Adjustments to Your Bank’s UX Strategy

Adjustments to Your Bank’s UX Strategy

Among the sea of social media apps, news apps, and photo book-making apps I use – I have three kids! –  is my mobile banking app. I bank at a “traditional” or “retail” bank, meaning it has branches, versus an online-only bank. That being said, I never go to a branch. Anything I need to do I can do using my mobile banking app: check my transactions, transfer money between accounts, or deposit a check. Believe it or not, these things that users have come to expect out of their mobile banking experience, I have had to figure out rather the hard way with my current mobile banking app. The user experience of my bank’s app has never been truly intuitive, though it has gone through multiple iterations. Banking apps should not make it difficult for customers to complete basic tasks. By continuously putting user experience first and applying the following adjustments to your UX Strategy, your bank is guaranteed to drive revenue through customer loyalty. 


The first time I used Venmo, an app designed solely for people to be able to electronically send money, I immediately noticed the intuitiveness of the app. A few months after I started using Venmo, my bank came out with an identical feature. I could send money to friends or family no matter who they banked with. That’s as much as I know about it because the idea of using my bank’s clunky app for a task I found myself doing frequently seemed overwhelming, so I stuck with Venmo.


As more FinTech companies continue to disrupt, develop and innovate mobile banking applications, it will occur at the expense of lost market share for traditional banking institutions.The rising FinTech sector is making it easier making it easier for their customers to do more with their money.


At Shockoe we have advised our financial industry partners to consider two adjustments to their UX strategy as a result of this changing environment:


Implementing machine learning.


I, like many others, have predictable spending habits. I shop at the same places, I pay my mortgage, and I head to the grocery store at the same time. To keep an eye on my spending, I log into my banking app quite regularly.


The reason I point out these things is that this is all data that the banks can use to help make me a “stickier” client. I get random ads sometimes when I log into my account, but they don’t happen as I take an action, nor are they personalized to me.


Banks are leaving a great opportunity to interact with their customers on the table. They could ask questions about unusual spending to improve security and more importantly learn about shifting habits. e.g. “It looks like you made a purchase at Wegman’s last weekend, was that you?”, the app learns that this is now part of my purchase history and the algorithm changes. Similarly, new products could be touted as client data captures what looks like a night out: “Looks like you left the kids at home and recently went to the movies! Did you pay your babysitter with our easy system to send money electronically to people?”


There should always be a way to turn these kinds of alerts off, but banks know so much about their users, and using machine learning capabilities is one way they can use that data to try to engage more with their clients.


Making banking apps more social. 


A big part of Venmo’s popularity comes down to the fact that they’ve tapped into the special sauce of why social media is so popular/addictive. You can interact with people, keep up with their latest transactions and see why they’re sending or receiving money for. Obviously, security is n essential consideration in banking, but for people that are willing to share, this is another outlet for banks to engage their audience, encourage product use, and compete in an increasingly competitive FinTech industry.


Do people want to be able to brag about their savings account interest rate? What else are people comfortable with being able to show off in regards to their banking relationship? We work with our clients to run user group feedback sessions to find the answers to things like this. User feedback should be an essential consideration in designing an engaging user experience that extends beyond logging in and checking on account statements.


Banking apps should no longer think of themselves as a one dimension account statement viewing portal. FinTech will eventually edge them out of services such as peer to peer payments (venmo), machine learning (mint), and potentially edge them out of being a provider at all in lucrative services. I am a project manager at Shockoe and I’ve worked with two large banking clients as part of my tenure here, and these thoughts are coming from meetings with them and our approach helping them stay engaged with their user base and attract more users through their mobile app solutions. What’s cool is our clients know we work together to create mobile applications that people use, love, and remember, and that sometimes the problems are even solved by the project management team.

[INFOGRAPHIC] The Future of Enterprise Mobile Applications: Predictions for 2018 and Beyond

[INFOGRAPHIC] The Future of Enterprise Mobile Applications: Predictions for 2018 and Beyond

After you’re done reading our predictions into the Future of Enterprise Mobile Applications, let us know your thoughts and reach out for further conversation!

Shockoe 2018 forecast

Interested in what it would take to kick off your project?

Our experience and core services include strategy & transformation, user experience & design, mobile application development, and API management.

