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'Abacus' - future of personal finance project
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‘Cloud Computing’ 0 101 1010 01010 1101 00010 0100 0
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‘abacus’; the futu 1 0 1 s0o0n a 1 0 1f0i n1a 1 0 1 0 0 1 1
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What Cloud Computing?
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The capabilities of cloud computing in the future:
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increased remote access
remote hardware, so lesser need for high powered personal computers
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huge remote storage space 101 1010 10101 0010 11101 101
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For human experience this now means: 010 1010 01010 0010 01011 0
the cloud can process huge amounts of information on you 010 0101 10101 0101 10010
it can sense and remember things for you 101 1010 10101 1010 01010
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it has the ability to grow as you grow, getting to know you and you habits
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3. Money Today, Money Tomorrow
Cloud computing is As we move away from “It is likely that there will be
a technology that is physical money towards few people
beginning to influence our a cashless society, what outside the reach of wireless
everyday lifes. With 24hr will this begin to look communications by
internet access, virtually and feel like? How will 2020”
anywhere, coupled with an we understand our own *Scenarios for Branchless
Banking in 2020
unprecedented processing money, pay for things and
power, its influence on the experience the financial
financial industries and world by 2020?
the individual leaves huge
opportunity for new user
experiences.
?
4. Finances in the Cloud
Currently, we are seeing
the introduction of money
management systems, centred
around the iphone and online
platforms. These systems
gather your financial data - bank
accounts, card transactions etc -
into one place and allow users to
access on the go.
What they do not do is provide
a place to experiment and
learn about your money. They
do not give a user a sense of
nurturing their own personal
financial knowledge and grow an
understanding of their own money
as they themselves grow older.
Users need tailored assistance
from a system that knows their
behaviour.
5. Future Financial Behaviour
“ the n um b e r o f f ul l t i m e , “ Mo re serv ic es = “ t h e a v er a g e B r it is h h o us eh o ld h a s
“only 10%of transactions ‘perm a n en t ’ e m p l o y ee s i s p red i ct e d m o re t ra n s a c t io n s ; 1 4 r eg u la r f in a n c ia l c o m m it men t s ,
in t h e U S will be cash by to decl i n e a s t he ra n k s o f co n t ra ct i n co m e s, DD s , SO s , a ll o f w h ic h r eq u ir e p a y men t by
t h e ye a r 2020” wo rke rs i n cre a se”
* AC N i e l s en sub scri p t i o n s . . . ” dir ec t debit o r s t a n din g o r der ”
Of f ic e o f t h e F urt ure 2020 *goodwebguide (2003)
H o w w i l l we Multiple jobs and changing careers Invisible m o n ey The re a re a hu ge n u mb e r
e x p e r ie n c e money mean money from different places transfers m a ke i t e a s ie r, of mon ey t ra n s fe rs t ha t
if p h ys i c a l cas h is at different times; how will this be but more in t a n gib l e , t o a r e v e r y ha r d t o ke e p t r a c k
har d er t o c o m e by? exp er ie nc e this? spend mon ey of a n d u n de rs t a n d
6. Future Industry Trends
I visited the Chartered
Institute of Bankers in
Scotland (CIOBS) and
gained some valuable
insights into the future of
banking, from a industry
point-of-view.
This ‘live’ illustration,
drawn during a discussion
with leading financial
figures, predicts a massive
shift towards generating
relationships based on
satisfying the customer’s
financial need at key times
in their lives.
*Shaping the future if banking: ‘Dynamic portfolios’: c. 2020
A ten year vision
money management tools ‘Aggregate financial services’: ‘Customer life cycles’:
that begin to know you; accessing all your money and building and sustaining
personalised and intelligent to assests from anywhere at valuable relationships with
each individual need anytime customers over entire life
spans
7. Future User Groups
8 DDs/SOs/Subscriptions
Teenager/Student
rent managing money for the first time
lifestyle spending
Many young people start out their
financial life with no idea of how to
manage money, be it simple budgeting
or developing their savings accounts
student loan part-time job for the future.
