Bancolombia wish-list
The challenge: To understand the habits, preferences and needs of digital buyers so that we can support the Bancolombia team to identify opportunities that allow them to enable the acquisition of products in a contextual way, in order to be thought of as The Bank that lends money to people when they want to buy their products and services online.
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My role: Project Leader. Client Relationship Management, analysis & insights, and Presentations to the client.
The Research was directed at digital shoppers and their process via semi-structured interviews, projective tools to map their experience, preferred online payment methods, and digital shadowing of their buying process in a computer or a smart-phone according to their preference.
The Synthesis was presented in two stages; first, the state of e-commerce in Latin America and Colombia in numbers in order to have a better understanding of the situation of the region, and second; the results of the field work in terms of type of e-shopper, preferred payment method, and favourite market places.
Online commerce LatAm
Infographic containing the results of the desk research about the current state of e-commerce in Latin America and Colombia, used as a starting point to focus the field research.
Archetype matrix
Where each archetype is positioned according to their position in the axes ‘Personality’ vs. ‘Preferred payment methods’.
Ideation. After understanding what motivates and discourages a digital buyer when looking for a particular product or service online and understanding where the opportunities were, an ideation session with the digital experts of the bank was held in order to come up with an initiative that fulfils the needs of different stakeholders in the organization.
Ideation sessions. Bancolomnbia headquarters
Tools used during the ideation sessions
The Validation was done to test the design that translated the ideas generated in the previous phase and was done as focus groups where the participants interacted with a mock-up app of such design and were asked to download the app, perform a series of pre-determined tasks, register their comments privately, and socialize next. Finally they were asked to re design the brand presence of Bancolombia and the Wish-list in different social media platform and marketplaces in order to get a more complete overview of the acceptance and necessary changes that were needed for the app.
Focus groups with extrnal users
Hi-res Mock-up to test the ideas
The Results where the result of updating the design with the feedback obtained from the focus groups in the previous
phase. Each screen was shown with what was validated by
the participants, what needed to be adjusted and what was missing but they considered it was ‘nice to have’. Finally, all main functionalities were summarised and presented as the Minimum Viable product.
Outcomes
The greatest barrier for online shopping is the lack of trust in the store and whether my product will arrive or not followed by the fear of using electronic payment and not receiving what was expected.
Millennials and Xennials are very active in online shopping but feel neglected by the banks. The second group in particular don’t consider themselves as of any interest for the banks and don’t even consider asking for a credit card.
E-prepaid cards are very appreciated by those that use them but the banks and the public in general are unaware of the potential of this payment method which sits in the middle of credit card and debit the safety benefits and available for all, regardless of their credit history.
The presence of the bank’s brand in a marketplace increases the feeling of trust in the shop and electronic purchase which can increase considerably the fear of shopping online.
Participants perceived that there are too many apps already in their lives. The Wish-list Bancolombia, as is the name should be integrated in the existing app of the bank.
*The success of this project opened the door to 3 more projects with the bank immediately after the conclusion of this one.