#ff4e5d

Client: Bancoomeva

Industry: Financial services

My role: Service designer - UX researcher

Year: 2018

A bank looking to expand its portfolio of customers in a segment of the population underserved by traditional Colombian banking. How to create a financial service tailored to the needs of millennials? Transforming the bank in a friend who speaks my language, is 100% digital and believe in my dreams!

The background

To start, why?

Bancoomeva is a financial institution supported by the Cooperative Enterprise Group Coomeva associating 16 companies in various productive sectors with operations in Colombia for over 50 years and whose primary objective is to provide financial services to all Group partners. Amii is a service design project carried out in the Master in Innovation Management at Icesi University.

bancoomeva-bank

The challenge

Understanding bussiness needs

Create a financial service tailored to the needs of millennials, increasing the young people growing purchasing power using the bank’s services.

bancoomeva-challenge

At the end of the process, we expect a product or service technology-based with high degree of differentiation that can be implemented in the short or medium term. We must deliver a service concept, prototypes, documentation, a canvas model and a work plan.

The research

Defining the needs and pain points

Our fieldwork begins with finding information about the industry through qualitative and quantitative research to understand the current state of the business regarding service and banking products for young people. At this stage, we seek to develop activities that help us know how the company works and how the Bank interacts with its customers.

bancoomeva-research

We started with a trend analysis of the banking sector and benchmarks of national and international banks that already had some kind of service for our target audience.

The process

Digging for innovation

We interviewed 20 young millennials to gather their inner experiences, anecdotes, and disagreements when using a banking service.

bancoomeva-stakeholders

Then we did five semi-structured interviews with different bank leaders to learn how Bancoomeva currently operates.

On the other hand, we did three dives via Service Safari in different branches of the bank in the city.

With these dives we:
• Measure the time to attend request.
• Note the moods of the millennial while visiting the branch.
• Measure the effectiveness of the response to the request.
• Observe empathy of bank officials when attending a youth less than 27 years.
• Detect faults and customer´s pain points from using channels of the bank.

bancoomeva-offices

The discover

What we found?

Most millennials begin their process of banking with the bank that their parents recommend or where they create the account in their first job.

bancoomeva-empathy-map

Going to a bank to stand in line is a punishment and it will always be my last option. Time is my most precious asset

millennial, 25 age

They feel that banking services are not unified across all channels, therefore; they cannot initiate a transaction on the website and then finish from the app.

Millennials do not want banks to call them; they want the bank to be there when they need it.

banked-vs-no-banked-millennial
customer-journey-map-millenials-banks

We did a focus group with five young millennials where they narrate their experience about how they interact with their current banks. The main pain points were: timeout, the documentation required for each product and to be called to offer some other service.

We did the same exercise with millennials who already use Bancoomeva and experience is not very different. What we do recognize is that this bank has some features in its much better than the competition app.

customer-journey-map-millenials-bancoomeva

According to their age, they have different consumer expectations, the younger ones have short-term goals and believe that 100-300 USD is a lot of money, while the older ones have long-term goals and need large amounts of money to meet their goals.

user-definition-bancoomeva

The customers

Therefore, it was necessary to classify users by age and salary range understanding that each segment needed a different bank product.

service-statement-bancoomeva


We took their central insights for each customer segment, and initial service concept was proposed. Additionally, they were assigned with a hashtag that would identify them until we can decide in which one we would finally work.

Some insights

After an exercise of co-creation and using low-fidelity prototypes with users, we found the following expectations: they expect the bank to be that friend to help them meet their goals and seek a more enjoyable communication bank language.

In each user profile, we selected the central pain and created a phrase that will allow us to tell the bank what their millennial users seek:

user-name-bancoomeva

Our challenge

With previous findings and the definition of customers, we decided to create a challenging question that would allow us to have a response to the initial problem of the bank.

our-challenge-bancoomeva

The service concept

Creating opportunities

We present to the Bancoomeva managers three concepts of service, its main features and a prototype for each proposal.

bancoomeva-service-concept

The bank should select the service concept that best approaches to their expectations and which we would work over the next month. The winning proposal was #tusueñomisueño. From that moment, we started to develop this service in depth.

The deliver

Tu sueño mi sueño

It is a service that allows me to give the bank my dreams or projects so they can help me design the best route to achieve this. #tusueñomisueño proposes periodic actions in the desired accompaniment of a virtual advisor time.

amii-service

This service is based on the concept of friendship, with a friendly language and digital processes. So we proposed creating a young brand with a new identity to attend our user segment and do not interfere with the current scheme of corporate clients of the bank.

Amii is a service that lets me enter a dream with an estimated achievement date, with this service I can make regular savings individually or invite my group of friends or family to join the goal, the platform has a virtual advisor with that I can apply for financial services without having to go to a physical branch office.

amii

amii-landing-page
amii
amii
amii

Boom !!!

The results

For the bank represents an improvement in the collection of outstanding portfolio, decreasing their user service times, streamlines the delivery process of financial products, increases the use of digital channels and lowers the cost of customer acquisition.

For the millennials it was a relief to be able to report that they were not able to make the next payment of their services, they used the freeze of quota to avoid obtaining a negative score in the Colombian financial system.

* Other functionalities and results of the process cannot be expose by privacy regulations.

This project was accomplish in a period of 10 weeks.

The team

José David – MBA, Entrepreneur consultant
Nathalia Ramirez – Trade marketing
David Portilla – UX / Product designer
Marcela Franco – Vicepresident Assistant of Bancoomeva
Laura Oggioni – Interactive Media Design Student

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