Empowering small

business customers

  • Concept testing with micro and small business customers

  • Allow customers to spend more time on their business, not on banking

  • Provide additional tools to build business confidence and financial literacy

First, some context

Our newly formed team were required to discover challenges faced by micro and small business customers. However...

We had designed a series of concepts with research we had inherited from a previous team. The proposed features included:

  • Quick balance and working capital view

  • Upcoming expenses view and expected balance

  • In-app invoice reconciliation, integrated with accounting software

  • Access to preapproved funding

This is where our story begins...

Concepts we tested with participants. Coloured markers indicating features they like/disliked

Testing New Features

A group of micro and small business customers participated in a series of concept testing sessions. Participants included:

  • Sole trader whose business was growing slowly

  • Sole trader who outsourced some tasks so they could spend more time at home with their young family

  • Small business owner who employed sub-contractors

  • A small business owner who employed 15-20 staff

  • A hospitality business owner whose main focus was property development and writing sci-fi screenplays

Participants placed coloured stickers on features they liked/disliked & we recorded their comments

Synthesis & Understanding

From our research, we placed red/green pins on features, creating our own version of a heat map. 

From our notes, we discovered a few interesting insights which then lead us to new discussions

A cleaner version of our synthesis board

Key Learnings

We spent more time listening to customer's stories about how and why they started their business. We noticed a pattern emerging and potential opportunities for NAB.

Female customers:

 

  1. Taught themselves how to start and operate a business

  2. Went to family or friends for advice/funding

  3. Attended a female business network 

All customers:

  1. Felt unsupported by their financial institution

  2. Needed to know how to grow their business instead of being offered funding

New Opportunities

We showcased our new findings to the wider business and discussed the possibility of an omni-channel solution which could potentially incorporate the NAB Village precinct in Docklands.

We developed a model which NAB could use within it's micro/small business customer segment.

Possible scenarios discussed:

 

  1. Specialist workshops held at NAB Village

  2. Scheduled business banker calls

  3. Personalised business strategy delivered by a business banker

  4. Business starter toolkit and resources available online

  5. Develop powerful resources for a business banker to assist the customer in growing their business using various options

Our Proposed Model

Engage: Simplify digital business banking starting with simple, natural, real-world language and messaging

Educate: Help customers realise business growth by providing relevant tools which fit their business. Provide customers with a credible business network

Enable: Provide controls which allow customers to drive their own business banking experience which does not impact or interfere with the day-to-day business operation

Empower: Provide industry specific advice and resources. Manage financial risks before they occur to allow customers to make informed business decisions

Sustain: Make accounting go away through smarter banking. Help customers keep their personal and business finances separate.

Conclusion

Our proposed model to the business based on our research findings, required further discussions with senior stakeholders and product owners. 

Team

Myself // Senior BA // Junior BA // Product Lead // (Support from Principal Designer)

© Copyright 2019. John Isaac. All Rights Reserved. Icons made by Flaticon