Future of Banking

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To change what banking means to a millennial by redefining the industry structure through unparalleled innovation across the digital spectrum.

The Objective

To bring about an evolution in the banking industry by creating a feature list that a millennial would identify with; taken from the end user’s core interaction patterns with a bank – Spend, Save and Be Secure.

In order to address the objective, we decided on a Design Thinking approach, with a four-layered approach:

Secondary Research

In-depth research and analysis of the current best practices, trends, and disruptions happening in the banking sector.

Research shows that millennials still want human interactions, they just want them mediated through digital channels. They want a bank that understands their particular needs and lifestyle.

Card Sorting

A robust experiment into identifying the priorities from the given feature list, according to the user’s preferences.

The purpose of card sorting is to determine user preference of the features of banking across priorities. The features are segregated across these vitality factors: Most important, Very important, Not so important and Ignore.


Laying out the features into visually identifiable elements in a mobile app format. Considering the research, features identified and the way new-age banking and fintechs are approaching the problem statement, the proposition we adapted revolves around three aspects – Make Saving a Habit, Enable Smart Spending and Provide a Complete Digital and Personalized Experience.

Concept Acceptance Test (CAT)

Identify whether the users resonate with their preferences when it is given in a designed version.

To understand if the Digital Bank concept would be understood and accepted by the target audience, we conducted a concept-acceptance test with 10 participants.

We evaluated the primary factors that affect a user’s intention to use technology: Perceived Usefulness and Perceived Ease of Use.

CAT Methodologies that are adapted: Microsoft’s Desirability Toolkit, Net Promoter Score (NPS), User Flow and Terminology Test


The results of our research show that all the participants were interested in the Digital Bank concept. Ninety percent of the participants clearly understood the concept, the flow and the terminologies used in the app.

From the NPS score, we can gauge that 90% of the participants (promoters + passives) were happy with the experience the app provided.

The promoters would readily shift from their existing banking providers to a Bank that provided the Digital Bank app and are highly likely to be loyal enthusiasts who will refer others, fuelling growth.

The passives would shift to Digital Bank and, eventually, promote the concept, as long as they perceive it to be useful.

Singular Digital Banking

The Digital Ecosystem in Banks, as it is right now, constitutes a wide spectrum of applications with overlapping features forcing the customers to download multiple applications for specific requirements.

A New Age Digital Bank concept is developed via a holistic approach to Design Thinking that includes Secondary Research, Card Sorting, Prototyping and Concept Acceptance Test.

The singular digital banking platform is not only an evolution but also a conglomeration of all the existing applications in the digital ecosystem. This platform is embedded with all the relevant and useful features necessary for today’s millennial to spend, save and be secure.

Proposed Structure

  • Persuasive Layer: Making savings and smart spending a habit.
  • Instant Payment Solutions: Bill Pay, Mobile Recharge, Money Transfer, Split Bill and more.
  • Core Banking: Transaction Accounts, Loans, Mortgages, Payments, Internet Banking and Mobile Banking.
  • Goals & Investments: On the go goal-setting with the ability to monitor and manage it. Keep them up to date with market trends and provide financial planning and investment recommendation.
  • Analytical Layer (PFM): Monitor customer’s spending patterns to derive actionable insights.