Inclusive Banking
Design thinking for Financial Inclusion of elderly in digital banking services in Urban India.
Thesis : IIT Hyderabad / Internship 23 : HDFC Bank
Process
Discover
Experiences of users in regards of Digital Banking
Innovation and Opportunities
Pilot Study : Interviews
Recognize exclusion
Validate the opportunity
Case studies of Financial Inclusion
Interviews of the elderly
Define
Empathy Mapping
User Personas
Refined problem statement
Aim
Develop
Benchmarking
Design Guidelines
Ideation on solutions
Map for feasiability and viability
Deliver
Information Architecture
Low-fidelity
Wireframes
UI Design
Testing
Update
Framing & Understanding the system
Banking services in India
Services overview
(India)
HDFC Bank has more than 68 million customers, 6,378 branches across 3,203 cities and 18,620 ATMs across India.
Technologies in digital banking
Overview of Banking services in India
Cloud Computing
Internet of Things
Process Automation
Chatbots
Biometrics
Self-service Capability
Pilot Study
To understand the uses of digital banking and their experience.
Interviews
Age : 21 - 52
No. of Participants : 18
Payments
UPI is mostly done using gpay / phonepe and not bank applications
Payment wise usage :
Small payments : upi (easy, quick, familiarity)
Medium amount : credit card (reward points)
Big amount : netbanking (reliable)
Bank App Experience
Some bank apps are cluttered and it is difficult to navigate.
Difficult to keep a track of the spending and the subscriptions of various platforms.
They set a reminder on mobile calendar for payment of credit card
Users often help their elderly parents or family members to use online banking services
Devices
Do not pay using alexa or other smart devices for payments (no trust on the system)
Offline Banking
Rarely visit bank branch, only while applying for loans
Opportunities
From the pilot study
Bank application for UPI payments
Digital banking services to include elderly
Verify the opportunities
Literature Review : Problem and the proposed solutions
In a study, it was found that
only 2% of the over 65s used online banking
An estimated $36 billion is lost in scams on the elderly.
Paper by Boston Consulting group
Strategies to assist seniors in embracing digital banking:
digital literacy programs
features like voice-assisted technology
larger text options
simplified interface
make digital banking more accessible to those with physical limitations.
Paper by Latinia Solutions
Services by NatWest and RBS Bank:
have dedicated phone lines to help with digital banking.
They also created ‘Digital Lessons’, to help them learn how to carry out day-to-day banking activities online.
'Digitalization for the elderly is another step towards financial inclusion.'
-
Boston Consulting group
Financial inclusion major step towards inclusive growth which is one of the Sustainable Development Goals by United Nations.
Brief
Goal from the opportunities
Design to make in the HDFC Bank digital banking services useful for elderly in Urban India and make UPI payments easy using HDFC Bank application.
Financial Inclusion
Literature Review
Financial inclusion refers to efforts to make financial products and services accessible and affordable to all individuals and businesses.
It strives to remove the barriers that exclude people from participating in the financial sector and using these services to improve their lives.
It is also called
inclusive finance.
Financial inclusion can be achieved using the following:
Case Studies
that demonstrate the inclusion of the excluded.
Doorstep banking service
have already been mandated by the Reserve Bank of India (RBI) for those above 70 years old to receive certain basic banking facilities at your home.
The need of access and the hindrance of mobility of some of the elderly citizens is solved with this program. The ecosystem and network of stakeholders, functions and physical & digital infrastructure.
Access | Infrastructure | Technology
Bank in a box
Micro ATM machine operated by IDFC First bank
agent, first introduced in June 2016.
The design solves a gap for the remote or rural
areas and increases the accessibility by serving
the excluded areas.
It reduces the need to open bank branch and ATM in these areas. It also provides an opportunity for the local vendors. It helps cash-out to be carried with ease.
The impact of the design is not only restricted to
a single use but also benefits the community and all the stakeholders as a whole.
Bank in a box
Functions :
Touch sensitive user interface and a supporting card reader
Integrated fingerprint sensor
Comes with a receipt printer
Extension of the branch network
Multiple options to access account
• aadhar card
• account number
• registered phone number
• ATM card number
Paytm Soundbox
The Paytm Soundbox was born out of the
personal experience of visiting the nearby small
business store.
Paytm’s Soundbox has played a pivotal role in
building trust in digital transactions as a safe and secure process.
This is an example an user centric design that has taken the real story into consideration, to design a product for small businesses like a milk store. Observation and intuition plays an important role in designing for a change.
Rural Ageny Banking
Agency banking uses bank agents or the ones associated with Agencies to provide services to the customers in remote and unbanked areas.
Advantages of agents in rural banking :
Access
Rural population gains access to banking facilities and services easily as there are many obstacles such as low knowledge of the culture and behavior, distance from cities, and cost.
Usage
Rural agents become a permanent solution for the rather impermanent nature of rural banking experience.
Financial Literacy
Rural agents can also conduct programs to increase the knowledge of individuals.
