Product | FE Credit | Market landscape & User insight

DISCOVERY & DESIGN PHASE MARKET LANSCAPE & USER INSIGHT

DATE: JAN 24, 2018 AUDIENCE: FECREDIT

LET’S GET STARTED

GOALS AND KPIS What does success look like?

What problems are we trying to solve?

PROVIDE FAST & EASY CONSUMER FINANCE SOLUTIONS

END CUSTOMERS

I WANT CLEAR STEP-BY-STEP INSTRUCTION TO APPLY RELEVANT FINANCE SOLUTIONS VIA THE APP.

END CUSTOMERS

I WANT TO KNOW STATUS AND PROCESS OF MY APPLICATION.

INTERNAL STAFF

I WANT TO SEE MY CUSTOMERS’S INFORMATION ANYTIME ANYWHERE.

INTERNAL STAFF

I WANT AN APP WHICH IS 1-STOP SOLUTION BASED ON MY NEEDS.

STAKEHOLDERS

I WANT TO SIMPLIFY THE PROCESS FASTER TO SAVE TIME AND COST

STAKEHOLDERS

I WANT TO TRACK EMPLOYEES’ PERFORMANCE TO IMPROVE THEIR PRODUCTIVITY.

STAKEHOLDERS

I WANT A TOOL TO COMMUNICATE DIRECTLY TO THE RIGHT PEOPLE AT THE RIGHT TIME.

THE CURRENT APPLICATION FOOD FOR THOUGHTS

What are our current purposes?

What users could need or desire?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

Are these images introducing FE Credit brand identity effectively?

•

Is a brand introduction necessary at this stage?

•

What is our desirable call-to-action for users here?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

What kind of actions should users perform at this stage?

•

What are the most important functions here?

•

Are these icons descriptive enough for users?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

How can we help the user through the login process by creating a more guided layout/interaction?

•

Can we simplify descriptions?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

What kind of actions should users perform at this stage?

•

What are the most important functions here?

•

Are these icons descriptive enough for users?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

Is the current writing style is appealing enough?

•

Are all these fields necessary?

•

Can we optimize this menu much more efficiently?

•

What are most frequently accessed fields and user priorities?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

These calculators are top of mind functionalities.

•

When does the final result need to appear?

•

How do users access this information when they need it the most?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

Is this content relevant to users enough?

•

What do users need to achieve at this stage?

•

How can we leverage this content to maximize business opportunities?

•

How can we help users to digest & search for the most relevant advices?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

Which stage of user journey is this content necessary?

•

What do users need to achieve at this stage?

•

How can we help users to digest & search for the most relevant advices?

FOOD FOR THOUGHTS

— What are our current purposes?

— What users could need or desire?

•

Are all these fields necessary?

•

What do users need to achieve at this stage?

FAMILY

PAWN SHOP

LOAN SHARKS PHYSICAL

HOME APPLIANCES

COMMERCIAL BANKS

INSIGHTS & OPPORTUNITIES

DIRECT ONLINE COMPETITORS

MARKET LANDSCAPE CONSUMER FINANCE COMPANIES

— Smaller & more urgent loans: wedding, traveling or buying home appliances — FE Credit held the biggest market share at 48.4%.

— Home Credit, HD Saison and Prudential followed at 15.7%, 12.2% and 8.1% respectively — On the Google Play and the iOS App stores, with the exception of the Home Credit and FE Credit apps, all the other consumer finance apps average at only a few thousand downloads and a few hundred ratings — Ranking on Google Play & iOS App store: •

HOME CREDIT

3

8

•

FE CREDIT:

29

51

25

Self-explanatory design

Clean and clear UI Simplicity UI Strong brand identity

Simplicity UI Friendly images

Friendly images Easy to understand

Strong brand identity

Easy to understand

Simple functionality

n/a

Calculation tool

n/a

n/a

n/a

Fast speed

Fast

Fast

n/a

n/a

n/a

Build-in communication

None

Online Chat Hot Line FAQ

Hot Line FAQ

Email Hot Line FAQ

None

Asset integration

None

Promotion Products Location Tips

News Promotion Tips

News & Promotion Tips

None

Push notification

Yes

Yes

None

None

None

GPS tracker system

Yes

Yes

None

None

None

Gamification tactics

n/a

n/a

n/a

n/a

n/a

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FOOD FOR THOUGHTS

— What are current purposes?

