Lloyds Banking Group Opening Banking Hack Winner
IXDA Interaction Design Awards 18 Finalist
FOOBA
Awards and Acheivements:
Lloyds "Bank to the Future" Hack Overall Winner
Awards and Acheivements:
Interactions 2018 Awards Finalist, IxDA Global
Exhibited at New Desginers, 2016
Product Design Prize, University and Brighton
My Role:
UX/UI Design, Competitor Research, Slide design and pitching
FOOBA is an answer to the Lloyds Banking Group open banking hackathon challenge. Our group created a proof of concept that helped customers choose mortgages that they could afford based on their spending habits, while reducing the risk of lending from the banks perscpective.
FOOBA is an answer to the Lloyds Banking Group open banking challenge. Our group created a proof of concept that helped customers choose mortgages that they could afford based on their spending habits, while reducing the risk of lending from the banks perscpective.
Background
After the EU legislative changes, Banks in the EU can now, with explicit permission from the user, share customer data to other banking institutions via APIs. Opening up the possibilities new products and experiences. Bank to the future’s challenged us to come up with such experiences.
Lloyds Banking Group (LBG) lend to 1 in 4 first time buyers in the UK, FOOBA is a solution that creates a better experience for new homebuyers and at the same time reduces the risk of lending for LBG.
Pain Points
For the home buyer:
Getting a mortage is scary for a first time buyer, knowing where to look, what they can afford and going through the legal processes are a daunting task.
For the lender:
A person's income and credit rating cannot accurately show whether or not they can afford a home. It doesn't take into account spending or lifestyle habits. Aggragating open banking data can create a better picture of the home buyer's risk profile.
Solution
An online banking feature that shows what properties what potential buyers can realistically afford based on their habits, lifestyles and expenditure.
This project utilised the Jobs to be Done (JTBD) framework. Something that I've been experimenting with on smaller projects such as this one.
Key Features
01 - Dashboard
- A web based platform which increases accessibility
- The dashboard allows users to add all their bank accounts into one single view
- Based on merchant data and Google Maps APIs, the transactions are categorised into groups such as shopping, lifestyle, eating out etc.
02 - Questionnaire
- Monthly payment you can afford is based on monthly expenditure in the last 12 months, painting a more accurate picture of affordability
- Autofilled mortgage application based on existing data LBG has on a customer
- Users can change the autofilled fields if needed (i.e. if they have confirmation of a future pay rise etc)
Many first time buyers find the whole process daunting... How might we make this process a easier?
At the end of the day, the user’s end goal is to buy a house, getting a mortgage is only part of the process
03 - Results
- Directly shows user which homes they can afford, rather than mortagage amounts. Allowing the platfrom to make the users' over experience less daunting.
- Pulling from Zoopla’s (a top UK online property listing service) API, FOOBA also shows the users homes in the area
- Users can filter through this listings and change the criteria to match their preferences.
