & selected

explanation

preparing future

in early stage

communication

in the branch

of explanation

to collect customer

information

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Customer

Staff

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Attract customers

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More Lloyds bank products

Raise brand value

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are used by customers

through Lloydscription

and classes

Lloyds bank

ECOSYSTEM

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HOW OUR SERVICE ALIGNS TO LLOYD'S GOAL

Promoting people’s awareness of financial planning.

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More and more people improve their financial capability.

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The society can consist of people with strong financial capability.

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To help Britain prosper

(Lloyds purpose)