"Show me Value"
Initial ($0) offers are compelling, but I'll eventually pay a fee. What makes it worth paying future fees? Help me… see the value for getting an account with you.
PROBLEM
Transaction accounts represent a large segment of the Westpac Business Digital revenue and the team sought to increase online applications. The team sought to know why business's chose certain accounts over others. What informed those business's choices and decisions? The transaction account pages on Westpac’s public website hadn’t been maintained with customer’s need in focus for some time either.
The $0 account fees are popular but user's need to know why they had to pay fees after the offer expires. The features and benefits, were split across the page. Biz Invoice needed to be better integrated into the account features.
DISCOVERY & RESEARCH
In response the Business digital team engaged with Westpac’s HCD team briefed and recruited Objective to conduct user research based on these two questions:
What do prospective customers look for and want from their business transaction account?
Interviews took place with 12 business owners who were at various stages of the business cycle. Research identified that Business Customers lack confidence about Business and Financial decisions in different stages of the Business lifecycle due to a lack of timely, helpful information and confusion with content.
New to Bank user’s said they wanted to make sure online banking was suitable and wanted to know more about Westpac's online banking capabilities. User’s find the monthly fee a major deterrent to “Applying” but that Biz Invoice is compelling but want more from the account.
Working with the team i helped prioritise the themes and the team decided that online banking capabilities should be a high priority.
Working with the team i helped prioritise the themes and the team decided that online banking capabilities should be a high priority.
EXPLORE
My task was to use take the research and discover ways on how might we provide a more relevant and targeted experience. Focused on the Business Transaction Sales funnel from “Discover” to “Apply”.
Focusing on ways to showcase Westpac's online banking capabilities and justify the monthly fee.
Conducting a workshop on Westpac's online banking experience focused on "Help me… see the value for getting an account with you." Using Miro i was able to get the team's input and align on approach. Initially people in the group suggested a live demo of the online banking experience but through the workshop it helped the team to understand the gaps better. The workshop involved key stakeholders such as the product owner and other members of the team to bring new and diverse ideas.
Followed by a Post-up session where each participant came up with 3 ideas or sketches. A discussion of all the ideas brought to light many perspectives. This process also helped us gain access to other user data that we could incorporate and leverage around features sets.
Individual sketching of the top 3 ideas and a playback of all ideation help round out the session.
We needed to communicate our online experience and why westpac show a better proposition.
We need to use simple language, speak the way our user speak.” “No confusing language.”
Features and benefits and justifying the fee were areas the workshop highlighted.
A competitive review of accounts and online banking features was conducted and showed that Westpac transaction accounts are overall more capable than the competitions’ free online banking platforms but Westpac wasn’t effectively communicating it’s online banking services to make this USP more understood. Biz Invoice and our ‘business-grade’ online banking was a key way for Westpac to address the ‘Why $10 fee?.
The review also helped to show that competitors were grouping features & benefits together and this was something that Westpac wasn’t doing well, Westpac’s features and benefits content was spread across multiple components/patterns and took up a lot of real estate on the page and the current solution also made Biz Invoice seem like an add-on. I also conducted a review of the interface for the transaction account pages to assess the issues that aligned with the research and look for ways apply good usability principles in our solutions. The content was quite verbose and not easily scannable and the leadership team felt that the page layout's were not mobile-friendly either so the solution had to solve all of these problems using the components available from the Westpac GEL.
DESIGN
The design focused on showcasing the features and benefits. Biz Invoice was a still USP and the design solution needed to make it appear more integrated into the core product (as opposed to an ‘add-on’) and better explain it's value.
The design also needed to be simple so as to make it scannable and the design needed to be mobile-friendly as apposed to the previous version of the page that was verbose and spread out.
The design solution sought to communicate directly against the $10 / $20 fee from Westpac's transaction account range to show the customer the value of the account to a business customer.
RESULT
Indicators show that an uplift is sitting at around 22% which is a big improvement for applications starts based on this piece of work.
Indicators show that an uplift is sitting at around 22% which is a big improvement for applications starts based on this piece of work.
