Case Study

KeyBank Outreach Moments: ATM 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

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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.

 

  • 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.

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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?

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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.

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Target Users

Clients who have incurred a regional ATM fee who are either eligible or ineligible for a checking account upgrade.

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Project Constraints‍

  • Strict compliance-approved copy and design guidelines
  • Outreach will happen via email

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Project Goals

Inform clients on incurred ATM fees and share alternatives to avoid fees.

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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

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Solutions

‍Meeting User Needs

Clients want to feel supported as they go through stressful moments like incurring an ATM 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.

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Offer Tips

By informing the client of how ATM 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.

Tips to avoid ATM fees

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.

Product upgrade recommendation

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.

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This can help a client decide if a different product or service can help them avoid ATM fees in the future.

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Financial Wellness Review Recommendation

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.

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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.

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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.

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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

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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

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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

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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 ATM fee outreach will begin in Q2 of 2023.

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Mockup and Prototype

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Back to Work
Case Study

Wealth Management Dashboard

How might we design a Wealth Management experience that allows WM Advisors and their clients to better monitor portfolio health and account details?

Role
Product Designer

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Team
I.L. – Design Strategist

Background Context

The bank faces a significant challenge in providing Wealth Management Advisors with efficient and accessible tools to monitor their clients’ portfolio health and account details. The absence of such tools has created a gap in the bank’s service offering, impacting the quality of relationship between advisors and their clients. Consequently, there is an increasing need for the bank to implement effective solutions that enable WM clients to monitor and manage their accounts more efficiently in a user-friendly way.

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The Problem

WM Advisors and their clients lack a digital experience that allows them to easily and efficiently monitor and manage their Wealth accounts.

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My Role

I worked on this project as the lead Product Designer alongside a UX Strategist. My responsibility was to conduct discovery research, identify opportunity areas, and design a prototype experience based on our findings.

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Target Users

The target users are Wealth Management Advisors and their Private Banking clients. Private Banking clients are those who have a minimum of $1M in investible assets. They are considered premium clients, and have different touchpoints (and subsequent user needs) with the bank than a typical relationship client.

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Project Constraints‍

  • 1 month timeframe

Product Goals

Improve Wealth Management experience for Advisors and clients.

Design Goals

  • Understand current industry best practices.
  • Understand current user needs.
  • Determine a design direction that improves the Wealth Management UX for Relationship Managers.

Business Goals

  • Receive internal funding to develop WM Advisor dashboard
  • Increase online engagement with WM client base for KPB accounts
  • Client retention & relationship quality

My Success Metrics

  • Usability testing results
  • Stakeholder support for funding efforts

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Solutions

‍Meeting User Needs

The following solution was developed through an iterative design process informed by competitive analysis, user interviews, SME interviews, and A/B testing.

Account Overview Bar

The Account Overview bar summarizes the most important at-a-glance information and anchors to the top of the user's dashboard.

Account Overview Bar

Asset Allocation Panel

This panel helps visualize the asset mix of the client's account.

Asset Allocation panel

Portfolio Performance Panel

This panel helps the user see account performance over different time periods.

Portfolio Performance panel

Recent Activities

This panel helps the user see most recent account transactions.

Recent Activities panel

Performance Benchmarks

This panel helps the user understand the performance of their portfolio in the context of benchmark return indexes.

Performance Benchmarks panel

Holdings

This panel displays the client's top investment holdings as well as individual holding performance.

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Holdings panel

News

Based on research findings, we realized that users prefer to have contextual information to understand what may be causing performance changes. A news panel provides that context and helps the data make more sense.

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We also added a module for news within the user's bank. This helps the user stay updated with any new changes to their Wealth Management experience.

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News panel

Research Process

To ensure that our design decisions were user-driven, my team and I conducted research to better understand current pain points, industry trends, opportunity areas, and validate assumptions.

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My research steps consisted of:

  • SME Interviews
  • Competitive Analysis
  • User Interviews with WM Advisors

SME and User Interviews

Opportunities:

  • Opportunity to enhance customer satisfaction, improve efficiency, improve risk management, and create a competitive advantage

Current Pain Points:

  • Lack of client awareness to know where to go to complete goals
  • Current wealth management experience requires training to use and is not user friendly
  • Clients are not tech-savvy
  • Clients need to use multiple different websites to manage their account

Competitive Analysis

Learnings

  • The use of pie charts to represent asset allocation above-the-fold is prevalent in more than half of the products.

  • A modular tile system is widely adopted by around three-fourths of the products to organize different data points on the page.

  • The default color theme in the majority of products leans towards a light mode theme.

  • A notable trend is the utilization of line charts above-the-fold to illustrate account performance, which is observed in almost half of the products.

Opportunities:

  • Validated design assumptions:
  1. Performance benchmark module
  2. Customizable interface
  3. Use of dashboard modules pulling from different data points of the account.

  • “News” and “Education” modules help educate and provide context to users.

  • Insights such as “Probability of Success” or “Projected Retirement Age” would help users better understand the data

Design Process

The design process began from a low-fidelity mockup provided to me by stakeholders and the Design Strategist on my team. Our competitive analysis validated the most important features on the mockup.

Collaborative Process

Based on the SME knowledge, user interviews, and competitive analysis, my team began creating design solutions. We developed a working process to rapidly iterate and refine the dashboard design. We each created our own independent iterations and used them to A/B test with users.

Design Iteration Figma board

A/B Testing

A/B Testing helped us get quick and insightful feedback that ensured a user-driven design outcome.

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We used the testing session to identify the strengths of each design. The results of the test showed us that the design of Option 1 was unanimously preferred, but it lacked the "Holdings" module that Option 2 had.

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We regrouped and combined the successful features of our independent iterations into a new, revised mockup.

Outcomes

Successes and Setbacks

Our final deliverables were met with positive feedback all-around. The design was successful by all user-centered performance metrics.

  • Increased stakeholder support for funding to develop the prototype.
  • Usability tests showed an increase in ease-of-use from the existing management experience.
  • Currently undergoing final usability testing sessions with clients.

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The largest setback we faced was development priorities. Some features (Bank news, Investment news, and Top/Bottom movers) were deprioritized by stakeholders for the MVP experience. Although our research proves the positive impact of these features for the user experience, they may not make it into the first iteration of MVP due to development timeline priorities.

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Learnings

From this experience, I’ve learned the importance of uncovering constraints early on in the discovery process. It’s important to dig deeper past the initial constraints that stakeholders present, since there are typically other constraints being overlooked, such as development priorities.

Back to Work