Listen Now: The FinTech Podcast with Peter Ramsey

FinTech Magazine meets Peter Ramsey, Founder at Built for Mars. He is currently helping people build better products through 'Built for Mars' and advising tech start-ups whilst enjoying the continuous struggle to identify and solve new problems within UX.

Battle of the banks

One of Peter’s most interesting reports on user experience was analysing the experience of opening 12 different bank accounts.

To make the experiment reliable, rules needed to be set:

1. None of the banks knew he was doing the test
2. The cards could be used in a shop
3. Mobile banking could be accessed

On that note, let's take a look at his findings.

Number of days to have an active account

“As you’d expect, the challenger banks were considerably faster than the more traditional banks. And remember; these are working days, not calendar days.” He says, “But when we talk about how easy something is, there’s another metric to consider: effort required. Typically, products feel more intuitive—and easier—the less input they need. So I also logged every time I had to do something.” 

Number of clicks to create an account

“As you can see, the challenger banks not only required the fewest clicks, but needed significantly fewer than even the best scoring traditional bank.” 

Read his full report here.