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"Trust" [Updated 21/01/2017]

A set of products designed to help the "Customer" be in control their money and dream managements.

Photo of Imran Williams
20 16

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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

"Trust" is designed for the various 50+ communities living in developed societies. In today's society, the customer has lost trust with regards to the evolution of technology. "Trust" is a 2 part device, being a handheld and a keychain which allows the customer to create a dream with another individual and save up towards that dream. The customer when using the application can see a snapshot of their financial health and see exactly how much their obligations are.



TRUST

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What is trust?

If we see the definition of trust it is the firm belief in the reliability, truth, or ability of someone or something. In today's society, the 50+ has lost trust in regards to the evolution of technology. Many fear of the lack of security that is being offered to them and prefer to have something physical in their hands rather than something virtual going out of their account. This is where "Trust" comes in. 



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"Trust"

When the user starts the application via the at home device or an app on their mobile, they are required to  give their personal fingerprint on the keychain to access their account. The customer will then have to input their roughly monthly expenditure on bills, hobbies, dreams etc. 

"Trust" will then allow the customer to see a snapshot of their financial health in the comfort of their own home or on the go. This allows the customer to regain control and have power in what they decide to budget upon. If they click the circle of "Trust" they can see exactly how much is allocated into that field e.g £500 for Dreams. The customer is then able to make a payment of the device or the app.

Lastly the customer will be able to create an event and add participants to that event. This allows the user to set up their dream and the expenses required to fulfill that dream. The user and the participants can then bring together both their savings to save for this event that say costs £2000. 


The Application Model:

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A Storyboard:

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What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

We as a team have tested this concept on a small sample group of 50+ individuals. We are looking to increase the size of the sample group so we can get more feedback and contributions from the community towards our project.

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

We would love to get in depth knowledge from the OpenIDEO community to be able to build upon the foundation we have laid. Through various opinions we will be able to fully refine and construct our concept even better.

Tell us about your work experience:

We are all currently students studying Product Design at Middlesex University.

Please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

This idea emerged from

  • A group brainstorm
  • A student collaboration
  • A Design Jam

How would you describe this idea while in an elevator with someone?

Why has the "customer" lost trust with regards to the evolution of technology? This is where"Trust" comes in. "Trust" is an interface which can be used on the mobile or at home. This allows the "customer" to be in control of their finances and dreams by taking their personal finances on the go via a keychain. The interface is a quick and easy solution to an on-going problem of lack of trust.

How might your idea be transferable to a large number of people?

If we able to gain a partnership with a bank or a credit union, we would be able to flood the market with our product and also see the effect it would have on the people. This would be the best opportunity to have as from the results of our samples, we have seen that there is a need for our product to exist on the market.

How do you plan to measure the impact of your idea?

We plan to measure the impact of this idea with first-hand interviews of participants using "Trust". By doing this there is an importance of assessing personal thoughts and feelings behind the product and its use. We can also measure the impact of this idea by actually manufacturing the product and putting it on the market.

What are your immediate next steps after the challenge?

After this challenge, we as a design team will be looking to bring this concept to life and hopefully bring it to the market. After hearing the feedback we have received from the community and from the participants, we believe that it's about time that a product existed for the "customer" to use and manage their personal finances and dreams. A product where people use and gain more trust in their banks and credit services is what we would like to achieve after this challenge.

20 comments

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Photo of Sajan Marin
Team

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Photo of Floral Shop
Team

I am sure this will be one of the best change happens here. Trust is one of the major factor when we considering our life. Hope you people will make it one of the successful one.
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Photo of David dickerson
Team

I just note about the changes you were done. This is really awesome one. You know that how difficult it is without proper features . After your update it is easy to use this. People are always selecting the easiest one for their usage. So better to do like this changes. You can get the best Detox treatment Kerala from http://chaithanyaayurvedaretreat.com/detox-panchakarma-treatment .

Photo of Kate Rushton
Team

Hi Imran!

I look forward to seeing how your idea develops in the refinement phase.

Photo of Imran Williams
Team

Hello Kate,

Sorry for the late response, we are working on refining the idea and it should be up soon.