User Need: a service that allows young
users to manage, learn and develop an
understanding of their own personal
financial situations, from day one.
tuition fund
1 account
8. Future User Groups
18 DDs/SOs/Subscriptions
pensions lifestyle spending Young Couple
multiple jobs, on the property ladder
Young couples find themselves having
2 accounts 2 accounts to deal with a new way of managing
not only their own money but their
partners too. Multiple accounts,
2 jobs 3 jobs lifestyle balancing and preparing for
the future are key considerations in
their financial world.
savings User Need: a service that allows
ISAs couples to play with future financial
scenarios to gain insights and make
informed decisions, while also being
loans mortgage able to manage their day-to-day
finances.
1 joint account
joint account
9. Future User Groups
24 DDs/SOs/Subscriptions
pensions children, education Middle-aged
still working, pension planning,
multiple savings
part-time job late retirement
(still working) With people working longer it is
important for older users to keep up
with the progress of their pensions and
loans paid back holidays other savings, and plan carefully for
their retirement. With similar needs
to the younger users, the older user is
keen to balance commitments with a
fruitful lifestyle.
ISAs savings
User Need: a service that allows older
users to plan effectively for retirement,
shares mortgage(s) view and play with the possible uses of
their money, and above all enjoy life in
3 joint accounts ‘the silver- age’.
joint account
10. Customer Lifecycle
8 DDs/SOs/Subscriptions 18 DDs/SOs/Subscriptions 24 DDs/SOs/Subscriptions
pensions lifestyle spending pensions children, education
rent lifestyle spending
2 accounts 2 accounts part-time job late retirement
(still working)
student loan part-time job 2 jobs 3 jobs loans paid back holidays
savings ISAs savings
ISAs
tuition fund
loans mortgage shares mortgage(s)
1 account 1 joint account 3 joint accounts
Cloud computing can , and will, effectively initiate the creation of a new understanding of our money and
how we experience our personal financial world.
Considering the processing power that ‘the cloud’ can access, users of all ages throughout an entire life
span will not only gain a better understanding of their money, but have their money understand them.
11. Brief
Design an experience that allows users to understand their
money better at different periods of their life’s. In easing the
transitions between, for example, managing money for the first
time right through to preparing for retirement, allow a user to
view and play with their financial scenarios that inform them of
their short, mid and long time personal financial outlook.
12. Concepts
In our internet, ‘sign-in’ culture, we have many online profiles and thus a
lot of information and statements on our lifestyle choices and preferences.
What if your money could understand these preferences and suggest ideas
that relate to not only your financial situation, but to your desires and
lifestyle, adding value to your money.
all registered sites
details your account activity
plans/aspirations
networks comes independently
from your cloud
lifestyle statements
wage/income
In this idea you would sign onto your own ‘personal cloud’ that would immediately access all
the online content on you. Combining the sites you are affiliated with and your incomes, the
cloud would begin to understand your lifestyle and suggest ideas based on your interests.
For example your facebook status hints at going on holiday so the cloud can pick up on the
fact you will be paid on X date and you prefer flying with Ryanair.
13. Concepts
As money becomes even more intangible and somewhat invisible, ‘the
cloud’ can play its role in assisting the tangibility of money. All your credit
debit car d debit car d
and debit cards would reflect the activity on your account, shrinking
and growing as transactions take place. By remaining solely coloured and
your account activity
not revealing figures, the system would still remain private.
