6 Design Principles of Data Sharing

Download the 6 Design Principles of Data Sharing PDF

DESIGN PRINCIPLE I 

Establish authenticity to gain trust

How might we gain the trust of users to adopt account aggregators to share data?

The differentiation between genuine and fake applications are getting harder as the days pass by. New internet users fall prey to scams that rob them of their money and identity. The rise in online digital frauds and data leaks make users skeptical about sharing information on new platforms, especially when they involve the movement of money.

Establish association with governing bodies granting licenses and banking institutions to gain trust. This eliminates skepticism and allows users to adopt you app with better confidence.

UX Checklist ✅

1

Highlight the financial institutions (i.e banks, NBFCs, AMCs etc.) participating in the Account Aggregator network.

2

Surface the brand identities of the regulated bodies that have previously established trust with the people.

3

Highlight the security measures taken by your app to protect the user’s data from security breaches.

DESIGN PRINCIPLE II

Provide contextual information

How might we create a positive behaviour change by providing necessary information at the right time?

People encounter a fear of the unknown when they are introduced to account aggregators for the first time. They have questions and doubts at every step to make an informed choice. AAs are a novel idea and the lack of understanding about them triggers users to fall back on the older and familiar methods of data sharing. For example, one might choose to upload a PDF of a bank statement vs sharing data via AAs.

Educate your users with a short introduction about what AAs are and how they function. Break down the educational material into shorter snippets and surface them contextually to reduce cognitive load. For low literacy users, increase accessibility to the provided information by converting them into images, audio, video.

UX Checklist ✅

1

Explain visually how Account Aggregators help users to share their financial data.

2

Educate the users in their regional languages about the benefits of using Account Aggregators.

3

Add contextual explainers through  images, GIFs, videos, FAQs and clarify doubts through chat and call support.

DESIGN PRINCIPLE III

Nudge to make relevant choices

How might we help the user in making relevant choices?

Sharing financial information through account aggregators demands a user make critical choices at various points. They face cognitive overload while deciding to choose the appropriate account aggregators, financial information, relevant accounts to share. This results in decision paralysis as they fear that the cost of making a mistake could result in irreversible damage.

Empower your users with relevant timely nudges that would ease their decision-making process and eliminate the fear of making a mistake. Break down larger activities into smaller tasks for the user to act upon without cognitive overload.

UX Checklist ✅

1

Surface ratings, reviews & social proofs like popular/recommended tags to make relevant choices while sharing data.

2

Explain the pros and cons of making a choice at every crucial step of the data sharing workflow.

3

Explain the purpose of the data requested and how it would add value to the user.

DESIGN PRINCIPLE IV

Enable data sharing controls

How might we enable the users with controls to share their data?

The ease of data sharing comes with the fear of being ripped off of their sensitive personal information without their permission. There are two kinds of fear that users associate with. The first is the fear of over leveraging the data (i.e) sharing more data than required and the other one being data abuse (i.e) the fear of misusing the data for non-stated purposes. They might choose to discontinue their journey inside the app/service if they are refused appropriate control over what can be shared.

Segregate your data requirement into mandatory and optional financial information. Educate the users about why optional financial information is required and how they would benefit the users. Allow the users to pick and choose the financial information they are willing to share.

UX Checklist ✅

1

Enable the users to choose the kind of financial information that they are comfortable sharing.

2

Segregate the data requirements into mandatory and optional data with appropriate reasoning.

3

Allow users to share any additional information once they understand the value of the financial service.

DESIGN PRINCIPLE V

Establish grievance redressal workflows

How might we support the users with their queries post data sharing?

Users fear the lack of accountability in digital applications when something faces issues. In an offline world, users could walk into a bank branch or speak to an agent can help with the service and get their queries answered. Though most modern applications have a help desk and support, they’re not easily accessible during the need of the hour. Users’ previous experience with poor customer service in banking services would affect how they view their current application.

Surface customer care numbers and help desk chats at every possible touchpoint. Establish a human contact through service executives who could help the users with their queries. Create the support and help modules in native languages or through videos that could be accessible by the larger set of users.

UX Checklist ✅

1

Allow users to connect to a support representative with ease, to resolve critical issues around data sharing.

2

Document the support and guides in regional languages for non English speaking users.

3

Highlight user actions that can be revoked/reversed later and provide an accessible guide for the same.

DESIGN PRINCIPLE VI 

Provide visual cues

How might we boost the confidence of the user through appropriate feedback loops?

Data sharing with AAs involves multiple touchpoints such as the FIU, AA, FIP, and the data that is being shared is largely invisible to the user’s eyes. The fear of navigating these unknown spaces leaves users in splits when they do not receive appropriate feedback for the actions performed, leaving them feeling anxious with second thoughts about their decision.

Provide visual cues about the kind of financial information that is being pulled from the FIPs. Communicate reasons for errors and waiting time during data sharing. Pinpoint the system responsible for the delay and further actionables that a user could perform to resolve it. Enable double confirmations at touchpoints where the user makes critical decisions. Notify the user every time if the data being pulled is successful or not.

UX Checklist ✅

1

Represent visually the data flowing from the FIPs to the FIUs for the user to gather confidence.

2

Communicate appropriate system errors and warnings for the users during long wait times.

3

Send real-time notification to users for every successful and failed data pull from the FIPs.

Download the 6 design principles as PDF

Research Stories

Read user stories around financial journeys and ther challenges around data sharing. Curated from our qualitative research conducted across India.

Expert Roundtables

Read insights from our fintech expert roundatables conducted with the startup community and public policy expert on challenges of data sharing in current times.