How can a big financial company harness the power of design thinking?

We helped Millennium Bank engage and activate their customers by designing new processes and take them to market.

CASE STORY

COMPANY

MILLENNIUM BANK

INDUSTRY

FINANCIAL

SERVICES PROVIDED

IDEAS INCUBATOR, SERVICE DESIGN

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THE CHALLENGE

Looking back on 2010, it was a time when new challenges appeared. Before that, most of the leading financial markets in the world had been affected by economic recession and the key priorities became an increase in efficiency and a decrease in expenses. In 2010, however, things changed. The key priority became an increase in the number of customers.

At that time, Millennium’s board had to choose one of two paths to pursue this goal: acquisition or organic growth through better customer experience. They picked the second option and chose us, Innovatika’s experts, to join them on this path.

LET’S GET READY!

It was crucial for us to clearly understand our client and all of the other stakeholders. We started by diagnosing and understanding their needs. Analysis of data, workshops with employees and benchmark trends were our first steps in our journey with Millennium.

LET’S IMMERSE & FIND INSIGHTS!

To define the concept of radically new customer service, we walked in the customers’ shoes. We conducted many hours of interviews with clients and employees and engaged 27 users in collaborative workshops.

Over the course of our research, we uncovered the customers’ core needs and desires. We found that they expected consultants to adjust the speed of the conversation to ensure their understanding of the offer. They seemed not to be aware of the whole process. Additionally, they wanted to get something tangible with an account number which would provide evidence of the existence of the virtual account. It also appeared that there were two types of customers: those who were self-sufficient and active and those looking for advice and support.

LET’S IDEATE & COME UP WITH DOPE SOLUTIONS!

When we aligned all the customers’ insights with our client’s strategy, we found a bold opportunity and put it in powerful challenge ‘How, by designing customer experience, might we encourage customers to be active on their accounts in the first months?’.

Hand-in-hand with our clients, we created new ideas every day. We developed a value proposition, user scenarios and finally, a new, transformative process.

In fewer than 1 months, we collaboratively designed a line of dialogue and tools to support the initial conversation with customers.

LET’S ITERATE & DO RAPID PROTOTYPING!

We had desirable, feasible, viable ideas and were eager to transform them into transformative process and tools. To achieve this, lots of clients and bank’s employees engaged in test interactions and helped to identify areas for refinement.

185K

MORE NEW, ACTIVE CUSTOMERS IN TWO YEARS

60

CUSTOMERS, USERS AND STAKEHOLDERS INTERVIEWS

60%

CUSTOMERS CHOOSING MILLENNIUM THROUGH RECOMMENDATION

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THE OUTCOME

Through this project, our client increased their number of active customers by 85,000 in 2015 and by another 100,000 in 2016. The new approaches also elevated the number of customers choosing Millennium Bank because of word of mouth recommendations by up to 60%.

Our team not only helped ignite impactful solutions for Millennium, but it also seems we introduced new standards of customer service to the financial market in Poland.

Our client continues to point to this project as a best practice and you can read about it in HBR Magazine.

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