Prework Ironhack. Design Thingking
WHOLE BANK STUDY
We meet Carol Holmes, she’s currently in charge of the Innovation Department of Whole Bank. She’s been helping her CEO migrate from a traditional bank to a more technological and user-friendly company.
Whole Bank started operations in Framingham, a small town in Massachusetts, United States. Their goal was to offer a different way to save and manage money by giving customers innovative options such as virtual currencies.
What’s the problem of whole bank?
The actually bank customers use a classic system of payment, cash or debit/credit cards and keep an eye on their budget with the whole bank mobile application.
Actually their customers can perform with the application
several task like :
- Log in with personal credentials or their fingerprints
- Get access to their financial information
- Creating wire transfers
- Blocking lost/stolen cards
- Applying for a loan
But their travelling customers have some issues with the current system :
- The conventional Credit/Debit System shows big inconveniences
in other countries
- Some shops don’t allow credit/debit card payments
- Customers may lose their cards
- Physical cards are susceptible to damage
The idea is to give customers access to a payment feature that they can use exclusively when they travel. Easy access to the financial information and give more flexibility for a abroad payment.
Who is the audience?
For start, We need some research for understand, who is the average customer of the Whole bank.
The City :
Framingham is a city in the Commonwealth of Massachusett, near Boston, in the united States. The city proper covers 25 square miles (65 km2) with a population of 72,032 in 2017, making it the 14th most populous municipality in Massachusetts.
The Population :
The overall median age is 38.4 years, 37.8 years for males, and 39.1 years for females. 27,36% of population are Bachelors Degree (13,585), The average earning is 44 163 $ (Male 53,272$, Female 36,427$). People married are Owner for 74,4% and the singles are Renter for 63,5%.
The average customer of whole bank has 30/40 years old, this generations are looking for simplicity and control, demanding about concept of service, they can claim a right to pleasure, to the well-being and always remained reasonable.
Who are the client’s competition?
There is a lot of choice on the banking market, India has seen a phenomenal increase in the number of digital wallets, in europe we have serious competitor’s too. We shall concentrate this study on existing digital systems which offers a real solution for the travelling customers.
The digital wallet or digital bank
These banks 2.0 or Wallet propose to create easily an account with mobile number and use it everywhere in the world. All the informations of your Account, Notifications, Historics, etc… and security are included.
Revolut, #A Radically Better Account
Revolut is a account exclusively when you are abroad. The digital app generate a virtual card, you can also order a physical card, and pay everywhere in the world with no fee. You can make money exchange or transfer in live.
- Virtual card for pay, booking, eshop, etc…
- A revolut physical card for pay in shop, groceries, hotel room etc…
- No NFC system
N26 #The mobile bank
N26 is a german digital bank. The digital app generate a virtual card which use NFC system. You can also make money exchange or transfer in live.
- Virtual card for payment, booking, eshop, etc…
- NFC payment with google pay or Apple pay
- Transfer with Transferwise
- Transfer has his friends with Moneybeam
- Fee with free subcription
The NFC System
The NFC system propose to pay all your shopping in store with your mobile, not need for credit card, this system works with many banks.
Google Pay, Apple Pay or Samsung Pay are the most commonly used. This is not a bank account, so you need to registred your crédit card that your personnal bank generates to gain access to NFC.
- No Crédit Card
- Easy to use
- Need a recent mobile
- Shops are not all in possession of the NFC System.
It’s a new generation of bank. Digital banks give to their customers the possibility to manage their money with no fee, everywhere and every moment. it’s clear that the offers aim at the young people. Especially when they’re travelling, the requirement of use are important.
What’s the tone/feeling?
The average customers of the whole banks is an american of 30-40 years old, who mastering the mobile applications, but he’s continues to pay with cash or credit card, when he’s travelling. We must propose an upgrade for the application that do not change the habits. An upgrade, wich will allow to keep an hand on his budget and manage his payment from abroad.
This researchs allow me to adjust the questions and determine my target profiles. We do not take into account the non-effective debit/credit system in France but which I think is a major problem for the American customer.
- Do you travel often? Do you have any habits to prepare for your trip?
- What do you do when you're abroad?
- What means of payment do you use most often ?
- Problem? Which one ?
- Have you already used a mobile payment application?
- If so, which ones ? If not why ?
- Would you use an application at no cost to pay for your travels ?
- Would you use your mobile as your sole means of payment ?
- According to you what are the Important tasks that must be accomplished by this application ?
- Many prepares their trip, and provides a budget, they make the money exchange before the trip.
- Carrying cash remains a drawback and remains risky.
- It only uses their cards in case of an emergency.
- They are attentive to the fees of commissions.
- Few mastercards.
- They doesn’t use a payment app abroad.
- They are interested by systems like Revolut.
- They are interested by the NFC.
- They are not ready to use their mobile as the sole means of payment.
- The important tasks in the case of using an application abroad, if you do not consider security: Money Exchange, budget management, easy payment.
Habits are anchored, and the fear of not having a hand on his money,in a foreign country, remains present. Having the opportunity to pay or withdrawn money is reassuring. Most of the interviewees say they are ready to take the leap to digital with certain conditions. In the case of the whole bank, customers will have no surprises regarding security, and fees according to their subscription. The key to the problem lies in their system of debit/credit, the organization of the departure which does not allow spontaneity, and to carry a substantial amount of money likely to be lost.
The mobile application of the whole bank evolves and its offer also, the creation of a travel account will erase the problems linking to the American system. The customer will could manage his budget with security of a physical card giving the opportunity to pay or withdraw money at any time. The NFC system is an additional option if the whole bank wants to create a partnership with Google and Apple.
- Add a wallet option for a travel account.
- Generate a virtual and physical card for this account.
- Withdrawal of money in ATM all over the world.
- Give the opportunity to exchange at any time.
- Transfer of money from his main account at any time.
- No fee
- Historics, notifications, stats, budget on the account.
In this exercise, I tried to respect the process of design thinking, I feel
I have done a lot of research for a result that remains in draft state. Of course the brainstorming did not take place, no time to reunite Friends and play with post-its. But I am curious to see how we manages this methodology in real situation. What do you think, Bruce ?