Savings & DEposits

Deposit Dynamics: A Strategic Rethink

Notable spike in conversion numbers

RESEARCH & ANALYSIS

Deposit Dynamics: A Strategic Rethink

NSE Cogencis is a leading provider of data, news, actionable insights, and analytics for financial market professionals in India.

The business challenge

Axis Bank's deposits business recently conducted a user focus group study and identified significant UX challenges within the digital journey for booking Fixed and Recurring Deposits (FD/RD). These issues were directly impacting the business's success and necessitated expert UX intervention.

Key challenges identified include:

Poor Discoverability

Users struggled to find the deposits section and identify the appropriate deposit type (FD or RD) to meet their needs. This lack of clarity led to high bounce rates.

Complex Booking Process:

The booking form was perceived as cumbersome, discouraging users from committing to larger deposit amounts.

Ineffective Deposit Management

Customers were prematurely exiting the bank's deposit services due to various reasons, resulting in a loss of valuable deposits.

The Design strategy

A deep understanding of customer behavior is fundamental to driving business outcomes. By delving into the intricacies of user behavior, design teams can uncover hidden motivations and pain points that may be hindering desired actions.

A recent user study revealed such insights, shedding light on why customers were not engaging with the business as intended.

Insights

We recognized that customers frequently neglect to invest their excess savings. They often fail to perceive the opportunity cost of keeping their money idle in low-interest savings accounts. Moreover, the process of selecting a suitable deposit product can be overwhelming, with numerous options and uncertainties about committing larger sums of money. As a result, many customers prematurely withdraw their deposits when faced with liquidity needs, forfeiting potential interest earnings.

How to get users to start & book deposits

How to get the users to start and book a deposit The team crafted a strategy to create upfront motivation and remove decidophobia by making deposits visually apparent. Based on available data we knew that users tend to choose 3 types of deposit maturity and surfaced just those to remove decidophobia.

Getting users to book larger deposits

Once the user was pulled in, the form design was transformed to ask questions which map to how customers think about deposits. We carefully embedded some design ‘suggestion’ techniques, using which user’s were primed on what amount they should park in the deposit to gain the best interest. From semantically similar sounding deposit types to lot of technical terms were simplified such that comprehension became easier. To reduce the cognitive load even further, we took decisions on the behalf of the users basis what is commonly chosen as an option.

To prevent pre-mature exits from the booked deposits, customers were guided to take credit against their deposit as to not lose the interest they stood to gain.

Crafting such an experience strategy which spanned the deposit, discovery, booking, and management lifecycle creating an explosive business outcome and tremendous ease of use for the bank customers.

1.Get users to start and remove decidophobia

2.Get users to book popular deposits

Get users to book larger deposits

Get users to book larger deposits

Get users to book larger deposits

4.Get users to Deposit for longer time duration

5.Influence users to not break deposits and re invest

Experience innovation

To elevate the platform's user experience, we have implemented strategic enhancements that have significantly improved user engagement and streamlined processes. These carefully designed strategies align seamlessly with both user needs and business objectives. As a result, the booking experience for fixed deposits (FD) and recurring deposits (RD) is now more personalized, efficient, and enjoyable.

And that’s a wrap!

Crafted with ❤️ in Bangalore, India.

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And that’s a wrap!

Crafted with ❤️ in Bangalore, India.

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Outcomes delivered

The results of our innovations have exceeded expectations, demonstrating significant improvements and impressive metrics that underscore the success of our efforts.

And that’s a wrap!

Crafted with ❤️ in Bangalore, India.

Call

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