Video overview:

https://youtu.be/9HahMSczHiY

The Problem:

Fraud is a key driver of financial vulnerability in older costumers

• 190 bn lost to fraud every year in the UK
• Older, less tech savvy consumers more at risk for new kinds of scams
• Falling victim is emotionally draining & refunds are time consuming
• Identifying scams before they happen is key, but hard to do in reality

Approach Overview:

1. Understanding the context

• What does financial vulnerability look like?
• Who are the users?
• What are the financial products they are using?
• What are key trends playing a part in the financial health of Britain?

Desk research: Key areas of vulnerability

Key Trend: Aging population

Vulnerability Typologies: Sporadic, Permanent, high and low awareness

Product lifecycle mapping

2. Empathizing with target users

User pen portraits

Testing assumptions

Online & mobile banking popular even in older age groups

Refining typologies

Creating pen portraits based on types of vulnerability

Understanding user behaviors

New online behaviors in the 60+ age group, notably texting,

New opportunities for scams

3. Researching fraud & prevention

• Understanding ways users & institutions prevent fraud and where it fails

Interfaces between scammers, users, and financial institutions,

Research into types of current & emerging fraud and their touchpoints between users & financial providers

• Emphasis on low digital literacy
• New interfaces between victims
• More information

4. Prototyping solutions with target users

Service flow overview

New behavioral insights:

Ensuring simplicity & safety, working across channels

Emphasis on a "sense of justice", and protecting loved ones

Early concept prototyping

5. Iterating on proposition for viability