Collaborative Futures: Feeling Financial Health in 2028 by catriona.binnie

C O L L A B O R AT I V E FUTURES - 2018

F E E L I N G F I N A N C I A L H E A LT H IN 2028

The Royal Bank of Scotland & The Innovation School

C O L L A B O R AT I V E F U T U R E S 2018

F E E L I N G F I N A N C I A L H E A LT H IN 2028 A crossover exploration of future possibilities in the health and financial sectors.

January 2019

TA B L E O F C O N T E N T S

00 01 0.0 Introduction

0.1 Institutions 0.2 Team 0.3 Three Lenses

8 10 12

1.0 Design Directions

1.1 Future World & Spheres of Influence 1.2 Analogia 1.2.1 Touchpoint 1.2.2 Future People 1.2.3 To get there.. 1.2.4 Design Directions 1.3 Cloudhood 1.3.1 Touchpoint 1.3.2 Future People 1.3.3 To get there.. 1.3.4 Design Directions 1.4 I-land 1.4.1 Touchpoint 1.4.2 Future People 1.4.3 To get there.. 1.4.4 Design Directions 1.5 Future World Overview

16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48

2.0 Design Recommendations

2.1 General Approach 2.2 Research and Analysis 2.3 Knowledge Artefacts 2.4 Exploratory Sessions

52 56 62 70

3.0 Summary

3.1 Directions & Recommendations

4.0 Index

02 03

INTRODUCTION

‘Collaborative Futures: Feeling Financial Health in 2028’ is a project exploring the role of the Royal Bank of Scotland in the future and how they can work towards experiential financial services that focus on the health and well-being of their customers.

This year’s brief placed a focus on the recent changes in the domains of both finance and health, and how these changes are transforming our relationships with money and financial services. A collaboration between Glasgow School of Art MEDes students, recent MDes graduates and the Royal Bank of Scotland, the project explored the current values of customers and translated their existing behaviours into emerging forms of future customer experiences in the context of the UK in 2028. We tested out the Royal Bank of Scotland’s Design team’s ways of working in combination with our own methods, with a focus on user-centred design techniques and a socially-driven approach. By bringing together a diverse range of perspectives, we were able to explore opportunities for future financial services that support the well-being of their customers.

INSTITUTIONS

The Royal Bank of Scotland The Royal Bank of Scotland provides a wide range of financial services to Personal and Business customers through a network of branches, ATMS, online & mobile services and telephone banking. It is a core part of RBS, a UK-centered bank with its headquarters in Edinburgh. RBS operates through multiple brands in the UK and Ireland as well as well as supporting their customers to access international markets in Europe, Asia and the U.S. This project, as well as providing the students with an exposure to a commercial situation to develop ideas that can inform decision making, the activities also help to develop in-house design culture. Bank staff learn from the techniques and novel approaches that the GSA team develop and use which enhances their understanding of the different methods that can be used to respond to a problem. This work forms part of a wider engagement with academic institutions as they recognise how valuable GSA can be as partners in innovation and helping enhance the services they provide to customers.

Innovation School, The Glasgow School of Art The Innovation School encompasses the undergraduate Product Design programme, and the suite of postgraduate Design Innovation programmes at The Glasgow School of Art, situated across the institutionâ&#x20AC;&#x2122;s campus in Glasgow and in the Scottish Highlands. The Innovation School addresses complex challenges through new design practices and bespoke community engagement. It seeks to create and design preferable ways of living: futures that will lead to collective wellbeing and sustainable growth for Scotland. The development and expression of collaborative creativity is its core research domain and expertise.

Because the challenges it addresses are complex, it needs to engage with a broad community of people to find the innovative solutions that will allow them to flourish. It forms creative collectives of people from a diverse knowledge base: experts and businesses as well as members of the public. Only by bringing The Royal Bank has been partnering these different groups together can scenarios of how the future might with GSA MEDes students since look be created. 2015 on design collaborations that focus on future customer scenarios, exploring how changes in technology and society may impact customers and their needs.

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Project Leads Brian Cooper Brian Cooper is the UX Manager in the Human Centred Design team within Personal Banking. He looks after a team that researches and designs the user experience for some of the key secure web services such as account opening processes and personal Online Banking services.

Kirsty Ross Kirsty is the Academic Lead for the Collaborative Futures project. She is a design academic within The Innovation School at GSA, teaching across the Product Design undergraduate programme and responsible for the coordination of the PD final year curriculum for both the B.Des and MEDes pathways.

MEDes Students After spending 2 years on exchange, studying in diverse design schools all over Europe, the MEDes students returned to the Glasgow School of Art and joined the Collaborative Futures team. Sharing and applying their knowledge and working methods they developed during their time away. Collaborative Futures is their final project before they start their master thesis project, allowing them to work for a live client and see their skills applied to a real life setting.

Graduate Design Researchers Having completed a masters in Design Innovation at the Glasgow School of Art, Ginny, Catriona and Silvia joined the Collaborative Futures team to input their approach to research led, practice based design. Their knowledge has been developed through a range of past experiences and the new learnt methods obtained from their masters. Acting as documenters for the project, they have adopted a journalistic approach in creating clarity to the overall process.

Contributors Alongside the Royal Bank of Scotland, during this project we were able to work with and gain input from other professional designers and a variety of civic and academic stakeholders. This variety of perspectives and support was invaluable in shaping the form of our future vision. Nile - Service Design Consultancy Gemma Teal, Leigh-Anne Hepburn and Sneha Raman - Digital Health Institute Mafalda Moreira and Rachael Sleight - Innovation School at GSA Santini Basra - Studio &Then

THREE LENSES Within the larger project team, there were three sub-groups that undertook research to build a data bank of insights specific to topic areas defined by the Royal Bank of Scotland.

Sensing Financial Well-being This lens explores the relationship between financial activity and physical and mental health and wellbeing. Within this lens, we explored how the bank can detect and intervene to guarantee a customerâ&#x20AC;&#x2122;s well-being, moving towards a preventative rather than a reactive model of financial care.

Sustaining Financial Health 12

This lens is focused upon lifelong financial health, exploring how the bank might maximise, maintain and support the financial health of current and future generations. With challenges such as the ageing population, the bank will have to adjust to a new societal landscape and tailor its services to diagnose, treat and sustain financial health throughout a customerâ&#x20AC;&#x2122;s life.

