Lloyds bank brief - Redesign a bank branch for 2019
What should a bank branch be in 2019? Group 12 Irene Liao Amogh Lux Agata Juszkiewicz Shanshan Liu Xiaoqian Li
Lloyds bank brief - Redesign a bank branch for 2019
DISCOVER
RESEARCH ACTIVITIES
25
10
7
Desk research
User interview
Field research
User Testing
Social trend Lloyds bank bank services
Initial interview Depth interview
Studio B Metro bank Barclays bank Halifax Lloyds bank
Validate what people feel about this service
∞ ∞
1
Analysis
Ideation
Workshop
User personas User journey Stakeholders map Service blueprint
Brainstorming Crazy 8 Storyboarding Role play
Explore user behaviour pattern understand what is
Lloyds bank brief - Redesign a bank branch for 2019
∞
INTERVIEW QUOTATION
I would like to have a relationship with bank employee, which is really nice someone you can trust and rely on.
It’s okay if they do everything correct and fast, but if banks keep me waiting and then there is a nice cafe, my mood will be different. It’s a great strategy.
I do not always do a lot of research about which one suits me. If my friends recommend one then I will just choose that one or maybe see which one is close to my home. It will be better if banks can have some little benefits like movie tickets.
BANK CUSTOMERS
Lloyds bank brief - Redesign a bank branch for 2019
live a busy lifestyle, I need efficient financial services using fragment time. online bank is more accessible when it comes to deal with basic service. But if I want to apply something very important such as mortgages, I would prefer going to a branch to check the offer and experience the service.
INTERVIEW QUOTATION
The top 5 things consumers will do in branches are changing the address, printing bank statements, money transfer as we have a online have limit for transferring, getting cash out and canceling direct debit.”
“The top 4 things that consumers complain most are that they need to wait, they could send a wrong amount of money and need help, there are some mistakes in the mortgage payment and the problems of canceling the direct debits. ”
“Colleagues are expensive. We want to free people from the simple tasks and help the colleagues to make most of it. For now, we spent lots of time educating the consumers.”
SERVICE PROVIDER
Lloyds bank brief - Redesign a bank branch for 2019
“The branches are much quieter than 5 years ago. We have less full time staffs now and we are very agile. And we are changing our incentive models to no sales target.”
KEY LIFE MOMENT
Lloyds bank brief - Redesign a bank branch for 2019
IDENTIFY POTENTIAL USER GROUPS
Lloyds bank brief - Redesign a bank branch for 2019
ANALYZE KEY FINANCIAL ACTIVITIES
Lloyds bank brief - Redesign a bank branch for 2019
UNDERSTAND THE RELATIONSHIP OF MONEY
Lloyds bank brief - Redesign a bank branch for 2019
USER RESEARCH & OBSERVATION Manage money smartly • Don’t know what better options they have for budgeting money. • Don’t understand the rules in the bank. Lack of financial literacy. • The better you can control money, the more you can do.
Mental Health • People seems to be overwhelmed by money management. • Health is an important pillow to support financial fitness. • Temptation for unnecessary shopping such as entertainment, coffee, luxury goods
Spending habits • Every little makes a miracle. • People don’t be aware of small amount of spending everyday could be a large amount of money in a year. • People spend more than they can afford.
Limited knowledge & resources in the market • People get messed by all the channels of payment including direct debit, prepayment, subscription. • Different money in pocket: cash, credit card, debit card, monzo, etc, make them hard to calculate how much they actually spent in one day • They don’t know that actually they can seek for help from various resources
Trust Credit • I look for the bank which I trust and I want them to trust me as well. Because I would like to have services from them. A mutual relationship. • How to build up credit points in order to apply any financial service in the future. • It’s important for young people to plan and build credit history for the future service.
Goal setting • People are more focusing on short-term stress instead of long-term goal, making them save less and spend more. • People lack of knowledge of money management in order to achieve a specific goal.
Awareness of Money • People have little awareness when they over-spent. • People with overdraft history are at higher risk of not dealing with life events • Be charged more money from overdraft but they don’t know they can be charged less if they switch to personal loan. • Schools never teach people how to manage money to avoid risk.
