Service Design l DBS l 2024
Digitizing Structured Products through Service Design
Enhancing the End-to-End Journey from RM Engagement to Self-Service with Digibank Integration
WHAT IS STRUCTURED PRODUCT?
STRUCTURED PRODUCT IS AN INVESTMENT INSTRUMENT FOR PRIVATE BANKING CLIENTS IN DBS.
→ SP’s are typically higher risk products, for more savvy investors.
→ Structured products are complex and typically requires expertise to use.
→ Highly customized for individual customers.
IMPACT
✨ Validating User Needs Through Collaborative Processes
Working closely with users and incorporating diverse perspectives allowed us to gain deeper insights and confirm the effectiveness of building a self-service, digital customer journey.
✨ Holistic end to end design helps Align Product Goals
Insights collected were crucial in aligning our product goals with the actual needs of the users. It ensured that all stakeholders, including the RMs and ARMs, shared a common vision and objectives
✨ Sets the Foundation for Roadmap and Prioritization Alignment
Create strategic roadmap that prioritizes features and initiatives based on user needs and business goals.
BACKGROUND
→ 67% of Private Banking clients lack structured products, despite 94% having basic knowledge.
→ No online sales channel exists; RMs and ARMs handle client engagement directly.
→ Clients seek greater visibility into the structured products offered by DBS.
GOAL
LEVERAGE DIGITAL CAPABILITIES TO BOOST DBS PROPOSITION FOR STRUCTURED PRODUCTS (SP).
In this project, the goal was to digitize the offering of structured products, transitioning from a traditional offline model where Relationship Managers (RMs) directly engage clients to an online model that empowers clients to self-serve. This shift aimed to enhance accessibility and streamline the investment process, making it more convenient for clients to manage their investments independently.
MY ROLE
My role involved collaborating with cross-functional teams to map out existing workflows, identify pain points, and uncover opportunities. I aligned the vision and identified opportunities with both the Digibank app designers working on the structured product platform and the client connect (RM platform) designer.
CHALLENGE
Challenges included managing stakeholders who were specialized in their own fields, making it difficult to achieve cross-department alignment, and addressing a tendency to jump into brainstorming solutions without fully understanding the problem.
MAIN FEEDBACK AND PROBLEMS FOUND IN FOCUS GROUPS AND WORKSHOPS
Expert Customers
↪️ Expert customers demand more and more transparency, real-time monitoring of the performance and product details.
↪️ Pricing and evaluation are highly competitive against other SP providers, with experts keenly aware of the price points and timing of execution.
Non-Expert Customers
↪️ Difficulty in understanding the complexities and risks involved in structured products.
↪️ Customers require more engagement and guidance in addressing queries and concerns.
Relationship Managers
↪️ The complexity of structured products makes ARM and RM explanations time-consuming.
↪️ Manual execution, product monitoring and support need improvement.
↪️ Limited staff availability makes onboarding new clients challenging.
HOW MIGHT WE...
Elevate the way how customers experience Structured Products?
SOLUTION
Provide meaningful guidance for customers to better understand SP
To enable customers to self-serve, we believe that providing the key pieces of information is crucial for evaluating the product.
Help RMs find suitable clients and create a connected workflow across RM and ARM tools related to selling SP
From the pain points gathered from RMs, we were able to design solutions to enhance the RM’s journey.
Automated monitoring
Increase automation and customer self-service features and channels in communication.
CONCLUSION
Leveraging Service Design for User-Centric and Business-Aligned Solutions
In conclusion, this project has been a valuable experience in designing an end-to-end journey for structured products. By applying service design methodologies, we effectively mapped out the customer journey, identified key pain points, and developed solutions that address both user needs and business goals. Our approach not only improved the RM’s workflow but also facilitated a seamless integration with the Digibank app, enhancing the overall client experience. This project highlights the importance of a holistic, user-centered design process and demonstrates how collaboration and strategic design can drive meaningful outcomes for both users and stakeholders.
PROPOSED SOLUTION
Provide meaningful guidance for customers to better understand SP
To enable customers to self-serve, we believe that providing the key pieces of information is crucial for evaluating the product.
Help RMs find suitable clients and create a connected workflow across RM and ARM tools related to selling SP
From the pain points gathered from RMs, we were able to design solutions to enhance the RM’s journey.
Automated monitoring
Increase automation and customer self-service features and channels in communication.
