Creating a transparent experience for Customer Acquisition
Bmg is a traditional bank undergoing a digital transformation process, and positioning itself as a challenger bank in the Brazilian FinTech ecosystem.
Company Context
The project originates from the expressive number of clients as detractors in the bank account's NPS score.
Motivation
2021
Year
TL;DR
We tackled the central pain point from the clients: low transparency regarding their access to credit.
The team took this opportunity to frame the main issue, and analyze with in-house and on-hands data what would become the foundation for the Discovery phase.
Problem Space
Q - How likely are you to recommend Bmg’s account for friends and colleagues?
DETRACTORS
41%
NEUTRAL
19%
PROMOTERS
40%
Digging deeper through the Detractors reasoning for their negative score, two main reasons jumped out:
1 - No approval for credit card.
2 -Low credit limit for new clients, especially when compared to their primary banks.
Discovery
The problem scope the team adopted was
What are the users expectations regarding access to credit when opening an account?
User Interviews
App Reviews
Social Listening
Gathering user information through
QUALITATIVE
Users credit card limit baseline
Demographic profile
Monthly Income data
QUANTITATIVE
What did the users have to say?
"I would not continue using the bank if It did not give me a credit card, because I need the credit to help pay for my expenses.”
"I am not in debt and still I did not receive a credit card, and I have a good income.
The way the bank evaluates credit for the customer is very bad."
"The bank has to be careful with what they advertise, I felt cheated. I saw the ad on the internet saying even if you were in debt you still could have a credit card limit."
Some patterns emerged from the in-depth interviews, social listening reports and
the app reviews.
Disappointment after broken expectations to access credit, taken as a certainty considering the ads and brand positioning.
Low perception of value about the debit only bank account.
Confusion between credit card and loan card limits.
Frustration about the long window of opportunity to request another credit analysis.
Solution Space
Listening to the user’s pain points and then analyzing our Open Account journey, we saw a window of opportunity to improve how and what we communicate with the user.
AS IS
The user finds out what products were offered after opening the bank account, making the process seem fruitless; especially through the point of view of those with credit denied status.
TO BE
Anticipate credit information while the user “opens the account”, thus avoiding frustration and increasing transparency.
A quick glance at the “Open Account” journey…
At the time, the journey the user had to go through to open its account at Bmg had 12 steps, some demanding captures of documents and selfies (which would continuously prove to be a struggle for Bmg’s senior audience).
AND SO, we double checked alongside the Compliance and Legal team what would be the minimum requirements before our “credit score engine” could analyze the user’s profile and inform them of their product availability.
The proposed solution…
We present the result of the credit analysis after the first 5 steps of the Open Account journey.
The ideal timing: Specifically before we ask for personal data like a selfie and document photos. As this would require minimum effort/friction and information from new users.
Benefits for the users: No strings attached, there is no need to officially complete the “opening of the account” to know what the bank will actually offer the client.
How to manage expectations and pushback?
The impact of changing the logic of what and when Bmg would disclose to the client did not go amiss our planning; hence the need for a series of negotiations and buy-in sessions with several stakeholders throughout the company.
Digital Product
Adapt the new acquisition funnel and expectations around the OKR on speed and bounce rate for the “Open Account” journey.
Marketing
Manage skepticism and resistance on how to “anticipate product availability”, since it affects the chapter’s OKR/Goals of “New Accounts",
C-Suits
Present the Proof of Concept to CEO and CTO; and get approval to run “an experimental deployment” to study and validate the hypothesis.
Expected Results
The following metrics consolidates our forecast of the impact of the reshaping of the Customer Acquisition journey:
+ 10% Active Accounts
+ NPS Promoters
+ Cost per user
- Decrease in Ghost Accounts
- 20% Open Accounts
- NPS Detractors
- Operation Cost (eg. card production)