Our client, a European bank active in the institutional and crypto space, wanted to identify a viable go-to-market strategy in the retail market. As the deployment of new banking products is costly, it turned to Stryber to determine customer appetite and validate a clear value proposition before entering the saturated B2C segment.
The initial hypothesis stated customers were seeking a low-notice, high-yield savings solution the bank could fund from its crypto solutions. Following a rigorous process to triage the market and zero-in on acute customer pain points, we ran experiments and synthesized insights into a live prototype and built a commercial model ready for development.
Through validation of the market, customer needs, and the bank's capabilities, we provided the client with a solid thesis for a high-appetite, differentiated B2C savings product, despite the target market being saturated with savings offerings. With the use case firmly in place, the client can confidently move to development without make-or-break risks.
The project was a strategy play by the client. The bank saw a golden opportunity in the retail savings market, specifically focused on customers who were seeking better returns. A high-uptake savings offer would increase the bank's deposits and thus available capital for lending and other activities.
The hypothesis made sense against a backdrop of rising interest rates. But in a saturated digital savings market, big questions loomed:
Using our highly effective dual-track agile development methodology, we first set out to discover the true size of the addressable market, existing product offerings, and areas of unmet customer need.
We conducted a series of focus groups and quantitative surveys, collecting and ranking customer pain points and the features that would nudge them to switch to a new digital savings product. At the end of these tests, we were confident we were solving a relevant user problem and had testable hypotheses on what a “perfect” product would look like.
We then put together three smoke tests to confirm the right market positioning. Through tightly designed social ads and landing pages, we split-tested different variations to determine the best performing value proposition, type of return the client preferred (cash vs. re-investment in stock or cryptocurrency) and interest rate levels required to trigger a switch from a different provider.
Sign-up and click tracking also provided valuable insights into the demographics most likely to be converted, informing future product positioning.
With data-rich insights in hand, we developed a working prototype for live user testing in just four days. Using design sprint methodology, we built iteratively and incorporated user feedback as we went, resulting in a refined and user-centered product.
Users clearly understood the unique selling proposition. As well validating the use case, the prototyping process also provided tactical improvement opportunities for testing ahead of the MVP.
In the final stage of the project, we ran feasibility tests on the core banking infrastructure to specify a potential MVP. We also developed an attractive commercial model leveraging the higher interest rate environment in crypto to build a highly competitive proposition for customers.
With these essential elements in place, we were ready to transition confidently to the MVP phase, setting the foundation for a scalable and competitive product.
Our multi-level, customer-centered validation strategy meant we could confidently recommend that the bank move ahead with building an MVP. Through our work, we were able to demonstrate:
The service is now ready for development.
