New crypto consumer adoption faces multiple barriers of friction due to the complexity of infrastructure, security, products, and fees.
Upon a new adopter embarking into the unknown and navigating the market to gain successful reward, their ability to withdraw their gains or gaming currency back into fiat creates a new challenge, further eroding their asset.
Disenfranchised by incumbent banking providers & products, receiving below inflation returns & diminishing service levels
User Experience
Complex UX/UI combined with many digital providers freezing customer accounts due to poor initial onboarding & KYC processes
Damaged confidence following crypto fraud & theft.
Trust of incumbent banks marred by scandal & prosecutions
Excessive products & pricing overwhelm & discourage appetite of new crypto adopters.
Transitioning between fiat & cryptocurrency lacks ease & agility.
Participation across markets demands continuous transition of currencies through process of interchange, multiple wallets & erosion on asset value
New crypto adopters face challenges in trust of marketplace knowledge sources.
Financial knowledge restricted to the few.
Climate change initiatives demand greater adoption and motivation

Consumers have become increasingly disenfranchised by incumbent banking providers and products, receiving below-inflation returns and diminishing service levels.
Despite regulatory pressure on financial service providers to increase their “Know Your Customer/Business (KYC/B)”, incumbent banks have distanced themselves from the consumer further, as opposed to establishing a supportive banking community of customers, through extensive questioning.
While questions presented are regulatory requirements, the lack of relationship between customer and service provider can often leave the customer feeling interrogated and under threat/treated like a criminal rather than a loyal customer.
Regulatory pressures imposed on financial services asserting increased need for understanding of the customer is becoming more prevalent and costly for incumbent banks. However, rather than seeing this as an opportunity to strengthen customer relations and establish community participation, the relationship has become even more transactional, with hard push on product sales.
Furthermore, lack of empathy towards consumers, from incumbent banks, in trying to fully understand customer circumstances, in addition to imposing increased fees and reduced savings returns, increases disgruntlement and distance between the provider and customer evermore.

Complex UX/UI combined with many digital providers freezing customer accounts due to poor initial onboarding & KYC processes.
There are multiple problems associated with the existing UX design principles of the financial applications as listed down below:
❖ Multiple UI elements clustered together
❖ Difficult to navigate and find a particular service or request
❖ Use of too many colours and multi-shapes
❖ Multiple processes squeezed into a single screen
While some financial products might have a great UX, they miss out on investing in the other core factors that run parallel to the design economics like regulation, business model, product strategy, market introduction, offers from competitors, etc.
Incumbent banks, while rapidly trying to adapt to the digital environments and demands of the growing Gen-Z consumer market, are challenged to transform at speed in order to match the processes of onboarding and servicing offered by newly established digital providers.
At times when consumers wish to discuss bespoke issues, experiences or requirements with their provider, the platform and processes are too complicated to navigate or interpret. In the incumbent banking circumstances, for consumers to resolve their issues they are often met with significant call waiting times, antiquated paperwork submissions or swallowed up in a cache of emails awaiting administration and attention.

Damaged confidence following crypto fraud & theft. Trust of incumbent banks marred by scandal & prosecutions.
There has been an increasing amount of global fraud detection in banks across the globe causing communities to question the reliability and effectiveness of existing financial infrastructures.
Consumers seek to choose what they perceive to be the lesser of a necessary evil, only to later find out their chosen incumbent banking provider is more often than not, marred in scandal, lack of effective financial crime policies and processes and/or irresponsible practice or targets of cybercrime.
With the recent pandemic and lockdown, forcing a greater population to become even more reliant on technology, those providers who are unable to evolve and adapt technology at a pace, will become increasingly susceptible to cybercrime vulnerabilities.
Moving forward, the web 3.0 economy has also experienced the loss of funds due to inefficient smart contracts incorporated into the decentralized apps.

Excessive products & pricing overwhelm & discourage the appetite of new crypto adopters. Transitioning between fiat & cryptocurrency lacks ease & agility.
Decentralized applications are often complex for end users due to the team designing and testing the product, do so with a technology bias knowledge base. With such a knowledge base, it may prove easy and simple to navigate the application and execute tasks. However, for the everyday user with an entirely different set of skills and understanding can find the whole concept and image, completely overwhelming.
Many users who are new to distributed ledger technology-based applications find it difficult to use them efficiently. Some of the key items we see absent when providers deliver products to end consumers consist of:
· Customer Language – Keep It Simple
· Empathy
· Deep understanding of the target users’ psychology
· UX research on a continuous basis
· Impartial Education supporting and enhancing consumer knowledge and understanding
With consideration of the speed in which this market is evolving, it is highly important to stay relevant and current, providing insight and knowledge to consumers as the sector evolves.

Participation across markets demands continuous transition of currencies through the process of interchange, multiple wallets & erosion of asset value.
Interacting with the decentralized products in the distributed and open economy requires moving assets from one wallet address to another. This flow and output not only consumes time, but the user ends up paying multiple transaction fees which can significantly erode the initial asset value.

New crypto adopters face challenges in the trust of marketplace knowledge sources, whilst legacy structures of restricting financial knowledge to the few is still very prevalent.
Multiple instances of fraud in the crypto economy originating from various types of rug pulls such as Liquidity Theft, Limiting Sell Orders, and Dumping has affected confidence of consumers to use crypto as a consistent medium of exchange while transacting in the DeFi and GameFi-based economy models.

Climate change initiatives demand greater adoption and motivation.
Many businesses do not accommodate the ESG initiative in their model. Adopting ESG is crucial to not only battle the adverse effects of climate change but to also drive maximum value for the community.
As the Gen-Z population grows in their coming of age, evermore demands of the businesses they utilise are being held to account for unethical actions, behaviours and associations.
The generation are entering into their adulthood with greater self-assurance in their decisions, ability to question and challenge. The marketing model of children following the lifelong brand loyalties of their parents is being ripped up in a drive for a more sustainable world, environment and healthier wellbeing
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ESG (Environmental, Social, Governance)