Understanding the Impacts of the Fourth Industrial Revolution

Understanding the Impacts of the Fourth Industrial Revolution

On December 6th, we continued our panel series, this time focusing on the Manufacturing Industry, specifically Industry 4.0.  Joined by Phil Naglieri (Director of Technology at Shockoe), Mason Brown (UX LEad at Shockoe), Mike Upchurch (Chief Strategy Officer at Notch), and Will Middleton (CEO at Cloudy Data Systems) we explored the results of the Fourth Industrial Revolution – including predictive maintenance, improved decision-making in real time, anticipating inventory based on production, and improved coordination of jobs and people.

We are currently in the Intelligence Age or Age of Information – The Fourth Industrial Revolution, revolution measured around manufacturing, but really on the impact of everything around us.  The one we are currently living is characterized by data, analytics, and the merger of technology with the physical, digital and biological worlds.

To get the full interview, check out our YouTube Channel

A Brief History of the Previous Industrial Revolutions
#1 – Agrarian to Industrial (Textile and Industry) & Steam:  This revolution took place in during the 18th and 19th century.  It was a period marked by the creation of the iron and textile industries as well as the Steam Engine.

#2 – Electricity, Assembly Line, Light Bulb, and Telephone:  The second revolution started in the late 18 hundreds and lasted through the beginning of WWI, this revolution was marked by the creation of the combustion engine, the light bulb, the telephone, and the assembly line.

#3 – Nuclear Power, Computers, Computing, and Internet:  About half a century later, and really the only revolution any of us lived through is the third revolution, which appeared with the emergence of a new type of energy whose potential surpassed its predecessors: nuclear energy. This revolution also brought with it electronics and the internet—such as the transistor, microprocessor, and computers and the world wide web.

Question and Answer with the Panelists:

Can you give me some insight into the following statement:

“Manufacturing workers are retiring in droves, with an estimated 2.7 million jobs being vacated by 2025. At the same time, the growth and advancement of the industry is expected to create an additional 700,000 jobs for skilled manufacturing employees over the next decade. As a result, manufacturers are scrambling to fill this knowledge and skills deficit with the next generation of workers — millennials.”

Answer (Phil):  Mobile is essential to Manufacturing Companies, who are not naive to the process of hiring new generations to fill the roles left by aging workforces as we’ve seen happen in the recent past, Mobile brings a sense of familiarity and allows for quicker adoption.  Not only will employers onboard new employees quicker, it will allow them to streamline their processes better.

Question:  AI and machine learning are getting a lot of press so can you tell us a little about it?  Specifically, as it relates to Manufacturing, where possible

Response (Mike):  At a high level, think of AI and machine learning as that you are using machines to do what a human would do if they had unlimited time and capacity.  So for example, let’s say you are the production manager at a plant and you are trying to improve yield.  You’d look at a bunch of process and machine data in reports, make changes and then evaluate the impact of your change.  Machine learning will do the same thing except use math to look at thousands of variables and their interrelationships.  The other thing to know is that 80% of the work to use machine learning with be data acquisition and management.  To be good a machine learning, you have to be good at data.  Finally, the process is iterative and exploratory.  For example, a project might start with a question like, “of the 3,000 points of data we capture, what combination of factors cause defects?”.  To solve it the data scientist will try different sets and types of data as well as different models to figure out what combination yields the optimal insight.

Question:  With the recent addition of bitcoin to the Chicago Board Options Exchange and the Chicago Mercantile Exchange, bitcoin and blockchain are in the news today more than ever. How are these different and is the hype really worth it?

Response (Will):  I have been heavily involved in the bitcoin and blockchain space for over a year now and recently became the chapter leader for the Government Blockchain Association Richmond Chapter. Bitcoin and blockchain have been a wild ride this year and the hype is most definitely worth it. The technology provided by the blockchain and the decentralized value exchange of bitcoin are both extremely transformational and disruptive.

Blockchain is one of the underlying technologies behind bitcoin. Though public and private key cryptography, it allows different entities (i.e. an organization, a person, or even a machine) to prove that it is the owner of some data stored on a public database. In Bitcoin, the user can prove they are the owner of the account that sits on the public ledger.

Question:   Earlier you talked about machine learning can you tell us how it’s being used in manufacturing?

Response (Mike):  There are three common categories of use – predictive maintenance, improvements in things like yield, capacity, and quality, and systems optimization.