Financial quality
Rural agents enable banks to reach a wider population in low cost and better quality, hence fulfilling the needs of people in the rural area and achieving financial education.
Ecosystem map to understand the Rural Agency Banking
UPI 123Pay
RBI launched this feature in March 2022 for the inclusion of feature phone users to further democratize the digital payment networks,
especially in rural India.
UPI 123Pay
UPI payments have transformed the world of banking. It can primarily be used on the smart phones using the Internet. A feature like this, has included the non- smart phone users and geared up the innovation towards financial Inclusion.
Why design for the
95th percentile?
Universal Design not by intend, but by usage and functionality.
Sam Farber designed for his wife, Betsey, using a peeler with her arthritic hands. The peeler (OXO Good Grips) designed for 5th percentile, is proved to be ergonomically comfortable for all.
Similarly, the typewriter / keyboard, audiobooks are among the innovations designed for the specially able but proved to be useful for all.
Interviews
of the target audience
Age : 60 - 77
No. of Participants : 28
They are the residents of Pune, Jamshedpur, Nagpur and Delhi in India.
Primary requirements of elderly
Balance of accounts
Notify deposit of pension
FD RD mature notify and list
Cash for daily use
Upi for daily use
Debit / credit of amount
Statement
Life Certificate
Reasons for not using Digital Banking :
Afraid of losing the money by :
making a mistake in the app
Frauds
Uses Gpay and SMS / Missed call banking instead
Someone else takes care of the banking, for them
Most elderly people in the Urban India were using smart phones.
3 types of users identified in the interviews :
Adapter
The elderly user who are smart phone users and use Gpay, Phonepe or other mobile payment platforms.
Out of 28 participants, 60%
Pro-adapter
The elderly user who used most of the online banking services confidently.
Out of 28 participants, 5%
Non-adapter
The elderly user who does not use online banking or payment services and in some use a feature phone.
Out of 28 participants, 35%
Empathy Maps
Adapter
Says
We use Gpay / Phonepe / Paytm - mobile payment apps for regular payment as well as for checking bank balance.
Does
We uses Gpay / Phonepe / Paytm - online payment apps
Thinks
Convenient
Feels
Secure
I find bank application difficult to use.
Does not use bank applications
Bank apps are not useful as most of the needs are covered by online payment apps, missed call service and atm
Bank applications are complicated.
I could surely use bank apps if they are as easy as Gpay.
Does not use bank applications
-
Willingness to attempt
Pro-Adapter
Says
Being a bank employee all my life, I often use netbanking, bank app, online payment apps for banking services and well for trading.
Does
Uses netbanking, bank app, online payment apps for banking services and well for trading.
Thinks
He can earn from the profit from trading even after retiring before 10 years.
Feels
Comfortable and confident using online banking and payment platforms.
Also, I often teach others to use these platforms.
Teach others to use these platforms.
-
Happy to help
Non-Adapter
Says
Afraid of loss of money in fraud, like we read about in the newspapers and whatsapp.
Does
Does not use any online banking or payment platforms.
Thinks
Life savings will be lost if a fraud happens, that they are living on savings and not earning.
Feels
Fear more than awareness
My husband or son looks after the finances and banking requirements and, i don’t know much about it and don’t find the need to.
Does not use any online banking or payment platforms.
It is difficult to handle finances especially when we haven’t worked in the industry and have been housewives.
Does not feel the need to use these platforms as someone else is adequately doing it for them.
Uses feature phone and does not want to switch to smart phone
Does not use smartphones
There are others to rely on when it comes to banking requirements and hence, why bother
Do not feel the need to get away form their comfort zone
Personas
Adapter
Mr. Shekhar Joshi
Age 72
Retired Govt Officer
Technology
Smart phone
Persona
Shekhar uses online payment platforms like Gpay to pay for everyday requirements. He uses SMS / missed call banking for basic banking requirements like knowing the bank balance or details of last transaction. Writes pin numbers in a diary.
Pers
Motivations
Want to securely use online banking for ease, also needs to have confidence on the same. He requires the app to be easier to use.
Goals
Would like to carry all the tasks on one platform, but needs to be secure and easy to use.
Visit bank branch only when required
Frustrations
Banking applications are difficult to use.
Opportunities
Easy to use banking platform
Pro-adapter
Mr. Pradeep Tiwary
Age 70
Retired HDFC Bank Officer
Technology
Smart phone, Laptop
Pro-adapter
Pradeep uses netbanking , mobile banking and online payment services for his regular banking requirements. Being a retired officer of HDFC Bank, he is well versed with the terminology and services provided by the banks. He also likes to adapt to new technologies, mostly as guided by his son. Uses Demat account for trading and income even after 10 years of retirement.
Pro-adapter
Motivations
Teaches others in the community to use the banking applications and netbanking.
Ease of use of digital banking
Income from trading
Goals
Wants to teach his wife to use basic functions on these platforms, who herself is hesitant to do so.
Frustrations
His wife denies to use bank applications as she is afraid of making a mistake and loosing the money
Opportunities
Retire bank officers can teach others to use the online banking services.
