Neobank Gen Z Study
The Challenge
A comprehensive user research study to understand the spending habits and financial literacy of Gen Z users for a leading neo-bank.
The bank was seeing high churn rates among the 18-24 demographic. We needed to understand why their "Savings Goals" feature was being underutilized.
Methodology
User Interviews
12 remote interviews with active and churned users.
Quantitative Survey
N=500 survey to validate qualitative findings.
Competitor Audit
Analyzed 5 major competitor onboarding flows.
Key Insights
- 01
Gen Z prioritizes "visualizing" goals over abstract numbers.
- 02
Gamification elements increase engagement but decrease trust if overused.
- 03
Social proof (seeing friends goals) is a high-risk, high-reward feature.
Synthesis
We conducted a mixed-methods study combining a survey of 500+ users with 12 in-depth user interviews. We used affinity mapping to identify core behavioral patterns.
The Outcome
We identified that Gen Z views saving as "short-term buckets" (e.g., for a concert) rather than long-term stability. The resulting "Buckets" feature redesign led to a 200% increase in feature adoption.