Cultivating Digital Literacy Within this lens, a focus was placed on the digital revolution in banking and how it is changing the nature and experience of banking services. The fast-paced changes are putting some at a disadvantage for a number of reasons, from low levels of digital literacy to lack of willingness to change. Taking inspiration from precision medicine,

we explored how this tailored approach can translate into finance. Whilst these lenses played a key role in the beginning of the project to ground our research and exploration, we found that the themes emerging were interconnected across the lenses. We therefore formed our user engagement and possible futures as a whole, across all of the lenses, to create richer visions for 2028.

CROSSOVER AREA

DIRECTIONS

The first section of this book is dedicated to the Design Directions the team has developed for The Royal Bank of Scotland.

With the term Design Directions, we indicate the key insights gained through a speculative and researchbased exploration of possibilities for the 2028 Future World. To convey our proposals, we envisioned a world comprising of three Spheres of Influence, investigating the people who populate them and the behaviours and financial experiences they have.

FUTURE WORLD & SPHERES OF INFLUENCE Overview of the World in 2028 The financial crash in 2008 made people gradually lose faith in the establishment. People started to become more cautious of the financial sector as well as more aware of the real value of their data. They developed new expectations from the services they are offered, because people do not go through the same life milestones at the same time.

Data gradually started to become mainstream and widely present in a lot of areas in our lives, including health and finances. Because of this shift, being digitally and financially literate, as well as understanding and using data became a must-have skill. The government took a more proactive approach to national health problems, due to healthcare staff shortages, and more attention started to be paid towards mental health and well-being and its impact on the other areas of life. On the other hand, the Open Banking Standard gave users the ability to share their financial data with third party providers to help them to understand their finances. Facing all of these changes there are some important questions emerging: What should be the bankâ&#x20AC;&#x2122;s new role in tomorrowâ&#x20AC;&#x2122;s society? Does the bank need to reinvent itself? If so, is it going to evolve towards a purely digital service, or is it going to keep its physical representation?

Spheres of Influence Through beginning the exploration stage of the project with defined research lenses, it allowed us to shape our speculations and future vision of financial health in 2028. This future vision, through the course of the project, began to shape and take the form of three distinct areas of focus, which we have named Spheres of Influence, which together form a vision for financial health in 2028. These coexisting Spheres were formed through key themes from our research, building up future environments, inhabitants and experiences that may exist and interact with each other.

For each Sphere we will give an overview, narrating it from the point of view of a 2028 inhabitant. In Analogia it is narrated by the bank, in Cloudhood by the council and by A.I. for I-Land. Then, we will present a Touchpoint, which is a specific area of interaction between the bank and the people of the sphere. After illustrating the Experience Narratives with Future People that inhabit this world, we will present our Design Directions, which are the moral of the story: actionable insights that the Royal Bank of Scotland can take away.

ANALOGIA What if there were individuals who struggle with the loss of their physical community and with keeping up-to-date with technology? In this sphere, people value a physical space where banks provide human-centered services, ensuring the support of peopleâ&#x20AC;&#x2122;s financial well-being.

*Voice of Bank* Come on in, friend! Here, we really value human relationships. That is why it is essential to provide people with a physical, human presence of the bank in these digital times. Some find it hard to keep up with the pace of change or have taken a step back from technology. In order to ensure the positive financial well-being of all of our customers, regardless of digital literacy levels, we are creating a physical space that facilitates Open Banking. We ensure customers always receive the tailored support that they need. Branches that provided simple, transactional services are long gone. Following these closures, a system has been put in place that helps to improve communities financial wellbeing through community based support. This shift is accompanied by the creation of alternative, local currency systems which aim to grow the local economy.

Movement cards

Research cards

IV-The value of human-scale interaction

20. Disenfranchised areas struggling 23. Loss of physical community 36. Late to the party ? Adopting new technologies 40. Crowdfunding 44. Gatherings at the bank 59. Alternative currencies

T O U C H P O I N T: P E O P L E ’ S B R A N C H

· Summary

The People’s Branch is a space that gives a platform to all banking providers, to provide human-centered services allowing customers to receive impartial advice, ensuring their financial wellbeing.

· Aim

To provide communities with a physical, human presence of the bank, tailored to the inhabitants of a specific locale.

· What does it do?

A Multibank Service merging all banking providers into one space, taking place of the traditional high street bank branches. It stands to serve the entire community and their various needs: from those who struggle with technology,

to those who have specific financial needs and people who may live outside mainstream society. It gives financial advice to customers without implicating the responsibility of a bank - the service that’s provided is neutral. It is a general troubleshooting centre where users are given the time by a knowledgeable member of staff, with a broad knowledge across different banking providers, who can assist or provide access to remote specialised staff from specific banks.

· Parallels

Carphone Warehouse, Apple store

· How does this operate?

A third party is facilitating the process while banks fund the initiative. The third party is either

a new start-up, or an independent brand initiated by a bank. This can be set up in a local space, such as a community centre, shop or cafe, depending upon the communities needs.

· Challenges

Getting banks to work collaboratively in one space, where there is a risk of greater competition and loss of customers. The costs of running the People’s branch needs to be balanced with the return in customer loyalty. The · Benefit for the bank By placing a focus on the well-being service needs to be scalable to a and needs of the community, it will community’s need. build a stronger brand image. It will Instil trust in the community and customers by providing a service tailored to their needs, and thus widening their reach and influence. It is cost-effective - one place for several banks and fewer employees. It also gives an advantage over fully digital competitors.

· Levels of complexity

Basic service: - Basic training and tools for a member of staff - Drop-in staff for more complex issues - Digital tool to access specialised staff Expanded Service: - Private Booths - Working space/seating area - Coffee bar - Workshops for financial and digital literacy

· Benefit for the customer and community

It provides a trusted space, focused on supporting their financial wellbeing and ensuring impartial advice.

FUTURE PEOPLE

Barry is an experienced joiner, living in rural Scotland. He started his own business twenty years ago, working within the local community. Most of his work comes through word of mouth and he has a strong reputation within the community and surrounding areas. He isn’t drawn to technology. He avoids all online correspondence as he is able to interact face to face with his friends and clients. He is afraid of sharing any of his information online as he has read negative reports about data security.