Lloyds bank brief - Redesign a bank branch for 2019
Social behavior change • Rising aspiration could lead to a deflation of real income and also an increase in anxiety. • Premature consumption causes a deficit circle.
Lloyds bank brief - Redesign a bank branch for 2019
DEFINE
Vanessa 24 years old Fresh graduate Got the first job
Lloyds Bank
Hi, I am Venessa. I am 24 years old. I graduated from university with a master degree this year and I got my first job 4 months ago in London working as designer. Now I have income, I pay for the rent and the bill by myself, and I also have to pay my student loan‌.
Lloyds bank brief - Redesign a bank branch for 2019
I just got my first job and become financially independent. However I think I have limited financial knowledge which also cause me lack of confidence to manage my money well. I don’t know how to do budget well and my money stress and anxiety have impacted my mental health.
Bryan Branch manager 7 years experience
Lloyds Bank
Lloyds bank brief - Redesign a bank branch for 2019
I've been a branch manager for 7 years. I know the future of branches are uncertain but I also know how important face to face interactions are in a branch. I want all colleagues in the branch to be empowered to solve customer problems and I want customers to feel like we are here to support them. We want to help the colleagues in branches to make most of it and free them from repetitive work, but I think we always spent too much time educating the consumers.
Goal & Worries
Personality :
Life goal
Introvert
I want to have a solid career, a philanthropic lifestyle, a lovely family, dogs and freedom to travel anywhere I want.
Fickle
I have problems with tracking and budgeting, basically how to manage money and plan for the future.
Passive
Active
Spending habit
Attitude to money
Positive
Frustrated
“ I am constantly puzzled about where my money goes or why there is none left at the end of each month”
About
When I was a student, my parents covered all of my spending, and now I got the first job that makes me become financial independently and I have no idea how to manage my money properly. Although I have student loan that need to pay back, I still have a strong desire to buy something I really wanted and reward myself from the hard work. I know I should plan for the future and save for the rainy day, but I don’t know how. Since I started using credit card, I don’t feel I spend money so that I am usually rich in the beginning of month and poor at the end.
– Not making a lot of pricey purchases Pay bill regularly Negative – Impulse spending when going out – Eating out & ood to go a lot
Stone Age
Tech savy
Confident Well-controlled Generous
– With strong desire buying unnecessary stuff – Find the best deal
Service Expectation
Network of financial Support
Convenience
Bank
Efficiency Comfort Low cost Trust & Support
Online tools
Parents Friends
Reliable experts
Forum find who has similar problem
Lloyds bank brief - Redesign a bank branch for 2019
Single First time being employed London Lloyds bank
PERSONA
Creative
Analytical Loyal
Financial worries
Vanessa 24
Extrovert
Goal & Worries
Personality :
Life goal I would like to build my family in the near future and I want to give my partner a great life. This includes having our own house and car and traveling abroad every year.
Introvert
Alex 27 In relationship 3 years working experience London Lloyds bank
“ I have stable income, but it is still not becuase I have large expenditure every month”
About I have 3 years of working experience and a stable income which offer me a great life with my girlfriend. We really enjoy living in the moment so that we have a large expenditure on traveling, the finest restaurant, and luxury goods. I plan to marry my girlfriend in the near future, but I don’t have too much saving to afford a house and a car. I should find some way to save and generate more money through investment.
Creative
Loyal
Fickle
Passive
Active
Stone Age
Tech savy
Spending habit
Attitude to money
Positive
Frustrated
– Check bank account regularly – Pay bill regularly Negative – large expenditure on entertainment & dating – Eating out & ood to go a lot
Confident Well-controlled Generous
– Never check where has the best deal
Service Expectation Convenience
Comfort Low cost Trust & Support
Network of financial Support Bank Website
Friends Financial advisor Google search
PERSONA
Lloyds bank brief - Redesign a bank branch for 2019
Financial worries I have a plan for the future, but I don’t know how can I start to save money because I satisfy the high quality of life. I worry about if I can have the same life after marriage.
Analytical
Extrovert
HOW CUSTOMERS SOLVE PROBLEM NOW
I will reflect myself, check my budget and all my spendings through Apps or bank statements.
bl
i
The money advise service
I will check some useful tools, such as the Money Advice Service website to ask for some help.
I will read some books and articles trying to educate myself.
