Search
Please complete your details.

New business model to address millenials for a large savings bank​

Challenge

Due to the new competition in the financial sector the traditional business model for savings banks has become endangered. In addition, customer behavior increasingly shifts to mobile, resulting in the need for adaption regarding the offered services and products of savings banks'. One of Europe's largest savings banks contacted us to tackle the challenge and help them to address Millenials by designing and implementing a new business model. Our tasks included generation of the new business model, defining the specific product, setting up the monetization scheme and helping with the foundation of a corporate venture for the savings bank to run the new business.

Analysis and Approach

For the project we used a design thinking and green field approach combined with an agile development and data-driven iteration of hypotheses. By doing so, we not only defined the concrete product/service - a chatbot that provides news, deals, and events for leisure time activities -, but supported a continuous evolution of the product. For example, algorithms for personalized recommendations and geo-tracking features were integrated.

Furthermore, we helped to set up processes for content creation, sales and customer service, and developed and launched marketing measures to promote the service.

Continuously optimizing and evolving the business model and its implementation, we also helped in the acquisition and integration of the largest competitor.

Key results for the product/service

  • Chatbot compatible with various channels (iOS, Android, Facebook)
  • Integrated Facebook channel with 150,000 users and increase to over 200.000 fans due to a target group specific paid social media setup
  • Integrated couponing system for performance deals in physical retail
  • Geofence-related push notifications
  • Weekly release cycles with multi-layered fully-automated testing/rollout

Key results for the business

  • Founding of digital accelerator for Germany’s largest savings bank
  • MVP after nine months
  • Penetration within target group: >50% after 12 months
  • >90% recurring users 40% of user are weekly users
  • Onboarding of 100+ future business partners for commissions business
  • Targeted standalone profitability 18 months after market launch

Let's create business in a digital world.

Hire us
Join us
About Work Services News & Views Join Contact
©  2020 dgroup