Relationship with the Bank

A local currency was introduced in his surrounding area five years ago. This is founded on sustainable values and keeps money in the local area. Since the introduction of the local currency, Barry has been able to gain a wider customer base and purchase sustainable materials from local suppliers.

“I would choose a high street bank over an alternative model - I would only bank with a bank I trust”

“The face-to-face aspect is very important as people are looking for interaction and assurance and I think that can only be achieved on a one-to-one”

After local branch closures, the People’s Branch was created – a space where different banks offer banking services. Gordon is an intermediate point for the banks that have left the area. Gordon is an impartial banker that helps people from his community choosing the right bank, assists them with transactions and provides financial services.

Relationship with the Bank

Gordon is a familiar face to the whole community. They rely on him and trust his judgement. The fact that he does not work for a single bank really makes the members of the community see him more as a social worker rather than a banker.

TO GET THERE.. In order to reach this possible future, there are various steps within the bank, and within health and wider society, that need to take place. In this timeline we highlight all of these elements, based upon our Research Cards, interviews and speculations.

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49. No more foe 50. Bank as a lifestyle company 59. Alternative currencies 60 Social High Street

DESIGN DIRECTIONS 1. Having a presence within communities

As the landscape of financial services evolves, so does the role of physical spaces in which banks are present. Former bank branches will be replaced by places which support the well-being and specific needs of communities, encouraging growth in local areas. In a digital world, these physical points of contact will be a unique asset to financial institutions.

2. The rebirth of trust in the institution

Embedding a physical presence of the bank within communities provides a greater level of transparency in a time where there is a growing lack of trust in institutions. The transformation of the bank from a transactional to an educational, supportive space breaks down the fear or stigma that many attach to financial support.

3. Using face to face contact to promote digital and financial literacy 26

While the digitalisation of services has simplified and optimised many aspects of financial services, customers feel left behind when they have trouble accessing the service the branches used to provide. Besides, certain services like financial health checks are no longer accessible, or donâ&#x20AC;&#x2122;t have the same efficiency when translated to the digital realm. The result is that the most vulnerable customers, those with low digital and/or financial literacy, are left at greater risks.

4. The Impact of Open Banking

Open banking is changing the perception of financial services and opening the door to competition from fintech and techfin companies. It is necessary to rethink the values of the bank and push forward its unique aspects, gaining an advantage over purely digital financial services. A history of physical presence and links between employees (former and current) and customers should be considered as an asset.

CLOUDHOOD What if there were individuals who use technology as a leverage to foster meaningful human relationships? In this sphere people adopt an online Platform tool initiated by the council and the bank - to feel and improve their financial, mental and physical well-being as well as the neighbourhoodâ&#x20AC;&#x2122;s. *Voice of Council* Over the past few years, the world has suffered. Resources kept diminishing. To tackle that, we built smaller houses. We shared our homes and our energy. We started to make the most out of human connections becoming more efficient and productive.

AI is an incredible tool to link us together, and make our relationships more meaningful. Our city created a secure online Platform that connects citizens and neighbourhoods and improves well-being by creating better connections. In this Platform, we offer a better use of resources, as well as interconnected support for finance and health. Locally collected data measures the well-being level of our citizens and impacts on the future of the community. The greater the financial well-being of our citizens, the better the opportunities that are created and the knock on effects it has for a community. Our system works preventively, using data collected from various sources to ensure the health of a community is sustained. It looks forward into the next generations, creating an environment where citizenâ&#x20AC;&#x2122;s well-being is paramount.

XVI

Movement cards

Research cards

XVI. Shift in community structures

26. The sandwich generation 29. The health game 67. Smart cities, healthy citizens 69. Doula 70. Monitoring your data through sensors

T O U C H P O I N T: V I R T U A L F I N A N C I A L C L I N I C

· Summary 30

The Virtual Financial Clinic is a platform that looks at the individual well-being. Through analysing vast amounts of data it is possible to look at people in a more holistic way, considering different aspects of their life. The Clinic offers physical and mental health related financial support.

· Aim

To improve a community’s wellbeing by catering for the group whilst keeping individuals happy and healthy.

· What does it do?

Being a part of the Platform means more support from the neighborhood, access to its resources and cheaper, more efficient services. Users become more aware of their data and learn from their own behaviours by comparing them with the average of

the neighborhood. People can work towards improving the neighborhoods’ well-being as the ultimate goal. To make sure that all individuals are doing well, there is a Virtual Financial Clinic to aid in health and financial problems.

· How does this operate ?

The system is a partnership between the council and the bank to create healthier, happier and more efficient neighbourhoods and it is location based.

· Platform

People can join the Platform and progressively connect their devices to provide data on health, energy consumption and finances. This includes wearables, the home, smart meters, finance apps etc. People have a high control of what data they share and can customise it at any time.

· Virtual Financial Clinic

On the Platform, users can also access the Virtual Financial Clinic, in which the bank has a strong presence. Its aim is to guarantee that all members of the neighborhood are on a healthy path. The Financial Clinic provides online tools, guidance and advice on health related financial issues. For sensitive, personal issues there is a Financial Doula with whom it is possible to have virtual appointments. The Virtual Financial Clinic provides support with: - Facilitating Health - Crowdfunding - Dealing with unexpected health conditions financially - Planning for life stages - Help in managing unhealthy spending behaviors - Provide advice for users suffering from money worries - Mental health

· Benefit for the bank

It builds a more trustworthy and transparent relationship between

the bank and people by ‘destigmatising” the idea that the bank has a role in their lives. It also enables the bank to get access to valuable data on financial behaviours, living habits and health which can suggest potential services that the bank can offer.

· Benefit for the customer/ community

- Being a part of a neighborhood which is strongly connected and acts as a support system for all its members - Smart management of human resources in the neighborhood, access to cheaper and more efficient services and products. - The opportunity of working towards a sustainable future. - Personalized online service - Insights, suggestions and opportunities for self-improvement. - Data security

· Challenges

- Providing a trustworthy and safe service, which people will be willing to use, by giving out their data.

FUTURE PEOPLE

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Alice works for the bank within the Virtual Financial Clinic, providing Skype appointments. She represents the face-to-face support for people whose health is impacting their finances. Her expertise in financial services and mental health translates into valuable advice, information, planning and mental well-being coaching. She also connects people with experts in both health and finance for special cases. Alice offers reactive help based on customers data. Thanks to the platform she is also able to reach out to members who might be in need of assistance.

