Commonwealth Bank

What would happen if we gave people the tools to grow their own wealth?

What would happen if we gave people the tools to grow their own wealth?

Commonwealth Bank of Australia

It takes a strong stomach to deliberately disrupt yourself. But that’s what Commonwealth Bank decided to do by creating My Wealth, a comprehensive, self-directed wealth management solution for the Australian market. They asked Cibo to shepherd the idea from vision to launch.

Cibo gives us all the smarts and breadth of a big agency without the bureaucracy and turnover. They do cutting edge work every time.

Keith Meyer

VP Marketing, MyWealth

Product Management
Experience Design
User Research
Usability Testing
Agile technology development
Copywriting

What We Did

Introducing self-directed wealth management to Australia required rethinking the traditional ways that banks relate to customers. Instead of traditional product siloes we needed to provide a comprehensive view of a customer’s finances, from checking and savings accounts to mortgage, from credit cards to retirement accounts. And then we had to create an experience that both educated consumers and gave them the tools they needed to truly manage their wealth.

What We Found

Trust in financial advisors was at an all-time low.
Banks think in terms of products. Customers think about relationships.
Trading stocks is a new concept for most Australians.
Property is the first retirement plan for most people.

Comprehensive and clear.

Simplify. Guide. Empower.

We worked from these three principles, derived from customer research, that suggested the fundamental needs of Australian banking customers. Everything we designed embodied our attempt to simplify the world of wealth management, guide customers through new territory, and empower them to truly manage their own wealth for the first time.

Experience with finance varied widely.

Qualitative research with Australian consumers reinforced that any comprehensive wealth-management product would need to be many things to many people. But no matter how financially savvy, most consumers still needed an easy introduction to the notion of trading in stocks and fixed income products.

DIVE DEEPER

Figuring out how to contextualize products, news, and community

The bank’s strategy included the offering of news, commentary, and community involvement as supports for the wealth management experience. One of our key tasks involved figuring out how to package this content and interaction along with a wide array of different financial products.

BANKING IN GUIDANCE

Hello, you’re new around these parts.

As this was an entirely new financial services experience uniting traditionally separate products, not to mention introducing the very new capability of equity trading for consumers, we wanted to make sure that we offered a helping hand along the way.

A RICHER EQUITY EXPERIENCE

Stock information doesn’t have to be boring.

Researching companies can be more than just poring over spreadsheets. In addition to visually representing the company, we developed various readouts that added context and insight to data.

TELL ME WHAT’S NEW

Making sense of the markets.

Including a world-class business and financial news source as part of the MyWealth experience proved to be a key part of the products success. We made news stories easy to scan and consume, while creating a system for the editorial team to create interest and shape conversations.

MAKE IT SOCIAL

Community supported investment conversation.

The final pillar of the consumer experience lay in conversations between individual investors. While CommBank couldn’t participate in these conversations, we designed a robust space for community engagement that they could moderate.

TOOLS TO WORK WITH

Designing for the needs of business.

When we design an experience, we’re not only thinking of the customer, but also about the business that needs to support it. That’s where our design toolkits come in—making it easier for us, and our clients to maintain and evolve the design system we’ve created.

Start Over

Building the future. One goal at a time.

From a web-based, iPad-friendly minimum viable product site launched in just four short months, we worked with the CommBank team to roll out multiple iterations of MyWealth, adding features such as goal setting and measurement. By the time we finished, Australia had an entirely new way to manage wealth.

Wherever you are in your journey, get in touch. We’ll discuss where you’re at today and create a plan to deliver a customer experience that will transform your business.

Salesforce

Janie & Jack