The bank wanted to increase the number of customer acquisitions in a new segment. We helped them refine a product and design an onboarding process for the pension card product. This increased customer acquisitions in a mature market by up to 30%
The Challenge
UKRSIBBANK (BNP Paribas subsidiary) is a strong player in the highly competitive Ukrainian market. It has a strong customer base of employees of the international companies
Unfortunately, many clients leave the bank after retirement
UKRSIBBANK invited Lanka to design a product that would serve the needs of pensioners and help the bank to grow its customer base in the third-age segment
Key insights
The team had a pre-conception that pensioners are low-income people with low digital skills and are mostly interested in discounts in groceries and pharmacies
We saw three different segments of potential customers. Two of them keep working after they reach retirement age and apply for the state pension. They are active people familiar with banking and other digital services
A recently retired person has no special need regarding daily banking
The retirement process and applying for the state pension is a new and sometimes cumbersome process for them. The bank is well-positioned to advise customers on how to apply for the state pension
The state pension fund recommends customers open an account in state-owned banks
The Outcome
The bank made only minor changes to the core product
The bank implemented a new process to help customers during retirement. In both digital and traditional channels, the bank proactively informs the customer when and how to apply for the pension, helps to prepare necessary documents
The bank positively surprised customers by proactively taking care of them
Early prototypes showed double-digit growth in acquiring new clients
Tools and an approach
In the first workshop, a cross-functional team produced the hypothesis on the needs of pensioners and prepared for the interviews
We did 15 in-depth interviews with a diverse range of people who recently became pensioners. We focused on the retirement process and changes in their financial habits
We synthesized personas and insights from the interviews
Based on the content analysis, consultants produced reach persona descriptions
The team generated solutions on how to simplify the application process for those who would keep working after formal retirement
Consultants advised the team on how to test and improve ideas using lo-fi prototyping
The team
Consultants worked in close collaboration with the x-functional agile product team from the bank
Lanka facilitated workshops, prepared team members for the interviews, advised on prototyping and testing
Client’s team performed most of the interviews and prototype tests, and prepared the implementation roadmap
We are thrilled with the opportunity to create services for our parents - the third-age segment.
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