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Relationship with the Bank

Alice is an employee that transforms the bank into a life companion and assures customer loyalty. She is the face of a service that would otherwise be completely digital and the living proof that the bank cares about their customers at a human level.

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Jenny is a true workaholic but since she was diagnosed with IBS she was forced to start working less. She is an early adopter, loves new technologies and staying connected. She has a smart home and selection of wearables. Jenny believes in the power of sharing and found the internet to be the perfect vehicle to help others with the same disorder through sharing her experience. It has also worked as therapy for her and she uses the positive messages to fuel her everyday life.

Relationship with the Bank

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The Cloudhood platform allows her to share her experience and help others, but it is also a means for her to exchange skills in the neighbourhood. This means that she can stay active and impact her finances positively. The financial doula suggested a crowdfunding that was successful enough to make up for her income loss this year! The bank has been a lifesaver for her.

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Research cards 16. Shoebox Britain 19. Teachable moment 21. Stabilising the economy 26. The sandwich generation 29. The health game 48. When bank staff were bankers 50. Bank as a lifestyle company 57 The future health clinic 59. Alternative currencies

66. Home-spital 67. Smart cities, healthy citizens 69. Doula 70. Monitoring your data through sensors 77. Future home

DESIGN DIRECTIONS 1. Looking at the customer holistically within their communities

The Royal Bank of Scotland’s aim is to be number one for customer service, trust and advocacy. To fulfill this aim, it will support the well-being of individuals within their community. People are more than the sum of their individual data. Collecting contextual data that takes into account communities’ needs allows a holistic understanding of the customer and their community. Their financial wellbeing can then be sustained in a connected, supportive system.

2. Data worries

Cambridge Analytica and several other scandals have impacted the public opinion regarding data use. In order to regain trust and confidence, safeguards must be put into place to make sure there is a mutually beneficial relationship between both parties. The benefits and modalities must be illustrated in a clear and transparent manner to customers. They must be allowed to choose between varying degrees of intervention and data sharing.

3. Considering people’s finances in relation to their health and well-being

Financial data has traditionally been analysed in isolation, or only in relation to age and gender. With evolving life stages, health is a better indicator of people’s needs and position in life. Factors like mental health have a large impact on spending behaviours, and unexpected diseases are a strain to an individual’s finances. Likewise, stress caused by financial problems is also a cause of associated health issues. Leveraging connections with health institutions will become a great asset to support customer’s well-being.

4. Changing concept of ownership

Experiencing is now more important than owning. You can now get an Uber instead of buying a car, subscribe to streaming services for your music or entertainment ... For some, sharing is now an easier option, with services facilitating a sharing economy. Banks need to reconsider their approach, focusing on funding experiences instead of purchases.

I-LAND What if there were individuals who became aware of the value of their data and used them to empower their life quality? In this sphere, people benefit from the Minister of AI - ensuring the security and transparency of collected data and use AIs to analyse their health and spending behaviours to better financially educate themselves.

*Voice of AI* Welcome to I-Land, a place where we help you get the most value out of your data and benefits out of services, making sure you are financially independent and always healthy. We know that today’s life can be mentally and financially challenging. But we have your back! We know about your need for better financial planning in case something goes wrong. With us, you can check your financial analysis anytime, anywhere. You can see how you can improve financially, view future predictions and get nudges that foster a long-term focused mindset. We are revolutionizing financial health! With our help, you can be your own practitioner. We can check your health through the sensors you wear everyday and link it to your financial data. With the gamified analysis, predictions and support we provide, staying financially healthy has never been this fun! If you’re in the red, don’t worry! We will help you auction the data you’re cool selling away. So… Are you in for the rAIde?

Movement cards

Research cards

I. Ownership - Taking matters into your own hands

4. The minister of AI 22. The gig economy 34. Data transparency 65. Sell yourself ... out of the red 66. Home-spital 70. Monitoring your data through sensors

T O U C H P O I N T: M . A . I . & B U D D Y

· Summary 40

- Buddy: A bank provided Artificial Intelligence which allows a user to self-manage their financial data. It is more bank-driven than individually catered, but offers higher security and privacy standards.

interfere and act on the customer’s behalf.

- Buddy helps you become your best ‘financial self’ by allowing the customer to capitalise on the data that they have provided. It provides customised automated money management (e.g., create - M.A.I.: A third-party artificial safety nets, move money around intelligence which allows users to to best help the customer, reserve self-manage their financial data. Is more individually-driven, but offers and save money). Buddy has higher data security and privacy standards lower security and privacy. thanks to a legacy of experience in managing money and private · Aim personal information (PPI). To bring seamless interaction It is suggestive in its actions - will between a bank’s financial services and a customer’s data. They provide not specifically ‘tell you’ to do anything. customers with the knowledge to It’s a complimentary service the understand and control how their brand provides with your account. data is shared and used.

· What do they do?

Both create a user profile from the customer’s bank data. They allow tailoring of how much the AI will

- M.A.I. helps you manage your finances more effectively through a data-driven AI by giving you ownership of your data. M.A.I. uses

the Open Banking Standard to link multiple accounts and aggregate data from each one. It is more individually-driven due to a lack of association to any bank: it can provide you with a very personal user experience. It requires a monthly/yearly subscription to use the service.

services tailored to their needs. - Selling data can become an alternative income stream - A reactive/inclusive bank which caters to the customer.

路 Challenges

- High amounts of sensitive personal data will be used and manipulated. - A shift in mindset around data and 路 How does this operate ? AI-driven services is needed. Buddy is built into existing financial - Some people might be left behind. services like the mobile app or web- - There are societal concern around platform. Data security and transparency The Bank responsible for the AI - Insufficient data at the start to service. give comprehensive insights/ suggestions. M.A.I is built into a dedicated app and a physical manifestation e.g., a wearable, etc.

路 Benefit for the bank/company - Buddy: - Providing a better service to their customers. - Understanding their customers better - Selling financial products more efficiently/effectively - targeting those customers that actually need them rather than just doing a general sweep and offering it to everyone. - M.A.I.: - Data collection to be sold and make them money. - Earning money via subscriptions/ selling ads or suggesting alternate services

路 Benefit for the customer

- Better financial health - Control and understanding of their financial data. - Sharing their data allows customers access to financial

FUTURE PEOPLE

â&#x20AC;&#x153;AI can help people look at their past behaviours and trends to inform their future decisions and enable them to make concrete plansâ&#x20AC;?