— What users could need or desire?

•

Are all these fields necessary?

•

What do users need to achieve at this stage?

•

What are the most important functions here?

FOOD FOR THOUGHTS

— What are current purposes?

— What users could need or desire?

•

What are challenges for users on a desktop website?

•

What do users need to achieve at this stage?

•

What might be considered as risks?

FOOD FOR THOUGHTS

— What are current purposes?

— What users could need or desire?

•

What are the most important functions?

•

What kind of actions should users perform?

•

What could be barriers?

FOOD FOR THOUGHTS

— What are current purposes?

— What users could need or desire?

•

What can be considered as inconvenience for users?

•

What is the desirable call-to-action for users here?

•

What could be challenges to sustain a good engagement with users?

DIRECT OFFLINE COMPETITORS

FAMILY

PAWN SHOP

LOAN SHARKS PHYSICAL

HOME APPLIANCES

COMMERCIAL BANKS

CONSUMER INSIGHTS

CASH IS NO. #1 PAYMENT METHOD CONVENIENT

FAST

TRUSTABLE

EXACT

FINANCIAL SERVICES ARE WELL ADOPTED

BUSINESS

MOBILES

GOOD CUSTOMER SERVICE

CASH

OPEN TO TRY

PHONE CALLS & SMS REMIND PAYMENTS TRUST

HUMAN TOUCH

MONTHLY

EASY

ZALO IS ALWAYS ON TOP OF HOME SCREEN DAILY

PRIVATE

SHARE

SECURE

CHAT

AGENT INSIGHTS

ONE-STOP SIMPLE SOLUTION.

100% interviewed staff wish a total integrated mobile application where they can start and end an efficient working day just within a few taps, from the moment they check assigned leads to minutes of meetings with customers.

Most of staffs travel on daily basis in order to take care of their end

BE FAST EVEN ON VERY LIGHT 3G INTERNET

customers living in areas without any strong or stable internet wifi connection. They can only use their smartphones with normal 3G internet.

Hence, they all expect a mobile application which can function fast even on very light 3G internet.

ACCURACY OF GPS SYSTEM IS A MUST.

As a large majority of end customers are located in remote rural areas, it’s been a challenge to verify exact addresses. Hence, staffs from every department are looking forward to an accurate GPS system to find and follow up with end customers.

STAKEHOLDER INSIGHTS

REALITY

Current applications are not effective

They are only performing 10% of initial expectations Time consuming Not functioning properly

PRIORITY

Accurate way of communication

Interconncectivity is a must to enhance efficiency Verify exact customers’ information Optimize team’s daily performance Easy connection between customer & staff

PRIORITY

Simplicity at its best

I totally understand how to use at first glance Self explanatory design Utilize icons as much as possible A few steps to fill customer’s information

Inspiration

Become “Uber" for consumer loan market

Make consumer loans as easy & fast as ordering on Uber Automatic matching customers & staffs Direct in-app communication tool (chat/call) Update promotion information instantly

Inspiration

Beat HomeCredit

Become the very 1st top of mind choice Gamification tactics Integration of data management Good practice: - CitiBank - Uber / Grab - VIB

OPPORTUNITIES

Today’s loan products might be right, but the experiences are not.

There is a gap between the customers’ needs and the FEC’s provided expression of services.

OPPORTUNITIES

Users want a platform that works efficiently, saves time and brings more value to all aspects of their lives.

OPPORTUNITIES

Users want to be guided and supported but do not see convenience and trust in borrowing money and paying back.

INSPIRATION

MOBILE BEST PRACTICES

MOGO CONSUMER FINANCE

MISSION

Mogo’s mission is to help users take control of their financial health with solutions that are easy to use, transparent, and unconventionally fun.

53

VENMO CONSUMER FINANCE

MISSION

Venmo is a social platform for money exchanges and transfers. Social incentive.

54

MINT

CONSUMER FINANCE

MISSION

To bring together everything from balances and bills to your credit score and more.

All in one place that’s easy to understand.

55

WE CHAT WALLET MOBILE PAYMENT

MISSION

WeChat Wallet allows users to manage payments with your mobile phone.

Add your debit or credit cards, get money sent to you from a friend and pay for goods and services.

