How Nextyn’s Focus Group Discussions Identified Key Digital Banking Challenges & Optimized Customer Experience

Executive Summary

A leading multinational bank wanted to improve its digital banking services but struggled with:

• Low customer engagement on its mobile app and online banking platforms.
• High churn rates among digital-first customers.
• Confusion around digital banking features & security concerns.

To refine its digital banking experience, the bank partnered with Nextyn’s Research & Consulting team. Over a four-month engagement, Nextyn conducted:

• Targeted focus group discussions with retail banking customers.
• Analysis of pain points in UI/UX, feature adoption, and security concerns.
• Insights on AI-driven personalization & user-friendly self-service tools.
• Recommendations for improved customer engagement & satisfaction.

Outcome: The bank increased app engagement by 35% and reduced customer service queries by 25% through enhanced digital banking solutions.

Client Profile & Challenges

Client Profile:

• Industry: Banking & Financial Services
• Project Focus: Enhancing Digital Banking Customer Experience
• Target Audience: Retail banking customers (millennials, professionals, elderly users)

Challenges Faced by the Bank:

• Low Engagement in Digital Banking Services: Many customers preferred traditional banking due to confusion over digital features.
• High Drop-Off Rates in Digital Onboarding: Customers abandoned digital sign-ups due to complexity & unclear instructions.
• Security & Trust Concerns: Many users hesitated to use digital wallets, biometric logins, and AI-driven recommendations.
• Lack of Personalization: The bank’s generic recommendations failed to engage digital-first users.

Without qualitative customer insights, the bank risked losing tech-savvy customers to digital-first neobanks & fintech disruptors.

Nextyn’s Solution

Targeted Focus Group Discussions with Digital Banking Users

Nextyn conducted focus groups segmented by:

• Millennial & Gen Z digital-native users to understand mobile banking preferences.
• Working professionals & SME owners to assess online banking needs.
• Older demographics & first-time digital users to evaluate usability & security concerns.

User Experience (UX) & Pain Point Analysis

• Identified friction points in the onboarding, transaction, and customer support journey.
• Tested new features through live demos to gather direct customer feedback.
• Analyzed behavioral trends to determine where users drop off or hesitate.

AI-Driven Personalization & Feature Optimization

• Recommended AI-powered financial recommendations based on user spending patterns.
• Suggested gamified engagement strategies to drive app usage.
• Developed real-time notifications & chatbots for instant customer support.

Security & Trust Enhancement Strategies

• Tested biometric & multi-factor authentication solutions to gauge customer trust.
• Simplified compliance messaging to educate users about fraud prevention.
• Suggested transparent opt-in data policies to increase trust in AI-driven banking.

Impact & Results

• 35% Increase in Digital Banking Engagement: Improved UI/UX & AI-driven features boosted user interactions.
• 25% Reduction in Customer Service Queries: Chatbot & self-service optimizations decreased reliance on manual support.
• 40% Faster Onboarding Completion Rates: Simplified KYC & account setup process reduced drop-offs.
• Higher Customer Trust in AI & Digital Banking: Transparent data policies increased AI adoption by 30%.

By leveraging Nextyn’s focus group research & digital banking strategy, the bank successfully enhanced customer experience, increased retention, and improved competitive positioning.

Why Nextyn?

• Industry-Leading Expertise in Digital Banking & Fintech Research
• Qualitative Insights from Real Banking Customers for Actionable Changes
• AI & Personalization Strategy Development for Banking & Financial Services
• Proven Success in Optimizing User Experience for Financial Institutions

‍