Jade has grown up in a technologydriven world. She is very aware of both the benefits and negatives of sharing her data. She is used to having all of her digital services at her fingertips and is impatient as a result. Until recently she has been financially supported by her parents and a student loan from the government. Having moved to a new city for work, she is now aware that her financial support will change and she is at risk from falling into debt.

Relationship with the Bank

She is financially proficient as her parents signed her up to financial forecasting service at an early age. Because she is having to manage her money independently for the first time, she would however appreciate more help from the bank. Growing up with the forecasting service has allowed her to stay in control of her finances as she has been made aware of the impact they have on her life.

The Th

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“My parents come to me with advice on saving to buy a house but priorities have changed since the 80’s. Nowadays people are more interested in travelling and buying tech. “

Luke is a member of the ‘Impatient Generation’. He likes new technology and keeping up with new trends. He has a short term look on his future and lives one day at a time. He’s impressionable and gets influenced by his friends. Trying to keep up with them creates pressure for him. He is influenced by other people’s opinions and reviews, which shape the way he builds his trust towards services. He doesn’t quite understand the value of his data and is often irresponsible in how he uses his information online.

Relationship with the Bank

When he started university he opened many different bank accounts because of the deals and loans they were offering. He does not want to take full responsibility of his finances, so he is happy using machine learning based digital services.The AI finds ways to best manage how he can share his information and use it as an asset to earn money and subsidise his income - creating a safety net for him in this vulnerable transition time.

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Movement cards V. Ownership - taking matters into your own hands XVII. The rise of data intelligence

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Research cards 22. The gig economy 32. Appy Banking - managing finances digitally 49. No more foe 52. A very flexible bank 56. AI transforming healthcare 63. Preventative measures 65. Sell yourself ... out of the red 66. Home-spital

67. Smart cities, healthy citizens 68. A nudge in the right direction 70. Monitoring your data through sensors 71. Maniac and the Ad Buddies 72. The monetary experience 83. Linking health and wealth

DESIGN DIRECTIONS 1. Tailoring to individuals’ needs

With the arrival of new services companies like Uber or Deliveroo, our expectations of services have evolved. Easier, faster and friendlier, they cater directly to individuals’ needs. “One size fits all” is becoming less and less possible as people are living more flexible lives. Tailoring and fine-tuning products and services will allow banks to stay relevant. Care must be taken that people with lower literacy levels around the value of their data are not taken advantage of or left behind.

2. Data worries

3. Everything Digital has a Physical Impact

In a digital world, many customers may never go through a physical branch. It is important to remember that implementing changes to services on digital platforms still has an impact on real people. They live their lives and interact with a broader physical world. This impact must not be underestimated and considered within the design ethos of the bank.

4. Guided Independence

Although A.I. will take care of the stressful tasks and simplify finances, people have made clear they want to remain in charge of their decisions and have control over the actions that are taken on their behalf. “Guided independence” means empowering individual to take control of their finances and take ownership of their relation to A.I. This process should be facilitated by the bank in a clear manner.

FUTURE WORLD OVERVIEW

R E C O M M E N D AT I O N S

The second section of this book is dedicated to the Design Recommendations the team has formed during the course of the project.

With the term Design Recommendations, we indicate the processes, approaches, methodologies and tools we used to inform our research and explorations. Starting from a general overview of our designing process and approach, we will guide you through every step of our journey into the making, conveying and grounding of our research.

GENERAL APPROACH The structure of the project has been divided into three main connected phases, each of them with a specific aim and set of deliverables. Phase One focused on discovering, clustering and understanding complex knowledge in the domains of health and finance. Utilising different research methods, weâ&#x20AC;&#x2122;ve been able to use quantitative and qualitative information to produce credible themes for further exploration.

The collective knowledge, clustered and organised in Research Cards, has been the base for speculations on future experiences. This research guided Phase Two, where we developed and conveyed meaningful aspects of our research through artefacts. The overall aim was to extrapolate insights to inform Future People and Future Spheres of Influence. The last part of the project, Phase Three, was dedicated to exploring, testing and gaining valuable feedback on our proposals from two engagement sessions. The review, analysis and evaluation of the data collected brought us to re-inform and deepen our proposal, artefacts and final deliverables.

PHASE ONE Phase One focused on discovering, clustering and understanding complex knowledge in the domains of health and finance.

PHASE TWO This research guided Phase Two, where we developed and conveyed meaningful aspects of our research through artefacts.

PHASE THREE Phase Three, was dedicated to exploring, testing and gaining valuable feedback on our proposals from two engagement sessions.

Process

Giving new purposes and prototyping different sets of Research Cards.

DESK RESEARCH collecting, clustering and synthesising complex knowledge.

IN-HOUSE WORKSHOP gaining feedback on data collection and organisation.

RESEARCH CARDS visualising and conveying collective research in engaging forms.

Finding Research Cards macro-trends (Movements) and using them as speculation triggers.

Shooting 30 seconds clips to visualise and push further future scenarios and experiences.

E X P E R I E N C E N A R R AT I V E S WORKSHOP speculating and representing future peopleâ&#x20AC;&#x2122;s environments and experiences.

FUTURE PEOPLE & SPHERES OF INFLUENCE creating possibilities for the 2028 world.

The following map shows the general structure of our project process, with highlights of the different activities carried out during the three phases and their interconnections. The methods and tools we used to inform the activities are emphasised by the colored shapes. PHASE ONE PHASE TWO PHASE THREE CROSS-PHASE DELIVERABLES

Evidence Wall construction.

FIELD RESEARCH information gathering through the Royal Bank HQ and branches visits.

FIELD RESEARCH

interviewing several experts, professionals and customers around banking and future societies.

Visiting the Royal Bank of Scotland HQ and branches.

Designing engaging surveys and preparing more traditional interview.

ENGAGEMENT TOOLS designing tools to open dialogues and receiving feedback.

Quickly prototyping, testing and modifying draft models.

ENGAGEMENT SESSIONS

capturing suggestions and data with the Royal Bank staff and different citizens.

F I N D I N G S A N A LY S I S

evaluating results and integrating insights into previous work.

