RSS

Tag Archives: UX

App review: Plum

When I reviewed Cleo a few weeks ago, I also came across Plum. Plum describes itself as “your personal savings” assistant and lives in Facebook Messenger.

How did Plum come to my attention?  I came across Plum whilst reviewing Cleo, another virtual savings assistant. I then spoke to Victor Trokoudes, co-founder and CEO of Plum, who gave me a first introduction to Plum.

My quick summary of Plum (before using it) – I expect Plum to not only monitor my spending and saving habits, but to also do my saving for me and transfer savings directly to a savings account of my choosing.

How does Plum explain itself in the first minute? – From the headline to smaller print on the landing screen, it’s apparent that Plum is all about saving, helping me to save. Plum “monitors your daily spending and automagically sets money aside for you.”

img_4342

Getting started, what’s the process like?  After I’ve clicked on the “Sign up for free” button, I’m taken to Facebook Messenger where I see a landing page that explains about Plum; “I’m a robot. I was built to help you save money so you don’t have to worry about it.”

At this stage, I’m not entirely sure about how exactly Plum will help me to save money, but I decide to click on the “Get Started” button to find out.

img_4343

On the next screen, I’m presented with the choice between signing up and learning how Plum works. I decide to do the latter and click on “How it works”.

img_4344

And I’m pleased that I asked the Plum bot to explain how it all works, because I like the response that I get in return:

img_4345

I now feel more confident about how Plum works and how it can help me with saving money, so I decide to click on “Sign up”. After entering my email address, the Plum bot asks me for some more information to complete my setup. After clicking on the “Complete setup” button, I’m taken to separate page where I can enter my personal details.

img_4352-1

After I’ve entered my personal details, the next step is for me to link my bank account to Plum. I like how Plum is keeping me posted on progress by striking through the previous two steps of the onboarding process. There’s copy there to assure me that my bank login details will be treated securely by Plum; making it clear that Plum “will never, ever store it (my bank login, MA) on our system.”

img_4353

 

img_3292

 

Did Plum deliver on my expectations? – Once I’ve managed to sync my bank account info, and have completed my Plum set up, the app starts helping me to save money. For me, Plum’s biggest draw is that I can add money to my Plum savings. Plum tells me how much of my cash is still available for withdrawal, and prompts to me decide on how much money I’d like to set aside.
img_3294

 

img_3293

Similar to the standard account and transaction info that your traditional bank offers, Plum provides a neat overview of my monthly and total savings, and I can see my most recent transactions at a single glance. Ultimately, I feel I can only truly answer the question about Plum delivering on my expectations once why I’ve achieved a specific savings goal. In the meantime, I feel that Plum does offer a pretty smooth onboarding journey and a clear path to actually saving money. If you’re struggling to save or understanding how much you can save in the first place, definitely worth checking out Plum and start setting money aside!

 

Tags: , , , , ,

App review: Cleo

I wrote about virtual assistants a few weeks ago, which made me realise that I hadn’t yet explored Cleo in more detail. Cleo is a virtual assistant that I believe can help me save money. However, my knowledge of Cleo ends there, so let’s have a closer look at Cleo and its onboarding process:

  1. How did Cleo come to my attention? – I came across Cleo a few months ago as I was looking at so-called ‘robo advisers’ like Betterment and Nutmeg.
  2. My quick summary of Cleo (before using it)? – When you search for Cleo, Google will tell you that it’s an “Intelligent assistant that helps you save money”. I therefore expect a virtual assistant that will give me a better view of my expenses and gives me tips on how to spend less. I expect an app that’s highly personalised, aiming to making saving fun. I guess a bit similar to Qapital, an app that I reviewed a few months ago.
  3. How does Cleo explain itself in the first minute? – I like how how the homepage of https://meetcleo.com/ talks about Cleo being “The simplest way to manage your money” (see Fig. 1 below). The page also mentions “bank level security” although I must admit that I’m not entirely sure what that means in the context of Cleo.
  4. Getting started, what’s the process like (1)? – Cleo’s onboarding process feels very intuitive and easy, particularly the part where Cleo syncs with my bank account (see Fig. 3 below). The messaging about how Cleo will treat my current account data instills trust and is clear, even to the point where I get a text from Cleo to say that banks are a bit slow when it comes to synching (see Fig. 8 below). However, when I’m asked to set my monthly income, I’m not sure what purpose this will serve and how I’ll benefit from sharing this data with Cleo (see Fig. 4 below).
  5. Getting started, what’s the process like (2)? – The simplicity of the onboarding process is reinforced by the text messages that I’m getting from Cleo on my mobile whilst onboarding on my laptop (see Fig. 8 below).
  6. Did Cleo deliver on my expectations (1) – After completing my onboarding with Cleo, I get a pretty comprehensive overview of my bills and spending (see Fig. 7 below). Perhaps I hadn’t fully set my own expectations when signing up with Cleo, but I’m left with a faint feeling of disappointment, expecting to receive more insights around my spending patterns or be able to ask Cleo specific questions about my balance. For example, when I ask Cleo about how to best increase my balance, she refers me to the generic balance call to action which she’d shared with me 3 seconds prior in the same exchange on Facebook Messenger (see Fig. 10 below).
  7. Did Cleo deliver on my expectations (2) – Some of the machine learning parts that underpin Cleo feel like they’re working pretty well, and getting started with Cleo felt very seamless and self-explanatory. I’m, however, keen to see how Cleo will develop further over the coming months, in becoming truly ‘intelligent’ about my spending habits and ways for me to save money.

 

screen-shot-2017-01-06-at-07-57-04

Fig. 1 – Screenshot of the homepage of https://meetcleo.com/

 

screen-shot-2017-01-03-at-07-57-32

Fig. 2 – Screenshot of the first step of the Cleo sign-up flow

screen-shot-2017-01-03-at-07-58-58

Fig. 3 – Screenshot of the second step of the Cleo sign-up flow

screen-shot-2017-01-03-at-08-00-21

 

screen-shot-2017-01-03-at-08-01-25

screen-shot-2017-01-03-at-08-03-43

 

Fig. 4 – Syncing a bank account with Cleo

screen-shot-2017-01-03-at-08-13-26

Fig. 5 – Screenshot of setting a monthly income in Cleo

screen-shot-2017-01-03-at-08-14-15

 

screen-shot-2017-01-03-at-08-15-05

screen-shot-2017-01-03-at-08-16-36

Fig. 6 – Screenshots of the workflow around adding bills

screen-shot-2017-01-03-at-08-18-16

 

screen-shot-2017-01-03-at-08-18-49

 

screen-shot-2017-01-03-at-08-19-32

Fig. 7 – Screenshot of the ‘outputs’ of the info entered into Cleo

img_4283

Fig. 8 – Text updates from Cleo throughout the onboarding process

screen-shot-2017-01-07-at-15-46-39

Fig. 9 – Chat message from Barney, CEO and Co-Founder of Cleo

screen-shot-2017-01-07-at-15-51-00

 

screen-shot-2017-01-07-at-15-53-00

Fig. 10 – Chatting with Cleo through Facebook Messenger

 
 

Tags: , , , , ,

Some good conversational UI examples to learn from

It was Dennis Mortensen – CEO/Founder of x.ai – who made me aware a few years ago of the concept of ‘invisible interfaces’. He talked about applications no longer needing a graphical user interface (GUI), taking “Amy” – x.ai’s virtual personal assistant as a good example (see Fig. 1 below).

hi-im-amy-xai

Fig. 1 – Amy, x.ai’s virtual assistant – Taken from: http://www.agilenetnyc.com/business/x-ai/

Since then, I’ve been keeping more of an eye out for bots and virtual assistants, which can run on Slack, WeChat, Facebook Messenger or Amazon Echo. Like “Amy” these applications can be driven entirely by complex machine learning algorithms, or can be more ‘smoke and mirrors’ and operated entirely by humans. Let’s just have a look at some relevant examples to illustrate where I think some of these virtual assistants and chatbots are heading.

