Fintonic

Introduction

External bank account aggregation is one of our core features and also the key of our value proposition for the users. In Summer 2019 the European Law PSD2 was introduced and its challenge to our business model and the reason why users utilize the app. One of the main requirements of this law is that users must give explicit consent to their bank through the app, to allow us to keep aggregating their accounts and access to their data

Known frictions

The main friction for the user is to provide us their online bank account login details. The introduction of the PSD2 represents another challenge. The user will now have to provide access of their personal data on every login or on a 30 or 90 days basis.

Research

Insight from 20 interviews from 2019 on first time aggregation and prior to the development of this feature:

• X% of the users do not feel confident enought to give us their bank account details.
• X% of the users thought the user flow was too complex.

Insight from data analysis

• X% of the users that had an error gave up on trying again.
• X% of the users didn´t know why they have an error and how to solve it.

Objectives

Our goal was simple. Reduce the impact on the user and limit the aggregation impact. It was estimated that we will probably lose an important X% of MAUS.

User flow