DESIGN DIRECTIONS & R E C O M M E N D AT I O N S

shaping and presenting grounded research in design suggestions.

Analysing qualitative data through affinity mapping in order to find macro-themes.

RESEARCH AND A N A LY S I S In order to collect, organise and synthesise our knowledge in the fields of health and finance, the first phase of the project was dedicated to both desk and field research. In the following chapter, we are going to introduce some of the methods we used.

Desk Research

Firstly, the fields of healthcare and finance were investigated through desk research. Alongside this, more general societal trends were explored in order to construct a projection of the world in 2028. The three lenses (Sensing Financial Well-being, Sustaining Financial Healthcare and Cultivating Digital Literacy) were used as triggers to start collecting data and to better structure our research. Pieces of information, newspapersâ&#x20AC;&#x2122; articles, key data, reports, graphs, images and papers were used to create a physical Evidence Wall. After being visualised, the collective knowledge was organised and clustered in macro-themes. Research gaps were filled, while connections and intersections through the themes were created. These emerging themes were: Customer Experience, Role of the High Street, Bank Culture, Financial Education, Digital and Financial Literacy, Data and Digital, Health, Economics, Politics and Society. The main findings from each themes were rich and varied.

Key Themes CUSTOMER EXPERIENCE In a highly digitised society, greater personalised products and services are resulting in the growth of customerâ&#x20AC;&#x2122;s expectations. Alongside this, physical branches are closing rapidly.

B A N K C U LT U R E 2018 marks the 10-year anniversary of the financial crash, where people started to become more curious and cautious about the financial sector and the responsibility of the bank.

Legacy banks are slower when it comes to adopting innovation, while non-PSP companies are more flexible and are able to embrace new technology more quickly.

ROLE OF THE HIGH STREET Physical branches and cash machines are closing down across the country as more people are switching towards digital banking and cashless transactions, impacting the role and shape of the high street.

F I N A N C I A L E D U C AT I O N From a young age, many are hidden from their families finances, and this has a huge impact in their future behaviour towards money.

D I G I TA L + F I N A N C I A L LITERACY Financial Literacy is a moving target depending on your life stage. The stereotypical link between age and digital literacy has been dispelled through studies. The causes are much more nuanced between generations.

POLITICS The economic crisis in western countries and the increase of globalism are questioning the structure of the nation-state as a model of governance. Brexit will have many social, economical and political effects which will impact every member of the public. Austerity policies implemented after the Great Recession are deeply unpopular, and are having a massive impact on peopleâ&#x20AC;&#x2122;s everyday life.

D ATA A N D D I G I TA L Fintech (PayPal, Monzo, Starling Bank) and Techfin (Google, Amazon, Facebook) companies are entering the financial sector, redefining customers’ experiences.

H E A LT H

Lack of transparency in how data is used leads to a lack of trust towards financial institutions.

Having a personal GP is still valuable for patients as it means building up a relationship over time.

The rise of Smart City models will allow a more detailed and contextual collection of citizens’ data.

Progress in technology and the shift in health care towards self-management will lead to patients being treated from home in the future.

ECONOMICS There has been rapid rise in selfemployment since the 2008 financial crisis. The ‘gig economy’ has let unemployed people support themselves through a variety of part-time jobs. Following the trend of peer to peer support, crowdfunding has become common practice for individuals and companies to raise funds to launch new projects and businesses.

‘Teachable moments’ is a term that is used by healthcare professionals. It relates to moments in a patient’s healthcare journey when they are most susceptible to advice and positive behavioural change.

SOCIETY Disenfranchised towns are left behind in the digital age. High rent prices are contributing to more people living in cramped spaces and co-inhabiting in shared accommodation well into their 30’s and 40’s. The proportion of older people in the UK population is increasing. Millennials’ ways of life is set to vary more than any generation before them.

“A lot of people if they’re struggling either don’t know, or don’t want to talk about it because it can be an embarrassing “You’re still trying to get things done for the thing to talk about.” customer, and the service Royal Bank of Scotland, Byres Road element is still a major Branch, Glasgow part in my job. It’s a case of we can’t do it, the online system can do it.” Forres Mobile Branch

to our attention that within the digitisation of services, there are The end of Phase One of the project a number of customers who are was focused on engagement with resentful to these changes and still bank branch staff, customers and see value in the role of the physical experts. This was used to build bank. The replacement of physical upon the current themes we had branches with mobile branches in identified within our research Nairn and Forres, alongside the and add human perspective and new digital branch in Inverness, did input. The field research focused not meet customer’s needs or feel on understanding the role of the like an adequate replacement for physical bank branch today in a the previous service they received. growing digital landscape, the What it also highlighted was the intricacies of customers financial impact the closure of a bank has on well-being and the support needed the wider community, and the sense to sustain financial health. of nostalgia the community can have. The visits also highlighted the Branch Visits changing role of staff in branches, due to the digitisation of services. The branch visits in Glasgow, Their role is becoming focused on Edinburgh and Inverness both transitioning customers to digital confirmed and challenged certain banking and trying to understand areas of our research. It brought customer’s financial situations.

Field Research

Expert Interviews Alongside branch visits and customer interviews, we had the chance to speak to different professionals and expert to inform and challenge the themes that were arising in our desk research. We had interviews with citizens advice organisations, financial advisors, social robotics professors and social media influencers. Key insights were integrated back into our work, informing our engagement artefacts that would be created and used in the next stage.

â&#x20AC;&#x153;The vast majority of people we get in are subject to change: it could be a loss of a job, it could be the breakdown of a relationship, it could be ill health.â&#x20AC;? Citizenâ&#x20AC;&#x2122;s Advice Bureau

K N O W L E D G E A R T E FA C T S Having collected complex and abstract knowledge, we wanted to bring it into physical forms to communicate and capture it. This tangible delivery helped us convey our research and allowed us to highlight links and connections between different areas of interest. In particular, we noticed links between the healthcare and financial sectors. Those links â&#x20AC;&#x201C; both in current situations and future trends - stimulated our speculation and followed us through the entire ideation process.

Here, we will guide through the artefacts we produced in order to convey our research and also capture new insights from both customers and staff at the Royal Bank of Scotland.

