Video overview:The Problem: Approach Overview:1. Understanding the context2. Empathizing with target users3. Researching fraud & prevention 4. Prototyping solutions with target users5. Iterating on proposition for viabilityA-ha momentSolution SummaryFeedback & Learnings
Fraud is a key driver of financial vulnerability in older costumers
- 190 bn lost to fraud every year in the UK
- Older, less tech savvy consumers more at risk for new kinds of scams
- Falling victim is emotionally draining & refunds are time consuming
- Identifying scams before they happen is key, but hard to do in reality
1. Understanding the context
- What does financial vulnerability look like?
- Who are the users?
- What are the financial products they are using?
- What are key trends playing a part in the financial health of Britain?
2. Empathizing with target users
Online & mobile banking popular even in older age groups
Creating pen portraits based on types of vulnerability
Understanding user behaviors
New online behaviors in the 60+ age group, notably texting,
New opportunities for scams
3. Researching fraud & prevention
- Understanding ways users & institutions prevent fraud and where it fails
Research into types of current & emerging fraud and their touchpoints between users & financial providers
- Emphasis on low digital literacy
- New interfaces between victims
4. Prototyping solutions with target users
New behavioral insights:
Ensuring simplicity & safety, working across channels
Emphasis on a "sense of justice", and protecting loved ones
5. Iterating on proposition for viability
Gathering feedback with fraud SMEs and LBG stakeholders to improve viability.
Building a compelling business model aligned with LBG's strategy
Understanding market size and development costs
Pre-retirement age customers are most targeted for scams
- Increased financial stability; transitional period
- Texting ubiquitous in this age group
- Very proactive in warning friends & loved ones
- Reporting scams creates a sense of justice
- Bonus: Previous scam victims consider themselves experts in the subject, but keep falling for it.
ScamChecker: An easy to use multi-channel conversational interface to report and receive feedback on suspicious messaging before they happen.
How does it work for the user?
- You simply forward your message/email/etc to ScamChecker
- Then you receive a code to open the verification on the secure Lloyds App
- Scamchecker checks for signs of being malicious messaging on an existing database, and lets you know the veracity. If it is unsure it has a person checking for you.
- Once verified, you receive the confirmation in app as well as an easy to share infotainment video to educate users to identify scams easily
By having users proactively report scams, ScamChecker can be used to train and improve a fraud detection algorithm, thus improving over time
Feedback & Learnings
- Development costs are high, but so are rewards: savings, and brand perception
- Ensuring safety of the app is key: By opening a new channel of communication it could open new ways of scamming
- Could open partnerships between banks; improving the reach of the solution
- Users would prefer to have scam prevention savings used for the greater good, not just helping the bank do its job