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Driving Green and Ethical Financial Solutions

Challenge

Macquarie's Home Loan success demanded unlocking the "why" of client deposit choices to maximise FUM.

Macquarie Bank, experiencing rapid growth in its Home Loan product, found itself at a crucial strategic juncture. Despite the increasing popularity of the product, the challenge of low interest rates and high home loan / refinancing growth required an urgent boost in funds under management (FUM). So, Macquarie sought to enhance it's deposit and savings offerings - but a crucial piece still remained unknown: the "why" behind clients' decision to trust Macquarie with their hard-earned savings.

Gen-X priority needs for their deposits

Approach

Identifying client motivations to improve deposits products at every life stage

Our objective was to craft deposit initiatives aligning with both financial targets and client values. A key learning – gleaned from both quantitative and qualitative data – revealed distinct generational priorities. While older demographics valued social and environmental impact, younger clients, though mindful of sustainability, sought products promoting financial growth for future goals like homeownership.

As the Product / Service Design Lead, my approach involved:

  • Conducting comprehensive research to understand the motivations of various generational cohorts.
  • Utilising Human-Centered Design methodologies to align product offerings with these values.
  • Engaging in client interviews and extensive surveys to gather insights and prioritise features for product enhancement and messaging.
  • Facilitating the wider Macquarie teams (design and marketing) in adopting HCD research methodologies, to continue to tailor messaging and improvements to client needs and preferences.

Macquarie Staff Workshop

Outcomes

Tailored deposit products fuelled Home Loan expansion & deepened client understanding

My efforts culminated in:

  • Development of deposit initiatives that significantly supported the expansion of Macquarie Bank's Home Loans portfolio.
  • Enhanced understanding of client motivations towards ethical investments, influencing product strategy.
  • Effective training and mentoring in Human-Centered Design, leading to more customer-centric solutions.

End-to-end Journey informed by the research