Replace Bank Speak with Human Speak

“The content needs to be approachable. We can’t use bank speak, we need to use human terminologies that actually resonate. And it also matters how we approach the problem set.”

— Shane Berry, Head of Design at LendUp/Mission Lane

Cartoons and movies predicted we’d be living in space by now. Sharp minds in tech predicted cars would fly, we’d control appliances with our minds, and smart homes would make dinner for our families. And yet, when many people picture the American Dream in 2021, they still think about finding a steady, high-paying job, getting married, settling down, and maybe even owning a home in the suburbs with a white picket fence.

We’re innovating quickly, but maybe not in the right direction. Despite our best efforts, we have a long way to go before some of our more institutionalized structures catch up with us.

While self-driving cars, crypto currency, and private flights to space still provoke dreams of “the future,” it’s the stories that hit much closer to home that tend to resonate the most with our team. Working with a FinTech client recently, we met design research participants whose experiences pushed us to approach design differently.

Consider Sally’s story: A young professional who is just getting by on her modest salary, Sally was the first in her family to attend college. She didn’t have any real guidance as she was applying to schools, making decisions about her career, and learning about student loans. She decided to attend the University of Texas at Austin because she heard public school is cheaper than private school, and she chose Accounting as her major because it’s a safe career path that offers a comfortable salary.

Upon graduation, Sally found herself swimming in $80,000 of student debt with a career path she wasn’t very passionate about. Though she initially spoke with her high school adviser, the student loan system is convoluted and she didn’t fully understand the implications the debt would have once she graduated. Now, Sally is making monthly payments on her loans, but she continues to get large bills in the mail, and it’s hard to see the light at the end of the tunnel.

Jake is an Uber driver, father of two, and hardworking husband. His family long outgrew their tiny apartment, but they don’t have a lot of savings — and buying a home in his area is very expensive. Jake’s credit score isn’t stellar, and he’s a bit confused about how this score is calculated and what it really means in the first place.

This is another case where the financial structure is difficult to understand. Even the terminology seems confusing to Jake, who doesn’t have a background in finance. Jake wishes he could provide a larger house for his family, but he doesn’t understand what it takes to improve his credit score and take out a loan with the bank.

Finally, there is Sarah — another young professional who is doing fairly well day-to-day but doesn’t have a lot of savings put aside. When her car broke down, she couldn’t afford to miss a day of work and needed money fast to pay for the repairs.

Sarah’s family wasn’t in a position to loan cash, so she turned to payday loans. She didn’t know of any other options — and now she struggles to make the expensive repayments. But her loan just keeps growing and she can’t pay down her debt. In this case Sarah didn’t fully understand her loan terms, and she also lacked access to more affordable options. She is trapped, unable to make payments simply because she had one emergency expense she was not prepared for.

Building Products that Work for Consumers

Planning for retirement and spending wisely are good goals, but the reality is that this isn’t an option for many people who are stringing together jobs for quick cash and generally doing their best to make ends meet.

For real change to occur, financial institutions need to better educate a diverse population, provide resources to consumers of every background, and offer real-world solutions that make sense in the now. And it’s our job as strategists and designers to imagine solutions that actually work for and make sense to people like Sally, Jake, and Sarah. Instead of creating innovative designs for flying cars and smart homes, maybe it’s time we consider how design can instead shape culture in less sexy ways, like financial products and systems.

It really could change the world.