Bank VAS Marketplace
How might we identify alternative incremental revenue on services where the bank is in an intermediate (enabler) or service provider
Background:
The financial services industry is highly competitive, and banks must constantly innovate to meet the evolving needs of their customers. In this case study, we will explore how a value-added services (VAS) marketplace was created to offer customers additional services outside of traditional banking services with an aim to increase customer engagement and loyalty with the bank while earning incremental revenue.
Solution:
The bank recognized that their customers needed more than just traditional banking services. They needed additional services to meet their day-to-day needs. To solve for this problem, a VAS marketplace was created that would meet the bank’s customers’ day-to-day needs outside the normal banking services. The marketplace offered a range of services, including digital insurance purchase experience for vehicle and travel insurance, credit card marketplace, investment marketplace, ability to create and track financial goals, and an e-wallet.
My role:
As the Co-Creation Design Manager in this project, my responsibilities involved managing the design team and collaborating closely with the development team for POC production. I worked closely with subject matter experts, stakeholders, and the client’s teams to ensure that the design solution aligned with their requirements and expectations.
To ensure that the marketplace was designed with customer needs in mind, I planned and executed an extensive qualitative and quantitative user research in Ukraine. This research informed the creation of the MVP user experience for the VAS Marketplace, which included an end-to-end digital insurance purchase experience for vehicle and travel insurance, credit card marketplace, investment marketplace, ability to create and track their financial goals, and an e-wallet.
As part of the design process, I facilitated brainstorming and ideation sessions and designed co-creation artifacts to help stakeholders better visualize the proposed solution. This collaborative approach ensured that all stakeholders had a clear understanding of the design vision and were aligned on the project objectives.
Overall, my role in this project involved managing the design team, collaborating with the development team, conducting user research, facilitating brainstorming sessions, and designing the MVP user experience for the VAS Marketplace. Through this collaborative effort, we successfully launched the marketplace and provided bank customers with additional services that met their day-to-day needs.
Impact:
The VAS marketplace was launched successfully, and it provided bank customers with a range of additional services. The marketplace was well received by customers, who appreciated the ease of use and the ability to access additional services from a single platform. The marketplace enabled the bank to differentiate itself from competitors and increase customer loyalty.