debit car d debit car d
electron electron
14. Concepts
An interface that displays all your finances in a playful manner would entice
Virgin
Team
Sales
users to move their finances around and see what it could look like, mimicking
an abacus. I mapped out all the commitments that people commonly balance
and how a simple interface could help build a different type of portfolio - one
that lets the user see all their finances on a short and mid-term basis. £800p/m
Account X Account Y Account Z + Account
Incomes Commitments Preparation
10%
Virgin
Team
Sales
Pension
£800p/m
view your
Audi Ltd
£980p/m finances as 3
separate areas
RBS
Personal
Loan
£200p/m
£100p/m
Future
Now
Incomes Commitments Preparation
Virgin
Team
Sales
+
£920p/m
flick to ‘future
TV License
British Gas
Mastercard
Phone +
Gym
Internet
Bannatynes
Store card
TopShop
Audi Ltd
BT
Car
+
mode’ to play
£1220p/m
with your
finances
RBS
Personal
Loan
--
£150p/m
Now
Future
15. Key Concept
8 DDs/SOs/Subscriptions 18 DDs/SOs/Subscriptions 24 DDs/SOs/Subscriptions
Having talked to a wide number of people - from differing backgrounds, rent lifestyle spending
pensions lifestyle spending pensions children, education
financial situations and periods of their life’s - it became clearer that a new 2 accounts 2 accounts part-time job late retirement
(still working)
understanding of personal money and what you can do productively with it student loan part-time job 2 jobs 3 jobs loans paid back holidays
would suit the needs of an ever-changing world. People generally ask ‘big’ tuition fund
ISAs
savings ISAs savings
questions about money and seek answers that are relevant to them.
loans mortgage shares mortgage(s)
1 account 1 joint account 3 joint accounts
“How will council tax effect my “If I where to have children, how “Will I have enough money to do what I
money/financial life after I leave would I support them?” want to do want to do in my life?”
University?” Ben, one half of young couple Joe, middle-aged
Lizze, student
“How will I know what my pensions “Which pension package will suit me best?”
“How can I get out of my overdraft?” will do if get a new job?” Johnston, nearing retirement
Tom, student Kirsty, changing jobs
“What would happen if I changed my
“Why is my bank charging me for an “How much is owning my car going monthly mortgage repayments to, say,
overdraft; what did I do!?” to cost me?” £180 a month?
Grace, student James, just started new job Richard, late 40s
16. Key Concept
Using ‘the cloud’ as the underlying technology I sketched out a system
that a user would experience over an entire lifespan. I approached the
scenarios with key quotes from users to help build the system.
Users could literally come to the system with a financial query and retrieve completely
tailored and personal advice that relates exactly to their lifestyle and financial well-
being. The system would grow with you and understand how to assist you better in later
years, managing all types of spending, saving and potential financial decisions.
17. Key Concept
Using a simple colour coded ‘abacus’ style aesthetic, a user would relate ‘commitments’ watch your
financial
each button to an area of their money. Then, as your financial life gets more world grow
‘savings’ over time...
complex, you see your finances grow within a system that tracks your
circumstances and your spending behaviour. You could query purchases ‘incomes’
before buying while on the go, as well as making more informed decisions on
your savings, or the progress of your pension for example. ‘query ’
query a price at the point of
purchase and link it to your search for a type of overlay accounts and move
wider financial outlook saving to put on your your money/payments around
financial timeline to see potential affects...
search for a new
income to place of see where your payments
your financial timeline lie in each month and scroll
foward in time...
18. ‘Abacus’
I discussed the concept with
an accountant.His key insight
points out that contrary
to popular belief, people’s
knowledge of money is
often inverted i.e. those
who have a good handle of
their mortgage etc do not
have an grasp of day-to-day
responsibilities, which is
often the other way round
for many people.prints.
The interface would be accessed on a range of devices to enable users to view
their finances where they feel most comfortable. Users could view and play with
their finances privately, with a partner or friends, while at home, on the train or
in a shop. The advantage of a touchscreen ‘Abacus’ would allow users to discuss
their finances in the bank with an advisor, accessed securely with fingerprints.
19. ‘Abacus’
1st 30th 1st 30th
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‘Abacus’; An intelligent personal money system that grows with you and understands your financial behaviour over your
life-span. The system reflects trends within the financial industry towards catering for entire customer life cycles and
allows users to opt in at any stage, making good use of short term spending advice right through to building a pension.