Digital Banking

As of January 2022, over a quarter (27%) of British adults have opened an account with a online only bank, equating to 14 million people. This figure has not changed from 2021. This means that 3 times more Brits have a online only bank in January 2022 than in January 2019 (9%).

10% of British adults intend to open an account with a digital-only bank by the end of 2022, meaning the end of the year could see the number of Brits with a digital-only bank rise to 19 million (36%). (Finder.com)

Challenge

Based on the data, there is a potential market gap for customers over the age of 40 to open a digital-only bank account.How to popularise digital-only banking amongst older age groups? What do they like/dislike about online/in-person banking?

Some of the biggest hurdles this user group finds with digital-only mobile banking are lack of trust and a reference for speaking to someone in person.

Solution

Design decisions were based on trying to find solutions for reasons target user group is put away from transferring to a digital-only bank, and including the reasons why some users' prefer this new way of managing their money.

Solution

When having an overview of user's bank accounts with the same bank, there are qfew things to consider.Even though there are extreme users with hundreds of accounts, most users have an average of consumers own 5.3 accounts across all types of financial institutions (Mercator Advisory Group’s report, 2019).

That means less than 5 accounts per bank, therefore, there is no need to show all accounts at the same time.The best way to present these accounts is one by one, with the focus on the most often used one, the one with most common transactions.

Structure

Key app functions, based on research: