The principles, frameworks and techniques described in this section are designed to improve comprehension, time to comprehension and propensity to share data.
Improving Customer Outcomes
Organisations have a responsibility to inform their customers about data sharing. This can be achieved through written, visual, auditory and interactive content.
This section introduces:
- Behavioural design techniques that can be used to help understand the motivational forces that encourage or inhibit customer’s willingness to participate in Open Banking data sharing.
- Design considerations for Privacy Notices and Terms and Conditions.
- Evidenced-based guidance from the Behavioural Insights Team that might aid in enhancing customer understanding and informed action.
This information is presented as high-level guidance and principles. TPP’s (and ASPSP’s) will have to interpret these for their specific proposition and regulatory needs.
Changing Customer Behaviour
Open Banking challenges the way customers think about Financial Services. They’ve been told not to share their personal information – now they are being encouraged to do so. If they are to make this transition, it is critical they understand the implications, benefits and safeguards.
The first time a customer encounters an Open Banking proposition, they experience a variety of motivational forces. Some of these forces encourage them to share their data, others induce anxiety and resistance.
© The Re-Wired Group LLC.
Organisations that amplify ‘progress making forces’, and counter ‘progress hindering forces’ will increase adoption of their Open Banking proposition. Optimal communication is therefore crucial to the success of new propositions: it will increase confidence in the unknown and help encourage customers to change long-term patterns of behaviour around data sharing.
Designing customer journeys
Customers are focused on achieving personals outcomes and they use products and services to achieve them. Understanding how customers think about these outcomes will help you design effective journeys that help customers understand the value of the data they are being asked to share.
This challenge is communicated by The 9x Effect. This model demonstrates that individuals have a number of behavioural biases which combine to make them overvalue the way they currently do things. It also suggests that many organisations tend to overvalue what hey offer the market.
© John T Gourville
To counteract this, you can use behavioural design methods outlined in the BJ Fogg Model.
In the context of Open Banking, this is critical. Customers are being asked to ‘actively’ share their data. This requires a shift away from today’s ‘passive’ consumer data sharing.
Increasing propensity to share data
Consent-based data sharing is a specific activity which is new to customers. You can read about Fairer Finance “Clear and Simple” principles.
Fairer Finance: Clear & Simple Principles
The UK Organisation which campaigns for clearer communication in Financial Services has the following 3 key principles:
- Clarity of Language
Including analysis of Reading Grade, conversational tone, use of jargon and use of examples
- Clarity of Design
This includes analysis of white space, hierarchy of information, navigability, font size and colour.
- Clarity of Content
This includes analysis of whether key product features are prominently and clearly explained.
For more information visit the Fairer Finance website https://www.fairerfinance.com/
© Fairer Finance
Designing these experiences is new for many organisations. To start with, consider these three primary objectives:
Minimise time to Comprehension
propensity to share
- T & C’s, Privacy Notices and Consent Screens require presentation with a strong visual presence to stop users skimming over it.
- Icons should be deployed to create a more distinctive look and feel to minimise associations with T&Cs.
- Customers will understand that they need to give their permission, so use a call to action (CTA) to “Allow” permission.
- Clarify (through primary headings) why consent is needed (e.g . to “Request”, “Access” or Share” information).
- Build in positive friction that interupts customer flow, forcing them to consider key content and the decisions they are about to make.
- You can refer to the plain English website http://www.plainenglish.co.uk/services/crystal-mark.htmll and you can use readability tools such as http://www.readabilityformulas.com/
- Readability tools give an indication of ease of comprehension, but there is no substitute for testing with real customers.
Customers expect to be able to absorb information easily, and usually scan a page for the key points.
There are useful techniques that can be employed to achieve this:
- Use Icons.
- Allow content to fit on one screen but minimise scrolling – so important information isn’t quickly scanned past.
- Shift important page copy lower in the screen.
- Reduce text on-screen.
- Use headings to answer questions (“Fast Dispatch” instead of “What you’ll get in return”).
- Add additional information through progressive disclosure, allowing access for those who want to know without overloading the UI for those who do not.
- Remove frequency aspect, but describe in detail through additional links.
- Ensure benefits land at the start of the journey to help drive interest and completion.
- Make it clear why this is new / better / different .
- Use jargon-free copy and set clear expectations for service features and benefits.
- Offer one-time permission.
- Describe how to manage data access (and make it easy).