Example 1 – Nordstrom Chatbot and Operator offering personalised discovery:

US based Nordstrom recently launched its first chatbot for the 2016 holiday season. If you’re already on Facebook Messenger or Kik, Nordstrom’s virtual assistant is only a click away. Users who engage with Nordstrom’s bot will be asked a number of questions about who they’re shopping for. The bot will then respond with bespoke gift suggestions based on the user’s responses.

nordstrom-v1

Fig. 2 – Nordstrom Chatbot – Taken from: https://chatbotsmagazine.com/the-complete-beginner-s-guide-to-chatbots-8280b7b906ca#.l5e2i887r

You can get a similar experience using Operator, which is driven entirely by human experts who’ll provide you with personalised advice on what to buy (see Fig. 3 below).

screen-shot-2016-12-19-at-20-46-37

 

Fig. 3 – Operator’s experts providing tailored advice to its users – Taken from: https://www.operator.com/

Example 2 – KLM sharing flight information via Facebook Messenger:

KLM, the well known international airline, now enables customer to receive their flight documentation via Facebook Messenger. After booking a flight on KLM’s website, customers can choose to receive their booking confirmation, check-in details, boarding pass and flight status updates via Messenger. It’s built on a Messenger plug-in which customers only have to enable in order to receive ‘personalised’ messages from KLM (see Fig. 4 below).

screen-shot-2016-12-19-at-20-17-33

Fig. 4 – Screenshot of KLM’s Messenger app – Taken from: https://messenger.klm.com/

Example 3 – Telegram using buttons for discovery and shortcuts:

As much as it’s great to have a very simple ‘single purpose’ conversational user interface, there are messenger apps and virtual assistants out there that do offer user functionality that works better with buttons to click. A good example is the Telegram app, which has buttons for specific actions and shortcuts (see Fig. 5 below).

telegram-v1

Fig. 5   – Screenshot of the buttons in Telegram’s messenger app – Taken from: http://alistapart.com/article/all-talk-and-no-buttons-the-conversational-ui

Main learning point: I’ll no doubt learn more about conversational user interfaces over the coming months and years, but looking at simple examples like x.ai, Nordstrom’s Chatbot, Operator, Telegram and KLM’s Messenger feels like a very good starting point!

Related links for further learning:

  1. http://alistapart.com/article/all-talk-and-no-buttons-the-conversational-ui
  2. https://uxdesign.cc/10-links-to-get-started-with-conversational-ui-and-chatbots-3c0920ef4723#.yqpfdz5re
  3. https://chatbotsmagazine.com/the-complete-beginner-s-guide-to-chatbots-8280b7b906ca#.l5e2i887r
  4. http://www.geekwire.com/2016/new-nordstrom-mobile-chat-bot-ready-help-shoppers-find-perfect-holiday-gift/
  5. https://www.techinasia.com/talk/complete-beginners-guide-chatbots
  6. https://www.smashingmagazine.com/2016/07/conversational-interfaces-where-are-we-today-where-are-we-heading/
  7. http://www.theverge.com/2016/3/30/11331168/klm-facebook-messenger-boarding-pass-chat-integration
  8. https://messenger.klm.com/
  9. https://www.operator.com/
 

Tags: , , , , ,

App review: Zuora

One of the product areas I’m keen to learn more about is billing; understanding how small businesses go about (recurring) billing. A few years ago, I used Recurly to power subscription management and payments for a music streaming service. I’ve now discovered Zuora, who aspire to “turn your customers into subscribers.”

“The world subscribed” – I really like Zuora’s vision – “the world subscribed” – and its 9 keys to building a subscription based business (see Fig. 2 below). Zuora aims to make managing subscription payments as intuitive as possible. For example, when I look at the info that Zuora provides on a specific customer account, it feels clear and clean, enabling the user to digest key account information at a glance (see Fig. 3 below).

Part of an ecosystem – The thing I like best about Zuora is the numerous integrations it has with partners and marketplace apps. As a result, Zuora users can integrate easily with payment gateways such as Adyen and link with accounting software packages such as QuickBooks. Similarly, there’s a whole host of apps and plug-ins that Zuora users can choose from.

