Project 360: How to overcome barriers to the use of digital banking services?

A 360 project is one that integrates Behavioral Research, Behavioral Design and Experimental Validation.

We conducted a research study on barriers and facilitators in the adoption of digital banking services, and designed behavioral solutions for the digital services of a South American bank.

Photo by Tech Daily

Client: 

One of the leading banks in a South American country, specializing in corporate financial services. The bank offers a wide range of products and services, including business and personal accounts, loans, cards and online banking.

Funded by:

IDB Invest.

Context description:

The organization, despite its efforts to improve its digital banking services, detected that a large percentage of its customers still preferred to go to physical branches to conduct their financial transactions. The bank set out to understand the barriers and enablers of this financial behavior to promote a smoother and more efficient transition to digital banking.

What we did:

We designed and executed a 360 project to encourage the adoption of the bank's digital services. First, we conducted a comprehensive analysis of user behavior to identify specific barriers to the transition to digital banking. Subsequently, we designed a series of interventions aimed at increasing awareness and confidence in the bank's digital tools. Among the intervention strategies, we created information campaigns, redesigned the user journey, the application interface and the website, and created an experimentation plan so that the client could subsequently measure the effectiveness of each recommendation.

Methodology:

1. Behavioral Research:

   1. Bibliographic analysis.

   2. User journey map development.

   3. User experience audit.

   4. In-depth interviews (with stakeholders and users).

   5. Market/opinion surveys.

2. Behavioral Design.

3. Map to guide the customer in the experimental validation.

Key results:

We found that resistance to digital change was due to a combination of multiple reasons within the overall user experience process. Here are some of the main causes:

1. Lack of awareness of available digital tools.

2. Lack of optimization of digital services (online banking and mobile banking).

3. Comfort with face-to-face service in branches.

4. Concerns about online security.

To facilitate a smooth and efficient transition to digital banking we redesigned:

1. The website: UX redesign based on behavioral science principles.

2. The branch service process: communication campaigns (e.g. physical flyers).

3. The account opening process (e.g. remote procedures by default).

4. The digital credential opening process (e.g., automation of digital service opening).

5. The online banking service (e.g., promotional videos and tutorials).

6. The mobile banking service (e.g., application interface based on behavioral science principles).

Insights for decision making:

One of the causes of the preference for traditional payment methods when performing financial transactions is the lack of optimization of the bank's digital services. To promote the adoption of digital services, it is essential to reduce friction in the use and improve the overall user experience at every moment of the service. For this reason, based on behavioral sciences, we redesign digital environments in order to increase their usability, ease of use and to promote feelings of security, agility and trust.

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