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Empowering Mexican SMEs through Tailored Banking Services- Bancoppel's UX Research and Design Journey.

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Challenge

Bancoppel, originally established as a retail chain, recognized the untapped potential of providing specialized financial services to the network of small businesses that acted as vendors for their products. The challenge was to understand the unique financial needs of these vendors, ranging from retail to manufacturing, and design tailored banking services that would empower them.

Challenge
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Objective

Our objective was to execute an extensive UX research and design initiative that would enable Bancoppel to gain deep insights into the financial requirement of small businesses. Through qualitative and quantitative research, we aimed to create well-defined business personas, assess the market opportunity using data mining, and design financial services that catered to this diverse group that was not well supported by traditional banking.

Objective
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Approach

Qualitative and Quantitative Research: To begin, we conducted qualitative research, engaging directly with the small business that formed part of Bancoppel's vendor's network and other random small business owners that had a diverse perception of the Brand and Company. This phase unearthed valuable insights into their financial needs, aspirations, and challenges. Complementing this, we undertook a quantitative survey utilizing proprietary panels and Inegi data to gather statistically relevant understanding and projections. Persona Development: Armed with robust insights, we crafted business personas that encapsulated the varying needs and characteristics of different types of small businesses. These personas became our compass, steering the design process towards solutions that catered the real-world challenges. Market Opportunity Assessment: Leveraging insights from Inegi survey, and our proprietary panel we performed analysis to accurately gauge the market opportunity and the definition of the core segment opportunity. This solid data-driven approach provided a solid foundation for decision-making. Small Business Interviews and Ideation: In-depth business interviews with testing ideas were conducted to delve deeper into the financial challenges faced by small businesses, we have used card sourcing to define priorities and also to test service innovative ideas.

Approach
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Results

Customer-Centric offer: Bancoppel successfully introduced specialized financial services customized to meet the unique requirements of small businesses in Mexico. 

Data-Driven Market Opportunity: Through the data mining and market sizing activities, Bancoppel gained a solid understanding of the potential demand and impact of the specialized financial service.

Successful New Services: With a newfound trust in the bank{s communication, clients were more open to exploring and adopting new services and products, boosting the bank's ability to upsell. 

Positive Client Feedback: Clients praised the new approach, citing the clarity, simplicity, relevancy, and consistency of communication as major improvements.

Results
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Conclusion
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Learnings

By utilizing UX research and redesigning its communication strategy, the bank successfully overcame the challenge of fragmented client communication. The establishment of a trustful bond allowed for the effective introduction of new services, resulting in increased engagement, client satisfaction, and ultimately, business growth. This case study underscores the transformative power of UX research in enhancing customer experience and driving innovation, meeting user needs, and capitalizing on market opportunities.

Conclusion
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