N26 Savings Account

How listening to customer's feedback helped us secure (€€€) deposits

Problem statement

People who aim to build a secure financial safety net or generate additional income face challenges in finding reliable and accessible ways to earn interest or returns on their savings, which can limit their ability to achieve financial stability and make the most of their surplus funds.

In this case, you will see how we created a highly valuable product for both the company and customers, which drove growth in the customer base and helped us to secure (€€€) deposits.

Goals

1. Allow customers to earn interests on their savings

2. Increase account deposits in the company

3. Increase customer base (MAU)

'Spaces' home screen

Summary

Context

'Spaces' has always been one of N26’s most popular products due to the convenience of allowing customers to separate and organize their money into different 'spaces'. In addition, 57% of MAUs also used 'Spaces' to save. However, customers would like to see their money grow over time, which wasn't possible.

That’s why we saw an opportunity to offer a Savings Account to our customers.

Is there a need for Savings?

Disscovery

Research

Extensive research was conducted to understand the market fit, customer needs and opportunities. I will share here the main questions we wanted answered that would help us gain more clarity on the scenario:

Is there any demand from our customers to save?
Are they saving right now? How?
How much do they save?

Customer comments, survey & data analysis

In order to find the answers for these questions, we had to dig into some data from customer comments, survey and internal dashboards. The findings are the following:

1. Most wanted

Analyzing comments made to our customer support, Savings was the most wanted feature among other credit products.

2. Yes, we save!

"XX%" of our customers are already saving with us, however they're not getting interests on it as they use 'Spaces' for that.

3. There's money on the table

"YY%" of our customers are saving between 500€ and 2.500€ per month using their 'Spaces'.

How much do people save?