THE FUTURE BANKING — APRISM DIGIBANK

Fintech entrants in the market has changed the traditional financial services for banks. Banks recently depend heavily on these Fintech players in the market aims to improve and increase consumers’ experience and enhance their efficiency. In order to accelerate growth and stay competitive in the coming years, banks must aware the significant opportunity that banks need to exploit to digitise their financial services to meet the new international emerged needs for digital financial services, especially for Millennials and Gen Z. On the other hand, Fintech could exploit this opportunity to provide the most innovative and new financial services to attract Millennials and Gen Z, and these generations have the intention to quit using their traditional financial services to better, fast, and easy to use services. It is a real threat to banks in the long-term.

RESEARCH GOAL

To create a secure and customisable Banking-as-a-Service solution and Fintech Marketplace.
To focus on user centric financial mechanism that helps each individual to achieve their financial needs/goals/pathways.
To enhance existing digital banking.
To bring the new era customer together with the existing customer to a new level of banking experience.

DESIGN PROCESS & PROJECT TIMELINE

RESEARCH & ANALYSIS

Exploration

Problem Statement

Price is high related to services provided.
Traditional banking require walk-in and physical documents application.
Customer have no ides on what the bank current offers/rewards/collaboration with other platform.
Insecure and unable to locate nearest branch/ATM & operating hours.
Long queue and unable to make appointment.
Time consuming to drop and retrieve cheque.
No tools that help customers’ to understand their spending habit and no services/platform that provide practical solution when problems arise.
The app only built for banking per se.
Account only holding the money but not helping in growing.
Unable to reach call centre and late email response.
Practice in-person consultation for services and products.
No investment guidance for those who prefer to make self investment.
Too many apps to manage for financial purpose.
No multitude payment options like in-app payment, digital card wave, QR scan, third party, etc.
No customised channel offering for parents & children.
No financial management feature.
Existing user not motivated.
Unable to view account number/amount in one click.
Only bank account customer able to use the app. Need to walk in to open account.

User Persona

IDEATION

Branding

APrism comes from the combination of a prism with a triangle which represent the alphabet “A”. The brand colour come from the idea of prism reflection that representing the transformation of the financial revolution.

Brand Colour

Components

STORYBOARDS

DESIGN

Biometric Security

3-D secure strong customer authentication implementation using asymmetric encryption, certificate pinning and mobile device fingerprint technology to obtain consent from platform users for financial transaction processing and access to information.

Digital Account Opening

Digital account opening invites potential applications anytime and anywhere. Integrates into the Account Management that provides a single view of customer across multiple core banking systems in terms of account information and transaction history.

Card management

Provides the ability to set card limits, freeze, block, terminate and switch cards on and off across multiple card management systems.

Digital documents

Interactive, cross-platform, digital document delivery including digital statements and digital invoices delivered into the banking channel with built-in non-repudiation and archiving.

Cardless ATM

Easily navigate to the nearest ATM station to collect cash at comfort from your vehicle. Skip the queue, higher security and contactless.

Digital Cheque

Digital cheque service which enables customers to pay any individual or organisation, locally or abroad.

- convenience of sending out cheques anytime from anywhere.

- greater convenience as the bank will mail out the Cheque on behalf.

- no require to make a trip to the cheque drop box station to deposit physical cheque.

Notification

Provides support for Push Notifications, SMS and Email for communicating with customers.

Multitude of payment options

Integrates into the VISA and MasterCard payment network partners with the ability to provide contact-less mobile device payments. Integrates with QR and barcode for contactless and seamless payment/transaction experience.

Effective communication platform

Virtual consultation Recorded virtual consultation may help to improve the customers service not just during pandemic but in future where customers no longer require to visit a branch.

Digital chatbox This 24/7 virtual assistant can help with common questions on the Products & Services or guide customers with hand-on tips and be connected to live chat agent upon request.

Live Chat Improving customer experience from only 2-way communication (email & call in). E-appointment Simply pick a date and time that is convenient to check availability.

Golden Virtual Banking Service Everyday banking services for senior citizens like making account enquiries, transferring money, paying bills, applying for loans, directing deposits to ATM services, with age seem like a task for some.Setting up a ‘virtual branch’ that can be accessed through the mobile banking app’s UI specifically designed for use by the elderly. This could then be used to provide help to older app users, connecting them to support staff through a video call and allowing bank staff to give advice. In cases where the problem was too complex to be solved remotely, users would need to visit a branch and so staff there should be trained in how to give advice to the elderly, how to respond to their questions calmly and appropriately, and how to deal with the physical impairments that often affect older people.

Financial management platform

Leverage data intelligence to allow customers to interact and fulfil their needs on their own timeline in their own way.

- Provide monthly A.I financial health reporting Monthly review on the customer’s financial health with quick view on the categories progress/status/tracking. To introduce solutions to alleviate friction or use data to provide customised suggestions. Provides advices/recommendation to resolve problems/improvement/supports to the customers’ based on the financial reports to achieve their needs.

- Provide walkthrough/guidance to customers’ Provide a transparent infographic to explain how the service works.Browsing platform for financial planning reading materials and discussion.

Investment

Provide a platform that enable customer self manage or provide licensed investment and professional financial advisor services that works perfectly for customers.

Beneficiaries

Integrates into the Beneficiary Management modules.

- Family channel offerings Enable older people to structure their accounts online such that caretakers or relatives are allowed only limited privileges (for example, may only view). Those with older parents who are no longer comfortable with their financial abilities can use online banking to view their parents’ online statements and check to make sure their finances are in order.

- Customised member channel offerings Enable parents to channel their will to next-of-kin easily in one roof.

Loyalty

Keeping the customer engaged and motivated with rewards/benefits as a return for their loyalty and support.

Connecting E-commerce

E-commerce helps to improves a bank systems. With these services improving, the customers and consumers will have great experience with the bank. Banks’ success in coping with such challenges will help determine the scale of their influence in the electronic marketplace. In addition, this will help to enrich data collection on the customers’ lifestyle pattern towards improving the financial management.

Connecting traditional and digital market with one single platform.

Convert digital assets to stable digital currency in real time enabling customer to spend or transfer anytime, anywhere. Provides a master service that facilitate customer/companies to navigate the complex landscape of buy / sell processes in digital asset market with a connected, compliant, and trusted environment. Offers a collections of pre-integrated Fintech partner technologies that banks can test a scale and enable as they see fit directly into their digital banking channels (plug-and-play technologies).

WIREFRAME

Account registration & Login screen

Dashboard screen

ATM, Card Wave & QR Pay

E-cheque, E-statement & Digital transfer

PROTOTYPE

CONCLUSION

Millennials and Gen Z are not financially capable as elderly customers.Even this big segment is not the major bank users but banks must be alerted to this global trend that directly affects the future of the financial services.

Bank sector need to provide a holistic understanding of the customer from the customer 360 degree view social spheres rather only the complete customer view from a banking perspective only.

In this digitalise era, there are unlimited or no boundary for human-technology development to be incorporated in product & user experience design to stay competitive. A rocketing, agile, smarter and no brainer mechanism/platform are the possible new normal as the future might not even need a bank.

“Different generation, different values”

FUTURE CONSIDERATION

AR/VR experience for customer engagement
Adopting robotic / A.I
Total cashless approach
Build technology capabilities to get more intelligent about the customers’ needs
Prepare new tools for fighting cybercrime
Adopting a more futuristic design