Main learning point: Even though subscription management / billing forms the core of Zuora’s value proposition, I feel that there’s much more to it: helping people run their business operations as efficiently as possible. I don’t know whether the people at Zuora would agree with me on this vision, but I believe that, especially through it’s 3rd party integrations, Zuora can support its users more widely in their day-to-day operations.

Fig. 1 – Screenshot of Zuora’s “Quotes” overview – Taken from: https://www.getapp.com/finance-accounting-software/a/zuora/

9966-1523463673

Fig. 2 – Zuora’s 9 keys to building a subscription based business – Taken from: https://www.zuora.com/vision/the-9-keys/

  1. Price – Find your sweet spot. Dynamically adjusting pricing and packaging is the surest way to attract and retain customers, and multiply the value of your relationships.
  2. Acquire – Boost subscription rates with tools like flexible promotions, integrated quoting and multi-channel commerce.
  3. Bill – Subscriptions mean more invoices and more payments. Automatically generate fast, accurate bills and deliver them online.
  4. Collect – Get paid. Collect payments instantly through automated and manual channels, while maximising completed transactions and minimising write-offs.
  5. Nurture – Build beautiful relationships. Keep your customers engaged and happy. Seamlessly manage rapidly changing upgrades, conversions, renewals and other orders.
  6. Account – Measure everything. Twice. Zuora plugs straight into your accounting software and General Ledger. Register subscription and process deferred revenue with ease.
  7. Measure – No paper, no worries. Analytics make forecasting, accounting close and audits a breeze. Plus, it gives you the right insight your subscribers, so you can make smarter decisions.
  8. Iterate – Try something new every day. Subscriptions can involve complex customer relationships. Zuora lets you iterate and test what’s working with just a couple of clicks.
  9. Scale – Get growing. Zuora is built on a secure, scalable technology infrastructure. So wherever you start out, we’ll keep the system running as you grow.
Fig. 3 –  Screenshot of Zuora’s “Customer Accounts” page – Taken from: https://www.crunchbase.com/organization/zuora#/entity
zuora-1
Related links for further learning:
  1. https://www.boomi.com/solutions/zuora/
  2. https://www.zuora.com/product/partners/
  3. https://connect.zuora.com/appstore/apps
  4. http://fortune.com/2014/06/10/10-questions-tien-tzuo-founder-and-ceo-zuora/
  5. http://www.forbes.com/sites/edmundingham/2015/10/13/why-own-anything-anymore-zuora-founder-explains-rise-of-subscription-economy-at-subscribed-ldn/#735812d65a49
  6. http://blog.servicerocket.com/podcasts/episode-7
  7. https://www.zendesk.com/customer/zuora/
  8. https://medium.com/the-mission/the-greatest-sales-deck-ive-ever-seen-4f4ef3391ba0#.xbezrudzi
 

Tags: , , , , , , ,

App review – Qapital

As my readers might know by now, I’m always on the lookout for new apps or any other technology innovations that provide a simple but great customer experience. I think I’ve found another one in Qapital, an app that enables people to “Save small” and Live large.” The app lets people make small savings in an automated fashion. Qapital makes it easy to create (1) saving goals and (2) set up rules to trigger deposits into one’s Qapital account (see Fig. 1 below).

Fig. 1 – Qapital user interfaces – Taken from: https://letstalkpayments.com/keep-lookout-amazing-pfm-app/

qapital_01-1024x501

These are the main components of the Qapital app:

  1. Choose a Goal – User can set monetary Goals through the Qapital app. Unfortunately, the Qapital app isn’t available in the UK yet, so I couldn’t set up a Goal through the app. However, once you download the Qapital app, users can set their own saving goal or select one of Qapital’s pre-selected goals.
  2. Create a Rule – Qapital users can create Rules to managing their saving habits. Rules are events that trigger the Qapial app to transfer money fro a user’s linked account to their Qapital account. For example, if you find yourself spending a lot of money on guilty pleasures like tech gadgets or trendy trainers, you can set up your own “Guilty Please Rule” (see Fig. 2 – 3 below).
  3. Connect to IFTTT – Users can link their Qapital account to their everyday (online) activities through IFTTT. IFTTT is a free web-based services that enables users to create “recipes”, which are simple conditional “If This Then That” statements. These statements are triggered based on changes in services such Gmail, Facebook, Instagram and Pinterest (see Fig. 4 below).

