Applying behavioral science principles at Ipsos

Overview

Ipsos was advising a multinational banking corporation, as they streamline their checking account offerings.

As a student consultant at Ipsos, I identified behavioral barriers to suboptimal checking account choices among young professionals and redesigned account information to improve client acquisition.

Role

Student Consultant

Methodology

Desk Research
Vignette-based survey

Decision-tree analysis

Duration

6 months

Ipsos was advising a multinational bank on how to simplify its checking account options and offer better benefits for clients with larger deposits. The bank wanted to create accounts that meet the needs of different customer groups but avoid having all customers choose just one type of account. Their goal was to attract more clients with larger deposits to the checking accounts designed specifically for them.

Problem Statement

To kickstart the project, I first set out to clearly define the target audience. This foundational step was crucial in scoping the project and narrowing our focus. Drawing from previous research conducted by Ipsos, I developed detailed user personas that brought our audience to life—each persona representing a different segment with unique goals, pain points, and behaviors.

Armed with these personas, I conducted preliminary interviews to dive deeper into the user experience, allowing me to map out a customer journey. This map became an essential tool in understanding how users interacted with the product at every stage.

From there, I analyzed each decision touchpoint with a critical eye, leveraging relevant literature to gain deeper insights. This process led us to develop three key hypothesis—each one aimed at addressing pivotal moments in the user’s journey, ultimately shaping the direction of our next phase of testing.

Hypothesis

“Why should I pay more?”

Loss Aversion

Economic attributes of the product offering are weighed higher than its emotional utility.

“Bank = Savings”

Maximizing mindset

Customers lack clarity about value proposition of premium relational banking services.

“That’s not my bank anyway”

Mental accounting

While customers usually have a primary bank, they tend to hold accounts with other banks for different purposes.

Each hypothesis was linked to a research backed behavioral principle

Each hypothesis was turned into survey questions and vignettes. Responses were then coded as confirming or challenging the hypotheses.

Which hypotheses were supported by the data?

“Why should I pay more?”

Participants hold a transactional mentality centered around financial gain and fees, and look to maximise every opportunity.

“Bank = Savings”

Participants view banks as a means to achieve aspirational financial goals.

“That’s not my bank anyway”

While customers usually have a primary bank, they tend to hold accounts with other banks for different purposes.

Each hypothesis was linked to a research backed behavioral principle- these principles were used to transform the information architecture of the website