Key Findings

3-stage customer segmentation

We found a correlation between Financial responsibility & the value derived from budgeting, for that reason we developed the 3 segments: “Financial Dependent”, “Newly Independent” and “Financial Provider”.

Value: Financial planning vs Spend tracking

Among “Financial Dependents” budgeting and other planning tools were largly misunderstood and not really found to be valuable. As a result spend tracking is much more impactful as a means of managing money. As maturity increases, Planning gains value and spend tracking loses value.

Approach: Qualitative & Attitudinal interviews

Because the product demo provided used dummy data we aimed at leaning into qualitative interviews guided by different Financial events prompted by the Conceptual mockups and the web demo.

Qualitative research: Usability test

In this section we focused around understanding how participants engage with the 3rd party demo platform, supplemented with qualitative questioning aimed at uncovering conceptual models and attitudes towards budgeting.

Attitudinal research: Concept testing

Aimed at uncovering sentiment around specific moments the user would encounter should we introduce non-typical features, by presenting mid-fidelity mockups that encapsulate specific moments where the bank might recommend changing financial behavior.

Data synthesis: A four

stage approach

Step 1: Story seeds

Affinity map

The first important step is Identify surface level patterns by grouping responses by common themes in responses and observations to uncover the “Stories to be told”

Step 2: Golden thread

Using sentiment as a lens for data synthesis

Two key outcomes from the “Story seeds” were that LSMs which is a go-to metric in banking proved in-effective. 



Further more “Financial Maturity” on the other hand proved to be the golden thread that turned the data into usable information.

Step 3: Develop Segment archetypes

Informing product roadmap

Based on the Financial maturity segments, we created 3 core segments to use as the method for communicating feature based patterns and insights.



Most importantly, we were able to highlight which parts of PFM (Planning, spending, saving) provided the most value to each segment, which can be used to inform the product roadmap & the go-to-market strategy.

Step 4: Patterns by segment & category

Segment lens and PFM categories

The last part of the sunthesis process was to gather feature specific patterns based on partisipant responses and communicate them either through the lense of the segmentation so that they could be used to guide the product roadmap, and guide future product validation efforts.