I will search if there is any online community ,talking about the same issue.
e
Pr
Strength: - Know you well - Easy to contact - Emational support
Drawbacks - Bias - Limited knowledge - Unprofessional
Those who offer professional consultancy... s io n a l
Access
I will search online trying to find some useful infomation.
I will ask for advices from my parents becasue they are the closest ones to me.
tworthy s ru
es
T
I will talk to my lover and consider his suggestions and mental supports.
People I will seek for help because we have close relationship and I trust them...
of
I will check the governmentĘźs website to see whether they offer relavant services or not.
If itĘźs necessary, the money worries has affected my mental well-being, I might need to see a therapist.
I will talk to my bank to see if they can offer any help. I will go to the branch for this If the problem is compliacted.
I will seek the financial advisor instistutions for help. They may offer some services but the cost might be high.
Strength - Reliable. - Professional- Extra assistance
Drawbacks - No instant help - Need to build connections
Those resources would be helpful and easy to access... Strength - Easy to access - Comprehensive information
Drawbacks - Infomration overload - Take time to read - Need to verify the reliability
Lloyds bank brief - Redesign a bank branch for 2019
I will talk to my colleagues if they have the same experience with me, so that we can exchange our ideas.
I will talk to my friends with the same experience and problem like me, so that I can get some inspirations.
e
S
k of exsited ch c a b ann w a r d els d n & a re h t so g n ur rt e c
RESEARCH INSIGHTS
Financial literacy Literacy
Mental Health
When people are making big financial decisions, they prefer to get assistances via face-to-face interaction
People lack of chances to receive financial education during studies and could be unprepared when they face the financial challenges.
Financial worries could be a common cause of mental health problems , and vice versa. Mental health problems could be the trigger for financial worries ver.
And the help should be objective and professional. Also, customers need to accumulate good credit score to gain the trust from the bank.
Branch is a Social Environment
The branch should not be a purely transactional environment. The branch needs to be a place where customers can interact and solve problems.
Lloyds bank brief - Redesign a bank branch for 2019
Mutual Trust & Support Trust
OPPORTUNITY STATEMENT
Lloyds bank brief - Redesign a bank branch for 2019
How might we empower the bank branch to improve people’s money management and reduce financial worries?
Lloyds bank brief - Redesign a bank branch for 2019
DEVELOP
WORKSHOP PROCESS
Information
• • •
Participants X 7 Age 25-47 Students+Professionals
We want to explore people's relationship with money and find out what rules + what sucks with personal finances • 2 MAR 2019 • 4 PM TO 6 PM • ROYAL COLLEGE OF ARTS KENSINGTON Free Pizza and Beer
This workshop divided into 3 activities which allow us to understand the outline of persons and what is their attitude toward money. Then we tried to figure out what are their current financial challenges and if they seek for any help from any channels. Lastly, we provided a framework that enables participants to brainstorm if there are any chance they could have done differently.
Lloyds bank brief - Redesign a bank branch for 2019
We're conducting a workshop on
WORKSHOP MATERIALS 1
Good habits and bad habits for money spending
Identify financial problems
Journey map- Problem solving
3
Ideation
Lloyds bank brief - Redesign a bank branch for 2019
Personas co-creation
2
WORKSHOP KEY INSIGHTS
Discussion • Chinese guy Glasses: stressful time - make the decision to study abroad, very high cost. • Lady in blue: specific goal - no • Eng student: Budget problem - save for unpredicted, save is for small amount, for bigger purchase earn for the most important thing • Senior: financial stress - borrow money to somebody, have some loan available • Dutch guy: Biggest challenge - uncertainty of investment, student loan(Dutch government), if I can pay back, till 45 to pay back • Investment guy: specific goal - no, but return on investment can afford my life • Very Talkative: Stress - set up a budget, no debt is good. Using an Excel as I used to do accountancy.
Lloyds bank brief - Redesign a bank branch for 2019
Note of open talking • I don’t trust bank as we have a conflict with our interests, they want me have more loans/put more money in the bank, but I am opposite
• Never been to a bank for advises
• They do not treat your equally but depends on how much money you put in the bank and the how potential of how money you can make(such as a decent job, open a business account)
• AI and an App for consulting because number of accountants, too much cost for bank
• I don’t investment through my bank but finding an private consultant
• I don’t think anyone will trust the bank
• Banks will set up for the rich
• I have a trust issue.
