TORONTO, ON – December 8, 2016 – Frictionless, a Toronto-based UX Design and Innovation Lab, today announced it won second place in The Bank of the Future UI / UX Challenge sponsored by Visa. The contest was held at Mobey Day, an event which brought together an international roster of top decision makers and influencers from the financial services and fintech industries.
Mobey Forum and Carta Worldwide teamed up to gather some of the brightest global fintech innovators to discuss digital payment innovation. This year, the event was held in Toronto, labeled “the next global fintech hub,” to explore what is possible when thought leaders collaborate.
As part of the two day event, Visa sponsored ‘The Bank of the Future UI / UX Challenge’. The objective was for teams to design a banking and payment app with a fresh user experience, combining insights, ingenuity and a toolbox of innovation all enabled by Visa and Visa Developer APIs.
Frictionless, which provides Discovery & Framing and Design Prototyping services to leading banks and FinTech companies, dedicated four of its team members to the project. The final concept, branded Senso, is an intelligent financial recommendation tool powered by Machine Learning. By analyzing purchase patterns, Senso aims at optimizing spending, savings, and investments through key stages of life by offering millennials with customized financial products. This is achieved through a recommendation engine focused on improving money management behaviour by adding a layer of financial intelligence in its users lives.
Frictionless won the award after presenting their concept to a broad judging panel consisting of leading design and product development experts from top firms – including Visa, Say Yeah!, BMW Designworks, and Wealthsimple. “It’s an honour to be recognized at one of the world’s most prestigious financial services events. The team really came together and worked hard for this achievement” said Saroop Bharwani, Founder and Managing Director of Frictionless.
At a time when User Experience Design is becoming the top priority across many industries, particularly in Financial Services, the two-day event made UX Design and Artificial Intelligence the key areas of focus. “It’s a great time to be a designer in Toronto! The world of Financial Services is ripe for an improved user experience, and Mobey Day was the perfect forum to bring this to light amongst top executives in the space globally,” added Bharwani.
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Frictionless is a Toronto-based Innovation Lab focused on de-risking product ideas through comprehensive data analysis using Machine Learning, data-driven user validation, and iterative design prototyping. Our teams proven process consists of a series of frameworks enabling executives, project teams, and designers to make better, more holistic decisions while planning their roadmaps, and validating their ideas and assumptions.