Industry: Financial services
My role: Service designer - UX researcher
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!
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.
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.
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.
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.
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.
Digging for innovation
We interviewed 20 young millennials to gather their inner experiences, anecdotes, and disagreements when using a banking service.
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.
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.
Going to a bank to stand in line is a punishment and it will always be my last option. Time is my most precious assetmillennial, 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.
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.
Therefore, it was necessary to classify users by age and salary range understanding that each segment needed a different bank product.
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:
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.
The service concept
We present to the Bancoomeva managers three concepts of service, its main features and a prototype for each proposal.
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.
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.
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.
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