KeyBank Outreach Moments: ATMÂ Fees
How might we provide clients with support so they are less likely to incur an ATM fee and feel frustrated with KeyBank?
Role
Product Designer
‍
Team
A. Ohly – Product Owner
L. McNamara – Copywriter
J. Anderson – Analytics
M. Scanzuso – Marketing Strategist
P. Doyle, M. Campbell – Marketing Execution
H. Fedor – Developer
Background Context
Clients want us to make them feel confident in their money management decisions by proactively providing them with the right tools, alerts, and communications.
Â
- Regional ATM Fees cause client pain and employee friction.
- 17% of clients who rated contact center satisfaction “Low” incurred a foreign ATM Fee in the past 3 months.
- Each month 180-200k clients are charged an ATM fee.
- ATM fees charged to checking accounts within their first 3 MOB are highly correlated with their likelihood to attrite by their 6th MOB.
‍
The Problem
Regional ATM Fees cause client pain and employee friction. How might we provide clients with better support so that they are less likely to incur an ATM fee and feel frustrated with KeyBank?
‍
My Role
I worked on this project as the Lead Product Designer alongside a team of copywriters, analysts, project managers, and developers. My responsibility was to visually communicate the resources available to help clients avoid ATM fees.
‍
Target Users
Clients who have incurred a regional ATM fee who are either eligible or ineligible for a checking account upgrade.
‍
Project Constraints‍
- Strict compliance-approved copy and design guidelines
- Outreach will happen via email
‍
Project Goals
Inform clients on incurred ATM fees and share alternatives to avoid fees.
‍
Design Goals
- Needs to be easy to read at a glance
- Eliminate confusion between product offerings
Business Goals
- Improve attrition
- Improve customer satisfaction
- Upgrade clients to new products
- Reduce volume of clients calling contact center
- Test effects of fee avoidance messaging and its relationship to recurrence rate and client behavior
Project Success Metrics
- Fee Recurrence Rate
- Fee Incurrence Rate
- ATM Fee Charges per Client
- Client and Account Attrition
My Success Metrics
- Feedback in daily standups, weekly creative reviews, and refinement sessions
‍
Solutions
‍Meeting User Needs
Clients want to feel supported as they go through stressful moments like incurring an ATMÂ fee. Our solutions aim to alleviate that stress and confusion by providing information to clarify why they might have incurred an ATM fee, what they can do to avoid incurring one in the future, and who they can talk to for any extra information.
‍
Offer Tips
By informing the client of how ATMÂ Fees work and what they can do to avoid them, we help the user feel in-the-loop and prepared to prevent incurring fees in the future.
Recommend Account Upgrade
Users who upgrade to a Key Smart Checking Account gain access to use of Allpoint ATMs nationwide. That drastically increases the number of ATMs a client can use, and can help them avoid ATM fee incurrence in the future.
Schedule a Financial Wellness Review
KeyBank offers a Financial Wellness Review service that allows customers to talk about your current financial picture, discuss what's important to them, and have a banker recommend the products and services that best fit their unique needs.
‍
This can help a client decide if a different product or service can help them avoid ATMÂ fees in the future.
‍
Design Process
Each week of this product sprint, my team held refinement sessions and creative reviews where I presented my designs and received feedback from stakeholders.
Financial Wellness Review Module
Originally, the team planned on having two CTAs: one for clients to schedule a financial wellness review and another to call their branch if they desired further information.
‍
We decided that it made the most sense to combine the two CTAs into one after discussing what information should take priority. The Financial Wellness Review took priority as it allows for both user goals (getting help) and business goals (upgrade clients to new products) to be achieved.
Product Comparison Table
Initially, there was no comparison table included in the email. The comparison between the client's checking account and the recommended upgrade was denoted only through copy. Due to strict compliance-approved copy guidelines, the team was having trouble agreeing on the correct way to differentiate the products.
‍
From a user perspective, I realized that we were trying to solve the wrong problem. It would be easier to understand those differences via a visual aid, and instead have the copy be a supporting factor.
‍
I created a new product comparison table which allows the user to clearly see the differences between checking accounts. This component has since been added to the bank's component library for other designers to use.
Cross-Functional Collaboration
- Worked in tandem with copywriter to implement revised copy and iterate the designs
- Held weekly creative reviews to ensure brand alignment
- Met with developers to hand off designs and assist in CSS styling adjustments
‍
Research and Data to inform Design
- Used neurological data to support using a product comparison visual aid over just text
- The human brain processes images 60,000 times faster than text (Source)
- 90 percent of information transmitted to the brain is visual (Source)
- Attended strategy sessions with analysts to synthesize datapoints into actionable solutions
- Competitive analysis for other product comparisons, ex: Amazon
‍
Tradeoffs
- Decided against exploration of using images to give a friendlier tone to the email. Including images would increase the amount of content users need to scan through and interrupt the hierarchy of information that the user needs to see.
Outcomes
‍
Testing Process
- Email will be sent to clients after they have incurred an ATM fee
- 2 segments of the email, Eligible for Account Upgrade and Ineligible for Account Upgrade
- Control group will be applied to each segment
The testing process for the ATMÂ fee outreach will begin in Q2 of 2023.
‍
‍
Mockup and Prototype
‍
