Helping financial institution retain their customer base in digitalisation project.
Traditional financial institutions are struggling to keep up with customer’s digital demands. In this case, our client was loosing their customers and came to us to help them identify the problem, and remedy the situation.
Service Design and Research | United States | Backbase
Impact
Enhanced product fit
Enhancing product fit by tailoring the digital experience to the customer needs.
Customer satisfaction
Increased customer and employee satisfaction with financial insitution.
Long-lasting partnership
New research partner for Backbase to gather continous customer feedback for improvements.
Challenge
As part of a bigger digitalisation project, I was approached to help client identify why they were loosing a portion of their client base. After auditing previous research and their marketing strategy, I observed the client wasn’t clear about their users’ needs or product prioritisation.
Working together with the design lead, I wanted to investigate how we could enhance the product-market fit by understanding friction points as part of larger digitalisation process.
Goals
Create clear measures of success for research in digitalisation.
Gather insights on customer and employee friction points.
Propose strategic steps aligned with digitalisation goals.
Approach
Benchmarking
Auditing customer data, marketing strategy and previous research to identify discrepancies.
Customer and stakeholder interviews
We interviewed 12 employees and 10 customers in two rounds.
Co-creation workshops
Conducted two rounds of interactive together workshops with client: customer segmentation and empathy map workshops.
Outputs
Customer segmentation
Clear segmentation of needs, challenges and opportunities among customer base.
Employee insights
Insights report with six core themes that interfered with business goals and recommendations for moving forward.
Insights to action
Customer segmentation workshops
Together with the client we identified key segments in their customer base by identifying key psychographic, geographic, behavioural and cultural characteristics. We combined these segments into three main segments, and identified persona characteristics through empathy maps.
Tailored recommendations
Based on insights and digitalisation goals, we tailored strategic steps for overcoming challenges with focus on acquisition and retention of customer base.