Welcome to Madison

This project aims to help UW Credit Union (UWCU) expand its international customer segment. From our research, we learned that international students usually urgently need to open a U.S. bank account after arriving in the U.S., and there are many challenges at the same time. Therefore, we took this as an opportunity to create a win-win experience for UWCU and international students.

Timeline
3 months
Team
‍5 people
Tool
Miro, Figma
Animal Crossing
Role
User Research
Prototyinig

01.
Project background

UW Credit Union reached out to our class in order to find and expand into customer segments where they have struggled. They hope to increase membership and retention among the student population, in which increasing numbers of Badgers arrive on campus with a bank account already.

To address this, we plan to focus on international graduate students and their needs, as finding a financial institution is one of a myriad of daunting tasks they must overcome during the early days following their move. We see this period of transition and uncertainty as an opportunity for UW Credit Union to establish strong relationships by helping students navigate the transition.

The Challenge

How might we attract and help more UW-Madison international students open their first bank account at UW Credit Union?

02.
Market analysis

UWCU's International Student Profile points out that the acquisition of new international students has been declining since 2012. However, the the average profit seems positive in recent years. And most of the international customer acquisition happen in the 3rd quarter every year.

In addition, the number of international students who attend UW-Madison has steadily increased since 2012. Based on the enrollment report by the Office of the Registrar, roughly 13.5% of the student body is composed of international students.  

With each of these points taken together, this presents a significant opportunity for UW Credit Union to gain more international members at the beginning of each semester.

04.
5 User Interviews

What is the international student experience like upon arrival in the United States?

Where pain points are in the bank opening process? How could it be better supported?

Why are there so few international students who are members of UW Credit Union?

03.
5 User interviews

  • What is the international student experience like upon arrival in the United States?
  • Where are the pain points in the bank opening process? How could these students be better supported?
  • Why are there so few international students who are members of UW Credit Union?

04.
Ideation

  • How might we provide guidance for international students in their first weeks in the U.S. to ease the stress of navigating a new place while quickly setting up new bank accounts?
  • How might we increase awareness and appeal of UWCU among international students in Madison who would otherwise bring their business to familiar international banking institutions?

05.
The big idea

  • UW Credit Union would partner with international student organizations to organize events at the beginning of each semester that would help new international students open accounts with UWCU.
  • International students who are current UWCU members could be employed or otherwise incentivized to become brand ambassadors.
  • A program could be set up that would offer monetary benefits for referrals. This would take advantage of the fact that many members of the Credit Union are referred to by word-of-mouth thereby further encouraging this practice and expanding the membership of UWCU.

05.
Test concept & iterate

We conducted an informal interview with 3 international students to understand their reactions to our proposed solution and to gauge interest. When asked how much they liked the design, they gave an average score of 4.7 (out of 5).

At the same time, they also shared many useful insights, which became the basis for us to modify the prototype. For example: ensuring the ambassadors training, creating online group for future Q&A, promoting this event on social media, leaving brochures in places where international students often go, etc.

07.
Next steps

  • Phase 1: Finish Testing
    As part of the final testing, we recommend UW Credit Union create an explainer video which would be shown to current international students outside of the Union South branch to understand their interest in the program.
  • Phase 2: Pilot Program
    Next, a roll out of the Pilot program at the beginning of the fall semester. Tracking how many students were at the event and how many students followed up and opened an account would aid UWCU in making appropriate adjustments.
  • Phase 3: Prelaunch
    After addressing any roadblocks or challenges that arose during the Pilot program, the next steps would begin to implement and integrate the new program into the UWCU product ecosystem.
© Mengtong Li 2021
Next project