Figuring Out Buyer Behavior 1.0
Segment Chosen:
[Young] Adult Account Holders
Conclusion
Overall, I would describe this segment as occasionalists with the potential of becoming everyday users. This segment would value the service, but they have to have encountered an occasion in which the service might have been really helpful.
[Young] Adult Account Holders
Interview Findings:
During the interviews I learned that most people didn't realize they had the need for a better mobile bank app until they encountered a situation in which they either didn't know how to do something, or straight up couldn't do it. A recently married couple with accounts in different banks wanted to merge both into a joint checking account, and open a joint savings account. While the latter was no different to opening a new account, the former was slightly more complicated. One of them had to be added to the other's account, then close their current account in their other bank, and once they got their cash/check payout, deposit that in the joint account. While not necessarily hard, they would have liked an easier way, maybe online. I also learned that some people realize they need something better when they want to start investing and they try downloading one of the many investing apps, just to find out they are out of storage, and must delete at least one of their current apps before downloading another one. This may not be too common though, since most smartphones nowadays ship with 64GB at least, and go up to 512GB, some also include expandable external storage ... for whatever reason.
Other people realized they hated having to write a check or take out some cash when they want to give somebody money for a special occasion. They would much rather just select the person from their contacts list, send the money, and done. And sure, Apple Pay, Venmo, and other apps do this, but not everyone uses one or all of those.
What surprised me was that everyone I interviewed asked family members for help. They also Google'd (is that how you spell it?) their problem as specific as possible ("How to merge two accounts from different banks?", for example), they also went to their bank's website to look for answers, and sometimes ended up calling their banks to find answers, which they usually did not like.
During the interviews I learned that most people didn't realize they had the need for a better mobile bank app until they encountered a situation in which they either didn't know how to do something, or straight up couldn't do it. A recently married couple with accounts in different banks wanted to merge both into a joint checking account, and open a joint savings account. While the latter was no different to opening a new account, the former was slightly more complicated. One of them had to be added to the other's account, then close their current account in their other bank, and once they got their cash/check payout, deposit that in the joint account. While not necessarily hard, they would have liked an easier way, maybe online. I also learned that some people realize they need something better when they want to start investing and they try downloading one of the many investing apps, just to find out they are out of storage, and must delete at least one of their current apps before downloading another one. This may not be too common though, since most smartphones nowadays ship with 64GB at least, and go up to 512GB, some also include expandable external storage ... for whatever reason.
Other people realized they hated having to write a check or take out some cash when they want to give somebody money for a special occasion. They would much rather just select the person from their contacts list, send the money, and done. And sure, Apple Pay, Venmo, and other apps do this, but not everyone uses one or all of those.
What surprised me was that everyone I interviewed asked family members for help. They also Google'd (is that how you spell it?) their problem as specific as possible ("How to merge two accounts from different banks?", for example), they also went to their bank's website to look for answers, and sometimes ended up calling their banks to find answers, which they usually did not like.
Conclusion
Overall, I would describe this segment as occasionalists with the potential of becoming everyday users. This segment would value the service, but they have to have encountered an occasion in which the service might have been really helpful.
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