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Penny The Financial Assistant

Naveed R
Naveed R

The document proposes creating a financial assistant named Penny to help prevent customers from accidentally entering debt collections, open communication for those who miss payments, and connect people in financial hardship with assistance organizations. Penny would use open banking to assess income/expenditures, identify financial/mental health issues, and direct users to free advice organizations. The benefits would include avoiding bank fees, reducing collections, and helping more people avoid debt issues through a friendly, non-judgmental virtual assistant. Example personas presented include a socialite living beyond her means, a man struggling as a single parent, and a recent graduate adjusting to independent finances.

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PROBLEM STATEMENT How do we: help stop customers entering into the collections process accidentally? open up communication with customers who miss repayments? connect people in financial difficulty to help?
NORMAL COLLECTIONS PROCESS Miss Payment Send NOSIAs (Letters) Charge Collections Fee - 贈25 Call Customer Send Letter Make Arrangement Write Off GET IGNOREDAGAIN!
PENNY THE FINANCIAL ASSISTANT How it will work Connects to Open Banking Use open banking to assess income and expenditure Assess financial or mental health problems and points the user towards free organisations that can provide advice
HOW TO FIND OUT ABOUT PENNY Recommendation from Charity Supports Citizen Advice Bureaus Financial institutions - Part of Native App Loan company makes condition of loan or credit card
PENNYS PERSONALITY Empathetic so people know they wont get an ear bashing when things go wrong Positive can-do attitude, focused on solutions Realistic doesnt get the customers hopes up Friendly even when delivering bad news Fun especially when reporting on the day-to-day
WHAT ARE THE BENEFITS? Doesnt need to log into online banking Face-less no human judgement No lengthy income and expenditure forms Fairer Avoid bank charges for accidents User Cost-efficient less time and money spent chasing the customer CSR refer people to organisations that can help Fewer people enter the collections process Company
PERSONAS Reckless RheaUnfortunate UmarForgetful Fran 30 yrs old Works in marketing Tech savvy Socialite Lives in London Financially lives on credit, switching between credit cards often. DDs pay for gym, Netflix, Spotify, cards Active on social media Has Open Banking 45 yrs old Head of dept in a telecoms co. Tech adept Wifes left him and hes looking after 2 children Now paying more for childcare, solely responsible for the mortgage, schools fees etc. Feeling down about the situation 22 yrs old First job out of university Tech savvy Managing cash for the first time Enjoying life goes out 3 times a week, eats out more often than cooks Drives a brand newVW golf, paid for with finance Rents a room in a shared house with 3 others
FORGETFUL FRAN NEEDS An easy way to remember what money is going out when To know before it happens when she is going to miss a payment Prototype link
Penny The Financial Assistant

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Penny The Financial Assistant

  • 1. PROBLEM STATEMENT How do we: help stop customers entering into the collections process accidentally? open up communication with customers who miss repayments? connect people in financial difficulty to help?
  • 2. NORMAL COLLECTIONS PROCESS Miss Payment Send NOSIAs (Letters) Charge Collections Fee - 贈25 Call Customer Send Letter Make Arrangement Write Off GET IGNOREDAGAIN!
  • 3. PENNY THE FINANCIAL ASSISTANT How it will work Connects to Open Banking Use open banking to assess income and expenditure Assess financial or mental health problems and points the user towards free organisations that can provide advice
  • 4. HOW TO FIND OUT ABOUT PENNY Recommendation from Charity Supports Citizen Advice Bureaus Financial institutions - Part of Native App Loan company makes condition of loan or credit card
  • 5. PENNYS PERSONALITY Empathetic so people know they wont get an ear bashing when things go wrong Positive can-do attitude, focused on solutions Realistic doesnt get the customers hopes up Friendly even when delivering bad news Fun especially when reporting on the day-to-day
  • 6. WHAT ARE THE BENEFITS? Doesnt need to log into online banking Face-less no human judgement No lengthy income and expenditure forms Fairer Avoid bank charges for accidents User Cost-efficient less time and money spent chasing the customer CSR refer people to organisations that can help Fewer people enter the collections process Company
  • 7. PERSONAS Reckless RheaUnfortunate UmarForgetful Fran 30 yrs old Works in marketing Tech savvy Socialite Lives in London Financially lives on credit, switching between credit cards often. DDs pay for gym, Netflix, Spotify, cards Active on social media Has Open Banking 45 yrs old Head of dept in a telecoms co. Tech adept Wifes left him and hes looking after 2 children Now paying more for childcare, solely responsible for the mortgage, schools fees etc. Feeling down about the situation 22 yrs old First job out of university Tech savvy Managing cash for the first time Enjoying life goes out 3 times a week, eats out more often than cooks Drives a brand newVW golf, paid for with finance Rents a room in a shared house with 3 others
  • 8. FORGETFUL FRAN NEEDS An easy way to remember what money is going out when To know before it happens when she is going to miss a payment Prototype link