• Even new banking service, they could disappear anytime.
Note about coaching • Financial coach will be great as long as it’s free.
• Compare with peers! You spent more than others
• Tracking, where did you go, but not only numbers
• History, month by month
• I don’t want to talk to someone but keep it myself. Not necessary to be physical. Such as facebook with be good. Feel in a comfort zone, such as at home, RCA. Comfort zone like be where I choose and pay for
• Did need to call, it will be one person and always be the same one. 90% of time I won’t need that.
• Some people want paperwork some people don’t. It depends on the level of support their need.
• Don’t understand the English with accent, better with text
• Will be good to able to join me on the Uber. Quick meet. Walking and meeting.
• Why do I have to come physically if I need to be done by phone
• Trust is the most important thing
• Face-to-face engagement is necessary, morality, trust and comfortable. Personal coach long term financial goal, help me to keep on track
• How transparent the information will be
• Being remote will be great
• Some terms couldn’t understand, you can google, but if in front of people you cant research by yourself
• Social human beings, you need to see the body languages, listen to your tones.
• Comfortable space for coaching: at loo; my kitchen(kitchen environment is making people easy; like a tinder date, like a cafe, but not talking about financial problem, just knowing; on transport, walking to somewhere else
• Magic room: bean bags, coffee, specific password to open the door; SPA, private, no other people; sketch of Mayfair; different corners with different setting ; walking is really important, on the move! Buffet, with food.
• Reminder/Alert: don’t be rude, don’t tell me how to live, soft ways to ask such as when you really sure?
• Reward: free lunch, raise in interest rate by 0.5% for saving, money, massage, better exchange rate
IDEA PROPOSITION
Personal mentorship 1. Improve consumers’ self-awareness
2. Educate to improve financial literacy 2. Make future plans 1. Set goals in short run and long run 2. Offer potential supports and opportunities 3. Supervise progress 1. Update newest progress 2. Encouragement 3. Risk analysis 4. Review and Analysis 1. Help consumer to do self-evaluate regularly 2. Summarized report
Lloyds bank brief - Redesign a bank branch for 2019
1. Deep down analysis of current situation
Who is Fincoach? The Fincoach is a personal money management coach who has a knowledge and skills in both counselling and bank services. He engages people in a transparent and judgment free environment for the best results.
Lloyds bank brief - Redesign a bank branch for 2019
Hi! My name is Jim and I am your Fincoach. I will help you to advance your financial knowledge and get financially fit. Starting with small steps, I’ll helps you to improve your financial behaviours and achieve your goals!
BRANCH EXPERIENCE
4. Financial fitness test & Goal setting
2. Book an appointment
3. Get into branch
5. Progress report tracking
6. Constantly engagement
Lloyds bank brief - Redesign a bank branch for 2019
1. Aware of Fincoach ad
VANESSA’S JOURNEY Pre Service
STAGE
Service
Post Service
BRANCH – Fincoach office
ACTIVITIES
Choose a date of the next session
First sesssion with a Fincoach
Come to a branch
Get a confirmation Financial literacy test
Next sesssions with a Fincoach Catch up with the Fincoach regulary
Book a session Find out about a Fincoach
TOUCHPOINT
Make a financial fitness test
Web
Web
App
App
DIGITAL
Well-being and mental health test
Share problems and stress
Big data comparison with average
Discuss and mutually set goals
Develop an action plan
Pick an engagement track
IPad
Call
BRANCH
BRANCH – Fincoach office
Get an invitation for a meetup
Practice new behviours and monitor a progress
Receive a recap of the session
Review a coach, give a feedback
Check your Check well-being progress and and support data comparison mentally
Call
Share your experience at the meet up
Adress your action plan and set new gols
IPad
Receive a graduation certificate
Goals and happieness achieved
Message
Call
NONDIGITAL
Branch service
Concierage
Fincoach
Paper template
Fincoach
Paper template
Fincoach Community
HOPEFUL “I understood which financial behaviours I should change and now I know how I can do it.”
CURIOUS
“Let’s see if a Fincoach can help me with that.”
