Consumer Activity Model

Consumers too often think of personal finance and everyday consumer activity in siloes, when in reality, the two are heavily intertwined. One goal of the ATC Consumer Activity Model is to highlight the blending of the consumer and financial worlds as mobile and web technology begins to play an increasingly larger role in the average consumer’s lifestyle. The model also addresses the blending of the physical and virtual worlds, often represented through mobile payments and mobile wallets.

The model is made up of four primary components: personal finance, payments & transactions, loyalty & deals and social services.Consumer Activity Model 20140307

Many consumers will note the parallels between personal financial management (PFM) and the personal finance and loyalty components of the model. But the model addresses many shortcomings of modern-day PFM tools, including integration with loyalty rewards accounts and payment at the point-of-sale. The model serves as a platform for a new, all-inclusive form of personal financial management, better described as consumer experience management (CEM). This platform is showcased in a hypothetical mobile/web/desktop app called Raven below.

Raven Consumer Activity Manager

The modern-day, multi-deviced consumer is looking for a way to manage, not only his personal finances, but his rewards accounts, bills and social agenda. UntitledOperating off of the simple, four-component CEM platform, Raven can deliver this type of solution.

Digital Receipts and Mobile Wallets

A bank can play the middle man role between the consumer and a merchant that facilitates a long, profitable relationship for the store


Card customers must first download the bank’s mobile app and enable digital receipting. Immediately after a card swipe, a customer receives a real-time push notification (‘digital receipt’) that shows purchase details (currently exists with Amex, CapOne, Chase, etc.). This digital receipt is dynamic in that it also contains a button for joining the merchant’s loyalty program, as well as a short description of enrollment benefits (coupons, discounts, deals) if the merchant’s app is downloaded. If a consumer selects the button, the bank sends basic loyalty program information (name, e-mail address, phone, etc.) that it already has on-hand to the merchant.

The receipt also has button for quick download of merchant’s app that could potentially be pre-configured with registration details so that ownership of the relationship can be easily passed to the merchant. The bank collects revenue for each new loyalty member subscribed as well as the normal incremental revenue on future spending thresholds met by the consumer.


Personal Financial Management (PFM) as a Banking Platform

Banks must use APIs to integrate external account data with internal data so that customers have a 360-degree view of their finances and can make more informed financial decisions.

The Coffee Shop Branch Banking Model

Similar to what ING Direct and Capital One have done, retail banks must transform existing branches into environments better-fit for millennial consumers.

Taking a Customer-Centric Approach to Digital Channels

When migrating consumers from traditional distribution channels like branches to mobile channels, banks must design the UX in a way that is intuitive and frictionless.

Developing New Revenue Streams

With their substantial scale, banks have leverage to provide subscription-based products and services to its customers in an effort to diversify revenue streams.

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