Discover, be set, create, reflect

Abstract

In the course of 2018, the revised Payment Service Directive (PSD2) will become noticeable in people’s day to day use of digital financial services. The PSD2 requires banks to provide third parties access to users’ payment account information, if a user requests to do so. This enables both banks as third parties to bring users’ account information together in one place and to develop financial services on top of users’ account information.

Virtual Affairs (VA), the company for which this project is executed, is specialised in developing digital channels for financial service providers. VA aims to inspire and guide clients in their innovation efforts. Grounded examples of how PSD2 can be translated into new value propositions would support VA in inspiring clients and in their own concept development. The assignment of this project is therefore to design these value propositions, based on the question: How can PSD2 be applied in propositions which are meaningful to end-users and valuable to potential clients of VA?

The design solution
From the perspective of four user profiles, four value propositions were developed. The propositions were tested which resulted in the requirements that the service should be actionable, optimistic and explorative. Also, the insights enabled to determine the core essence of each proposition, reflecting the basic and most important quality for the relevant user type. The essences are as follows:

1. To discover
For artisans, the most important quality is defined as ‘to discover’: Discovering what is in their power to change and what the impact of these changes would be, in an explorative and playful way.

2. To be set
For guardians, the most important quality is ‘to be set’: to be set for the future and upcoming situations, in an anticipatory and assuring way.

3. To create
For rationalists, the most important quality is ‘to create’: Creating their own rules, plans, and challenging themselves with confidence and pride.

4. To reflect
For idealists, the most important quality is ‘to reflect’: Reflecting on where their money is going to and to what extent this is in line with what they find important, and tho dream about future possibilities.

Based on these essences, the final propositions were designed and combined into one showcase. To be able to serve the differences in objectives of clients, the propositions are modular: variations can be made based on different parameters - such as whether only the clients’ own financial products or also third party products are offered within the digital service.

Value for VA and its clients
The propositions and reasoning behind them were evaluated with a UX designer and client of VA. The reactions were very positive and the propositions will be shared and used as input in ongoing projects. The propositions add value to the client’s current activities and strategy, among others because they contribute to becoming a central place of users to manage financial matters - especially since the propositions connect transaction data (the scope of PSD2) to other financial needs (e.g. around life events and financial planning). In addition, the propositions can be used by VA internally to serve as inspiration and input for various ongoing projects.