CONFIDENT “I’m constantly in a learning, understanding myself and my money better and better.”
EXPERIENCE
RELIEVED “I feel good cause know I know which actions I should take to achieve my goals.”
ANXIOUS “I’m really struggling to manage my money and I don’t have financial knowledge.”
CONFUSED “I’m defining my financial bahaviours first time ever. I was not really aware of them before.”
STRESSED “It’s not as easy for my to talk about my financial worries and problems.”
CHANGING BEHAVIOURS “I feel good cause now I know which actions I should take to achieve my goals.”
UPS AND DOWNS “I’m constantly in a learning, understanding myself and my money better and better.”
PROUD “I’m really glad that finally I can manage my money consiously and it affect my life in a positive way.”
HAPPY “I’t’s a pleasure to share my experience with other people to help them.”
FINCOACH SERVICE BLUEPRINT
PHASE
EVIDENCE TOUCHPOINT
CUSTOMER JOURNEY
Seeking for infomation
Various medias
In the Branch
Website Phone calls Book in the branch Email the branch
Phone calls
Branch
Make an appointment & take literacy test to understand your position
Confirm Appointment
Visit Branch
Develop marketing and adverstinng strategy to reach the target consumers
Answer the questions about service and arrange the slots of appointment.
Coach make a call to consumers to confirm details on the day before the appointment
Greeted by concierge and given a coffee
Website Email APP
Online appointments are logged & Fitness test analysis
Phone
Desire for improvement
After Coaching Session
Conversation
Financial Fitness & Goal setting Template
Share problems and stress tro the coach
Take the Financial Fitness Test & Goal Setting
Understand and analysis problems of consumers and create own profile to the consumers
Coach help to, does analysis and understands the persons hurdles & define goals that are SMART
Solution Template
Discuss planning/ budget / solutions with coach
Conversation
Website-Lloyds Hub
Next Coach Session(Repeat)
Phone Message Emails
Offline Meeting-up Workshops
Regular catch-up with the coach
Receive invitations from coach and decide whether they want to join
Coach suggests engagement track and make plans
Summarzie data, insights and action plans from the coahing session
keep tracking the performance of the consumers, giving feedback and help if needed
Coach with lead worshops and meet-ups with a sepecific theme & invite people with same problems
Pick an engagement track and ask questions
Receive the email that recap and summary the coaching session
Phone
Branch
Consumer will need to confirm the slot for next appointment
Complete Service
Graducation Certificate
Conusmer will go back to branch for next apointment for coaching service
Recieve emails to check the progress
Receive a certificate from lloyds and to be shared person in meetup events
Analyze customer’s performance. Supersive the progress & plan further action for next period
Summarize a report to analyze the performance of the consumer, give suggests to improve
Offer certificate of graducation and invite the consumers to share experience in the future.
Online system
LINE OF INTERACTION
FRONTSTAGE EMPLOYEE ACTION TECHNOLOGY
online system on Pad
Review various financial routines to reach these goals including budget, peer & price comparsion
online system on Pad
online system on iPad
online system on iPad
Online system and Email
Phone
Email Website
A financial test will be designed to understand consumers' financial behaviors and performance
As the goal has been set, the revelvant materials and resources will be generate from the database for coaches to use as references
Based on the problems and goals, the data will be anlysed and the algothrim wil process to give the suitable solutions, tools and resources for coaches to use as references
As the engagement track been set, the system will update the consumer's profile and give notifications
The system will print out the fitness test, goals, actions plans includes budget discussed in the coaching session and sent it to the coach
Allow and remind consumers to share their performance to the coaches via different social platforms includes emails, messages and more
Coach confirm again the appointment via phone one day before
Phone
LINE OF VISIBLITY
BACKSTAGES ACTIONS
Detect consumers who is suffering from overdraft problems and send an email for invitation
Arrange availbility of coaches and bridge the communication and time between coaches and customers
Customer service can send the information and contact the coach
coffee, materials preparation and office cleaning for the coming consumers
Analyze sign-in visitors Analysis for financial fitness test
Customer’s data system
Internal financial analytical system
Build up an online system for storing personal profiles and files
Reminder and make inspirations for coach to check the conusmer list and hold worshops
The system update the performance of consumers for coach to check the progress
The access the performance of overall performance of the consumer and prepare the certificate
LINE OF INTERNAL INTERACTION
SUPPORT PROCESS
Internal financial analytical system
HUB system
Customer’s data system
Define different level of certificates
Lloyds bank brief - Redesign a bank branch for 2019
DELIVER
PROTOTYPING
During
After
How do they perceive service in the first place?
