Comprehensive topic validation and prototyping paves the way for differentiated digital savings service in saturated market

Crypto-first European bank engages Stryber to prototype a viable B2C savings offering and move the dial on winning customers and increase deposits in a highly competitive space

The story in brief

Our client, a European bank active in the institutional and crypto space, wanted to identify a viable go-to-market strategy in the retail market. As the deployment of new banking products is costly, it turned to Stryber to determine customer appetite and validate a clear value proposition before entering the saturated B2C segment.

The initial hypothesis stated customers were seeking a low-notice, high-yield savings solution the bank could fund from its crypto solutions. Following a rigorous process to triage the market and zero-in on acute customer pain points, we ran experiments and synthesized insights into a live prototype and built a commercial model ready for development.

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Market and problem mapping

Understanding the market and problems around customer savings, identifying gaps and areas of unmet need.

Pain point analysis

Through focus groups and representative surveys, we honed-in on customer pains for testing and developed our core hypothesis.

Solution validation

Three smoke tests surfaced data to identify the best-performing value proposition, preferred savings returns and interest rates.

Live prototyping

Based on our learnings, we built a high-fidelity prototype to test usability, design, and appeal, allowing for rapid iteration.

Technical feasibility

We ran feasibility tests on the core banking infrastructure to specify a potential Minimum Viable Product and evaluate effort to launch.

Commercial blueprint

Produced comprehensive commercial model for higher-rate savings offer, demonstrating the service is ready for full-scale development.

THE HEADLINE RESULTS

A distinctive and compelling offer ready to enter the market and scale

Through validation of the market, customer needs, and the bank's capabilities, we provided the client with a solid thesis for a high-appetite, differentiated B2C savings product, despite the target market being saturated with savings offerings. With the use case firmly in place, the client can confidently move to development without make-or-break risks.

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Substantial potential for success in a saturated market

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Winning value proposition that resonates with target customers

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Ready-to-develop MVP primed to scale

THE FULL PROJECT BREAKDOWN

The ambition: Strategically driving deposit volumes while serving new customers in the retail market

The project was a strategy play by the client. The bank saw a golden opportunity in the retail savings market, specifically focused on customers who were seeking better returns. A high-uptake savings offer would increase the bank's deposits and thus available capital for lending and other activities.

The hypothesis made sense against a backdrop of rising interest rates. But in a saturated digital savingsmarket, big questions loomed:

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Was there penetration potential in the market?

With the B2C market seemingly cornered, we needed clarity on the right opportunity areas and the demographic most hungry for a new digital savings service.
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What value proposition would attract customers?

Against fierce competition, we needed to put customers at the heart of the value proposition and identify features and messaging that truly hit their sweet spots.
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Was the proposed operating model viable?

Creating a new banking product is no small feat, so we needed to assess the commercial model and technical feasibility of launching the MVP.

A discover-to-deliver approach to building confidence in the MVP

Discovering pains and realising potential

Using our highly effective dual-track agile development methodology, we first set out to discover the true size of the addressable market, existing product offerings, and areas of unmet customer need.

We conducted a series of focus groups and quantitative surveys, collecting and ranking customer pain points and the features that would nudge them to switch to a new digital savings product. At the end of these tests, we were confident we were solving a relevant user problem and had testable hypotheses on what a “perfect” product would look like.

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Nailing down the value proposition

We then put together three smoke tests to confirm the right market positioning. Through tightly designed social ads and landing pages, we split-tested different variations to determine the best performing value proposition, type of return the client preferred (cash vs. re-investment in stock or cryptocurrency) and interest rate levels required to trigger a switch from a different provider.

Sign-up and click tracking also provided valuable insights into the demographics most likely to be converted, informing future product positioning.

Building the prototype

With data-rich insights in hand, we developed a working prototype for live user testing in just four days. Using design sprint methodology, we built iteratively and incorporated user feedback as we went, resulting in a refined and user-centered product.

Users clearly understood the unique selling proposition.  As well validating the use case, the prototyping process also provided tactical improvement opportunities for testing ahead of the MVP.

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Technical feasibility

In the final stage of the project, we ran feasibility tests on the core banking infrastructure to specify a potential MVP. We also developed an attractive commercial model leveraging the higher interest rate environment in crypto to build a highly competitive proposition for customers.

With these essential elements in place, we were ready to transition confidently to the MVP phase, setting the foundation for a scalable and competitive product.

OUTCOMES & IMPACT

Concrete basis for a purposeful MVP

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Our multi-level, customer-centered validation strategy meant we could confidently recommend that the bank move ahead with building an MVP. Through our work, we were able to demonstrate:

  • Substantial potential for success in a saturated market
  • A solid value proposition that resonated with target customers
  • Technical feasibility and commercial viability of the proposed solution
The service is now ready for development.

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