We supported OTP Bank in understanding the mysterious Gen Z.
We provided OTP Bank with our expertise throughout the creation of a Gen Z customer acquisition platform. Our UI concepts, UX consultancy and hand-made prototypes helped them understand and engage this unique customer group more. It was an exciting experience to contribute to the junior strategy of OTP Bank and do joint research with their amazing team!
UX research, UX Strategy, UI Design, Prototyping
High-fidelity prototypes, Usability tests
Taking control over your finances is a lifetime of work and starting to learn about how to manage your money is vital from a young age. In order to increase the financial consciousness of youngsters they must be involved in financial services early on, which require digital solutions, interfaces and in the end - applications which can be used easily and intuitively.
OTP needed a specific value proposition which can educate, entertain and engage younger customers while ensuring a safe environment and the appropriate parental control.
Youth banking is not a bleeding-edge anymore, but it only has been plastered, not healed. 53% of millennials don’t think their bank offers anything different than others and 1/3 will switch banks if a better option comes their way.
Only 5% of youngsters feel that their bank fully understands their financial needs. Also, financial knowledge of young people is extremely low globally: 44% of youngsters under the age of 35 are financially illiterate in major advanced economies.
Sources:
The Millennial Disruption Index; LHBS // NFO: 2019;
Financial Literacy Around the World, 2015;
PEPPER – Change in Banking Report, 2019;
A.T. Kearney 2019 Retail Banking Radar
Our proof-of-concept helped to establish viability, to isolate technical issues, and to suggest overall direction, as well as tailor OTP’s offering to Gen Z needs.
The prototype we contributed to has been validated during focus-group and in-depth interviews as well as quantitative research and youngsters' willingness to use the app was certain. The intuitive interface, like the interactive Edumap or the customisable savings goals and the generation-specific user experience resulted in huge success and won the hearts of teenagers.
The line between entertainment and communication is blurred, youngsters increasingly communicate with emojis, effects and social media actions.
We need to integrate the well-known interface patterns like the bottom navigation bar, which enables them to reach the main functions by only moving the thumbs.
They want to budget and save their money more efficiently and learn the basic financial concepts however they don't have the means to do so.
Bank cards and accounts are not motivating them and are perceived as unnecessary burdens but earning their own money boosts their financial consciousness.
Data acquired through joint research with OTP Bank and a leading market research agency.
The lack of financial literacy is the fault of a combination of different factors: the educational system does not prepare youngsters to budget their money and they cannot talk openly about these issues with their parents or peers either.
Parents' mistakes and misbeliefs are transferred to their children: ad hoc allowances and the lack of regular income prevents children from learning how to manage their financials.
The safe and secure environment is inevitable to become financially conscious however, youngsters tend to learn by doing. Letting teenagers experience money management and learn form their own mistakes in a transparent and controlled setting can help them covert into financially literate, conscious adults.
Data acquired through joint research with OTP Bank and a leading market research agency.
Contributing to the junior strategy of OTP Bank and doing joint research with their amazing team was a unique experience since we needed to work together with various stakeholders with very different needs, including several departments of the bank, multiple great vendors and consultants as well.
Although we were not closely involved in the actual software development phase of the solution, OTP Bank launched its junior product incorporating all our valuable insights, findings, UI concepts and UX advice.
Making millennials invest in the future much more, than before
Targeting customers with personalised investment offers through a customer-friendly platform, backed by a learning algorithm & an AI-based engine.
