New Subscription Model
New Subscription Model
Company
Company
VTB
VTB
Role
Role
Product Designer
Product Designer
Duration
Duration
Nov 2021 - Mar 2022
Nov 2021 - Mar 2022
Scope
Scope
CX/UX researches, wireframing, concepts
CX/UX researches, wireframing, concepts
Context
Context
Context
Banking notifications is a service that Russian banks sell to their clients. Usually bank allows few types of notifications for free, however if you want to get access to all of available notifications, you need to purchase a monthly subscription.
Subscription plans differ significantly amongst the banks, but all of them account for the following factors:
✦ delivery channel (PUSH and / or SMS);
✦ number of cards or products;
✦ types of events that trigger notifications.
At the Bank the difference between paid and free subscription plans is the number of events that bank notifies you about.
Banking notifications is a service that Russian banks sell to their clients. Usually bank allows few types of notifications for free, however if you want to get access to all of available notifications, you need to purchase a monthly subscription.
Subscription plans differ significantly amongst the banks, but all of them account for the following factors:
✦ delivery channel (PUSH and / or SMS);
✦ number of cards or products;
✦ types of events that trigger notifications.
At the Bank the difference between paid and free subscription plans is the number of events that bank notifies you about.
Banking notifications is a service that Russian banks sell to their clients. Usually bank allows few types of notifications for free, however if you want to get access to all of available notifications, you need to purchase a monthly subscription.
Subscription plans differ significantly amongst the banks, but all of them account for the following factors:
✦ delivery channel (PUSH and / or SMS);
✦ number of cards or products;
✦ types of events that trigger notifications.
At the Bank the difference between paid and free subscription plans is the number of events that bank notifies you about.
Problem
Problem
Problem
✦ Outflow of paying clients.
✦ Outflow of paying clients.
✦ Outflow of paying clients.
Project Objectives
Project Objectives
Project Objectives
✦ 300k paying clients or money equivalent in the 1st year for increasing of commission income and saving on communication costs via push-messages.
✦ 300k paying clients or money equivalent in the 1st year for increasing of commission income and saving on communication costs via push-messages.
✦ 300k paying clients or money equivalent in the 1st year for increasing of commission income and saving on communication costs via push-messages.
Some Data
Some Data
Some Data
✦ The P&L of the product has a negative balance.
✦ 67,7% of clients are on a paid subscription plan, but only 7,4% actually pay the bank because of the historical discounts.
✦ The target audience is only 6,4% of the clients on free plans. The average conversion rate of promotion campaigns is less than 1%.
✦ 47,2% of the paid clients get full or partial discounts on the paid subscription: VIP and premium clients, retirees, salary clients, etc.
✦ 36,2% of the clients deliberately downgrade their subscription plan. The main reason for customer churn is due to lack of money for prolongation.
✦ The P&L of the product has a negative balance.
✦ 67,7% of clients are on a paid subscription plan, but only 7,4% actually pay the bank because of the historical discounts.
✦ The target audience is only 6,4% of the clients on free plans. The average conversion rate of promotion campaigns is less than 1%.
✦ 47,2% of the paid clients get full or partial discounts on the paid subscription: VIP and premium clients, retirees, salary clients, etc.
✦ 36,2% of the clients deliberately downgrade their subscription plan. The main reason for customer churn is due to lack of money for prolongation.
✦ The P&L of the product has a negative balance.
✦ 67,7% of clients are on a paid subscription plan, but only 7,4% actually pay the bank because of the historical discounts.
✦ The target audience is only 6,4% of the clients on free plans. The average conversion rate of promotion campaigns is less than 1%.
✦ 47,2% of the paid clients get full or partial discounts on the paid subscription: VIP and premium clients, retirees, salary clients, etc.
✦ 36,2% of the clients deliberately downgrade their subscription plan. The main reason for customer churn is due to lack of money for prolongation.
Process
Process
Process
1. We started with brainstorming our hypotheses on customer pains and potential solutions in series of workshops. We did it to prepare ourselves for the interviews.
1. We started with brainstorming our hypotheses on customer pains and potential solutions in series of workshops. We did it to prepare ourselves for the interviews.
1. We started with brainstorming our hypotheses on customer pains and potential solutions in series of workshops. We did it to prepare ourselves for the interviews.
2. Interviewed customers from the following client groups:
✦ already on a paid subscription;
✦ never been on a paid subscription;
✦ recently cancelled paid subscription
2. Interviewed customers from the following client groups:
✦ already on a paid subscription;
✦ never been on a paid subscription;
✦ recently cancelled paid subscription
2. Interviewed customers from the following client groups:
✦ already on a paid subscription;
✦ never been on a paid subscription;
✦ recently cancelled paid subscription
3. Analyzed the results of interviews and segmented customers based on their pains and their behavior profile.
4. Estimated the number of clients in each segment based on data analysis.
5. Built a mapping of must-have, nice-to-have, do-not-need features for each client segment.
3. Analyzed the results of interviews and segmented customers based on their pains and their behavior profile.
4. Estimated the number of clients in each segment based on data analysis.
5. Built a mapping of must-have, nice-to-have, do-not-need features for each client segment.
3. Analyzed the results of interviews and segmented customers based on their pains and their behavior profile.
4. Estimated the number of clients in each segment based on data analysis.
5. Built a mapping of must-have, nice-to-have, do-not-need features for each client segment.
6. Built a financial model for new subscription.
7. Modelled several subscription options and did a series of client tests to see in which more clients choose paid subscription plans.
6. Built a financial model for new subscription.
7. Modelled several subscription options and did a series of client tests to see in which more clients choose paid subscription plans.
6. Built a financial model for new subscription.
7. Modelled several subscription options and did a series of client tests to see in which more clients choose paid subscription plans.
