Personas

This research was undertaken to arrive at a more holistic understanding of our users - their financial lives and needs. This understanding will enable Branch both to continue to improve the lending product as well as develop their thinking around how to build new products that complement lending.

Project details

The objective was to create detailed user personas that would provide us with profound insights into the financial behaviors and needs of our user base.

Project Goals

The ultimate goal was to leverage these personas to enhance our existing lending product and shape our strategy for developing new financial products that align with user preferences.

Core research questions to answer

Who would use Branch products?
Why would they use them, and what problems would Branch products solve?
What goals would they aim to achieve with Branch products?
What specific needs should our products address?
What motivates or concerns them in their financial activities?
In what contexts would they use our products?

Output

The output of this research was the creation of detailed user personas that provide a comprehensive understanding of Branch users' financial behaviors, preferences, and needs. These personas served as valuable tools for guiding product development and strategic decisions, enabling Branch to design and deliver financial services that resonate with the diverse user base in India.

Impact of the Project

Guiding product strategy 🎯

User personas were instrumental in shaping our product strategy, resulting in successful launches of user-centric financial solutions.

Driving product innovations 🚀

User personas informed product strategy, paving the way for successful new product launches in the fintech sector.

Empowering data-driven decisions 📊

Leveraging personas, we prioritized features and allocated resources through data-driven decisions,

Educational Resource 📖

Personas serve as educational assets, enlightening stakeholders and seamlessly integrating new team members into our user-centric culture.

My approach and Research Process

Research Sample Composition: Who do we speak to?

To ensure a diverse and representative sample, we looked at the average ages of recent survey respondents in India. Special emphasis was given to age groups 25-30 and 30-35, reflecting the core customer base for the company. This approach balanced the interviews among age groups, including 18-24 and 36-45, and aimed to represent different geographic regions. Socio-cultural diversity was also considered, with participants from both joint and nuclear families, and a mix of employment statuses (business, salaried, self-employed)

Research Focus and Questions

We focussed the research to encompass a wide range of financial services and instruments commonly used by customers in India. We explored various financial products, including bank loans, instant digital loans, savings accounts, local savings clubs, digital wallets, credit cards, and shopping credit/EMI options. This holistic approach provided valuable insights into how users manage their finances and interact with diverse financial tools, ultimately contributing to the creation of more nuanced and representative user personas within each demographic.

Data Collection and Segmentation

Our interviews were meticulously structured to cover a wide range of information areas. These included participants' backgrounds, their financial behaviors, attitudes, and their interactions with various financial instruments. We adopted a practical approach to data organization, using separate post-it notes for each interview to categorize insights into life, financial, and digital credit domains.

Crafting Personas

We followed a structured approach guided by specific criteria and elements. These criteria and elements played a pivotal role in shaping the personas, ensuring they encapsulated the richness and diversity of our user base:

Demographics: We considered age, gender, marital status, education, income levels, and family structures to reflect user diversity.
Geographical Diversity: We ensured representation from various regions to capture regional financial nuances.
Employment Types: Users were categorized by employment status, such as business owners, salaried employees, and self-employed individuals.
Usage of Financial Services: We examined interactions with various financial services, including loans, savings accounts, wallets, credit cards, and more
Financial Behavior: Explored savings habits, spending patterns, investment preferences, and financial management.
Attitudes and Goals: Revealed financial aspirations, concerns, motivations, and decision-making factors.
Digital Credit Usage: Investigated awareness, experience, and utilization of digital credit tools.
Context of Use: Identified specific situations and challenges users faced in their financial journeys.

The Final Outcome
3 Unique User Personas

Persona 1

The Young Explorer

Demographics: Aged 24-35, urban dwellers in tier 2 and 3 cities, with incomes typically between 18-25K.
Background and Goals: Seek financial assistance for personal needs, improving credit scores, and managing short-term expenses.
Needs: Quick and hassle-free loan application process, convenient repayment options, and transparent fees.
Tech-savviness: Comfortable with mobile apps and technology for financial transactions.
Motivations: Value convenience, speed, and reliable financial services.
User Experience: Prefer intuitive app design, easy navigation, and responsive customer support.
Use Cases: Cover unexpected medical expenses, travel, home repairs, or daily expenses.
Savings: Typically range from 1000 to 5000.

Persona 2

Small Business Owners

Demographics: Aged 28-45, self-employed or running small businesses, with incomes typically between 25K-40K.
Background and Goals: Entrepreneurial individuals in need of working capital or short-term business financing.
Needs: Flexible loan amounts, tailored solutions for business needs, quick approval process, and access to credit for business growth.
Tech-savviness: Moderate to high proficiency with technology and mobile apps.
Motivations: Seek access to capital without complex documentation and lengthy approval processes.
User Experience: Prefer a streamlined loan application process, personalized offers, and convenient repayment options.
Use Cases: Cover business loans, equipment/shop upgrades, or manage cash flow fluctuations.
Savings: Typically range from 1000 to 20000

Persona 3

Students and Young Adults

Demographics: Aged 18-24, students or young adults starting their careers, with incomes typically between 10K and 25K.
Background and Goals: Limited credit history, seeking financial support for education expenses or initial professional requirements.
Needs: Easy loan approval for students, low interest rates, flexible repayment options.
Tech-savviness: High proficiency with mobile apps and digital platforms.
Motivations: Access affordable credit to fuel aspirations.
User Experience: Prefer clear loan terms, educational resources, and guidance for financial planning.
Use Cases: Cover tuition fees, entertainment expenses, dining, shopping, etc.
Savings: Typically range from 1000 to 5000.