In November 2007, the CheckFree User Experience Design Team, working in association with Lextant, an interactive agency in Columbus Ohio, conducted a study to determine how online banking customers receive and pay their bills. The team analyzed the attitudes, goals, behaviors and needs of actual consumers who were using online banking and bill paying services.
During the study, the team identified and named three distinct online banking personas: Jay -- the Reactive Consumer, Karen -- the Conscious Improver, and Elizabeth -- the Balanced Achiever. (A persona is a profile of a typical person that is developed after a study of typical user behavior and motivation.)
- Jay: The Reactive Consumer is notable for his lack of guidance, direction and motivation, as well as his impulsive spending and overall level of financial stress.
- Karen: The Conscious Improver is notable for her awareness of, and motivation to improve, her financial circumstances.
- Elizabeth: The Balanced Achiever Is notable for her healthy financial habits and peace of mind, as well as her interest in making the most of her existing financial assets and personal time.
The research team also identified six market segments, based on bill paying styles and preferences:
- Convenience Seekers are conscientious about their finances, but do not want to spend a lot of time.
- Paper Pushers are distrustful of Internet security and paper oriented.
- Self Improvers find financial management stressful and actively seeking help with finances.
- Desperate Avoiders find financial management very stressful and avoid paying bills whenever possible.
- Maximizer use credit cards heavily for the miles/points and financially secure.
- e-Savvy Planners like to try the latest products and services and considered knowledgeable about technology by others.
Then they mapped the market segments back to each persona, and here’s what they found:
- Jay: The Reactive = Desperate Avoider
- Karen: The Conscious Improver = Self Improver, Convenience Seeker
- Elizabeth: The Balanced Achiever = e-Savvy Planner, Maximizer, Convenience Seeker
With this information, the team was able to approach the project from the standpoint of meeting the needs of the consumer, as represented by each persona. The results of the study were published as the research paper, "2008 Ethnographic Study: Consumer Study to Help Define the Ideal Banking Experience," and revealed that consumers wanted a more sophisticated experience beyond generic services. The study influenced the design and launch of Retail Online by Fiserv, Inc.
So how can this information benefit you as an online merchant? Assuming that most online shoppers also use online banking, you might recognize the personas Jay, Karen, and Elizabeth as some of your best customers -- not to mention that one of them may be you!