Case Study: Challenger Bank
Tags: Case Study, Fintech, Ui Ux Design, Online Banking

Background history

What is FinTech?

Fintech (Financial Technology) is a term used a lot in the tech industry.

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Fintech refers to software and other modern technologies used by businesses that provide programmed and enhance the financial services. This fast and advanced progression has allowed users to make financial transactions so effortlessly. These Fintech apps are secure and scalable without the need of assistance of a person or visiting a bank. This is useful especially in these Covid-19 during lockdown, when customers had to use online banking and Fintech apps to access their details, making transactions, lending, loan management and investing in assets on mobile devices and apps, crowdfunding platforms, robot advisers, cashless payments and so smoothly.

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Many Fintech products are designed to connect consumers’ finances with technology for ease of use, although the term is also applied to business-to-business (B2B) technologies as well. In the beginning Fintech referred to technology that was only related to the back-end systems of banks or other financial institutions. How ever since there has been such a huge growth to embrace Fintech as more applications are more consumer focused.

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Fintech has been at the forefront of tech disruptions in the current years. In 2017, there were more than 30 Fintech companies internationally, the constant technological developments within the industry has a result pushed the traditionally banks to have to invest billions and also partner up with Fintech start-ups to stay significant to their customers and compete in the marketplace. In 2016, 22 billion was invested worldwide in Fintech this is becoming an ever growing industry that will change the world of banking and the customer’s experience in regards of digital banking.

Challenger Banks Vs Traditional Banks?

How Has Social Media Influenced The Banks Today?

Social media has become one of biggest driving forces in today society especially in 2020 with the covid pandemic resulting in many users using social platforms to communicate to others and businesses as well as purchasing online at just a touch of a button. Replacing traditional businesses and media. Business have realised that this is not only a place that offers revenue but also allows them to communicate with their customers creating trustworthy profitable relationships in the long run as well as gaining valuable feedback from their customers. With this being said the banking industry are very much aware of the influence of these social media platforms in regards to giving there customers to engage with them on a more non- traditional way however a lot of banks that use social media are very much limited to to marketing products, engaging customers & providing support online.

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Only a small amount of banks are willing on take on the modern way of the world by offering transactional banking services on these platforms as banks and customers may have concerns about data and security that makes them not want to get involved in this new wave . That being said some banks like are allowing there customers to make transactions online, and open new accounts using Facebook. where customers’ interaction has become so important between , financial institutions and customers social media apps such as Facebook ,Instagram, Twitter and others allow users to connect to information, products and services and financial institutions this has become an an important tool to also link customers the their financial content on smartphones

In a 2018 report by Raddon and The Financial Brand said;

“Mobile banking seems to be the obvious channel to interact with Gen Z; indeed, because it is less common for them to use a laptop to access things, the rise of Gen Z may hasten the demise of “traditional” web banking. In this regard Gen Z consumers don’t choose a bank, rather they choose a banking app they like. And like other apps, they are as likely to ditch that app when it loses relevance or functionality for their personal lives.”

Overview

The use of online banking and Fintech apps has increased throughout Covid-19, allowing customers to access their bank details, making transactions, lending, loan management, and investing in assets on mobile devices easier. I created banking and social media product for a digital fintech boutique called ‘On Tabs’ that enhances user experience, incorporating elements of social media features within a banking app.

The Challenge

Traditional banks can be a stressful process physically or digital in regard to customer experience. With the increasing growth in tech on the younger tech-savvy generation, there is a need to transform the way millennials and generation Z interact with finances when it comes to online banking adding relevant features and giving them a virtual bank where they can integrate daily actives in.

The Company

The company is a boutique established finance/banking company based in London called ‘On Tabs’.

Target Market

Generation Z/Millennial However I plan to make this app user friendly for a number of ages.

Solutions

User’s goals — Making a banking app that is user friendly and accessible for all. To change the way millennials and generation Z interact with finances by collaborating social media features with relevant online banking functions that will enhance there daily life. — Give the users a more enjoyable customer experience that will promote shareable functions almost their friends. Business’ goal -Have more users using the app, increasing the screen time that will bring revenue.

The Process

Business Research