By 2025, Markswebb's client, a leading European bank, set an ambitious goal - to become the first choice for digital savings, increase its market share in this segment, boost passive income, and, consequently, achieve greater financial stability. The client is a prominent European financial institution known for its strong presence across multiple countries. It has a reputation for delivering innovative banking solutions and maintaining high standards of customer service, making it a key player in the international banking sector.
The bank's team independently focused on developing the relevant products and services, while our role was to influence customer engagement and conversion through their digital experience. Understanding that no ready-made benchmarking methodologies for savings existed in the market, we developed our own system for evaluating the digital experience, drawing on the agency's similar experience with other financial services.
In this case study, we describe how the work was structured and outline the benefits the client received.
If you’re looking to achieve similar results and enhance your market position, consider partnering with us for a tailored project that aligns with your strategic goals.
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The main challenge was identifying growth areas in relation to competitors and defining the "ideal digital experience" for managing savings products. The competitive analysis helped pinpoint these areas, while systematic market evaluations allowed us to stay attuned to changes in the competitive landscape and adjust the strategy accordingly.
For 29 weeks, we worked closely with the bank's team, focusing on the development of savings management within the bank's digital services. We adapted recommendations, selected best practices tailored to the bank's needs, tracked progress, and provided guidance on how to achieve the goal more efficiently.
In this project, we built an evaluation system from the ground up for two key product blocks - investment and savings products - while carefully considering the changes in the economic landscape. The evaluation system was designed to be dynamic, allowing for periodic market reassessments that help the client progressively achieve their goals and adjust their strategies as needed.
The client required an objective ranking of both savings and investment products. To address this, we analyzed national statistics and discovered that savings products were four times more popular than investment products. Based on this insight, we incorporated a weighting factor into the evaluation system, giving more importance to savings products in the overall assessment. This approach ensured that the evaluation system was both relevant and aligned with the client's strategic goals.
By the way, we're proud of our research methodology, which excels in comparative analysis by meticulously organizing all gathered data to enable objective comparisons between various digital services. We decompose services into their essential elements, assign weights according to user significance, and derive a score that truly represents the quality of the user experience. If a function is in demand among the audience, it carries more weight in the evaluation system. This way, the product team prioritizes task blocks that are important not only for internal business goals but also for users.
The primary objective was to develop a robust evaluation system specifically designed for savings products, aiming to elevate the client to the top position in the market. To achieve this, the process involved several critical steps:
The ultimate goal was to establish a benchmark for the ideal digital savings experience, guiding the client towards creating a service where users can manage their savings products with speed, ease, and satisfaction.
Are you aiming to reassess your market position after implementing strategic changes? Do you need a customized evaluation system to identify and prioritize growth areas in your digital services? We're here to help you! For more information on how Markswebb can assist your organization, feel free to reach out to us.
The workflow involved several key steps:
Here’s what the client received:
At Markswebb, our researchers are dedicated to delivering deep, actionable insights that drive real results. As a result, the client received a set of tailored recommendations backed by best practices, providing actionable points that could be immediately added to their backlog. Each recommendation was illustrated with examples of effective competitive solutions, demonstrating how similar challenges were successfully addressed.
We approach each project with meticulous attention to detail, combining rigorous analysis with a strong understanding of market dynamics. We pride ourselves on our ability to transform complex data into clear, strategic recommendations that empower our clients to achieve their goals. Whether it’s through comprehensive audits, usability testing, or competitive analysis, our researchers work tirelessly to ensure that every project not only meets but exceeds expectations.
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Every year we conduct up to 15 studies of digital services. These are industry benchmarks that reflect the state of the market and trends.
