Name: BEHAVIOR TYPES
Type: USER RESEARCH
Role: PROJECT LEAD
Duration: SPRING/SUMMER2018

Executive summary

I led the development and implementation of Nordea’s new behavior-driven segmentation model within savings and investments. This model - based on behaviors, financial knowledge, attitudes toward banks, and interest in managing personal finances - marked a strategic shift from demographic-based segmentation to a customer-centric, behavior-based approach, better aligning Nordea’s investment and savings services with real customer needs.

 Design challenge

 Nordea’s prior segmentation relied heavily on demographic factors and investment frequency. While these factors offered a surface-level view, they often overlooked the nuanced needs and motivations driving customers’ financial behaviors. The challenge lay in reorienting this internal perspective to focus on behavior, thus enabling a deeper understanding of pain points, motivators, and preferred interactions within the savings and investment domain.

 Design solution

 We created a segmentation model that defined five distinct behavior types, each with unique financial needs, attitudes, and triggers. Key aspects of the solution included:

Memorable Personas: Each behavior type was supported by easily recognizable illustrations and symbols. This approach helped simplify empathy-building across teams, enhancing the internal adoption of these personas.

Actionable Components: Designed templates allowed designers, product owners, and business developers to integrate the behavior types into product development, prioritizing user needs.

Drivers and Barriers Analysis: The segmentation uncovered insights on what motivates people in the Nordic region to invest and identified key barriers, aiding Nordea in offering more relevant financial solutions.

 Process / Impact

To ensure a robust, data-driven model, I established a comprehensive research methodology, in partnership with Epinion, a leading Danish research firm. This process included:

Mobile Probe: Engaged 10 participants in Denmark through mobile diaries to gather qualitative insights into their daily financial habits.

In-depth Interviews: Conducted 28 interviews across Denmark, Sweden, and Finland to identify initial hypotheses regarding customer behaviors and pain points.

Quantitative Validation: Collected data from over 4,000 participants in the Nordics via web surveys, validating qualitative findings and establishing patterns.

Data Synthesis and Rollout: Designed a presentation template and launched the behavior types across Nordea, building empathy for each type to guide customer-centric decision-making. 

By grounding design in behavior-based segmentation, this model has empowered Nordea’s digital developing teams within Saving and Investment to better meet the real needs of their customers, moving beyond demographics to build more meaningful, customer-centered financial experiences.