Introduction
The team has been approached by a potential client of the financial sector, they were looking at improving their current digital product. In order to be selected for this opportunity, the team had a week to put together. a deck to present our services process and how we could help them take their product to the next level.
We distributed the work and I was in charge of the competitor analysis. The suggestions presented here is to are based on the following:
Overview
NB financial group in the Portuguese domestic market, with a strong franchise in the corporate and retail segments. The Group stands out for the excellence of its services.
NB strategy focus on meeting its customer’s needs through an offer of high quality and innovative products while concentrating its activity on the domestic business. NB's objective is to help its customers and younger generation on managing the savings.
Discovery
.in order to understand their product, values, strategy, and services I looked into their financial report, website and mobile app. I also looked at their competitors however this part was a bit challenging as it was not in English.
Competitors
I felt that they have looked at the right place for inspiration as London digital banking is one of the most developed and innovative compared to other European countries. I looked into the following different products to understand their strategies and key features.
Competitor profile
Here I wanted to see an overall picture of the app and background of the competitors in order to quickly asses
our position, also to identify any weaknesses or strength, identify any advantage of the market and environment so we can prepare a strategy to hedge our position and respond fast.
Features analysis
In order to view and get familiar with the services, I grouped and looked at the features of the competitors apps, learned their advantages and disadvantages compared to the NB application. The features have been organized in 3 sections infographics, account and security.
Result
NB has few features compared to the competitors, however, on a positive view, the client is on the right path and with an open-minded attitude and ready for suggestions. However, there are many questions to be clarified such as:
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Would they want to become an international service?
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Do they have an infrastructure in place to develop the next banking generation?
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Are the users ready to have a full digital financial product?
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What is the mental model and culture of their country?
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What are the regulations on banking in their country?
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Security level
A great advantage the client has is their size and reputation, they are a well-established bank in the in their country, they have gained trust and loyalty of the community, they also had lots of physical branches which can be beneficial for the face to face customer service.
Heuristic evaluation
This evaluation gave us another indication of where the digital service is, areas that need focus and allows us to explore more on how we could make a difference against the competition. As shown below there seem to
be a lot of work to be done.
Marketing analysis
Digital app patterns
General motivation for all digital banks
This evaluation gave us another indication of where the digital service is, areas that need focus and allows us to explore more on how we could make a difference against the competition. As shown below there seem to
be a lot of work to be done.
Trade mark
Every digital bank has used their credit card design to leverage on their brand, with catchy colours, packaging, usability, logos and designs.
International
With so much freedom of movement and opportunities to travel and work from anywhere, Digital banks have seen the opportunity to catch those users and give the freedom to pay / send money from anywhere without charges.
Data driven, AI and machine learning
Data-driven apps have become a major growth engine for the worldwide software market. Analysts predict that smart apps will become a $48 billion market, Data-driven apps will help the younger generation choose best options on how, when and where to invest their money.
Monzo
Design focus
Design has been an important part of Monzo’s DNA from the start.
Tag line
Removing the ‘clutter’ of the traditional banking experience.
Background
Monzo is a data-driven product, the initial card was blue and had some shiny dots on its surface to represent personal’s data, the card was rather minimal and discrete yet elegant.
The company’s now iconic bank card color, Hot Coral, Pantone 805 – which the company is now seeking a trademark for – was selected as a ‘happy accident’, with the designers working on an expedited timeline and assuming the product would be temporary and only used for the beta period. The color and product ended up being so successful that it stuck, earning the headline from Mashable ‘The bank that’s apparently so cool it has become a chat up line in London’s bars’.
Marketing campaing
Monzo has not spend much on marketing thanks to its community strategy. An open and transparent approach to get involved everyone who wants to be part of its development and this has resulted exceptionally good.
Revolut
Design focus
Focused on the exclusiveness of the service, Revolut focused on 4 cards design for their Premium customers
Tag line
A hand-crafted card designed for a global spending lifestyle.
Background
Focused on the exclusiveness of the service, Revolut focused on 4 cards design for their Premium customers
To further emphasize the exclusive nature of the service, the branding has been stripped-down to a single “R” in the top right-hand corner, applied with a printing process known as foil blocking, normally used for the Mastercard hologram.
For added privacy, the 16-digit card number is subtly printed on the back, alongside reduced size signature and magnetic strips.
To complete the full premium user experience, the cards are delivered in a minimalist, foil-block designed packaging within 1–3 days via express global delivery.
Marketing campaing
Community events
Starling Bank
Design focus
The new groundbreaking design reflects the way people use their debit cards
Tag line
A new kind of bank account
Background
Starling, the mobile challenger bank, is introducing a new debit card with a vertical design that puts all customer details, including name, card number and expiry date, on the back for security
The new card – the first of its kind for a UK bank – has been designed to reflect the way people use cards today, slotting them into ATMs and card machines or making contactless payments in a vertical, or portrait, orientation.
The new personal account card is teal, an understated and cool hue inspired by the blue-green tones of the plumage of the starling bird.
Marketing campaing
Community events
N26
Design focus
Diversity of life style and more human-centred visuals
Tag line
N26 is a full UK current account on your smartphone
Background
We want to reflect the people who bank with us. In the five years since N26 began, we’ve gotten to know and understand our core customer base better than ever. The changes reflect our customers in the 24 countries we operate in globally; diverse, urbane and living modern-paced lifestyles.
The reason why the brand has been updated is to be more human as shown in the posters. Finances are in everyday's life, hence there is more people to reflect the human side of banking, therefore banking does not need to be boring.
Marketing campaing
Become an ambassador program
MoneyBox
Design focus
Younger users, with animated characters to call their attention
Tag line
Invest for your future. Start with your spare change.
