yobank - gen z banking strategy (wip) - zohdi rizvi
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Operator 98%
YoBankGen Z Banking Strategy
Zohdi Rizvi@zohdi_rizvi
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* Resemblance with any brand or trademark is purely co-incidence. Name coined only for educative purpose
Students & Young Professionals
Get Started
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
India State of Internet Growth in 2016
Mobile Internet User Growth in India (Urban vs Rural)
Global User Adoption of Mobile Banking
Gaps in Existing Retail Banking & Youth’s expectations
Expectations of today’s youth
Apps, loved by Youths
Gen Z Banking Strategy
Gen Z Banking Features
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Basic App Map for YoBank 12
Content Page
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
India State of Internet Growth in 2016Key stats and figures that will transform many industries
462,124,989 InternetUsersinIndia(2016*)
ShareofIndiaPopulation: 34.8%
TotalPopulation : 1,326,801,576
ShareofWorldInternetUsers: 13.5%
InternetUsersintheWorld:3,424,971,237
SecondhighestInternetUsers,afterChina
30.5%increaseinInternetUsersin2016
MobileInternetusersinIndiaisexpected togrowover55%.
Outof306mn Internetusers,219mn belongstourban India
Source:www.internetlivestats.com
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Mobile Internet User Growth in India (Urban vs Rural)Figures in Millions
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Global User Adoption of Mobile BankingQuick snapshot
Source: KPMG – Digital Offering in Mobile Banking (May 2015)
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Gaps in Existing Retail Banking & Youth’s expectationsFactors that lead to low adoption rate among Gen Z
Insanely Complicated
Poor User Experience
Information Overload
Zero Analytics
Lack of Omni-Channel Banking
Lack of 360 degree integration with other players
Least contextual and relevant
To open an account today, it requires the customer tovisit bank, stand in queue, go through cumbersomepaperwork and then wait for a day or two to get started
Few banks have realized that to stay in market they needto modernize the UX of their banking experience, butmajority still believe UI is equal to UX
Visit any bank website and you’d feel lost withInformation overload. Lack of persona based marketingand results in such chaotic experience
Banks, specifically, have still not embraced the strategy ofpresenting contextually relevant information becausethey still believe in one size fits all kind of solutions
Banks, generate volumes of data everyday, yet the vast majority iseither unaware of Data Science / Analytics or they lack basicinfrastructure & resources to find trends, patterns and behaviorsof their customers within the data.
Banking applications, works in silos and often they’redecentralized. However, today’s tech-savvy consumer expects tohave an Omni-channel banking experience
Today, the banking apps work in silos and have no integrationwith other consumer apps and therefore fails in engaging itscustomers, beyond checking Account balance or doing fundtransfer activities.
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Expectations of today’s youthConsumer Behavior of Gen Z
Convenience, instant, helpful and pleasantYouths & young professionals don’t want to visit Bank’s branchto open an account or do daily transaction nor do they want anapp that just let them know their Account Balanceor send money through complicated steps.
"Indian customers demonstrate the highest likelihood of
changing banks driven by the availability of better mobile
banking services,” says KPMG
Source: KPMG Report
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Apps, loved by YouthsConsumer Behavior of Gen Z
“Burgeoningsmartphoneandmobileinternetusage,agrowingdevelopercommunityandthepotentialforregional/localizedappsarelikelytofavoranapprevolutioninIndiain2015”,says
Deloitte.
Source:DeloitteReport
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Gen Z Banking StrategyHow can Banks higher adoption rate among Gen Z
Instant Signup
Todays youths are accustomed with instant signup withalmost every online platform, hence the banking servicesshould also enable instant signup to Banking productsservices.
Youth friendly Communication Strategy
Banks should optimize their communication strategy and must notuse Banking jargons, so that even a teenager/student canunderstand the benefits of opening an account or loan, thusincreasing the adoption rate among youths.
Get rid of Outbound Marketing, at least for youths
Don’t interrupt the youths with your interruptive ads, outboundcalls or emails. Let the word spread about your bank organicallyvia social media and through offline & online recommendations.
Solve youth’s financial problem, not just yours.
A college student, who is dependent on his parents, isn’tconcerned about benefits like Interest or mortgage loans. Hesimply needs a solution that can help him transact daily,anywhere, anytime. If you do it, then your app will certainly beon their smartphone home screen.
Cross pollinate with other apps like e-commerce
Create Ubiquitous banking experience through strategic partnershipwith other industry brands, where Finance & Payment is the keydriver of User-experience.
On-board minors to Banking App with Parental Layer
Help the teenagers and minors to enjoy basic banking, throughparental controls
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Gen Z Banking Features…..that brings bank nearer to the youths
Basic Features
Get Started
Product Augmentation
A basic account with a debit card and MobileBanking access, available within 1 business day
Yo Saving Account
A utility to pay college tuition fees, restaurantbills with an ability to split bills, rechargemobile phones.
YoPay
YoCash - To instantly send money to friends &family and YoWallet – for NFC based or card lessWithdrawals from any NFC Enabled ATM’s or topay online at leading e-commerce portals (3rd
party integrations required)
YoCash / YoWallet
Target Market: Students & Young Professionals
Contextual and relevant reminders forupcoming activities like Paying rent, PayingTuition Fees etc.
Yo Alerts & Reminders
Helping the youths to learn about new financialproducts and services through engaging single/ multiplayers games with financial & non-financial incentives, thus shortening theirlearning curve and increasing their engagement
Yo Financial Single / Multiplayer Games
Allowing the youths to save money (fixeddeposit) for their wish-list & desires from theirYo Saving Accounts.
YoGoals
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Basic App Map for YoBankHow a User will navigate inside App
Splash Screen
Signup
Login
YoGoals AccountYoPay YoCash
Home (with feed)
Settings
Logout
YoAlerts YoGames
YoBankZohdi Rizvi@zohdi_rizvi
Inbound Marketing Certified from Hubspot Inc.Mobile UX Certified from IDF
Zohdi RizviUser Experience Professional
MBA (Marketing) – IBS Ahmadabad, India
Inbound Marketing Certified from Hubspot Inc.
Mobile UX Certified from IDF
[email protected] | @zohdi_rizvi | mauxism.com