How can make users feel more comfortable?
How can we keep users coming back?
First impression of Service proposition
1 Coach personality 2 Environment 3 Shared information
Interest of Incentives
Lloyds bank brief - Redesign a bank branch for 2019
Before
PROTOTYPING – Fincoach Fincoach plays an important role through our service so what kind of personality will make people feel more engaged and comfortable is one of key touch point which we want to deep understand.
Lloyds bank brief - Redesign a bank branch for 2019
PROTOTYPING – Fincoach office
Lloyds bank brief - Redesign a bank branch for 2019
People want to feel comfortable in a Fincoach’s office and have a privacy there. They said it will be nice if there is a sofa, some creative artworks on the wall, a bookshelf. Women also liked the idea about plants and a nice smell in the room. It was common people didn’t like a space which looks like a home because it’s to intimate and they still need a little of professionalism there.
PROTOTYPING – Information sharing
P rogress report
We aim to help bank build long term relationship with customers and how can we keep customers coming back. Interestingly, most of them would like to see how they make progress, also they have really good relationship with fin coach.
Lloyds bank brief - Redesign a bank branch for 2019
Cafe
PROTOTYPING – Summary Table 1
People
Coach Personality
Environment
Information to share
Incentives
Thoughts
M, 28, yes
1.Experienced, 2.witty and social seems fun - more engaged
1.Private Space-privacy 2.Home
Personal Goal, Daily/Month Budget,Investments
1.Progress report, 2.financial literacy
Trust, no sales
F, 24, yes
1. Reputation 2.Visionary/ proactive 3.Experineced
1.natural environment - good environment natural
1.Familly/relationship situation 2.Investmnets 3.Personal Goal 4.
1.Progress report relationhship is not important, result is 2.Be happier 3.Impact more important and share with friends
M, 30, yes
Friendly Trustful Empathic The private special with good Personal goal, Work, Monthly budget, Analytical, they need to have smell, seems comfortable, investment, financial worries, If from all the psychological view, feelings are good, personality, hobbies
1.Literacy 2. Relationship 3.Progress report the most important has value.
Definitely not the traditional environment, not sure about statements and earnings, not sure how to trust him, how has him have helped with others how the value, provide what information have what value. Personalized to my need. Close to me.
F, 28, yes
Similar race, give trust, can Natural, green make relaxed. only judge from the Smell, bookshelf, like your appearance. Not personality. home, comfy. Live. Smartly, witty, one
If she need, I can share anything.
Make your happier and confident.
Personal.
M,33, yes
1.Experienced 2.thoughtful and patient
Traditional office, more concentrate
Investment and consumption habit. I want get hero with
Progress report
Old.
M, 27 yes
Experience(high level) and Proactive (risky and safe enough) one . Because others not good, no sales, not friend-like.
Modern office and open space(depends on, not Starbuck). Not too stuffy(office) or casual(not serious enough)
Consumption Habits, personal goal, Investments, Earnings, Relationship status, bank statement, shopping records, financial worries, work…. Everything except mental heath and feelings.
