Learning Launch of an online banking service

Challenge

The bank that I’ve been working for is a multinational company. It has several local  organizations and a central team in every region. Our central team has developed a new  online banking service and urged local subsidiaries to launch this service on their markets.  However some challenges arose on some of the markets.

On one hand the financial culture of an average consumer of our market was weaker  compared to the whole region. So we couldn’t be sure about the response of our consumers  to the centrally developed service.

On the other hand the service had several different capabilities, and we weren’t sure which  one is relevant to the consumers and which should be communicated during a broader  launch.

Furthermore, we felt some changes in the service would be useful to our market, but the  central team rejected any request of modification that is not backed with consumer data.

Selection

Launching the service was obligatory, but we wanted to learn how people would use the  service and which elements they use and like more. So we have landed at the learning  launch to gather more information in order to have a chance later to make the product better  for our local consumers.

Application

Two target group was assigned for having the opportunity to use the new service:

  existing clients with high digital affinity and high financial power

  existing clients with high digital affinity and average financial power

At the beginning 200 clients per each group were offered to use the new online banking  services. They were addressed through direct communication and the colleagues at the  branch also supported making them join. New services often require extra effort to get to  know and to use them. So dedicated customer care was available for them to make their  usage effortless.

Due to the nature of digital services we had extensive data about the usage of the new online  banking service. The data was continually monitored. If a user didn’t use some of the  functions, we have urged them with push notifications, later on incentives to make the clients  use the entirety of service deeply.

Insight

After a certain period we have gathered enough data for having a clear picture how clients  had been using the new online banking service. We knew what functions and capabilities  they preferred and used frequently. It helped us develop effective communication for a  broader target audience. We have also seen where they stuck, so observed the online  procedure to make it easier for them. We have also recorded all of their interaction with the  customer service, so we knew what kind of help they needed during the usage. By this  information we initiated changes in the online banking service, adding information that  frequently was asked from the customer support.

We could also set our consumer data against the data of other markets. We have looked  after similarities and observed the practices of other markets that had similar client usage  patterns.

Approach

We have collected a lot of useful data; however in some cases we don’t know the why. Don’t  know why they haven’t used some functions that seemed useful or why they have stopped  some processes. It would be useful having the chance of regularly connecting and asking our  clients about their usage and getting better insights.

