CaixaBank wanted to get ahead of the curve of innovation in its own country by securing the first mover advantage. To do this, it had to define a core SME segment to go after: either small entrepreneurs (known locally as ‘autonomos’) or small businesses (‘pymes’).
Typically, most disruption starts with a focus on entrepreneurs, as they’re easier to KYC and they alone contribute to 18% of Spain’s GDP.
The work we did with CaixaBank had a dual purpose: to provide the team with a data-driven perspective as to which sector they could add the most value to, and to reframe their existing strategy.
Over 6 weeks, we ran two key strands of research:
First, we held a series of face-to-face and remote interviews with a range of people from both target groups. We interviewed businesspeople from a range of industries, which gave us an initial insight into the key needs and pain points for target customers.
“Mystery shopping” branch research, where we visited a number of Spanish banks, helped us to understand the services being offered by competitors.
Then, armed with a list of Jobs to be Done (JTBD), we ran an online quantitative survey with over 500 people using MaxDiff, a statistical trade-off technique. This allowed us to size and rank which JTBD offered the biggest customer opportunity.
First, we held a series of face-to-face and remote interviews with a range of people from both target groups. We interviewed businesspeople from a range of industries, which gave us an initial insight into the key needs and pain points for target customers.
“Mystery shopping” branch research, where we visited a number of Spanish banks, helped us to understand the services being offered by competitors.
Then, armed with a list of Jobs to be Done (JTBD), we ran an online quantitative survey with over 500 people using MaxDiff, a statistical trade-off technique. This allowed us to size and rank which JTBD offered the biggest customer opportunity.
Having combed the competitor landscape, we developed a market opportunity matrix, focusing on four key areas. (Notably, entrepreneurs and small businesses prioritise JTBD differently, so we made sure to factor this into our recommendations.)
Hygiene factors
These are areas where customers already feel they’re well served. Any bank must deliver on these (and to a high standard) in order to stay competitive.
Hygiene factors that were applicable to both entrepreneurs and small businesses included ensuring they’re only doing financial admin that adds real value, and being able to communicate easily with the business’ bank.
Current battlefield
We presented some areas in which competitors are starting to create products and services to satisfy underserved customer needs.
Areas to de-prioritise
We looked to assess whether there were any elements in CaixaBank’s existing roadmap that could be de-prioritised to allow the team to focus on other areas.
Growth opportunity
We established which customer needs are not already being serviced by the market, and how CaixaBank can develop solutions to solve that.
Jobs that were considered important for both groups were connecting with people or businesses who demand their products or services, and always having access to funds when they’re needed.
Following the Design phase, 11:FS worked with Citizens Access to define their strategy for the new proposition. This involved working through some rapid concept and user testing sessions to ensure the service design helped the customer overcome the problem identified in the JTBD analysis.
11:FS moderated workshops with the Citizens Access team to define the purpose of the new proposition, its core values and the tone of voice the brand should adopt. The outputs of these workshops were combined with the cultural insights to enrich the Stories to be Told and thus their product marketing and brand strategy.
We tested different ways the brand could pitch the new proposition and arrived at a compelling direction for the Citizens Access team.
Finally, leveraging 11:FS’ vast experience of getting digital banking products to market quickly, the team defined a Minimum Loveable Product (MLP) prototype, roadmap and set of execution principles. This left the Citizens Access team with a clear direction on how to design a new breakthrough proposition and get that into the hands of their customers quickly.
