AI-powered financial planning
Position
A customers willingness to discuss their finances is largely dependant on their knowledge of financial matters
Problems
With no immediate means of filling in knowledge gaps or managing any anxiety about future money planning, dropout rates are high
Possibilities
Explore how a succinct storytelling mechanic could improve comprehension and conversion
Due to a lack of research data, I interviewed Stakeholders to obtain an idea of the kinds of things that might help a customer build a good understanding of their financial future and how Lloyds could help.
Concept 1.1. Explore key life stages via three most common decades.
Pros Visceral / Low cognitive load / Fast access to benefits of planning
Cons Not enough key stages per decade / Isn’t representative enough
Concept 1.2. Explore a typical timeline per decade.
Pros More choices to explore / Visceral / Low cognitive load / Fast access to benefits of financial planning
Cons Key stages might be taken in a different order and therefore feel too prescriptive
Concept 1.3. Explore key life stages, via a non age-specific, decade-based timeline.
Pros Less prescriptive / More choices to explore / Visceral / Low cognitive load / Fast access to benefits of planning
Cons Less prescriptive than 1.2 but, not everyone follows these stages per decade
Concept 1.4. Explore key life stages, no chronological categorisation.
Add an AI voice-powered Coach to guide and educate.
Note, AI can lip-read, ideal for privacy or when background noise is high.
Pros Fewer steps / AI acts as an educator and advisor / Non-prescriptive / More choices to explore / Visceral / Low cognitive load / Fast access to benefits of planning
Cons AI might require a slight learning curve
Conclusion + Results.
5-out-of-5 Testers, and the Business, preferred the final concept, 1.4. However, AI at Lloyds was felt to be in its infancy and not capable of ramping up fast enough to deliver something like that. Seen as a valuable exploration and indication of how AI could be used, in the end, version 1.3 was chosen and went into production with another team.