56

GO JEK MOBILE PAYMENT

MISSION

A technology company with a social mission to improve the welfare and livelihoods of workers in various informal sectors in Indonesia. GO-JEK champions 3 essential values: speed, innovation, and social impact.

57

GRAB PAY MOBILE PAYMENT

MISSION

Riding with Grab is easier and more seamless when you choose to go cashless with GrabPay. GrabPay uses top-of-the-line security system with an award-winning fraud detection engine to ensure all your transactions are safe.

58

UBER PAY MOBILE PAYMENT

MISSION

Allowing cashless payment for seamless journeys, without interruptions or constraints and maximum time efficiency.

59

UBER PAY MOBILE PAYMENT

MISSION

Allowing cashless payment for seamless journeys, without interruptions or constraints and maximum time efficiency.

60

FINANCIAL THEMES

Within a quick view. Our user will understand all their accounts, what their available balance is and how their spending behavior compares with their

ALL YOUR MONEY AT A GLANCE.

average. We would forecast what their balance and financial health would be like depending on their spending and earning behavior.

Whether it’s a deposit, credit, investment, loans, Our user will understand how one affects the other, allowing them to make bigger decisions.

A financial feed, not a transaction history.

SEE WHAT YOU ARE SPENDING.

Transactions shouldn’t be history, they should be the base for our user to learn how to live a more successful financial life.

What if a user can see transactions based on friends (money spent with friends),

Our user should see what they have spent, are spending, and will spend. By

location, activity, or more. We integrate finance into all aspects of our users life.

forecasting the upcoming bills into our users cashflow they will get an instant

The user will be able to scroll and see

understanding of what and how they can

social based recommendations. Nudging

spend.

them continuously into relevant actions.

From nearby ATM’s when traveling or budget alerts when our user is in a particular shop. All our users financial information in a stream.

In our new world, our user does not browse to find a button or a transaction. They do not look for specific accounts or products.

Our new experience serves up the right information at the right time, through the

A PERSONAL FINANCIAL AI ASSISTANT.

relevant channel. Breaking out of screens, our user will converse with our experience.

They will be able to submite a request such as "Send RM50 to my brother" to "What do I owe on my phone bill”. We must reinvent banking into a financial assistant that saves time and effort.

Using Voice ID biometrics our experiecne will allow for the most secure transactions from the comfort of our users home. A proactive assistive relationship

Our user will never forget a bill payment

NEVER FORGET A LOAN PAYMENT.

again. As we learn about our users behavior we prompt our users spending so they always have money to pay their bills.

And when the tieme comes we prompt them to pay the relevant bills, in a way that maximises their own cashflow and allows our user to achieve their life goals.

Mapping our users financial behavior to our wealth of data we will be able to give them

ACHIEVING LIFE GOALS BY GUIDING YOUR FINANCIAL BEHAVIOUR.

insights and potential red flags. Our users won’t have to create a budget anymore, just their life goals and our experience helps them achieve this.

From university for their kids, or a our users own retirement. We guide our user through the right steps to achieve this.

Wether it’s micro contributions skimmed off of every transaction or bonus rerouting to relevant goals. We place all goals in the palm of your hand.

What if instead of having multipel credit cards, our users spend however they like

MAKE LOANS FUN.

and collect the points however they want. A travel junkie who will convert everything into airmiles or a foodie who wants restaurant experiences. Our rewards will be specific to our user, where we use gamification to rewards our users for good behavior as well as spend.

What if our marketing became hyperpersonalized and we only show the right promotion or message to the right user based on their life situation and

FORGET ABOUT ADVERTISING, MAKE IT PERSONAL.

context. Maximising the financial experience means creating the right set of banking products / services around each individual user. Not just for the users current situation, but also based on predicting their future situation. For example, what if we notice expenditure on maternity related products and we are able to prompt a mortgage for a larger house.

What if that mortgage was preapproved and showcased potential houses for our user. And what if we start pushing long term financial investment products for children education. That’s not advertising, that’s assisting our user achieve their life goals.

Breakthroughs in authorization and identity

INSTANT AUTHORIZATION IN THE BACKGROUND.

confirmation will be of huge impact to our user. Imagine a world where any interaction with our experience, we know for sure it’s the right user.

From fingerprint through voice, biometric authentication would blend into the background and the focus would be on living a great financial life.

