Rung András’s presentation at “Ebanking Summit” conference.
Find below the excerpt of the presentation.

You can download the presentation here.

FEAR OF THE UNKOWN

• Unclear benefits
• Non-matching mental models
• Terrible UX

WHAT ARE MENTAL MODELS?

• Relatively precise mental image of our regular activities
• Defines how we interact with known processes or with something similar to them
• Formed by our earlier experiences
• Typical financial activities also based on mental models
• Swipe bankcard
• Send money
• Take out money from ATM

MENTAL MODEL FOR CRYPTOCURRENCIES?

• No proper model
• Reality is too complicated
• No real rutine (e.g torrenting 10 years ago)
• Far removed from our financial habits
• Teenagers will have earlier mental model for cryptocurrencies than for standard banking

SIMILARITIES TO REAL MONEY

• Can be transferred
• Can be exchanged
• Represents value
• Bankers are the miners

HOW CRYPTOCURRENCIES DIFFER?

• Starts with a lot of 0s
• Addresses cannot be spoken or memorised
• Mistakes are easy to make
• Sending fees are changing
• Inheritance is complicated

ONBOARDING

• Education is needed due to radical innovation
• Differences should be emphasised
• Progressing in steps
• Active guidance: hints, tooltips
• All secenarios should be covered

COMMUNICATION

• Be clear and current
• Explain the next steps
• Help users understand the current stage
• Humanise the conversation: Telex AI chatbot / voicebot

TRUST

• Trustable design (Desirability test)
• Predictable
• Consistent
• Data exposure

GIVING FEEDBACK AND ERROR HANDLING

• Explain the result of the last steps
• Pay special attention to irreversible actions
• Show how cryptocurrencies differ from fiat moneys

CRYPTOKITTIES THE UX SUCCESS

• Reliable, modern frontend
• Transparent, easy-to-understand communication
• Established UX patterns
• Built-in gamification
• Plays with the notion of scarcity and uniqueness

ISSUES TO CONSIDER WHEN DESIGNING BLOCKCHAIN INTERFACES

• There is no easily applicable mental model
• The users try to get a grasp of reality
• Bad experience prevents adaption
• Reliable research for better understanding
• Education and active guidance