Digital Strategy Challenge at Ernst & Young
Type: Digital Strategy and UX Case Study Competition
Role: UX Digital Strategist Participant
The Project Prompt
The challenge was created to simulate what a typical Digital Strategy Engagement looks like at EY. For the challenge, we were given the following prompt. “Over the past few months, retail banking leadership at Old Dog has been discussing priorities for 2023. Innovation was selected as a top priority to remain competitive in a constantly evolving marketplace. A significant piece of funding was allocated to innovation, specifically for deposit products (checking and savings accounts). In addition to focusing on deposit products, Old Dog is interested in exploring and incorporating other trends such as financial wellness, embedded finance, ecosystems, and trust. With lofty goals and a willingness to take risks, Old Dog Bank is unsure of where to start.”
Project Parameters:
Executive Summary
Value Proposition
Future State Customer Journey Map
Medium Fidelity Wireframes
High-Level Roadmap
Research Findings
81% of Gen Z survey respondents say personalization could deepen financial services relationships.
63% of Gen Z open banks with physical branches while only 37.5% would open an account with a digital bank
The EY Future Consumer Index found that 54% of people are using a smartphone app to complete transactions over the course of the pandemic.
Supporting Evidence
Identified Problem
After conducting initial research, the problem that Old Dog Bank needs to address is how to develop a personalized banking solution to retain existing customers and enter new consumer markets while maintaining competitiveness.
Product Approach:
Focus on building out a financial wellness and goal-setting integration feature.
Add a feature to pay friends, family, and coworkers.
Focus on making the app accessible across age demographics.
Maintain all of the solutions within one online banking platform.
Roadmap
The primary focus for the mobile application would be to prioritize the development of a user dashboard and robust budgeting features. This strategic decision aims to retain existing customers and attract Gen Z and Millennials as they age into the market, seeking a personalized mobile banking solution. As the product evolves and matures, Old Dog Bank can gradually introduce additional features that enhance the overall quality of life for users on its platform. By prioritizing these core elements, Old Dog Bank can establish a strong foundation for customer satisfaction and future growth.
Value Proposition
Our research reveals a lack of innovation and adaptability in current banking apps, particularly in appealing to the new generation while retaining existing customers. To address this, Old Dog Bank will introduce an all-in-one banking solution that caters to budgeting, payment, and deposit needs.
With Old Dog's online banking app, users will no longer have to switch between multiple apps to manage their finances. Everything will be conveniently accessible within a single application, providing a seamless and comprehensive banking experience.
Future State Customer Persona and Journey
The research conducted on this challenge clearly indicates that the ideal customer persona for Old Dog Bank to target is comprised of Gen Z and Millennials. As these demographic groups continue to mature and enter the market, they actively seek digital experiences that are tailored to their unique desires and requirements. Recognizing this trend, Old Dog Bank can effectively attract and engage these generations by offering personalized and digitally-driven banking experiences.
Medium Fidelity Wireframes
With the customer persona and future state journey established, the next step was to develop medium-fidelity wireframes that illustrate the envisioned product's future state. To ensure alignment with consumer trends, a year-in-review feature was incorporated into the design. This feature presents users with an engaging and enjoyable breakdown of their expenses in a story format, similar to Spotify's popular "Wrapped" feature that showcases favorite songs, albums, and genres at the end of each year. The inspiration from Spotify's approach adds an element of fun and personalization to the banking experience, enhancing user engagement and satisfaction.
Moving Forward
At the conclusion of the Digital Challenge Strategy, I was honored to be chosen as one of the 20 individuals out of a pool of 60 to join the Digital Strategy Talent Pool. This selection opens up exciting opportunities for me to be involved in future engagements and projects, enabling me to gain valuable experience and expand my knowledge of UX and Digital Strategy within EY.