Outcome

In the first 2 years after launch the first savings product on the new platform, was an instant success as it attracted several billion pounds in deposits.

This strategic overhaul positioned Investec to offer more competitive rates and scale its savings business effectively. Avoiding jargon and implementing Live Chat meant that users were 9 times more likely to complete the process and the ability to open their account on the spot was the wow factor that left a great first impression.

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Challenge

Investec had traditionally relied on mass-market savings accounts to generate capital for its bespoke lending, banking, and investment solutions. However, these savings products were a complicated mix of legacy systems with no consistent design, making maintenance and updates a painfully slow, costly, and error-prone process.

Adding to the difficulty, Investec's savings were housed within its private client platform, meaning they utilised the same high-touch client support as their private banking customers.

With such significant operational and servicing costs, Investec struggled to offer competitive rates and attract the deposits needed for growth.

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Approach

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My approach involved user research to identify key differentiators: full transparency, an end-to-end digital experience, and the ability for clients to open and fund accounts within minutes.

I designed a fully automated sign-up process, and ensured clarity throughout the user journey.  Establishing a bespoke design system and language guidelines, fostering efficiency and consistency.

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From a new account application to account closure and anything in-between, I designed a simple, clear, and scalable website that empowered users and led to a 26 percent higher client retention than before.

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Investec has since won numerous key industry and consumer awards for its simple, transparent and competitive savings products.