Private Banking Case Study

1

Understand

2

DEFINE

3

DESIGN

4

TEST

Private Banking for the XXI Century

As a Creative Director at Backbase, I've created white label products used for banks all over the world with a high focus on scalability and reusability. 

For private banking, I've worked with subject matter experts to understand the complexity of the sector and its care for a personal relationship with their clients. It was important for us to re-imagine the industry, while still making sense to the tasks that need to be accomplished.

The personal approach is so intrinsic to private banking that we could not only look at the end customer site, but also at the advisor one to make sure that both sides seamlessly connect, communicate, and share information quickly. 

This project went through multiple stages between 2013 and 2016. I present here the most important aspects of the project and the latest screens and features decided upon.

Thinking about both sides of the game

This project had 2 main characters: the wealthy individual (Mark Zuckerberg as an example), and the Relationship Manager (James White).

These 2 personas will be interacting with each other, and the designs I created cover the view and actions from both sides: internal employee portal, as well as customer facing.

Information Architecture & Interaction Design

This project was really complex. I started with a lot of affinity maps that were validated with subject matter experts in different markets. It was also validated against business viability, technical feasibility, scalability, reusability of existing components, and - above all - usability.

I created a lot of sketches in paper, trying to give shape to data visualization and features that no one had executed on before.

Key Features for Wealthy Individuals

For both the wealthy individual and the Relationship Manager, we reimagined the whole industry while taking into account the core tasks of this interaction. Here some of the key features we worked on for wealthy individuals:

POrtfolio historical overview
portfolio today's allocation
portfolio positions list
overview of accounts and cards
transactional banking
private research center
aggregated research from top, approved sources
PERSONAlized reports
access to varied experts
real-time messaging communication
Mobile optimized

An early version prototype in Finovate Europe 2016

Backbase presented an early version prototype of this concept in Finovate (one of the most notorious FinTech events). It was not pixel perfect yet, and not completely defined, but it was a great way to get early feedback to keep iterating. Take a look at the 7 min presentation here:

Final screens for Wealthy Individuals

I present here a selection of 6 of the key final screens (desktop view): 

All this project was responsive and we created mobile apps, too. Here 4 key screens from the iOS mobile app:

Key Features for Relationship Managers

This is my favorite part of this project. Being able to take someone's job and streamline complex processes to optimize their day-to-day is really satisfactory to me. Here some of the features we focused on for Relationship Managers (and other private banking employees): 

PERSONALIzable dashboard
task management
automated (And manual) workflows
global search
holistic client overviews
mirrored view (same as customer)
audit trail
portfolios and products
POrtfolio historical overview
portfolio today's allocation
portfolio positions list
portfolio simulatioN
PERSOnalized simulation recommendations
targeted client research and recommendations
create and generate personalized client reports
wealth planning tools
schedule management
Events database and management
document storage
risk profile management
omni-channel, in-context chat
real-time messaging communication
on-behalf transactional banking
on-behalf investment banking
secure immediate confirmation and sigN
REAL-time aggregated news
in-house research center
easy share with clients and groups

Final screens for the Relationship Manager

See below a collection of 9 of the key screens for this user type:

Conclusion & Next Steps

This new product has had excellent responses from the sector. It sets a brand new digital baseline; and since it’s a white label product, every bank is able to customize it for their own market and needs—ensuring that personalization stays at its core.

This project was very challenging, but it's also one of my favorites. I immensely enjoyed working on this, taking the time to understand all the tasks that a Relationship Manager needs to go through, and reimagine them.