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Account Originations

As UX Lead, I collaborated with KeyBank's product and technical stakeholders to frame, plan, and deliver KeyBanks new Account Originations process. Leading a collaborative team of Evaluative Researchers, Visual Designers, Interaction Designers, and a Content Strategist to define and deliver the core experience.

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Project Goals

Project Goals

A primary driver of the project was combining four separate originations servicing tools into a single digital asset across the bank. Doing so would allow for a more consistent experience for customers online, on the phone, and in the branch. Leveraging inter-channel, sales, operational, and system enhancements would promote a positive client experience and drive a business ROI.

1. Faster application times, with a higher completion rate
Increase completion rates for new applications. By utilizing a combination of internal and 3rd party data sources to make the application process as seamless as possible.

2. Build a scalable solution that reduces operational costs
Modernizing the system architecture to reduce the number of digital assets needed to help customers enhance and service their accounts. Removing operational expenses and eliminate costly manual processes that are currently multi-departmental processes across the bank.

3. Reduce fraudulent account openings
Leverage proactive fraud and risk mitigation tools to protect the bank. Ultimately removing unnecessary information strain on the user while seamlessly integrating fraud checking components to reduce risk and allow for more streamlined processes.

4. Increase customer satisfaction
Create a process that is quick and easy to use for all user types. Ultimately creating a deeper Branch Associate relationship with clients and improving our customer client satisfaction scores.

Identifying Problem Areas

Identifying Problem Areas

Product enhancements made to the origination platform to reduce fraud and increase product offerings had caused problems for KeyBank and it's customer base. Drop-off rates had increased while times had fallen well below the industry standards. Tracking where drop-offs were occurring was nearly impossible given the inconsistent/dated analytics setup the bank had been using.

To compensate for the lack of existing data, the team performed the following tasks:

1. Heuristic Evaluation

2. Branch Associate Interviews and process observation

3. Current State Product Mapping

 Heuristic Evaluation

Heuristic Evaluation

What we found

What we found

Branch Overview:
The average account opening time in-branch is 55 minutes

1. System crashes unexpectedly in the middle of the account opening process, causing frustration for the associate and customer.

2. There are several redundant fields throughout the entire account opening process.

3. Information is often asked for numerous times.

Digital Overview:
The average account opening time online is 12 minutes

1. There are no affordances or signifiers that communicate to the user whether or not a field is required.

2. Information is often asked for numerous times.

3. Users cannot make changes to the information they have provided during the application process.

4. Some fields are hidden until the user interacts a preceding field, which is a jarring experience.

Round one findings

Round one findings

Our team conducted six moderated in-person evaluations of the concepts with branch associates and retail customers to evaluate preference and performance in a one-on-one setting. Participants received a scenario description, then interacted on their own with the prototype. Facilitators only asked questions after participants completed a process.

Overall, the majority of the components and language choices worked for both branch associates and retail customers. Most participants preferred the visually led direction, over the more compact component designs.

Similar to components, in regards to retention and understanding, most of the information areas and terminology have been validated with minor needs for improvement. However, there are a couple items that have a few more questions around:

1. How branch associates respond to consumer questions about bank processes.

2. Each branch associate talked about secondary ID verification in different ways. Associates seemed to be very policy-driven and wanted to ensure they are following regulations and compliance.

Round two findings

Round two findings

We conducted six moderated user tests with six KeyBank branch associates. In these sessions, each participant navigated through a prototype of the new account origination flow. Our goal for this round was to assess component and language updates made based on previous feedback. Identify strengths and areas of improvement around branch-specific aspects of the experience.

Overall the sessions provided insight into how branch associates walk customers through the account origination process. The results also revealed the needs of branch associates to make it a seamless account opening experience.

We consolidated these findings into four user themes:

1. Knowledge and confidence
Associates described the prototype as being a useful tool that would help them share knowledge and competency while gaining their customers' trust.

2. Building relationships
Associated are focused on building a long-term relationship with the customer that helps them meet the customer's unique needs. In the usability sessions, banking associates talked about starting the conversation around financial wellness.

3. Mitigating risk
It was important for branch associates to minimize risk for KeyBank, themselves, and the customer. The way they focused on this was through policy training, choosing low-risk methods of information gathering.

4. Guiding customers
During usability sessions, the team observed that branch associates used the content on the screen as a script. Branch Associates noted that the language provided on the screen was natural and conversational.

Round three findings

Round three findings

To gain tactical insights to inform both the current experience while gathering strategic ideas that will form Phase 2 and 3 of the project, a 29 question survey was created. Leveraging a mix of quantitative and qualitative questions about banking habits with credit cards and home loans to gain numerical insights. Open-ended questions were used to tell the story of opening an account through a broader audience.

After analyzing the results of the 90 respondents, we learned:

After analyzing the results of the 90 respondents, we learned:

In addition to previous relationships with institutions, most participants are motivated by convenience, cost, benefits. Participants hold accounts with different institutions for a variety of reasons. Customers think about different account types belonging to different sets of institutions.

Delivery Examples

Delivery Examples

 Overdraft Consent

Overdraft Consent

 UI documentation

UI documentation

 Content documentation

Content documentation

 Personal information

Personal information

 Product Selector for branch and call-center

Product Selector for branch and call-center

 Promotional feature for branches

Promotional feature for branches

 Multi-applicant relationship disclosure

Multi-applicant relationship disclosure

 Card options

Card options

 Rates & Fees

Rates & Fees

 Confirmation

Confirmation