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User Needs/Concerns |
Example Solutions |
| Make sure that payments and deposits are correct and everything balances | · automatic comparisons to previous spending totals:
last month, last year, 12-month average, etc. · user-defined limits that trigger an email alert if exceeded |
| Make sure that no one steals from my account, and if they do, take care of me | · user-defined security settings (e.g. send
an email whenever my ATM is used out of state) · detailed explanations of security measures · provisional credit to established customers while investigating fraud · email whenever accounts are accessed |
| Let me pay bills at the last possible moment to maximize float and/or save late charges | · multiple due-date reminders via email · automatic payment options · encourage usage of fully electronic merchants · overnight payment delivery via Fed Ex (for a fee) |
| Process transfers, deposits, and payments flawlessly; and keep me informed, I don’t trust your systems | · email confirmations when payment has:
been initiated/authorized; sent to merchant; cleared user’s account · 100% guaranteed on time payment delivery (e.g., Fed Ex) · ability to track payment status (Fed Ex again) · error messages if it looks like I’m doing something wrong like paying the same bill twice |
| Make sure there are enough funds in my account to cover payments | · error message if it appears the payment
will bounce · guaranteed no-bounce bill payment (e.g., overdraft protection) · choice of payment options (multiple checking accounts, credit cards, and credit lines) · links to community resources in case of financial emergencies |
| Provide absolute control over the timing and amount of each transaction | · make it easy to set up and change automatic payment/transfer options via intuitive Web-based forms |
| Protect my privacy and records | · detailed and understandable privacy
policies · user-defined, triggered alerts so users are notified immediately of suspicious account activity |
| Save me money | · free online banking and bill pay when
bundled with other accounts
· bill pay fees less than the cost of stamps, either (a) less than $0.33 each, (b) monthly fees of less than $3, or (c) somewhere in between |
| Save me time | · multiple ways for users to set up
automated payments and transfers · monitor activity and email me when flagged balances/transactions occur · integrate email with bill payments and outbound ACH · preapprove additional credit capacity so I can quickly access it when needed · remember the info. I have already provided so I don’t have to reenter everything to get a new product · personalize the Web site so the important stuff is a click away |
| Help me understand my financial situation, spending patterns, build budgets, etc. | · provide statement analytics, e.g.,
comparing current bill to historical bills · integrate with financial applications such as Quicken, Quickbooks, and Microsoft Money |
| Reduce the anxiety surrounding bill payment and online banking (What if I press the wrong button? Didn’t I pay that already? etc.) | · user-defined alerts when a recurring bill
has not yet been paid during the month (e.g., an email reminder is sent
on the sixth of the month if the mortgage payment has not been
authorized)
· session history logs so I can easily go back and see what I have or have not done |
Source: Online Banking Report, 8/99
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