Bachelor thesis

Digital concept development
within the banking industry

Team members
Amalie Talli Martelli Panton
Julie Freudendahl
Regitze Breddal Puck
My bachelor thesis was based on a user-centered design approach examing how to develop a digital concept accommodating young bank customers’ needs in turn, create a viable business model for the Danish retail banking.
Through an iterative process of investigating the customers and the banking industry, the concept SaveUp was created. SaveUp is an application for smartphone users that makes it easier for young adults to achieve individual or shared goals by saving up.
A glimpse into the process
‍Throughout the project, the concept was outlined in a business model canvas to visualize, describe and discuss how the concept affects other parts of the business than just the products and services within the value proposition.
Throughout the project, the concept was outlined in a business model canvas to visualize, describe and discuss how the concept affects other parts of the business than just the products and services within the value proposition.
At first, a macro environment analysis was conducted using the framework of PEST by identifying political, economical, sociocultural and technological factors. In addition, Porter’s Five Forces was used to describe the state of competition within the business of banking industry. Afterwards, to gain an understanding of the customers, 14 in-depth interviews were conducted. The interviews revealed information with regards to the respondents' financial decisions, use of digital banking applications, and customer satisfaction with regard to the bank.
‍Afterwards, to gain an understanding of the customers, 14 in-depth interviews were conducted. The interviews revealed information with regards to the respondents' financial decisions, use of digital banking applications, and customer satisfaction with regard to the bank.
To analyze the data from the interviews, customer profiles were used to uncover jobs, pains and gains. Hence, to give an indication of the young adults as to behaviour, attitudes and expectations towards the bank. Further, a gain creators and pain relievers were created to form a value proposition that fit the customers’ needs. Brainstorming, wireframing and prototyping was used to develop the final concept, named SaveUp.
Wireframing different ideas for the visuals of the concept SaveUp.
To validate and refine the concept, a focus group interview was conducted with six participants. Further, to supplement the qualitative data with quantitative data, a digital questionnaire was answered by 209 respondents within the target group. Finally, interviews with banking employees were used to validate and refine the concept from a viability perspective.
The final concept: SaveUp.
SaveUp – an application for young banking customers
‍SaveUp is an application for smartphone users that makes it easier for young adults to achieve individual or shared goals by saving up. A goal can be anything from saving money for a new t-shirt, traveling with friends to Tokyo, or buying a new car with a partner. SaveUp supports the activity of saving up by allowing its users to choose between several settings for transferring money from an account to a savings account.
The final concept: SaveUp.
Through the information the users enter, data are generated about the customers’ future desires, hence financial goals. This data, the bank analyses to uncover knowledge about the customers to create personalized offers for each customer. These personalized offers could, for example, be a proposal for loans, or financial advice in general. Thus, providing a communication channel between the customers and the business.
Therefore, SaveUp aims to motivate the customers to save up in an easier and efficient way. Additionally, create value for the banks in terms of possible increased sales through the targeted financial advice.
Winners of the bachelor thesis competition
In 2017, my group and I won the Danish Employers’ Association for the Financial Sector's bachelor thesis competition. The honor came with a prize of 30,000 DKK.
Winner of the Danish Employers’ Association for the Financial Sector's bachelor thesis competition 2017. Photo by Vibeke Arildsen, Press Officer at the IT University of Copenhagen.
Download the BACHELOR thesis