Executive Summary

Cashpresso is a digital `Buy Now, Pay Later´ service from Raiffeisen Bank International. It was launched in 2015 as Credi2 and has been operating under the name Cashpresso in Austria and Germany since 2017. Cashpresso offers flexible installment payments of up to €7,000. This applies to purchases at partner shops as well as direct transfers to your own account. This feature is interest-free for two months, after which a monthly rate of at least 3% applies. In addition, ‘purchase on account’ is available for up to €1,000, with no interest charged for 30 days. 

Goal

The aim of our project was to identify and understand the needs and expectations of young Cashpresso/BNPL users. Based on these findings, we were tasked with creating two specific buyer personas that represent typical demographic, psychographic and behavioral characteristics. Using all of this information, we had to provide concrete recommendations and practical examples of how Cashpresso could optimize its marketing strategy and social media presence.

Methodology

The ‘design thinking method’ was used to achieve the specified goals. Beginning with the ‘Empathize’ phase, we created a survey that was answered by over 140 people from the target group. We conducted over 20 interviews, carried out self-tests and observed the target group using BNPL services. In the subsequent ‘Define’ phase, we collected and organized our findings. From this, we developed precise and user-oriented questions. These helped us in the ‘Ideate’ phase. There, we applied creativity techniques to generate 14 concrete and relevant ideas. We evaluated these based on their usefulness and feasibility. From the best ideas, we created 18 models and designs in the ‘Prototype’ phase to make them more vivid and concrete. We also used the prototypes to evaluate our ideas in the ‘Test’ phase. We asked the target group for feedback, observed their reactions and continuously adapted our solutions based on their input. 

Results

At the end of our project, we presented the Cashpresso team with well-founded and practical results in our final presentation and report. Based on our extensive survey and numerous interviews, we developed two representative buyer personas that reflect the typical characteristics, needs and behaviors of the young target group. Through primary and secondary research, we also gained valuable insights into key aspects of BNPL user behavior: where they learn about BNPL services, when and for what they use them, and where problems arise. Building on this, we presented five concrete, detailed ideas that Cashpresso can use to make its marketing and social media presence even more targeted in the future. In addition, we delivered 18 ready-to-use prototypes that illustrate our concepts and can be implemented directly. The project was completed with a clearly structured and highly detailed content plan that specifies when which content should be posted, how it should be designed, and what message it should convey. 

Cooperation Partner

• Cashpresso, Raiffeisen Bank International
  Am Stadtpark 9, Vienna, Austria
  Cashpresso.com

Contact Person

• Petra Kirbis
  petra.kirbis@rbinternational.com

Student Team

• Jakob El Khoshit

• Frederik Ronning

• Dominik Hofer

• Maximilian Eder 

• Kilian Hagmüller

Project Manager

• Dr. Dorothee Horvath

• Andrew Isaak, Ph.D.