Part of my role at Eliga services was to host brainstorming workshops for different industries that Open banking could be applied to and create Proof of concepts (POCs) to demonstrate the power of Open banking. Below demonstrates both a B2C application showcasing users' transactional insights and the other a B2B console to check a company's affordability.
We wanted to demonstrate to a client the possibilities with opening up their users to open banking. This credit company wanted to visualise how their users could use their transactional insight, credit score and aspirations to be able to see tailored products and services for them.
We dove into the credit and lending industry to understand what it is that thse businesses could offer their customers if they used Open banking in their products. Secondary reserach was the main
After conducting requirements sessions and an in-house brainstorming workshop to figure out what is possible when a user consents to open banking, I was able to create wireframes of different UI scenarios that this company could create using their customer base.
With direct user testing not always being available. A lot of market research and gorilla testing with my team members who have been in relevant industries was conducted.
Due to these concepts being POCs it was necessary not to spend too many resources as they had to be iterated fast and often.
We are in talks with them to become clients and are in the process of building out my designs.
I presented my designs below that show how a credit company may be able to create its own app combining credit scores and open banking data to be able to educate their customers on their spending.
I created another prototype to show how a user may see "insight" bulbs on their transactions that will lead them to their spending insights and how they may save more money on a utility bill for example. Or in this instance, open banking can recognise salary increases and can offer tips on what to do with that money, whether it be paying off outstanding loans or opening up LISAs foe example.
Using my service design experience, I created a customer journey map to get a view of the process of purchasing car insurance. Diving into the sub journeys such as onboarding, purchasing, renewal and managing.
After creating this, I hosted a brainstorming workshop with other stakeholders in the business. We broke down each sub-journey into its own workshop and time boxed each session, adopting a "no idea is a bad idea" approach.
By bringing together my colleagues who all had experience in the insurance and financial Industries, we soon realised the area of lending was an untapped market for businesses and individuals. Originally talking about the insurance industry, we pivoted the direction of the POC to be for the business affordability process that current businesses have to do when checking if a company can afford a loan.
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This drastic turnaround epitomises what it means to create a POC, we could have wasted more time and effort figuring out open banking opportunities for the insurance market but quickly found a direction elsewhere and pursued it.
This process provided excellent insight and created the most unique of ideas. Not looking at the journey as a whole and diving into the different sub-journeys meant we were far from likely to uncover unique ideas
POCs require a user-centric but fast paced design thinking approach to ensure time is used efficiently before spending resources on developing the concept
We are in the process of pitching and demonstrating my prototype to major lenders in the UK market with the intention of being able to partner with us.
This POC allows lenders to risk check their borrower's finances with ease, eliminating vast quantities of time and labour to audit a company's payments. The dashboard gives a clearer picture of companies' risk and allows the lender to see missed invoice payments and figure out companies' average turn days.
This clearer picture of a company will reduce human error and speed up the lending process.
