Background
Banco General, a leading financial institution in Panama since 1955, set out to modernize the user experience for fixed-term deposits in their app. These deposits, a cornerstone for both the bank's stability and client loyalty, required a fresh digital approach to serve both tech-savvy users and long-time, traditional clients.
What we were up against
The core challenge was balancing the needs of two key groups: older clients accustomed to in-person interactions and younger, more tech-savvy users. We also had to address the cautious nature of fixed-term deposit customers, who tend to approach large financial decisions with care.
On top of that, our project timeline was suddenly shortened significantly. What was originally planned as a more methodical rollout became a sprint to launch within the next quarter. This sudden shift forced us to streamline the process and fast-track research, design, and testing, all while maintaining the quality expected from a trusted institution like Banco General.
Digging deeper
Earlier discussions about creating a fixed-term deposit flow in the app had already led to some preliminary research, so to hit the ground running, I consulted with designers who had previously worked on this initiative to review their findings and understand their approach.
This was crucial for shaping my research plan within the tight timeframe. I adopted a hypothesis-driven strategy to streamline the research process and focus on critical insights, aiming to understand our fixed-term deposit customers—who they are, what their deposits look like, what motivates them, and how they behave.
Here’s what I did:
From this research, I developed and validated several hypotheses through in-depth customer interviews.
Even though the business goal was to diversify its customer base and target a younger, more tech-savvy audience, it was really important to me that our solution didn’t exclude the clients who have historically opted for this product. That’s why I interviewed 12 customers, ranging in age from 24 to 65. Some had opened term deposits in the branch, while others had never done so, which gave us a well-rounded perspective on the needs and behaviors of all our customer segments:
Despite the mostly older demographic, 75% of our term-deposit clients use our digital platforms. Not only that, but they describe them as "simple", and "easy to use". So even though I initially thought most of our clients over 60 would be reluctant to set up their deposits through our app, it turns out they would, as long as the process maintained that simplicity.
I hypothesized that fixed-term deposit clients likely have higher incomes and are conservative with investments. This proved true—clients are cautious with their money, primarily choosing our bank for its stability.
I also suspected that many fixed-term deposits lacked interest capitalization or monthly savings options due to clients' unawareness of these features. This was accurate; options weren't adequately explained in branches.
I predicted that clients preferred deposit terms of 1 to 2 years to avoid long-term commitments. This was confirmed, as clients were concerned about needing access to their money.
I found that clients often maintained lower balances, close to the minimum required, viewing these sums as significant, regardless of their income levels.
What we built
Building on our research findings, we quickly shifted from initial proposals to rapid testing. While the focus was on delivering the essential functionalities, the finer details were equally important. From the onboarding screen all the way through to the final confirmation screen, every element had to be crystal clear for users. Choosing the best way to present the information, including the right components and wording, was critical to ensuring a seamless experience.
To get there, I conducted three rounds of moderated online usability tests with 20 customers, and two rounds of quick, in-person guerilla tests—both in the office with coworkers and in a branch with over 50 real customers, to quickly validate certain design elements. By promptly incorporating the feedback, we refined our design decisions and improved the flow significantly. Here’s how our insights shaped the final product:
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We streamlined the process into clear steps, using plain language and visual cues to guide users.
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Key information, like interest capitalization, was added at relevant stages to ensure users could make informed decisions without feeling overwhelmed.
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We introduced an interest rate calculator that allowed them to compare different term options, giving them real-time insights into their potential returns and liquidity.
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We adhered to established design patterns within the app, making the experience familiar while maintaining full transparency throughout the process
The impact
Within six weeks of launch, the digital fixed-term deposit flow generated impressive results. Over 450 deposits were opened, with a wide user age range from 20 to 81. Nearly half of the users were between 30 and 44, highlighting the flow's success in reaching a younger audience. This early success is particularly noteworthy given that it was achieved entirely through organic growth, without any promotional campaigns or advertising efforts.
Financially, the flow brought in deposits ranging from $10K to $2M, contributing to a total of over $15M, reinforcing both client trust and Banco General’s financial growth.
Key takeaways
This project was a crash course in staying flexible under pressure. With the timeline fast-tracked, the ability to quickly adapt and streamline processes became essential. However, one of the challenges we faced was keeping track of decisions. We made rapid adjustments, like revising the onboarding screen based on user feedback, but didn’t always document the reasoning behind them. This led to some hiccups when we needed to explain our choices to stakeholders later on. In hindsight, keeping better records would have saved us time and avoided confusion.
Another major takeaway was how crucial clear communication is, especially in a fast-moving project with multiple stakeholders. Keeping everyone aligned ensured we stayed on course. Overall, leading this project gave me valuable experience in balancing user needs with business goals, all while navigating tight deadlines and high expectations.
Fixed-Term Deposit Experience for Banco General
Timeline
September 2023- February 2024
Role
Lead Designer
What I did
Research, Design
I spearheaded a project to create a fixed-term deposit flow in the bank’s mobile app, with a focus on creating an intuitive experience for both older clients and younger, tech-savvy users.