EXECUTIVE SUMMARY

The Raiffeisen Bank International is currently facing the highly challenging task of establishing their new payment and lending service "Cashpresso" in the market, alongside competitors, and effectively reaching their target audience. In the context of the InnoLab Course, we collaborated with RBI to develop new marketing strategies and provide support during the rebranding process.

Goal

The main problems we tackled this semester, were low sales and establishing brand awareness of Cashpresso, among younger generations. As we experienced throughout various interviews, only a few people knew the app and the product was barely understood. Additionally, Cashpresso is currently mostly used for transferring money into a bank account rather than for its primary purpose of online shopping. Therefore, the ultimate goal was to understand customer’s needs, pains and gains, based on which we afterwards were able to define marketing measures, for making the product more tangible and appealing for potential customers. Furthermore, we also focused on creating a new brand appearance including renaming, logo, corporate colours and slogans.

Methodology

To address these challenges, we used the Design Thinking Method. We iteratively went through the different phases of Design Thinking, aiming for a favorable outcome. To ensure a thorough understanding of the target group's needs, we collected primary data by conducting 95 interviews in the empathizing phase. Additionally, we conducted 24 user tests during the testing phase. This practical approach proved instrumental in developing and prototyping solutions that align with the preferences and desires of the target group.

Results

Based on our interviews, we derived three important key insights that guided our focus. Firstly, we discovered a lack of understanding, among the target group, about the product and its functionality, resulting in rejection. Secondly, widespread concerns about safety were expressed by the participants. Lastly, we were able to learn the importance of touching emotions in marketing and the impact this can have on customers. Considering these key insights, we embarked on the prototyping phase. After conducting several rounds of testing, we successfully presented not only a new brand name and logo but also a complete Instagram page that reflected our findings. On Instagram, our emphasis was on providing information about the product, and highlighting its unique selling points. Hereby, we aimed to appeal to the rational side of the target group by showcasing the favorable conditions and advantages. Additionally, we utilized use cases to demonstrate how the product can be utilized and evoke emotions. Overall, we created an Instagram account that RBI can draw inspiration from, to effectively rebrand and launch their product, considering the needs and concerns of the target audience.

Cooperation Partner

• Raiffeisen Bank International AG
  Am Stadtpark 9
  1030 Vienna
  Austria
  www.rbinternational.com



 

Contact Person

• Juraj Jurco - juraj.jurco@email.cz

Student Team

• Eschelmüller Kerstin

• Mayr Mira Antonella

• Miskiewicz Jan

• Sazhiienko Kyrylo

• Nömayer Kathrin

Project Manager

• Erik Kommol, MSc

• Mag. Benjamin Monsorno, MA