Using machine learning for predictive maintenance has proven to reduce downtime, in some cases as much as 50% and increase machine life by 20% to 40%.  An example would be predicting part failure and fixing the issue before it happens.
Improving yield/throughput/capacity and quality – studies have shown a wide range of results.  In some industries, the increase can be in the 10% range, but in others, like semiconductor manufacturing, where they are already good at yield, the results can 1%.  However, in that business, a  1% improvement in yield is worth $100M.  This is accomplished by looking at the end-to-end process and understanding not only how each machine contributes to defects, but also the interdependencies of each machine to each other as well as environmental factors; such a factory temperature fluctuations.
As for systems optimization, think of looking at the entire process from sales through manufacturing and delivery. An example would be using 1,000 variables and 10,000 constraints to figure out how to optimize system performance.  The company that did it raised earnings 50%.  Quite dramatic.  A lot of simulation is used here.  An example would be that large oil and gas companies have simulations of their entire plant so they can do things like see how changes in maintenance schedules affect the entire system using software and then optimize the schedule before doing any physical changes.

What are the challenges?

  • Data
  • Security – fog/edge/local, not cloud
  • Operational – ready to adopt?
  • Finding talent

To get the full interview, check out our YouTube Channel

3 Reasons to Update Your Workforce’s Technology

3 Reasons to Update Your Workforce’s Technology

Your workforce’s process is structured, efficient, and tested, but over the past few years, your workforce’s technology may have become outdated. Change can be terrifying, especially when changing an established process.

You’re probably asking yourself, “Is the upgrade worth it?”

We’d like to help you answer that question. Here are top three reasons why an upgrade to your workforce technology should be your priority for 2018:

1. Intuitiveness. Today’s recruits — your new employees — live on their mobile devices. The outdated user experience of older devices may be a hassle for newer recruits to learn. Providing familiar experiences via mobile solutions may speed up training time and productivity.

2. Mobility. If your supervisors currently only have a desktop solution, it may be time to mobilize them. By converting to a mobile solution, your supervisors will be able to spend more time with their team on the floor and reduce their paper trail by using a mobile digital device. Mobility also includes freeing up the hands of employees who handle products, which may allow minimizing steps in a process’ workflow.

3. Credibility. When showcasing your warehouse or workforce to clients, having up-to-date technology would demonstrate the high-tech baseline of your company. Clients want to know that their product is being handled with the utmost care. Stay competitive by removing chaotic manual processes and motivating the workforce with mobile technology. Apps create a better customer experience, which in turn leads to repeat business and long-term revenue growth.

Case Study: Arrow Electronics

In 2015, Shockoe began to develop mobile solutions for Arrow Electronics’ Warehouse Management System (WMS). Arrow’s core mission is to be “five years out”; they strive to incorporate new technologies and electronics to become innovators of the tangible future. They service over 125,000 original equipment manufacturers, contract manufacturers in over 90 countries/465 locations. Arrow looked to build a strategy to extend its WMS into Mobile Solutions to increase productivity in its distribution centers and beyond.

Improvements Arrow saw by upgrading their tech:

  1. Intuitiveness. We replaced warehouse operators’ bulky 7-pound RFID Scanners with lightweight, handheld Bluetooth scanners that can be carried throughout the warehouse and kept in constant connection with their devices. In upcoming phases, we plan to have the operators be completely hands-free via wearable technology. By exercising our knowledge in the latest user experience research, we were able to bring their processes to color and implement a simple color language for operators to more efficiently understand their app. We also translated supervisor data into easily consumable graphics that allow for easy sorting and customization.
  2. Mobility. Supervisors are no longer tied to their desks; they can now walk along the floor with full access to their data. Within the apps for the supervisor and operator, we implemented a communication tool to allow for easy messaging and scheduling. When an issue arises, operators can easily message their supervisors and supervisors can walk over to resolve issues.
  3. Credibility. By upgrading to bleeding edge technology, Arrow is living up to their mission to be five years out. They are setting themselves up as an ideal example for mobile warehouse solutions.

Deciding to upgrade?

Whether it’s your clients or your workforce, people love when you step up their experience. Ensure user satisfaction throughout the process by developing a schedule for introducing the upgrade, creating a training plan, and introducing a system reevaluation process to minimize the need for larger upgrades down the line.

Here at Shockoe, our team has aided multiple clients with mobilizing their workforce’s technology through mobile apps, Bluetooth technology, and hands-free technology. From rough sketches on paper to launching the final product, we maintain an intimate relationship with our clients to guarantee that their workforce is content and comfortable with changes to their processes. Check out our awesome case studies for upgrading technology:  Arrow, ONEOK, A.C. Moore, and J.B. Hunt.

Note from Editor: 

If you’re interested in learning more about our engagement with Arrow, you can watch the full Case Study interview here!


Interested in what it would take to kick off your project?

Our experience and core services include strategy & transformation, user experience & design, mobile application development, and API management.

Page 1 of 212