BANCO SABADELL

A psychographic customer profile to improve the banking experience

CLIENT

Banco Sabadell

STUDIO

Mexico City

SERVICES

Strategic Research
Unmet Needs Discovery
Customer Experience Audit
Customer Journey

The Opportunity

Banco Sabadell is one of the main banking groups in Spain, present in more than 20 countries. In 2018, they began operations in Mexico with a different value proposition: a digital-only bank focused on helping people save money for their future.

The company wanted to encourage the habit of savings in a market where there is little to no understanding of the concept and customers often seek a new bank just to obtain a new credit line.

The Challenge

As a digital-only bank, Banco Sabadell Mexico has no physical branches and everything, from opening an account to any operation has to be done through the mobile app. Although it was a big opportunity to create a banking experience tailored to the digital-savvy, this also posed a challenge in acquiring new users as it is still customary for people in Mexico to open an account at the most conveniently located branch. This meant that the current onboarding experience had to first be understood to then be refined and adapted to the needs and expectations of this customer.

The initial launch was a success and a few months later Banco Sabadell experienced a rapid influx of users due to its unique value proposition. But it also made it hard for the bank to identify and categorize the different client profiles.

The Solution

We focused our approach on understanding the needs and points of view of Mexican banking customers as it relates to concepts such as banking, saving, and investment. We also explored best practices in the local mobile app segment, beyond banking, which would set a benchmark on the expected experience.

To bring the bank’s vision to life, we mapped out the current customer journey where we identified the different pain points and magic moments throughout the customer’s experience, from onboarding to saving and making transfers.

Approach

Identify opportunities

We conducted several internal conversations with key stakeholders to better understand the vision of the company as well as some perceived challenges while acquiring new clients and pushing through their disruptive service offering.

Psychographic segmentation

We began our research by profiling existing clients through variables such as money movements in their account, money in the account, age, referrals, and account activity among others. After in-depth interviews, we were able to identify 6 user personas based on psychographic segmentation.

Customer Journey As-Is

Through our analysis, we gained a deeper understanding of the user experience, which in turn allowed us to map out the current user journey. With that in hand, we were able to highlight all of the pain points and magic moments along the different touchpoints when interacting with Banco Sabadell.

Having an understanding of the actual customer experience and user personas, Banco Sabadell was able to better target their products, services, and offerings.