Instill awareness and not fear of using the platforms for others
Non-adapter
Mrs. Ritu Tiwary
Age 65
Home-maker
Technology
Smart phone
Persona
Ritu comes from a culture where women did not often work or engage in finances. Her son takes care of the finances and banking requirements for her. She uses the smartphone for calls, whatsapp and facebook. Does not shop online. As her phone is registered with the bank account, she receives SMS on bank balance.
Pers
Motivations
They do not find the requirement to use any of the banking services as someone else takes of it for them.
Goals
Money to be secure.
Frustrations
Fear loosing money due to frauds as often mentioned in newspapers and as some of their friends have experienced.
Opportunities
Reduce frauds and make digital banking safe for low tech-friendly people.
Reduce the fear of frauds and increase awareness to encourage them
Aim
To help encourage elderly to use the bank application that will be beneficial for the bank and users.
Ideation
Brainstorm > Affinity Mapping > Concepts
In the graphs above, x = Feasibility, y = Desirability
1
Device like paytm soundbox, for digital personal banking services for elderly in India
As per the primary research, most elderly owned smartphones in the urban India.
Short product life cycle
2
Sessions by the pro - adapter like the retired bank employees to teach others to use the application.
Security and trust
3
Assistance on how to use application using constant onboarding or instructions, videos explaining features and assistance on video call
Mixed Reality
Voice Assistance
Onboarding will increase the reliability on the app
Video call may face security and trust issues.
4
Conversational UX :
Chatbot based service -
regional languages and gestures of India
Will help the elderly to find the required option better
5
User Interface designed for elderly in terms of visual design, navigation, etc
An absolute need for the banks to include the elderly in their digital services
6
Print media communication design with an aim to increase awareness and not fear and to encourage
Print media like newspapers have wide reach in this age group
7
Use of local crafts in visual design in the awareness campaign for financial literacy
Locals may connect to the crafts emotionally along with the function.
Will give a chance to bring crafts to get global.
Final Concept
Bank Application designed for elderly
Depending on which user logs into the App - the UI will be customized for them
Include conversational UX
Initially to work on the user journeys of the most required functions
Product supported by the awareness campaign
Guidelines
UI guidelines of applications for elderly
Reduce Users’ Cognitive Overload :
Reduce Product Complexity
Offer fewer and higher-quality features, hide lesser-used functions to give core content more space
Visual accessibility :
Large default font size and allow users to change the font size.
Have high contrast between characters and background
Use a clean typeface.
Reduce gestures
Earn Users’ Trust :
UX data security features: such as multifactor authentication, automatic timeout, and trust badges
that let users know that the sensitive information is safe.
Seniors and Technology Experience :
minimizing sublevels in navigation, keeping menus to a single function
home navigation readily accessible
proper onboarding exists to introduce users to functions
Benchmarking
of mobile payment platforms often used by the elderly and a bank app along with HDFC Bank.
Payments Journey, Navigation, Usability, Task Flow, Visual and Emotional Design.
Landing Pages
Landing pages will not be used only by the elderly but all users of the application, hence, they must be universally designed.
Gpay did not have any functions no the landing page.
Use of finger print authentication for logging into the app.
Phonepe did not have any functions no the landing page.
Use of finger print authentication for logging into the app.
Multiple access ways for HDFC bank landing page.
UI for HDFC bank is not clean and does not have any hierarchy.
Axis Bank App has more functions on the landing page.
Too many functions on the landing page may cause confusion to the users.
Pay options
Inference :
Home screen to have the most used features available
Navigation needs to be simple.
The bank balance seen on the home page, may hamper the privacy of the app user.
Icons and text are small for an elderly to read them.
To balance the functions in bank apps is important.
Colour and contrast play an important role in visibility.
Quick steps for final payment
Number of payees is too many and chaotic
Many functions on the homepage
More number of steps for final payment
Account balance visible on the homepage is not comfortable for the user
More steps for final payment
Mechanical look of UI
Account balance & transaction visible on the homepage is not comfortable for the user
More steps for final payment
Information Architecture
of mobile payment platforms often used by the elderly and a bank app along with HDFC Bank.
Wireframes
Landing page, Home page & payment pages
Design System
Prototype
Landing page, Home page & payment pages
User Testing
Inference
Inference :
For the pro - adapter and the adapter, the navigation of the app was easy and terms were easy to find.
Some changes in terms of the hierarchy, detailed functions like download the statements, adding helpline / customer care numbers, and more human way to use the virtual assistant.
The non-adapter here was a feature phone user and hence, found it difficult to use the app and the smartphone interface.
User Testing
Pain points
Scope of Work
As utility has been achieved in the above exercise,
Emotion and Value are to be build further.
More user testing and refinement of the prototype.
Communication and awareness of the application and alertness regarding the frauds but not instill fear.
Faculty Guide : Prof. Saurav Deori
Internship : HDFC Bank
Industry Guide : Ms. Amisha Shah
( Guide for projects at HDFC Bank other than the thesis project) These projects have contributed as major learning from the experience, that have helped me in the above project.
