Personal Banking App
Help banking customers become better investors
OPPORTUNITY
HSBC was looking to converge and reimagine personal investing within their primary personal banking app. Our team was tasked with defining the key personas and developing solutions that would result in converting banking customer into investment services customers.
APPROACH
Although previous versions of the HSBC Personal Banking app featured budgeting and investments tools, we discovered that customers rarely converted into investment customers. Our goal was to discover what were the key challenges customer face when considering investment services, and what would be needed to get them to select HSBC investment tools.
PROBLEM FRAMING & PERSONAS
Themes emerged from the discovery phase - the key problems we could solve for customers was helping them feel prepared with relevant information about their own financial picture. Across the emerging personas we discovered that customer needed a clearer picture of what financial resources they might have available to invest would help them take action.
IDEATION
Themes emerged from the discovery phase - the key problems to solve for customers was helping them feel prepared with relevant information about their own financial picture. One of the key concerns for customers was not knowing how money they could commit to investing on a monthly basis. We formed a hypothesis we could test with current customers.
More planning features were introduced for customers that don’t have existing accounts.
“Performance reports” indicate positive monthly cashflow and provides customers with better information for saving and investing.
Behind the scenes Personal Banking Accounts and Investments accounts were able to be linked and accessed at the same time by customers. Providing a “financial hub” for money management,
EXPERIMENTATION
Our proposed solution involved simplifying the budgeting and guidance tools by giving customers a view of their budgetary cashflow ”burn” per month. Customers with positive cashflow would get personalized messaging and invitations to connect with a financial advisor, review investment options, or open an investment account. Before implementing we wanted to validate if this feature drive action among our current customers. We designed an experiment to allow us to see the measurable impact we could make to converting banking customers into investment customers.
RESULTS
Like many commercial banks that offer investment services, HSBC is experiencing a new surge in investment interest while needing to maintaining a high-level of trust with banking customers. Enrollment in HSBC investment accounts increased 7% since the launch of this experiment. Interest in financial planning tools and services increase over 25%.