Sending money should be as easy as sending a message. By mining our users

PAYMENTS AS EASY AS A MESSAGE.

contactbook and social network we are able to create an instant send flow.

Searching through recipient names, mobile numbers or just directly within our users favorite chat app. Sending money is only a tap or voice message away.

And by leveraging blockchan as the ledger, transactions are immediate and secure.

We will ensure we have the best experiences built for our users. But at

API ECONOMY.

times the power of our products is best expressed through channels out of our control. By exposing the bank services, our experience gains scale. The future of our bank is in setting up Bank as a platform.

TECH TRENDS

SHARING ECONOMY Shared economy is built around thesharing of human and physical resources; includingshared production, distribution and consumption of goods and services.

MAKING A BUSINESS ON YOUR OWN

EXCHANGING PROPERTY

AIRBNB

KLEIDEREI

Website acts as a platform for users to make business

Ownership is a thing of the past, why not just share and have more?

BLOCKCHAIN Micro UI is a design trend that will leverage APIs to allow branded content to exist outside of the original product ecosystem.

BLOCKCHAIN LEDGER

ETHEREUM Implement a decentralised

TRACING PROVENANCE

TRACKING INTELLECTUAL PROPERTY Provenance uses blockchain as to track wether products are real and where they came from

MACHINE LEARNING Personalisation will soon become the norm for almost any type of consumer application. It will range from offering better recommended products based on prior purchase, to relevant content.

MACHINE LEARNING

PREDICTIONS

MACHINE LEARNING

AMAZON E-COMMERCE

HOUND

PINTEREST

Amazon technology allows it to understand a customer and retargets both on the amazon website and other platforms.

Hound is a hands free way to quickly and intuitively get what you want.

The platform remembers saved and browsing preferences to generate a personalised feed.

NATURAL LANGUAGE PROCESSING NLP will grow across Automated Coding, Text Analysis, Optical Character Recognition, Interactive Voice Response, Pattern & Image Recognition, Speech Analytics to improve productivity and automation for today’s users.

PREDICTIONS

VOICE PROCESSING

GOOGLE ALLO

VIV

Based on content, Google’s new Allo is smart enough to decipher and provide pre-generated and relevant responses.

Viv is an artificial intelligence platform that enables developers to distribute their products through an intelligent, conversational interface.

CHAT BOTS Chat bots and conversational interfaces are quickly becoming mainstream in 2017 and changing the way users engage with brands and their products.

CHAT BOT

CHAT BOT

CHAT BOT

amERICA

ADA

HLB WATSON

Bank of America’s chat bot helps customers by helping customers make smarter decisions.

ADA is a health companion chat bot, that helps the user get self diagnose symptoms.

HLB and Aleph developed a chat bot interface to provide better support to customers.

PHYSICAL DIGITAL Brands are starting to create an extended tangible form where users can engage with outside the digital space.

WEARABLE TECH

HOME TECH

HOME TECH

SNAPCHAT SPECS

AMAZON DASH

GOOGLE HOME

Snapchat created a pair of fashionable sunglasses that allows the user to record videos and share via the Snapchat app via the phone.

Amazon Dash Button is a Wi-Fi connected device that reorders your favourite product with the press of a button.

Google Home is a voice-activated speaker powered by the Google Assistant. Ask it questions. Tell it to do things.

EXPANDED REALITY Technology is allowing a major step forward for Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR).

AUGMENTED REALITY

VIRTUAL REALITY

POKEMON GO

HOLOLENS & OTHERS

Pokémon Go is a global phenomenon using augmented reality to engage users.

Financial institutions are already exploring the potential of VR technology by creating experiences that allow customers to remotely carry out traditional banking activities.

OPEN API Brands are making their APIs publicly available to provide third-party developers with programmatic access.

OPEN API

OPEN API

FACEBOOK MESSENGER

DBS OPEN API

Facebook Messenger allows third party users to adapt and use their API to create content.

DBS and Aleph worked together to create a platform to share APIs with

MICRO UI Micro UI is a design trend that will leverage APIs to allow branded content to exist outside of the original product ecosystem.

MICRO UI

MICRO UI

GOOGLE BOARDS

OCBC PAY ANYONE

Gboards have enabled their UI to be implemented in platforms outside their own environment.

OCBC has allowed payments via Siri and iMessage by incorporating their UI outside their main application.

www.aleph-labs.com