We conducted interviews and surveys to find out more about the SP community's individual banking behaviours as well as their perception of Hangout@UOB.
Based on the qualitative and quantitative data obtained, we drew out key data points and formed insights to figure out how we can make their Hangout experience more pleasant.
According to our survey respondents,
83.1%
use mobile banking as their most frequent banking method
4 out of 5
use digital banking services at least a few times a week
They use digital banking mainly for P2P transfers, checking of account balance, and tracking of expenses
We also asked our interviewees...
What do you prefer?
Online banking!
It's convenient, easily accessible, and I'm able to do what I need to do!
Why?
Our conclusion?
They prefer online banking over offline banking because of its CONVENIENCE.
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Insight #1
So what do SP students actually want?
They are on a lookout for quick and easy ways to settle their banking needs!
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We asked our survey respondents about Hangout@UOB...
To our surprise,
81.5%
have heard of Hangout@UOB
These are the students' impressions of the branch.
63.4%
know that Hangout@UOB is a place for banking and chilling
36.6%
do not know the purpose of Hangout@UOB
Most of them know what the branch is for, but there are still some misconceptions.
But why aren't they stepping in? We asked our interviewees...
It makes me hesitant to go in as it looks like an event space.
The space is lacking a lot of things like proper tables and chairs.
I feel that I need to have a UOB account to step in.
I feel that the empty space is daunting.
I feel that the middle space is wasted. People tend to deviate away from an empty space, it's human psychology.
I am a UOB user but I feel that there is nothing to entice me to step in.
Insight #2
This really made us think...
What was the issue?
They want to go into the branch but the space seems unapproachable!
According to our survey respondents,
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Our survey respondents look at monetary benefits when choosing who to bank with
However,
92.3%
do not know about the banking benefits offered by UOB
If students knew of Hangout@UOB's banking benefits, would they open an account there? We looked to our interviewees for answers...
8 out of 10 of them said that they are willing to open a UOB account
I think I will go down to the branch to sign up. The benefits are quite worth it for a debit card and the incentives are attractive.
The benefits sound good, I would take it into consideration.
With all the incentives and free gifts, why not?
OCBC's no minimum balance is something that attracted me to open an account with them.
Insight #3
Students would open a UOB account if they are informed of the benefits!
So... what's holding them back
from opening a UOB account?
