Bradesco Bank – next

SITUATION
Banking is the only category of services that touches and influences a consumer’s entire life. In Brazil, digital natives—a high-potential group that accounts for 30% of the economically active population—see banking as a necessary evil and a reactive service. In fact, 71% of millennials would rather go to a dentist than to a bank. Bradesco—one of the largest banks in Brazil, with more than 75 million customers—wanted to increase its penetration into this market and was willing to embrace an entirely new proposition, an innovative business model, and a reimagined branding and design process.

IDEA
While consumers migrate to mobile-only experiences in everything they do, the banking industry has lagged behind. The opportunity was to create an entirely new mobile-only bank that empowers millennials and seamlessly integrates into their lifestyles. We did this by reimagining the banking experience for the digital age, putting design at the core of every decision, and using the newest technology to enable a proactive relationship and innovative features that have never been delivered by any competitor. Designed around the “Make It Happen” brand idea, ‘next’ offers a mobile banking experience that helps customers do more with their money and achieve more in their lives. It’s a full banking service that’s customer centric, using data and context to inform better individual financial decisions.

EXECUTION
Available for iOS and Android, ‘next’ is Bradesco’s new financial platform offering products, services, smart budgeting tools, customized graphics, and personalized experiences targeted to young customers under the “Make It Happen” concept. Our goal was to create a mobile banking experience that helps customers unleash their full financial potential. During the 2-year build, our teams collaborated with client teams to create a new brand identity that satisfies business needs. Because the brand would live primarily behind an interface, we designed an identity that can be touched and experienced, that is responsive and functional. Then we expanded it to create a full-service banking ecosystem, powered by machine learning and powerful algorithms to deliver a proactive experience that evolves with every interaction. Finally, to launch and promote the product, we integrated the interfaces into storytelling to create fun demonstrations of how customers can explore the functions of ‘next’ to “Make It Happen.”

RESULTS
The ‘next’ platform is a great success. Acquisition: 1.3mm downloads; 94% within target (high-income millennials); 75% new to Bradesco; 557,000 are in the approval phase (increasing conversion at a fast pace); 129,000 active clients (growing 40% per month). Engagement: 1.7mm transactions in March 2018 (growing 70% per month—75% faster than customer base); 20 monthly transactions per customer (doubled in Q1 2018); only 2% of inactivity (market average is 24%); 30% of active customers invested through “objectives” (99% growth in Q1 2018); 34% of the credit offered is being used (above market average); 45% of customers are already recurrent users of 63 partners’ exclusive offers (including offers from Uber, Apple, iFood, Airbnb, Cinemark, and Xbox). Bradesco customers who also create a ‘next’ account become 30% more profitable on our platform.