Citi Consumer Innovation Lab:
Concept Testing P2P Lending
Background:
Citi has created a P2P payment experience that allows mobile users to send money instantly in the context of chat or text. In this case study, the product will be referred to as MoneySender. This case study does not include all design recommendations in this case to protect the identity of the client.
When: January 2016 in New York, NY
Role: Research Coordinator
Developed screener, vetted participants
Created moderator guide
Moderated 15 interviews
Analyzed and Synthesized Final Report
Testing Objective
Determine how users like to conduct P2P payment
Gather overall impressions and feedback on the keyboard flow of sending money
Gather overall impressions and feedback on the actual app (when opened directly)
Methodology
In-person moderated interviews using InVision prototype
N=15; Mobile banking and P2P payment users
Gather overall impressions and feedback on the actual app (when opened directly)
Key Themes
Tension between ease of use and security
Users with more responsibility (ex: parents/managers) value additional authentication measures for security; too few steps raises suspicions
Lending money is a time-sensitive but awkward process; users had concerns on etiquette when requesting or sending money
Security was a major concern and some services were no longer used because of technological hiccups (ex: $ sent to wrong account) and perceived fear (ex: news or horror stories)
Difficulty installing a "keyboard"
Not knowing the banking institution of the recipient
Having different banks hinders the transfer process
Users found that waiting for money to transfer was annoying
Discussing money is awkward (possible solutions are to make it more fun, make it customizable, or have a basic formal template)
Some users found that forgetting to pay someone for money owed was embarrassing and would prefer to do it while the action was fresh in their minds
Users did not want to give out personal details or bank information; they wanted to have only one payment source (i.e. PayPal)
Pain Points
Users wanted instantaneous transfers
Many users tended to make transfers shortly after money was lent
Most users communicated by SMS (vs. other chat applications) when discussing money owed or paid
Families often share the same banking institutions
Families frequently send money with internal bank transfers (Chase QuickPay or Pop Money)
Users tend to trust banks more to make money transfers than using a third party
Users tend to be willing to try a service if someone else was using it (Ex: PayPal or Venmo)
Users used 3rd party services such as PayPal and Venmo more often because there was a critical mass amongst their social group/family in using it
Behavioral trends
Competitive Analysis
Paypal vs. Venmo
PayPal: Used because of popularity/ ubiquity in the payment market; however a few cited issues with misdirected payments
Venmo: Several younger users felt obligated to use it because their friends were using it; once they started, they used it frequently and greatly valued the ease of use
Prototype overview
Prototype overview
User prompt: Imagine that you’ve decided to try a new product by your financial institution where you can send money using the tap of a button. Install the MoneySender keyboard and send money to a friend using while texting.
Task 1: activation of keyboard
Task 2: Sending Money
Concerns & Pain Points
Concept Feedback:
Positive Sentiment, Significant Barriers:
Keyboard idea was positively received by most participants with value seen as as requiring less work, being easier, being quicker, motivating them them to pay ASAP (vs waiting), sending payment could be seen as being done in context of a conversation
Most users needed debit card integration because did not know their bank account information
Many users would not use the app at all if it was only amongst Citi members
Usability Concerns
Setting up the keyboard posed significant challenges, especially to users who had never done so before
Users were able to perform tasks (sending money in keyboard) with little to no assistance
Some expressed concerns about the confirmation message (would like additional confirmation such as email or push notification)
Branding
Most users preferred "Powered by Citi"
Most users felt that branding the product as "Citi" would imply that it was for Citi Customers only
Discussing money is awkward - solutions can make the experience more “delightful” or “engaging” through customizability
In-text P2P Payments are desirable - Some users found that forgetting to pay someone for money owed was embarrassing and would prefer to do it while the action was fresh in their minds
Critical Mass of product adoption by peers is necessary - moving money ACROSS financial institutions will be ideal for users
Set Defaults that balance ease of use and “stickiness” of completing the transaction (making it difficult enough to prevent accidents)
Key Takeaways
Outcome
Due to barriers to entry identified in this report, this product MVP concept was not accepted for pilot testing launch in Asia markets.