Main learning point: I love how Qapital encourages people to save and makes it very easy to do so! Call it gamification or jusr great user experience, Qapital has created a very compelling proposition and product in my view.

Fig. 2 – Screenshot saving Rules on Qapital’s app – Taken from: http://www.tested.com/tech/android/564019-google-play-app-roundup-qapital-dub-dash-and-evo-explores/

qapital-2

 

Fig. 3 – Rules that users can create on Qapital – Taken from: https://www.qapital.com/how-it-works

  • The guilty pleasure rule – This Rule has been design to help users curb their spending habits. If you feel that you really gotta have it, you can create a Rule to save a set amount when you give in to your guilty pleasure.
  • The spend less rule – Users can decide on a cap for how much they want to spend in one place, and they can then challenge themselves to spend less than that. When you come in under budget, the remaining amount is automatically to sent to a user’s Goal.
  • The roundup rule –  This Rile lets users round up their change every time they make a purchase with their card linked to their Qapital account. Qapital’s average user saves $44 each month with this Rule.

Fig. 4 – Connecting users’ Qapital accounts to their online actvities – Taken from: https://ifttt.com/p/qapital/shared

screen-shot-2016-10-26-at-07-49-34

Related links for further learning: 

  1. http://www.advisoryhq.com/articles/qapital-review/
  2. https://ifttt.com/p/qapital/shared
  3. https://ifttt.com/qapital
  4. http://www.ourfreakingbudget.com/qapital-app-review/
  5. http://www.americanbanker.com/news/bank-technology/can-mobile-apps-prod-millennials-to-save-this-startup-thinks-so-1073121-1.html
 
2 Comments

Posted by on October 26, 2016 in FinTech, Gamification, Mobile, User Experience

 

Tags: , , ,

Lending revisited: Bond Street

Bond Street lends to small businesses that might typically struggle to get a loan from traditional banks. In a recent talk on a MIT Fintech course that I was doing, David Haber – Bond Street’s CEO/Founder – mentioned how Bond Street saw a clear niche in the market for small business loans and acted on it. Haber encountered a problem that seemed pretty common for early stage, online small businesses: banks or other financial services offering small loans for short durations at high rates. To resolve this problem, Bond Street offers loans range between $50k-$500k, for as long as 1-3 years and with rates starting at 6% (see Fig. 1 below).

Fig. 1 – Loan size, rate and terms comparison between Bond Street and other small business lenders – Taken from: https://bondstreet.com/

screen-shot-2016-10-11-at-07-42-33

Fig. 2 – Overview of Bond Street positioning – Taken from: https://bondstreet.com/blog/an-introduction-to-small-business-financing/

bond-street-v2

In the MIT talk, Haber mentioned that OnDeck – a direct competitor of Bond Street – offers small business loans for an average amount of $35k, 10 months’ duration and charges of 40% Annual Percentage Rate (‘APR’). Bond Street competes on rate and speed, but as Haber explained, the business is very focused on “offering more value beyond the economics of a loan, since capital is essentially a commodity.”

Haber then explained that technology allows Bond Street to not just innovate on the loan transaction itself, but to provide a great customer experience on either side of the transaction. For example, by offering a borrower data about similar size businesses, the borrower can then make a better informed decision about taking up a loan.

Fig. 3 – Screenshot of Bond Street online loan application form – Taken from: https://www.nav.com/blog/376-decoding-a-loan-offer-from-bondstreet-4788/

screen-shot-2016-10-11-at-07-56-36

Haber mentioned one other thing which really resonated with me: “building an ecosystem around your business.”  By, for example, leveraging data on an entrepreneur across a network of (similar) entrepreneurs, Bond Street and others can really help people grow their businesses. This doesn’t mean committing data violations, but using data to build an ongoing relationship with one’s customers, and being able to warn them about potential risks or suggest new market opportunities.

