Challenge:
Like many large financial institutions, this bank was actively developing its digital offering for customers. The bank had a really good understanding of its customer base, but the business sponsor had concerns that internally preconceived ideas would dominate when it came to shaping the digital product, rather than it being informed by wider industry knowledge. The sponsor was keen to get balanced, independent views from industry partners and its own sales channels, so that something fresh and impactful could be developed. The danger – if they were to rely solely on internal expertise – would be to produce a version of what they already had.
Solution:
P2 Consulting was brought in to undertake this analysis and lead the discovery effort on what would constitute a new market leading digital product for the bank. The first step was to conduct a deep dive into innovative trends in digital banking applications, to see what software was being built, the features that appealed to customers and what was less successful. We then spent time working with the client to understand their organisation, process and crucially, the day to day view from the ground, to build a picture of how best to engage on this development project.
We used this foundation to review the channel statistics, conversion metrics, customer feedback (NPS) and pain points in the discovery phase, so that analytical insight could define what ‘good’ and best practice looked like. Ultimately, we developed a vision for the product and presented it back to the sponsor for approval. The product was then built, tested and went live, marking a significant change in direction for the company in terms of how they approached product development.
Benefits:
- The bank was able to deliver a fresh, new mobile customer journey, supported by analytic tagging.
- Increased funnel statistics led to roadmap prioritisation and A/B testing to gauge upticks in customer conversion.
- Sales, customer experience and conversion statistics received a dramatic uplift due to the intuitive design.
- Customer servicing queries to the contact centre were reduced by 14% representing a tangible saving for the client.
