Fincoach is a personal money management system which will help users advance financial knowledge. It will help people increase confidence and manage money smartly. It focuses on ongoing behavioural change, executive attention, goal setting and progress monitoring.
The Fincoach: a new kind of bank employee. A Fincoach helps you improve your financial knowledge and get financially fit. He/She will help you get up to speed on what 'money' is and how to start managing it smarter. Your coach will also help you set financial goals for yourself and create a custom journey for you to achieve them. This service is targeted at college students and young working professionals.
With 'Fintech' startups disrupting banking services and open banking slowly turning the financial ecosystem into a competitive marketplace Lloyds Banking Group wanted to rethink what a bank branch should be and do in 2020.
Bank branch died out
In the Fiserv survey, consumers reported visiting branches to deposit checks and withdraw cash. I believe that in the future, neither of those reasons for visiting a branch will hold true. Rather, branches will serve an entirely different function. Branches are the ideal place for these complex conversations to take place, so banks and credit unions should rethink their branches first with a customer-centric focus. What kind of space will feel inviting to customers, signal they’re welcome to take their time and ask questions and give them a feeling of security without intimidation?
"How might we empower the bank branch to improve people’s money management and reduce financial worries?"
IDEATION - CO-CREATED WORKSHOP
Participants X7 / Research activities X4 / Focus group interview
Understood what kind of environment do users like to have financial consultation
Investigated who has the best fit for the role of financial coach
Identified the motivation behind getting into Fincoach service
LEARNING FROM PROTOTYPING
SERVICE DESIGN BLUEPRINT
• Iteration: Anything that is developed from scratch will be an assumption. It’s essential to keep iterating to understand the users and their needs while they evolve. If a test fails, test again.
• Feedback loop: Align the vision with stakeholders and teammates what is the goal and impact we are trying to create, then it could help us make decisions faster and come up with solid solutions.