Unbanked Cash Card
Future of Money - Innovation
About Project
First year MBA students, at the California College of the Arts, exploring innovation and design thinking. Tasked with discovering a problem around a specific topic – The Future of Money. Project duration was four months. Final project viewable at – www.unbankedcashcard.com.
A kiosk was part of the initial business plan. When we conducted field research and user testing we receive feedback which pushed our decision to focus on scalability of the card and eliminate the kiosk. Feedback included: the expense of the kiosk and infrastructure, the antiquated feeling a kiosk projects, and the lack of personal interaction and relationships. Explore the prototype.
Problem discovery
Financial institutions are neither fair nor equitable, preying on intrinsic human behavior and mistakes. With the advent of digital mediums a significant number of people are financially disenfranchised and left without access to participate. In addition, digital systems don’t provide appropriate triggers for financial mistakes.
Solution discovery
A financial system accommodating intrinsic human behavior - in a fair, adaptable, individualized manner. A format combining the best of both physical and digital money while accommodating the disenfranchised. A positive reinforcement system to help improve financial behavior - providing appropriate triggers.
Problem Statement
Design Criteria
Design Goals
-Establish an empathetic system that complements innate human behavior
-Create a format that combines best features of physical and digital money
-Provide disenfranchised users access to digital money systems
-Create an alternative to the current mistake-driven credit system through positive reinforcement
User Perceptions
-I know exactly what is going on and what the intentions are!
-It fits into my daily routine
-This is intuitive
-I needed this, it was made for me
-I was intimidated before but I’m willing to give this option try
Attributes
Physical Attributes Compact, Sensory, Simple, Easy to read, Delightful
Functional Attributes User friendly, Real-times tangible feedback ,Scalable/Global, Customizable, Secure, Monetary-theft proof/identity-theft proof .
Constraints
-Inexpensive to produce
-Works online and offline
-Implementation issues, required infrastructure, needing vendor buy-in
-Not unfair to any stake holder/does not discriminate
Process
Solution
Business Model
Solution Details
The interface of the Unbanked Cash Card – the card remains blank, except for the logo, until biometrically activated. Upon activation, a thumb indicator illuminates to display best-placed finger position. Place your thumb accordingly to display your real time balance and manage your smart budget. Flip the card over and select one of three functions – Pay, Receive, or Display. Display offers your card number available for use similar to a credit card. Pay allows you to hand your card to a cashier, bartender, or vendor and presents a countdown of thirty seconds allocated for swipe. Pay also offers money transfer capabilities.