Photo of Benjamin Plass
Team

The graphics design of the app looks great and very professional. The name and logo are also very good and it is a very distincive brand already.

Photo of Kate Rushton
Team

Hi Imran!

I hope you have had a good start to the year.

Have you thought of how you could prototype your idea? There is a really good example of the Women's Pool Idea in İstanbul that might give you a few ideas - https://challenges.openideo.com/blog/experience-prototyping-preparations-for-womens-pool-idea

The All generation friendly ATM group have conducted some prototype experiments that might give you a few ideas.

Photo of OpenIDEO
Team

Welcome to the Refinement phase Imran and Team! We've added new Refinement questions to your original submission that we'd love for you to answer. Please check out the Refinement Phase Toolkit for instructions on how to answer the new questions and other recommendations we encourage all idea teams to consider in the upcoming weeks.

Refinement Phase Toolkit: http://ideo.pn/2du9sf7

Lastly, here's a useful tip: When you update the content of your post, it'd be helpful to indicate this in your idea title by adding an extension. For example, you can add the extension " - Update: Experience Maps 12/21" to you idea title. This will be a good way to keep people informed about how your idea is progressing!

Photo of Adeel Zubair
Team

I like the idea of the simple name 'Trust' which reflects your projects goals.  The idea of them being in control is a great concept. Additionally the presentation of the concept and process is fantastic!

Photo of Mohamed Darr
Team

Trust is a very captivating idea. It offers both a product and app that work together seamlessly allowing users to view and manage their finances. The technological side of your idea works well, we shouldn't rule out over 50's using tech. As people get older, the familiarisation of technology like this will become the norm. I look forward to seeing a system like this on the market soon.

Photo of Tyler
Team

I am in the financial services industry, working with small businesses. I have found that the older the customer I speak to is, the longer it takes to gain their trust. Whether this is a by product of my age (<25) or the age of the customer is regardless. To gain the trust of someone older than you is difficult, but important to do, considering the changing world we live in. My dad has also told me that trust is the main barrier for him to switching financial processes or companies. Even if he thinks hes not getting the best deal out there, at least he knows the one he has isn't going to completely screw him over. 

Nice idea

Photo of UMUT derin 123
Team

Great idea 

Photo of Ozgecan Aydin
Team

I think your idea is great! You and the team done really well!

Photo of Kate Rushton
Team

Hi Imran!

I think your team’s idea is very interesting!

I like the name ‘Trust’. It really resonates with a theme throughout the research phase of this challenge: that ‘trust’ is important to people aged 50 - 65-years-old and many don’t trust online banking.

I really like the idea of circles of wealth to visually represent the customer’s spending and savings.

Would you be able to tell us more about the user testing you have done e.g. where it was, the same size, their comments etc.?

What do you feel is the next step to get your idea off the ground?

Photo of Kate Rushton
Team

It might be worth you connecting with Crystal and her team who have an idea for a group savings account - https://challenges.openideo.com/challenge/financial-longevity/ideas/group-savings-account-update

Photo of Imran Williams
Team

Hello Kate,

Thank you for your comment. 

The user testing me and the team did was we conducted interviews with family members as well as their friends. So each of us either saw them face to face or interviewed them over the phone. We really wanted to see from their perspective what an obligation was to them and what their dreams was.

The interviews took place in the UK but also due to the diversity of the team, they were phoning home to places like Spain, Portugal, Lithuania etc. So we found that in different cultures they had different dreams or expectations but the main factor that arose from all was the Trust they had towards online banking. They all did not trust the system and preferred to have something physical in their hands such as cash than something virtual coming out of their account. 

So when we came up with the concept we tested it with the interviewees, and it was easy for them to understand and use.  

We feel the next step is to test this concept more with that age group and see where it can be developed. 

Photo of Kate Rushton
Team

Thanks Imran! We have had a few posts from students at Middlesex University. It is great! How did you all discover the OpenIDEO platform?

Photo of Imran Williams
Team

We are all product designers and we strive to tackle as many design challenges as we can. Our lectures promoted OpenIDEO to us and we leaped to design for the current challenge.    

Photo of OpenIDEO
Team

Congrats on this being today's Featured Contribution!

Photo of Imran Williams
Team

Thank you for featuring us :)