EXECUTIVE SUMMARY

In conjunction with Credi2 GmbH, Raiffeisen Bank International (RBI) introduced Cashpresso in 2017 as an online financing and payment solution. Next to its lending service, a deferred payment service makes up its main component that allows customers to defer online payments for 30 days without being charged interest.

This project covered specifically the Cashpresso product of deferred payment.

Goal

The goal of this project was to find a USP that addresses the demands and pain points of both present and potential users of Cashpresso's deferred payment service. To increase Cashpresso's user base and solidify its place in the German/Austrian FinTech market, this USP needed to be represented in the service's technological characteristics and also be successfully conveyed to customers.

An analysis of client needs, the creation of innovative feature and prototypes, and the development of focused communication and marketing plans were all included as the main inquiries of the project.

Methodology

The iterative and client-focused nature of the Design Thinking method was ideal for the project's goal. The method consists of five phases: Empathize, Define, Ideate, Prototype, and Test. The Empathize phase entailed 100 in-person interviews with individuals aged between 18 and 35 years to understand the needs of this target group.

The outputs of the Empathize phase were interpreted in the Define phase. Based on the outcomes of the interviews, four personas were developed, and a thematic analysis was done. Three of the ten major key insights were chosen to ideate and prototype specific solution innovations.

In the Ideate phase, the attention switched from the problem analysis to idea generation. With a variety of creativity-enhancing tools, a list of top 10 solution ideas was created and discussed with Cashpresso. Four of the top ten ideas were then chosen for prototyping.

In the Prototype Phase, five tangible prototypes were developed in the form of 2D graphics and interactive click-through dummies. All prototypes were then tested and refined with a total of three testing iterations (104 testings) and three prototyping iterations. Different testing methods, including usability testing and validation interviews were hereby chosen. Overall, the last two phases were repetitive in nature and the Test phase was used for inspiration, validation, improvement, and refinement.

Results

Representing the four developed personas, a total of ten key insights were deducted, consisting of: onboarding process, simplicity, habit and recommendation, transaction pace, problem-solving, payment flexibility, security instances, overload, transparency, sustainability. The key insights on simplicity, payment flexibility, and habit and recommendation were taken as the basis for the ideation phase. In the end, a total of five prototypes as part of a holistic customer journey were developed, including: marketing strategy, merchant placement, checkout process with AI Bot, payment reminder email, and payback process.

Cooperation Partner

• Raiffeisen Bank International AG
  Am Stadtpark 9
  1030 Wien
  rbinternational.com

Contact Person

• Juraj Jurco
  juraj.jurco@rbinternational.com

Student Team

• Helfrich, A. Philippa C.

• Promegger, Maria A.

• Schabauer, Paul

• Schinkovits, Felix

• Seemann, Anton V.

• Strätgen, Eric

Project Manager

• Kommol Erik M.Sc.

• Monsorno Benjamin M.Sc.