Cafe and relationship More accessible, in WhatsApp, might be with coach cancelled. Relationship is important
F, 24, yes
1.Smart, witty (very friendly) Not informal as we are talking Consumption habits, investments, 2. Trustful or experienced. No about money. Private with personal goal, earnings, judgement vibe. bankstatement, financial worries, shopping records, daily life routine, work,, personality
Progress report,, relationship with coach, enhance financial literacy
Could be more digital
PROTOTYPING - FEEDBACK
Impression of Service proposition
Need to see review to gain the trust Should to be more accessible
During
1 Coach personality Experienced & trustful Don’t like if they try to promote products 2 Environment Private, Comfortable, Should be formal, but not casual 3 Shared information Knowledge from coach Anything if creates value Not too personal
After
Interest of Incentives
Progress report is the most favorable outcome to see The value of the relationship with coaches Improve financial literacy Enjoyable experience
Lloyds bank brief - Redesign a bank branch for 2019
Before
During
After
Financial Literacy Test
Financial Fitness Test
- The test is beneficial for people
- The test helped them to rise their - Help them analysis their
-
-
specially who has limited financial knowledge The test will need to be adapted to different groups
self-awareness about financial problems The test motivated them to solve their financial problems
Break Down Expenditure&Set Goal
-
spending and give them tips how to cut down spending The test gave them a vision for the future challenges
Lloyds bank brief - Redesign a bank branch for 2019
Before
BUSINESS ANALYSIS BRANCH & CUSTOMERS Benefit
Lloyds Bank Cost
With more positive interactions with consumers, the wellbeing of employee can be improved to stimulate a rise in productivity
Invest equipment to the physical place, such as nice sofa, iPad, coffee, etc
Infrastructure Cost
Potentially more profits could be generated from a strong relationship with customers.
Increased Profits & Market Share
Potentially attract more new customers to join the bank to increase the market share
Strong Relationship with Customers
Help to build a stronger reputation among the market to attract potential partnerships with other corporations
Future Development Support
More access to the customer database and enrich the information resource, this could support the bank’s strategic development
Create a financial fitness system, such as an online platform or mobile app.
Train professional coaches including, psychological and financial aspects.
Management Cost
Increase the loyalty of customers with more engagement and interactions Higher customer satisfaction rate with improved well-being of customers
Customer’s information system, including arranging the appointment, coach session history, and so on.
Opportunity Cost
Organize offline meet-up.
Physical space in branches will be used for coaching sessions More employees will work as coaches as need a reallocation of human resources
Lloyds bank brief - Redesign a bank branch for 2019
With more financially educated customers, employees could be free from repetitive work and the efficiency could be improved
Higher Productivity & Efficiency
Customer
Lloyds Bank
BUSINESS ANALYSIS BRANCH & CUSTOMERS
Customer Benefit
Cost
Customers’ Satisfaction and Well-being
With easier access and effective communication with coaches, the satisfaction of customers of banking service can be improved
Time Consumption
Access to more transparent data and gain more comprehensive information from bank
Increased Financial Literacy
Enrich Financial knowledge and Improve money management skills
Build mutual/reciprocal trust between the bank and consumers
Lower Financial Risk
Gain professional advices and knowledge about financial problems
Potential Disappointment
Going to branches for coaching sessions will take time for meeting and transportation Need to make appointment in advance
As the service is highly personalized and depends on the interactions with coach, the experience could be subjective
Lloyds bank brief - Redesign a bank branch for 2019
Reduce money worries and anxiety, and improve mental well-being
KEY FEATURES
Financial Fitness Check
Personalized Scheme & Goal Setting
Emotional Support
Lloyds bank brief - Redesign a bank branch for 2019
Improve Financial Literacy
SOLUTIONS FROM INSIGHTS
With more accessible interaction, real-time support, transparent data, we believe that our Fincoach will help to build a mutual trust between the bank and customers.
Financial literacy Literacy
Financial Worries
With our designed financial literacy test, and the financial knowledge and information provided by the Fincoach, we believe that the financial literacy of the
Our coaches will also care about your mental support if you financial worries are impacting your mental health. We will help you to reduce anxiety and rebuild confidence.
Branch is a Social Environment
With the high quality of interactions between customers and coaches, this includes pleasant experience and sharing events. We believe Fincoach will transform the branch into a sociable environment.
Lloyds bank brief - Redesign a bank branch for 2019
Mutual Trust & Support Trust
ROADMAP AND IMPLEMENTATION
1 Pilot Program Pilot program in areas with: Young working professionals High student density Low Income
2020
2
3
A/B Testing
Formalization
Service Artifacts Financial Fitness Test Location Trends Business Model KPIs
Evaluating learnings Developing a scalable model to implement in branches.
Lloyds bank brief - Redesign a bank branch for 2019
2019
Thank You! Group 12 Irene Liao Amogh Lux Agata Juszkiewicz Shanshan Liu Xiaoqian Li
Lloyds bank brief - Redesign a bank branch for 2019
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