Lloyds Bank - New Offerings and Website Revamp

Details

Industry: Banking
Location: UK
Platform: Website
Involvement: Research, UX, Visual Design, Branding, Testing
Duration: 6 Weeks

The Brief

The banking sector is facing challenges to improve the consumer experience and encourage savers back into the market, particularly for the millennial and Gen Z demographics. Lloyds Bank had identified a need to improve its website offerings in the areas of retirement planning, saving, and health insurance for millennial and Gen Z customers.

Problem

Lloyds Bank website has limited offerings in the areas of retirement planning, saving, and health insurance for millennial and Gen Z customers, and the user experience on the website is difficult from a user perspective. The website is difficult to navigate, and the overall look and feel of the website is not appealing to the target demographic.

GOALS

Encourage target demographic to opt for retirement products

Encourage young people to use Saving Vault(s) and to save more

Encourage millennials to have saving goals

Encourage customers to book health insurance

METHODOLOGY – DOUBLE DIAMOND

This methodological framework was utilized since it simplifies all procedures and includes a comprehensive project plan. It also provides an excellent opportunity to conduct extensive investigation via divergence and to synthesize the concepts through convergence.

Branding / Tiny Design System

DESIGN PROCESS

RESEARCH

Industry Research / Desk Research
User Research
User Interviews
Competitive Analysis

SYNTHESIS

User Personas
Empathy Mapping
Industry Insights
User Insights

IDEATION

HMW Method
Brainstorming Sessions
Card Sorting
Ideas groupings
Proposed Solutions

IMPLEMENTATION

Information Architecture
Sitemap
User Flow
Wireframes
Prototypes

TESTING

User Testing
Heat Maps
A/B Testing

Research

Industry Research

Which of the following best describes the UK's approach to saving for retirement?

Expectations regarding the ability to achieve the necessary level of retirement income in the United Kingdom (UK) as of 2020

These are financial products and investments UK residents are planning to acquire in the next 12 months

Estimated share of health insurance premiums written online and offline in the United Kingdom (UK) from 2018 to 2024

User Research

I interviewed few users to get their perspective regarding the goals in hand. The users interviewing were asked several questions regarding their banking habits and related activities like Savings accounts management and health insurance, etc.

Some of the interview questions were:

What and how many banks have they been using?
Why did you choose that bank(s) over others?
How many bank accounts do they have?
How long have they been using them?
How often do you check your savings account?
Do you want to save more?
Why do you want to save? Give few reasons?
Do you have any retirement plans? And why?
What retirement product are you using?
How would you choose a retirement product?
Do you have any insurance?
Do you think medical insurance is worth it? And do you have any?
Do you use the services of the bank online through their website?
What do you like about their websites?
What do you like or dislike about the app?
How do you feel when you visit their website?
Do you use their app
What do you like or dislike about the app?
How do feel when you use the app?
Do you prefer website over the app? If yes, why?

Participant criteria

The users were chosen because of their age, geo-location, availability and professions. These individuals users were working professions from different walks of life and had different spending capacity because I wanted to see the banking habits of users with similar age bracket with different spending power.

Bank: Lloyds Bank (Current Customers)

Age: 25 to 35 Years

Annual Income: 12000/annum to GBP 45,000/annum

Location: London, UK