Re-imagining protection products for 30 million banking customers

The Challenge

When you spend more than 50 hours with customers who are paying for protection products, you quickly understand that people feel these they are expensive and unnecessary. Even those customers that do have protection in place certainly don’t feel loyal to their provider, yet those who have needed to use their product at an acute moment are relieved they had cover.

We were asked by a major global banking group to bring our agile Design of Services methodology to the group’s protection business. The task was to re-cast their current products as a modern protection service that could provide real value to customers across all their brands.

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The approach

The project team included researchers, service designers, business designers and product designers working together to articulate every aspect of the new customer experience.

Researchers conducted customer interviews, informing work of the service designers, who mapped 10 new customer journeys. Product designers created wireframes for new digital products (or new components for existing ones) while business designers helped quantify the financial benefits of these new models.

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The outcome

The outcome for our client was a blueprint for a set of innovative new customer propositions and a clear picture of the customer experience that would support them. Our gap analysis articulated the distance between this ‘dream state’ and the current operations of the business. At the same time, our commercial model showed the financial levers that the ‘dream state’ would use to deliver a more compelling customer experience at lower cost.

With the plan in place, our client could implement a new back-end system with the confidence that it would support the customer experience they wanted to offer.

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