Oline Banking
By reading recent reports about digital banking, I identified the target audience of digital banks:
- Younger individuals (under 45) who find non-branch alternatives appealing.
- People who are interested in paying less for everyday banking services.
- People with a fast-paced routine that prefer not to spend time with the commute to a branch location in order to have assistance with financial needs.
- People who do not require human assistance or an ATM (automated teller machine) for everyday banking services (checking their balance, making transfers, paying bills, for instance) but prefer to have this type of assistance for complex ones (such as mortgages and investments).
- People that use primarily debit or credit transactions other than cash.
- People that usually do not use ATMs.
- People who are used to consuming online services and, overall, trust them.
- People who are interested in a more intuitive solution for financial services.
Tangerine
With desk research, I learned about the overall users of online banking which includes online-only banks (such as Tangerine) and banks that offer both customer support at physical branches and online financial services. However, I felt the need to investigate the specific users of Tangerine. Therefore, I created a survey that aimed to leverage my understanding of:
- Tangerine users.
- Users pain points and needs with Tangerine support page.
15 people answered the survey. Highlights of the results related to Tangerine users are listed below.
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❗ Tangerine's clients are mostly younger adults between 25 - 44 years of age.
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💲 People usually choose Tangerine to avoid monthly or annual fees.
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