Finding Competitive Edge in a Saturated Fintech Space
Indonesia has witnessed a surge in the adoption of digital financial solutions. Meanwhile, many Indonesians struggle with financial management, leading to potential financial insecurity. blu, BCA Digital's mobile banking application emerged as a credible newcomer committed to empowering customers with accessible financial tools, including investment products, to achieve their financial goals.
Sixty Two recently collaborated with blu to conduct research to understand user needs and preferences within the ever-evolving digital banking landscape. This collaboration began in 2023, focusing on understanding blu's monthly active customers' financial behavior. In 2024, we concentrated on developing the strategy of bluInvest (blu's investment feature) integrated with promising licensed investment platforms; Moduit & FUNDtastic.
In a landscape characterized by rapid technological advancements and changing customer expectations, understanding the nuances of investment behavior became imperative for blu by BCA Digital to tailor its offerings effectively.
Our challenge was to conduct a comprehensive analysis of user interactions with various blu features; including investment products, insurance options, savings account, and transaction functionalities.
Additionally, we need to identify gaps and opportunities to develop a robust product strategy that adapts to the changing landscape.
As we later focused on the investment project, we needed to understand how customers specifically behaved towards investments, particularly within the integrated experience. It was crucial to comprehend how their mental models drove this behavior and to uncover insights surrounding the investment space. Additionally, we delved into customers' perspectives to further inform our product strategy.
- Customer Research
- Product Strategy
Category
- Opportunity Discovery
- Insurance & Financial Services
cities
stakeholders engaged
Interviewed Respondents
Our Approach
To gain valuable user insights and inform blu's product strategy, Sixty Two employed a multi-pronged approach. We've conducted a mini co-creation exercise with group discussions (FGDs) and concept tests. Then we conducted a follow-up interview with the customers through In-Depth Interviews (IDIs).
Our Strategy
Mapping out the common digital banking services amongst the key players in the market to get perspectives and scope of research.
Through focus group discussion, we could gain collective response and shared experience towards bluInvest and bluLoyalty.
To understand users' mental models, behaviors, unmet needs, and pain points, exploring both their reactions to the user experience and the context behind their behaviors.
Mapping Financial Futures through Interactive FGDs Across Indonesian Cities
Understanding the goals of this project, our team has decided to approach this through a series of strategic explorations, including offline Focused Group Discussion (FGD) coupled with mini co-creation sessions to allow understanding of customers' financial trajectory and aspirations.
Sessions were prepared and conducted offline with our Design Researcher as the moderator, to understand customers' aspirations toward financial conditions (present, next year, and five years) and identify their experiences towards financial instruments & products.
Online In-Depth Interviews to Deep Dive on Customers' Investment Behaviors and Aspirations
After finishing our first project, we understand the nuances of the needs and aspirations of blu's active customers within its features. Specifically in Investment, we aim to dig deeper into how they navigate their investment behavior towards their aspirational needs. Hence, we continued our collaboration with blu by conducting specific research on investment behavior through online IDI sessions.
Findings #1: Post-Pandemic Conditions & Financial Literacy Are Key Influences to Customers' Aspirations
The first research project revealed a clear shift in user investment perspectives due to the post pandemic landscape. Furthermore, the research highlighted the impact of financial literacy on user preferences.
From the insights gathered, we were able to identify barriers and opportunities, leading to the prioritization of concepts and the trajectory direction for blu's product roadmap and overall strategy. Aside from the investment opportunities, one of the key insights from our first study is that blu is currently perceived by customers as a credible digital financial app for transactions.
Findings #2: The Integration of Moduit and FUNDtastic in bluInvest ensures a smooth and convenient investment experience
Furthermore, we specifically investigated customers' current investment behavior and their experiences within the app which helped us understand customer needs and pain points. This analysis informed our product strategy. We found that blu can now offer customers a wider range of investment options through their collaboration with Moduit and FUNDtastic. Customers can seamlessly access various investment options and set up auto-debits for regular contributions towards their financial goals. This integration ensures a smooth and convenient investment experience within the blu app environment, aligning with our strategy to enhance customer satisfaction.
This valuable research provided the foundation for the development and prioritization of bluInvest within the blu by BCA Digital product roadmap. The insights gained transformed the roadmap, allowing for a more laser-focused direction that aligns with blu's objectives. By developing a comprehensive product strategy, blu is better positioned to meet customer needs and stay ahead in the competitive digital banking landscape. We're optimistic about blu's continued commitment to financial management development and its collaboration with Moduit and FUNDtastic.
As a digital banking platform, blu stands out for its trustworthiness, which is the cornerstone of its relationship with users, helping them achieve their financial goals with confidence. Along with their partners for investment; Moduit and FUNDtastic, blu is well-equipped to provide seamless and accessible investment opportunities within the blu app. This marks a significant step forward in empowering customers to take control of their financial future.
