Woori One Banking is the mobile banking service of Woori Bank that provides financial services from managing accounts to purchasing financial products.
UX Designer
I was responsible for designing user research, analyzing data, prototyping to visualize our research insights and designing the money transfer experience.
Project manager, Project lead, UX designers
Our team worked closely with stakeholders including Data analysts, Software engineers, and Content strategists.
September ~ November 2020
12%+ increase of Savings/Funds (Mobile)
120,000+ in total versus the previous year
Woori bank has maintained its position as the first bank established in Korea and has been in close contact with its customers. As a service used by customers of all ages, it has accelerated a massive digital transformation venture so that more customers could manage their assets without time and location constraints.
Due to the wide range of financial services that Woori Bank covers, its mobile service was initially complicated. However, they have been able to build up a sense of credibility over time due to the existence of bank branches and having face-to-face interaction with their customers.
To understand how people manage their financial assets, we conducted 1:1 interviews with the target users.
Regardless of the amount, purchasing a single financial product could affect the individual's asset management. Customers would rather choose to postpone completing the process than submitting without confidence.
One successful investment experience was enough to lead them to develop an interest in new products. Even customers with little experience on investment had a certain level of expectations in investment.
The perception of finance had a large effect in determining customers’ attitude toward financial services. The range of products held by customers and their investment propensity was determined by whether they thought of financial services as a way to collect, invest, or lend their assets.
Given the diversity of customers’ attitudes toward finance, we set our northstar to increase customers' financial literacy. We expected that implanting the confidence in comprehending finance would encourage customers to manage their financial assets voluntarily in our service. Under this goal, we set three foundational strategies.
Clear
Fit
Lead
To concretize the strategy, we've generated features that will serve each strategy and mapped them on to the users' journey. As our personas have different pain points, we've also defined key elements for each persona.
I worked on the UI structure to deliver our insights to other teams. Going through lots of feedback cycles for design exploration, I focused on how to guide customers to address difficult and complex financial affairs just like having a friendly consultation.
Fortunately, we were able to witness the effect of our solution. First, the proportion of mobile subscriptions in total subscriptions of deposits and funds increased by 12% compared to the previous year. Also, the total amount of mobile app subscription increased by 120,000 compared to the previous year.
Although I can't disclose the actual numbers due to NDA, there was an increase in retention rates and duration time in product detail pages. However, more surprisingly, we were pleased to see that Woori bank put more stress on maintaining UX by forming a new UX team internally after the launch.
Personally, it was a fruitful moment for me to contribute to a collaborative effort. Sharing our research insights on the visualized prototypes, we were able to expedite our process by reducing communication loss. Although it wasn't easy to take on this role independently, it was enlightening to see this phase adopted as a formal process in following projects.