A great example is how easy Bond Street makes it for its customers to link to their accounting packages (see Fig. 4 below). I see this is a simple but good example of creating an ecosystem where data is combined in such a way that people and business can derive tangible benefits from it. Through linking to your accounting package as part of the loan application process, businesses save a lot of precious time and effort, since they no longer have to manually input all kinds of financial data.

Fig. 4 – Screenshot of Bond Street’s functionality which links to one’s accounting software – Taken from: https://www.nav.com/blog/376-decoding-a-loan-offer-from-bondstreet-4788/

bondstreet-accounting-link

 

Main learning point: Even though lending isn’t a new proposition, I really like what Bond Street are doing when it comes to offering loans to small businesses. It has carved out a specific market niche – small, early stage businesses – that it targets with a compelling proposition and an intuitive customer experience to match.

Related links for further learning:

  1. https://www.thebalance.com/what-does-apr-mean-315004
  2. https://bondstreet.com/blog/category/resources/
  3. http://www.forbes.com/sites/laurashin/2015/06/18/6616/
  4. http://www.peeriq.com/p2p-explosion-business-models-may-change-risks-still-need-managed/
  5. https://bondstreet.com/blog/an-introduction-to-small-business-financing/
  6. https://bondstreet.com/blog/a-beginners-guide-to-cloud-based-accounting-software-ii/
  7. https://www.fundera.com/blog/2016/06/01/application-process-works-bond-street
  8. https://angel.co/bond-street
  9. https://www.nav.com/blog/376-decoding-a-loan-offer-from-bondstreet-4788/
  10. https://www.fundera.com/blog/2016/06/01/application-process-works-bond-street

 

 

 

Tags: , , ,

App review: Swish

New payment technologies seem to be springing up left right and centre … Swish is another innovative payment platform which I encountered recently. About two years ago six Swedish banks launched Swish. Swish is a mobile app that lets people use their mobile phones to make payments and transfer payments to someone else’s banks. The money gets sent in real-time between the bank accounts and consumers subscribe to the service via their bank.

swish_app

Fig. 1 – Screenshot of Swish – Taken from: http://www.windowscentral.com/send-and-receive-funds-easily-swish-windows-phone

“Payments. Anytime. Anywhere.” is Swish’s motto. I can see how Swish’s mobile point of sale functionality competes directly with the likes of Square, iZettle and Klarna. The biggest difference between Swish and iZettle is that for the later retailers need to have a card reader to accept payments. With Swish this isn’t strictly necessary, provided you’ve authenticated your account details via the Swish app (see step 3 in Fig. 2 below).

 

screen-shot-2016-10-08-at-08-17-20

Fig. 2 – Swish Mobile POS – Taken from: http://swishme.com/mobile-pos/

Other competitors in Swish space are Whywallet and Seamless. With Seamless for example, consumer payments are encrypted and secured through one’s PIN code. As a result – similar to Swish – there’s no longer a need for a user to enter her bank or credit card details when paying (see Fig. 3 below).

downloadproces_01092015_ie_eng

Fig. 3 – Onboarding process for Seamless’ SEQR mobile wallet – Taken from: https://www.seqr.com/nl/en/faq/

Main learning point: Even by just looking at the number of competitors in the payments space, it’s easy to see how payment experiences will become ultra seamless in just a few years’ time. With its focus on simplifying payments as much as possible, Swish is no exception in this respect.

Related links for further learning:

  1. http://ecommercenews.eu/swedish-banks-want-use-swish-ecommerce/
  2. https://www.finextra.com/pressarticle/61536/swish-payments-obtains-visa-membership-ahead-of-european-pilot
  3. http://www.paymentscardsandmobile.com/swish-mobile-payments-amazing-success/
  4. http://www.windowscentral.com/send-and-receive-funds-easily-swish-windows-phone
  5. http://swishme.com/mobile-pos/
  6. https://www.seqr.com/nl/en/faq/
 
 

Tags: , , , ,