Research Cards During the first phase of the project, we researched a broad range of areas that could impact the world in 2028 and shape the future of financial health. This created a vast amount of research that had to be visually represented. Later on in the project, we could look back at this collective knowledge as a point of reference. The process of forming Research Cards was an important tool to categorise and organise our research into key areas, these being: social, technological, economical, political, data and learning.

Alongside this, we signalled which cards are specifically related to health, finance or society. This allowed us to begin building a rich and broad understanding of the past, present and potential futures that might impact financial services. These cards also captured emerging speculations, based on the grounding research that had taken place. The cards were designed not just as a point of information to refer back to, but also as interactive tools to facilitate and bring to life speculative conversations.

First iteration of the Research Cards 63

Categories Insights & indicators

Timeline

References

Number

Title

Health

Society

Finance

D Data

Fact Cards

Economical

Learning

These are rectangular cards that represent informations or trends that are currently happening, have happened or are proven to happen.

Political

Social

Technological

front spec 65

Speculation Cards

Movement Cards

These are oblong cards that are based on fact, but used to begin to speculate on this information. On these cards you will find questions that prompt conversations and thoughts.

The Movement Cards are larger movements that will affect financial services in 2028. They were formed by our Fact and Speculation cards. These were used to bring together our visions and the key themes for the Future World.

Experience Narratives Our first venture into adopting a speculative mindset, and exploring the Movements highlighted in our research, was a workshop with Studio &Then in which we created Future People and Experience Narratives. These envisioned how these Future People might interact with the bank in 2028 and these interactions were captured in a series of short videos. These 30 seconds clips were great working tools, and allowed us to turn our research into clear explorations of future financial experiences.

Thanks to this broad speculation and clarification of our collective knowledge, the Experience Narratives clips also helped us to cluster our Future People into Behaviour Groups.

Behaviour Groups The Behaviour Groups represented overarching ways that customers & employees will act in 2028 and are exemplified through the Future People. What emerged in this process was the multi-faceted nature of peopleâ&#x20AC;&#x2122;s behaviours and values, and we reflected this in how everyone can fit into more than one Behaviour Group. On the following page a map explaining the Groups and their main traits.

- Anchors

- Delegators

Anchors are key figures within the communities they interact with. They are invested in the activities which go on around them and are well known and trusted. Delegators are quick to hand over any responsibility to others. This is either done out of choice, to avoid unnecessary frictions, with the belief that someone else will make better decisions or as a consequence of unfortunate circumstances (ie poor health, financial difficulty).

- Digital Detoxers Digital Detoxers are people with good digital literacy who have decided to take a step back from technology. This could be for their mental well-being, for privacy issues, or personal values. - Digital Purists Digital Purists are comfortable accessing all the services they need digitally. Theyâ&#x20AC;&#x2122;d choose to take

the quickest and most efficient route, preferring to engage virtually rather than face-to-face. - Human Connectors Human Connectors take joy and pride in integrating with members of their communities (physical or digital). They are a link between people and feel responsible for the well-being of others. - Impatient Generation Members of the Impatient Generation have grown up accustomed to screens, mobile devices and digital services. They expect immediate responses and instant gratification from products and services. The live one day at a time and are therefore less prone to longterm thinking. - Localists

Localists prefer to make use of products and services in their local vicinity and through physical interaction. They care about their local area and want to see it prosper.

Spheres of Influence The Spheres of Influence were used to group our research and analysis and to provide a context where the Behaviour Groups could organically inhabit. We combined our future speculations to gain an understanding of the environments that could exist in 2028, and the role the bank would play within these. Together, they create a coherent world which our Future People inhabit. Each sphere contains a Touchpoint, a point of interaction between the people and the bank, that embodies at least one of our Design Directions - explained in depth in the first section of the book. The Spheres went through several iterations, where we shaped and

explored the way that the bank would exist in these spheres and the role they would play. Part of this was imagining how the Future People would interact with financial services. The Spheres of Influence were used with the Royal Bank staff to get them to think about how different people might interact and evolve through them. We also used them as triggers to reflect on how the Royal Bank could respond to the new needs that would arise in 2028.

E X P L O R AT O R Y S E S S I O N S Once desk research and future speculations were merged together into Engagement Artefacts, it was time to explore our assumptions with the Royal Bank of Scotland staff and a diverse range of people. These were chosen to reflect the behaviour groups that were created beforehand. During the second phase of the project, we developed two different Engagement Artefacts to communicate our knowledge and capture feedback on our proposals.

Though the construction and development of Future People, we engaged with the Royal Bank of Scotland staff, discussing our Spheres of Influence and gathering insights to further explore and interrogate our Experience Narratives. This artefact was then further developed into an explorative game to be used within the company, called People Focus. The second set of artefacts - named Totem Tool - was designed for the customer engagement session and it had the aim of gathering insights around our proposed scenarios and, more generally, around attitudes and behaviours towards finances.

Staff Engagement and explored the Behaviour Groups. This led to a conversation around what needs to be in place so people could be catered to. The Branch Design team gave us valuable insight on the role of the branches in the future. There was an exploration of what staff might populate the future branches. The session with the Marketing With the Home-buying & Ownership team was an opportunity to share our approach to developing team we explored the Cloudhood people. For this session we let the Sphere to understand what a technology empowered connected participants physically build them and think about different aspects living could mean in terms of of their life such as health or digital opportunities and challenges for literacy. With these we were able to the bank. In addition we looked at the future profile and skills of future reflect on how the different Spheres and the Touchpoints can impact staff. people and their relationship with With the Data Analysts, we shared the bank. the future people we had created We were able to explore our research and initial versions of our Future People, Spheres of Influence and Experience Narratives with a variety of staff at the Royal Bank. We tailored our sessions to different Royal Bank teams : Home-buying and ownership; Marketing; Data Analysts and Branch Design.

People Focus The Physical people, created for the Marketing team session, revealed themselves to be a good tool for creating a greater empathy with people and their individual situation. Since it was very successful in engaging the participants, we decided to develop it further.