Background
The Moneybox brand identity works well because it’s built around a strong understanding of the company’s audience. It’s clear to see that Moneybox built a few different user personas before they started construction on their app, and that’s reflected in the personalized investment options available to Moneybox users.
Each of the animals has some kind of symbolic connection with saving. For instance, the fox is known for being “clever”, the owl is wise, and the squirrel stashes away nuts for winter. It’s clever, simple visual marketing, designed to make it easier for people to understand the Moneybox brand.
SWOT NB
Each of the steps above has helped me analyze and evaluate the bank's competitive position and to develop strategic planning. This framework allowed me to assesses internal and external factors, as well as current and future potential.
Opportunities
Weaknesses
Technology
Marketing
Social
Marketing
Products
Strategy
Revenue
Strength
Social
Marketing
Tech
Laws
Internal / External
Entity & capital
Strategy
Market
Service
Product
Threats
Strength
Entity & capital
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A strategy is defined with 3 saving products
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Full license bank, as mentioned before the bank has been on the market for many years allowing them to gain trust from the financial regulators.
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Stable funding, with years of trading the bank has reached a stable financial position to be able to continue with the next level of innovation.
Reputation
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Reputation, given the bank's history and domestic products, it has gained recognition by the Portuguese audience
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Strong brand image, NB is the second largest private financial institution in Portugal in terms of net assets, as well as one of the oldest and most reputed Portuguese banks.
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Trust, following all the above I am sure that NB can become a good influence of digital banking in Portugal.
Market
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Dominance in the Portuguese domestic market.
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Strong franchise in the corporate and retail segments
Service
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Service focused on customer-centric approach supported by a specialized sales force
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Branches are available to offer face to face service
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Already in the mind set of innovation
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The Group stands out for the excellence of its services
Product
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Service focused customer-centric approach supported by a specialized sales force
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NB assumes its vocation as a Customer-oriented Bank
Weaknesses
Technology
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internal infrastructure needs to be reviewed to add functionalities on the product, also public commercial entities need to have available software and hardware for fast interaction such as payment machines and contactless facilities
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Effective rapid innovation processes could be a big challenge as the mindset and culture may need time for acceptance and concept probing
Marketing
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Product UI design could be improved to attract every demographic we target for this product, following the competition, and learning from their strategy it seems to me that to more open and transparent the product and its development is, the more credibility and contribution of new ideas will raise.
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Create events and communities to allow users to be part of the product development.
Opportunities
Social
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Empowers users to achieve their goals and give them back control of their finances
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Community - Change on socio-cultural as this will be a new concept of saving and managing personal account and investments
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A cultural shift, as the newer generation is highly influenced by new technological concepts and products, indirectly this creates a shift between social groups.
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Importance / Exclusivity, psychologically users feel rewarded as they have or are part of the latest products or services.
Marketing
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A great opportunity to educate users with new service and position the brand not only as the strongest but as the most innovative in the market.
Financial
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Since they have defined products, the next step is to offer alternative and smart ways to invest and gain capital on investors savings, this can be then achieved with AI
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Development of new products such as ISA, invest in stock & shares?
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Consider the younger generation and offer Junior/student accounts
Strategy
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Expansion and distribution network, NB strategy is to reach smaller cities and agricultural businesses as those areas are still unexplored
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Facilitate and speed onboarding process
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Expansion to international markets just
Internal Treats
Social
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Social awareness of the digital product and concept acceptace as well as transition from
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Trust on new products as user's mental model could on a Latin culture could be quite conservative therefore more resistance to change
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Not everyone has a NB account
Marketing
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If well planned and transparent from the very begining, NB could involve users thought the development allowing them to take part and create momentum, education and improvement of a better digital finantial product
Tehcnology
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This could be an opportunity to review the infrastructure of the system as well as security levels as I think they need to be reviewed.
External Treats
Social
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International competition such as Revolut and N26
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Fin-tech start-ups
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The different plan offers each offer has really good benefits
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Cryptocurrency available
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Available in 150 countries
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Security is high
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Signing up for an account does not involve a full credit check and therefore won’t affect your credit score.
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Get 1% interest on any savings pot over £1,000.
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users can apply for an account, either online via the website or through the app
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Lots of functionalities
Strategy summary
Aligned with NB’s strategy which focuses on excellent customer service and provides high-quality innovative products to help users to manage their savings. YLD envisions an opportunity to develop a new product or services that can support NB’s customers and future generation with solid ideas to form the foundation of their digital products.
We believe that both Design and Software Engineering is important for success and the backbone for the digital solutions at NB.
This project can be viewed in three areas at the top level:
Social
Studies found that “having readily accessible sources of cash is of unique importance to life satisfaction, above and beyond raw earnings, investments or indebtedness.”Otherwise, anxiety kicks off, this shows there is a strong connection between money and emotions.
Understanding our customer's financial challenges is important for YLD and NB to deliver the right solution to provide:
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Empowerment, control of finances, trust, and reward
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Socio-cultural change and education
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Creates awareness of brand and product
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Exclusivity
Product (App / Card)
The idea of the vault and the wallet is great as customers are already familiar with the concept and its part of their lives in one way or the other. Technology will allow the development of smart and rich experiences to its customers and the creation of new opportunities for NB such as
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High level of personalized service
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Card and Digital - Wallet should be intelligent to help users manage their accounts
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Fast and accurate transactions, predict and advice on investments
Artificial Intelligence & Investment options
Investment apps are growing to become one of the top options for the young generation to manage their accounts faster and get involved in the stock market coupled with AI, learning about their customer spending behavior can advise and prevent on users decisions.
And even experienced investors may find opportunities to save money and improve their portfolios with one of the available investing apps.