The Ask

Design a solution that will reduce customer attrition for 5-28 year customer segment given that we have already invested significantly in technology but haven’t seen the impact.

The Observation

When designing digital solutions for the 5-28 year segment, their decision making process when it comes to finances and the experiences they have with financial institutions are overlooked.

The Process

We ran a 3-day Design Sprint to brainstorm and design a potential solution concept for Co-op Bank. The workshops brought together designers, Co-op Bank employees, children 3 - 9 years, teenagers 11- 19 years and young adults 21 - 26 years. The objectives were:

• Understand key motivators when making financial decisions
• Understand how the target group manages their finances
• Get to know what digital and nondigital factors affect the segment when it comes to making financial decisions
• Design a financial service provider of the future

Methods: influencer ecosystem mapping & scenarios, customer journey mapping, ideation, focus group discussions.

Outcomes

Two key outputs were delivered at the end of the design sprint:

• A report identifying customer experience challenges and recommendations for improvement. The report focused on the day to day experiences the segment involved went through, identified challenges, and recommendations for improvement
• An Android app UI concept demonstrating how digital improvements based on the ideas generated could be implemented 

Co-op Bank used the recommendations to improve customer experience across the different segments they served. This is still an ongoing process. The implementation of the Android app concept was handed over the internal innovation team.