The players are asked to:

- Choose a topic to be addressed; - Create people looking at different aspects of their life such as health and digital literacy; - Set the scene by playing research cards that might be relevant to the topic or people; - Come up with challenges and We created People Focus, a tool opportunities and discuss what for the Royal Bank to think about customers and employees in a more should be explored further. comprehensive and personal way and understand how individual people can be impacted by different situations. We created a physical version and a flat version that can be easily printed within the company and maintains the physical toolâ&#x20AC;&#x2122;s qualities such as modularity. 73

Totem Tool

To better gather data and stimulate productive conversations around financial behaviours, we developed the Totem Tool, an engagement artefact that, paired with a mapping exercise, helped us facilitate the exploratory sessions with users.

for the value that summarizes their response. After repeating this with the remaining three questions, the participant had filled the 2018 hollow area, creating a Totem of the four attitudes that best represent their behaviour towards banking.

We designed Totem Tool to invite participants to think about their past and contemporary relationships with their finances, and their attitudes towards banking. We have also integrated a mapping exercise that allowed us to push the user’s reflection into future contexts and scenarios. This allowed us to explore and gain feedback on our proposed Experience Narratives and Spheres of Influence.

“The fact that the human interaction is available is enough for me. I don’t have to use it”

The bricks are made in 15 different shades and each colour is associated with a defined value by a key legend. The hollow areas are tagged with two labels, one indicating the current year (2018) and the other one indicating a near future (2028 in this case). The central chart is divided into four parts, each of them containing two spectrum lines to annotate participant's answers during two different stages of the engagement session.

“These [bank] people should become part of the community...I would love to see it happening [the Social Hub]. It will develop relationships between the financial sector and communities.”

After the participant had the chance to reflect on their attitudes and values, we introduced the second activity: A mapping session to project our participant in one of our Spheres of Influence, in order to gain feedback on our proposed In the engagement session, we Touchpoints. Firstly, one of the started by asking the participant the three Spheres was narrated with first of four general questions. As a focus on one of its Touchpoints. the answer can be easily placed on Secondly, a map - divided into the predetermined scale designed Aspirations, Challenges and on the chart, the participant is then Opportunities - was presented invited to place their answer on the and used to map out participant's first scale. The participant also picks feedback on both the presented up the colourful brick that stands Sphere of Influence and Touchpoint.

“It’s your money, you “I think shared have to have some communities might be degree of trust. And that the future.” comes down to your A wrap-up comparison between beliefs.” the present and near future Totem At the end of this process, the Totem Tool was used once again: the participant was asked with the same four starting questions, but this time they were all futureoriented. In particular, we were pushing the participant to think about how their behaviours and attitudes could have changed in the future that we had presented to them shortly before.

was the final stage of the citizens' engagement session.

D E S I G N R E C O M M E N D AT I O N S Contextualising information The bank should begin to look at consumers contextually, moving beyond traditional markers such as age and income, to be able to provide services that sustain and support financial well-being. This act of looking at a customer holistically, taking into consideration factors such as financial and digital literacy, will allow the bank to grow a greater understanding of customerâ&#x20AC;&#x2122;s needs and behaviours.

Bringing customers to life Bringing tangibility to the exploration of people and their behaviours into the way that bank staff design financial services gives a greater level of empathy and understanding. Through physically placing a customer in certain environments or circumstances, it allows staff to understand how that person may behave or react.

Values vs behaviours 76

Peopleâ&#x20AC;&#x2122;s behaviours can paint a different picture than the values they attach to themselves. By interviewing and spending time to understanding their motivations, aspirations, difficulties and behaviours, we were able to challenge how they may react in particular environments and with certain financial services.

Multi-Faceted people Through a focus on behaviours, we built an understanding of how people change throughout their lives and within different circumstances and situations. They will evolve over time, and therefore we view their behaviours as transient.

Selected quotes

“These [bank] people should become part of the community [...] It will develop relationships between the financial sector and communities.” Jeanette

“I can organise other’s people finances, but you’ll be surprised about how bad I’m with mine”. Ross

“It’s your money, you have to have some degree of trust. And that comes down to your beliefs”. Ross

“The fact that the human interaction is available is enough for me. I don’t have to use it”. Ross

“You can’t just let the bank take over your time and decide for you though” William

“I think banks are pretty similar”. Adele

S U M M A RY

Following the engagement sessions with customers and with staff at the Royal Bank of Scotland, we were able to analyse the information we had gathered, and feed it back into the Experience Narratives and Future World. This information was also used to later inform our Design Recommendations for the Royal Bank, providing tools and methods that could inspire them.

From a process point of view, we realised how manipulating information through 2D and 3D explorations leads to a better understanding. The design process required continuous analysis, synthesis and adjustments. Thanks to this repeated pattern, we were able to re-shape and deepen our collective knowledge. From a methodological point of view, we realised how tangibility and concreteness lead to a better control of our knowledge, allowing deeper comprehension and communication. The corporeality of what we were trying to convey was a important factor in communicating in easy, accessible ways.

MAIN DESIGN DIRECTIONS Having a presence within communities As the landscape of financial services evolves, so does the role of physical spaces in which banks are present. Former bank branches will be replaced by places which support the well-being and specific needs of communities, encouraging growth in local areas. In a digital world, these physical points of contact will be a unique asset to financial institutions.

Looking at the customer holistically within their communities

Tailoring to individuals’ needs With the arrival of new services companies like Uber or Deliveroo, our expectations of services have evolved. Easier, faster and friendlier, they cater directly to individuals’ needs. “One size fits all” is becoming less and less possible as people are living more flexible lives. Tailoring and fine-tuning products and services will allow banks to stay relevant. Care must be taken that people with lower literacy levels around the value of their data are not taken advantage of or left behind.

Values vs behaviours Peopleâ&#x20AC;&#x2122;s behaviours can paint a different picture than the values they attach to themselves. By interviewing and spending time to understanding their motivations, aspirations, difficulties and behaviours, we were able to challenge how they may react in particular environments and with certain financial services.

INDEX

Behaviour Groups

66-68

Design Directions

14-15 26 36 46

Design Recommendations

50-51 76-77

Experience Narratives

Engagement Artefacts

70-75

Future People

22-23 32-33 42-43 72-73

Future World

16 69

Knowledge Artefacts

62-69

Movements Cards

63-65

People Focus

Research Cards

63-65

Spheres of Influence

17-19 28-29 38-39 69

Totem Tool

74-75

Touchpoints

20-21 30-31 40-41

Thank you to : Kirsty Ross Brian Cooper Royal Bank of Scotland staff Nile Santini Basra Gemma Teal Leigh-Anne Hepburn Sneha Raman Mafalda Moreira Rachael Sleight