An in-depth UX research of people choosing financial products
Overview
This is a team project which I worked with 2 of my partners, and together we tried to understand how people choose and buy 3 kinds of financial product. For confidential reasons, the 3 types of product will be represented as product A, B, C, and I was mainly responsible for product A.
Purpose
- Understand the potential user’s thoughts, needs, and their current journey.
- Come out with user insight and product improvement plan based on the research result
Collaborate with
Product designer │ Tiffany Wu
UIUX intern │ Eric Chen
* images are blurred for confidential reasons
Phase1. Stakeholder map & User types
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We first identified these key stakeholders based on the current ecosystem of the company.
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General users were classified into 3 experience levels, based on the frequency and recency that users using certain product. For example, People who have applied for product A no more than 5 times within 5 years are experienced users.
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Existing users were divided into active and dormant type.
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Based on the 3 experience levels and active/dormant type, we concluded 9 user types.
Phase 2. Questionnaire
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​The questionnaire was designed to filter the qualified interviewees, which should be classified into the 9 user types, and be evenly distributed by age, career and gender.
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RFM model: We used the RFM (recency, frequency, monetary) model to design the questionnaire, so that we could segment the respondents based on their habit of using financial products.
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Testing: To make sure the questions were understandable by everyone, we sent some copies to colleagues outside the product team and revised the wording according to their feedback.
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Distribution: Finally, the questionnaire was distributed through LINE, Facebook, newsletter and PTT. We would note the difference between respondents from different channels. At the end, 200+ feedback answers were collected in one week.
Phase 3. In-depth interview
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Prioritization plan: In order to select our interviewees, we made a prioritization plan to decide which user type we wanted to interview the most.
Interview questions: We scripted the interview question outline to help us create the empathy map and user journey after the interview.
Focus group: To make sure the interview went well, we held focus group for 3 times, each time with
different colleague pretending the interviewee. We then collected the feedback for revision.
Conduct interview: Finally, we conducted 10 interviews with 90 minutes for each one.
Phase 4. Empathy map & User journey
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To fully understand our interviewees, we used the user journey to organized how they felt and what they thought based on their past experience choosing and applying for each financial product. Second, we reorganized the interview record into empathy maps in order to found out our interviewees' pain points and needs.
* An example of an interviewee’s user journey.
* An example of an interviewee’s empathy map, which combined product A, B, C in order to make comparison.
Phase 4. Insights & persona
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After interviewing 10 interviewees, I concluded some insights of people choosing and applying product A.
Later, 2 personas were made based on the insights and the interview results, and each persona representing a classic user type.
* Interview insights of product A
* persona 1 of product A
