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Understanding of the different groups of customers

ING Private Banking started a Customer Discovery Project in co-creation with Stay Future Proof. This would lead to the creation of personas and gaining a clear understanding of their needs.

The Challenge

ING Private Banking serves ING’s wealthy customers, customers with more than half a million of invested assets. Each customer has a personal relationship manager to proactively think along in order to realize the customer’s (financial) goals. To achieve these goals, they have access to a wide range of ING products, including asset management, financial planning and real estate financing.

 

ING Private Banking is continuously committed to further developing and expanding its services, with the aim of serving its customers even better and thus expanding its customer portfolio. Crucial in this pursuit is the development of new propositions and operating concepts. To do this, it is essential to understand who your customers are and what needs they have. By responding well to these changing needs, you can develop propositions that are of value to the customer.

 

Before developing new products or services, it is important to know who your customers are and what needs they have. After all, they are the ones who will be purchasing your product or service. If you lack insights, you risk investing a lot of time and money in developing a product or service for which there is no demand. ING Private Banking was aware of this fact and wanted to improve its products and services for customers. However, therefore it was important to study who the customers were. ING Private Banking started a Customer Discovery Project in co-creation with Stay Future Proof. This would lead to the creation of personas and gaining a clear understanding of their needs.

 

A large proportion of ING Private Banking customers are entrepreneurs. As the entrepreneurial market is changing, so are entrepreneurs’ needs. This is why ING Private Banking wanted to understand the impact of these changes on customer behavior and whether certain customer groups could be served better.

 

Defining the customer groups is essential to better understand the specific needs and drivers of each group and to identify where the market potential lies. These insights help ING Private Banking to respond more accurately and effectively to customer needs and improve its services.

 

Bart Bloothoofd, Lead Digital, Innovation and Partnerships at ING Private Banking, and his team asked Stay Future Proof for help in carrying out a Customer Discovery process. In collaboration with the ING Private Banking team the different target groups and personas within the entrepreneurial group were studied and defined.

Stay Future Proof's approach

The process to determine the target groups and personas consisted of three steps. Stay Future Proof started by collecting and analyzing existing data. The current market of wealthy Dutch people was mapped out based on desk research. Analyzing quantitative ING data provided deeper insight into the ING Private Banking customer base. All insights were then enriched by the ING Private Banking team.

The next step was collecting customer insights through interviews and customer panels as these are both effective methods for discovering customer needs. In these conversations, the focus is on understanding what drives customers: what is important to them and what keeps them up at night? These in-depth customer insights are key for future product development.

 

The interviews and customer panels were conducted in co-creation with the ING Private Banking team. Both an ING employee and a Stay Future Proof team member were present in each interview. The group of interviewees was diverse, consisting of ING relationship managers, non-ING customers and ING customers. Bart: “It is valuable that Stay Future Proof combines internal, external and customer insights. This offers a broader perspective than solely focusing on internal insights.”

 

Bart: “Stay Future Proof’s approach is critical in a healthy way, always thinking from the customer’s perspective and focused on the future: where is the potential to grow? The approach is decisive, with tight deadlines that we had to meet. Yet there was enough flexibility to make adjustments. Not too rigid, but with the right foundation.”

Results

The collaboration between ING Private Banking and Stay Future Proof has led to a clear understanding of the different groups of entrepreneurs within the ING Private Banking customer base. Their needs and motivations have been made clear for these groups. It is now clear where ING Private Banking is doing well compared to the market, but also where future opportunities lie. Where can ING Private Banking deliver more value to its customers in the future?

 

The insights gained in this process help ING Private Banking in the development of new future propositions. It is now clear for whom the new propositions should be designed and which needs they should respond to. The output highlights future opportunities and provides direction and guidance in future proposition development.

 

Stay Future Proof works in a visual way and therefore has produced an appealing final document for ING Private Banking. This extensive deck contains all the insights gained and conclusions drawn. In addition, ING Private Banking has supplemented this document with a separate conclusion deck that was presented to senior management. Bart: “The final document provides the right direction to build upon. It is the first bead on the chain. At first, we targeted the target group in generic way, but with this approach we can target certain sub-segments more specifically with an appropriate value proposition.”

“It is valuable that Stay Future Proof combines internal, external and customer insights. This offers a broader perspective than solely focusing on internal insights.”
Bart Bloothoofd

Lead Digital, Innovation and Partnerships ING

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