A savings and loan association intends to accelerate their growth by creating new services attuned to the evolving needs of their target market while looking for opportunities to improve service delivery across various touchpoints. By refreshing their consumer knowledge, the organization also aims to identify areas for differentiation and attract new members.
In-depth interviews were used to discover nuances from a diverse pool of research participants from various socio-economic backgrounds, locations (Metro Manila and provincial), life stages, and borrowing profiles.
User Personas segmented the user base into distinct profiles with unique financial objectives and strategies
Jobs to be Done Framework explored the deeper meanings of concepts like financial goals, loans, and membership in savings and loan associations
Loaning Journey unpacked the experience of various user profiles–from assessment of needs to loan payment–to inspire service delivery innovations
Filipino consumers can be classified into four personas: Kumportable, Nakakasapat, Paunlad, and Kinukulang, depending on one’s financial condition and finance-savvy, with each persona requiring distinct loan and investment products.
A three-tier financial priorities framework, the Pagpupundar Priorities Pyramid, was created to capture the hierarchy of financial goals and priorities as a consumer’s income and financial literacy increase.
The loan association can expand its core services by adding loan products catering to the specific financial goal of each user persona (such as business, gadget, milestone, and education loans), as well as long-term savings and investment plans for big-ticket purchases and retirement.
The loan association can take an active role in honing their members’ financial management skills, and becoming a partner to achieve their financial targets–a way to differentiate themselves in a rates-driven industry.
Membership growth can be achieved by highlighting the company’s simple and one-stop shop lending and investment platform, competitive interest and dividend rates, simple loan requirements, and positive testimonials.
However, membership barriers and reasons for withdrawal–such as loan aversion, lack of information on ease of loan access, ineffective membership orientation practices, and non-intuitive rules in managing capital contribution–must be managed.
The loaning journey can be improved by strengthening the company’s digital strategy, offering more customized financial management training, and enhancing membership campaigns.
