CX Assessment of Populus Financial Group
Modus Create was enlisted by Populus Financial Group (PFG) to conduct a CX assessment to gain a comprehensive understanding of PFG's current customer experience landscape and identify areas for improvement. The primary objective was to develop a strategic plan that would enable PFG to achieve their goal of delivering a seamless omnichannel experience to their customers.
Who is Populus Financial Group?
Populus Financial Group is a financial services company specializing in providing convenient and accessible financial solutions to individuals, particularly those who are unbanked or underbanked. As a leading provider in their industry, Populus Financial Group offers a range of services, including check cashing, money transfers, prepaid debit cards, bill payment services, and more. Their primary focus is to meet the financial needs of customers who may not have traditional banking relationships or face challenges accessing mainstream financial services. With a strong presence in multiple geographic locations, Populus Financial Group serves diverse communities across the US. Their customer base comprises individuals from various socioeconomic backgrounds, including low-income individuals, immigrants, and others seeking convenient financial solutions.
Project Introduction
We employed a diverse range of research methodologies to gain a comprehensive understanding and accurate assessment of the current state of customer experience (CX) at PFG. By utilizing multiple research approaches, we ensured a thorough examination of PFG's CX landscape from various perspectives. This comprehensive research methodology provided us with a solid foundation for a detailed analysis and enabled us to provide valuable recommendations tailored to PFG's specific CX needs.
Role
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Led and directed research initiatives
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Shaped the CX assessment framework
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Conducted journey and ecosystem mapping
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Collaborated closely with a junior Researcher and CX Strategist/Service Designer to deliver impactful outcomes
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Oversaw the production of the Final Executive Report and subsequent Solution Design Briefs
Overview
As the lead UX/CX Researcher and Strategist on this engagement, I collaborated closely with a junior Researcher and CX Strategist/Service Designer. Taking charge of the research initiatives, I shaped the assessment framework, conducted journey and ecosystem mapping, and ensured the alignment of our findings with strategic objectives. Additionally, I oversaw the production of the final report and subsequent Solution Design Briefs, providing valuable insights and actionable recommendations to drive positive change.
Overview
As the lead UX/CX Researcher and Strategist on this engagement, I collaborated closely with a junior Researcher and CX Strategist/Service Designer. Taking charge of the research initiatives, I shaped the assessment framework, conducted journey and ecosystem mapping, and ensured the alignment of our findings with strategic objectives. Additionally, I oversaw the production of the final report and subsequent Solution Design Briefs, providing valuable insights and actionable recommendations to drive positive change.
Problem Statement
"PFG wants a partner to help define and drive their digital roadmap, enabling their organization to achieve an omnichannel experience for customers and employees. By keeping focus on the entire user-centered experience for their customers, the modernization of the business’s technology and processes will be key to driving the stated business outcomes."
- PFG SOW
Assessment Goals
Identify strengths and weaknesses
Evaluate the current state of the customer experience provided by Populus Financial Group (PFG) across various touchpoints, identifying strengths that can be built upon and weaknesses that need to be addressed.
Understand customer expectations
Gain insights into the changing expectations and needs of PFG's customers, particularly in the context of an Omnichannel experience, to align products, services, and experiences accordingly.
Identify gaps and opportunities
Identify gaps between the current customer experience and the desired Omnichannel experience, and uncover opportunities to bridge those gaps, and enhance the overall customer journey.
Provide actionable recommendations
Deliver practical and actionable recommendations to PFG, outlining specific steps they can take to improve their CX strategy, streamline processes, and deliver a seamless Omnichannel experience.
Support digital transformation goals
Align the CX assessment with PFG's broader digital transformation objectives, ensuring that the recommendations contribute to their overall goal of modernizing legacy systems and meeting changing consumer expectations.
Assessment Approach
CX Core Pillars
Our CX assessment approach for Populus Financial Group (PFG) centered on a thorough evaluation of their customer experience, guided by four key foundational CX pillars:
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These pillars, derived from the research conducted by Nielsen Norman Group (NN/g), are widely acknowledged as essential components of a successful customer experience strategy. By adopting these pillars as our framework, we ensured a comprehensive assessment that encompassed all aspects of PFG's customer experience ecosystem. This approach enabled us to provide a holistic evaluation and actionable recommendations to enhance PFG's overall CX.
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Vision and Strategy
How does the organization prioritize and improve customer experiences and establish a shared vision for the organization’s future across the customer journey?
Employee Experience
Are employees empowered to deliver exceptional customer experiences, and do they have the tools, skills, and resources to do so consistently?
CX Operations
Which processes and procedures exist to work across groups toward a shared vision, identifying pain points and opportunities for improvement across the customer experience?
Tools and Technology
Which tools exist to support cross-functional operations and journey-focused customer experience? Does the team have the proper data to do their job?
CX Maturity Scale
We utilized a CX maturity scale as part of our assessment methodology to gauge the current state of Populus Financial Group's (PFG) customer experience. This scale provided a standardized framework to evaluate PFG's CX maturity level across the four cx foundations. By assessing their CX maturity, we were able to determine where PFG stood in terms of their customer experience capabilities and identify areas for improvement. This allowed us to tailor our recommendations to address specific gaps and elevate PFG's customer experience to the desired level. The CX maturity scale served as a valuable tool in assessing PFG's CX journey and provided valuable insights for their ongoing improvement efforts.
+ Investigate: No CX strategy exists; customer experiences are ad-hoc and inconsistent. Companies at this stage are exploring the next ‘best steps’.
+ Initiate: The company has recognized the importance of CX and is reacting to customer complaints and feedback, but there is no formal strategy in place.
+ Mobilize: Leadership has developed a formal CX strategy and is actively implementing it to improve customer experiences.
+ Scale: A mature CX program is in place that is consistently monitored and measured to ensure ongoing improvement.
+ Embed: At this stage, the company has achieved a high level of CX maturity and is continuously innovating and improving its CX program to stay ahead of the competition.
Research Methodology
We employed a diverse range of research methodologies to gain a comprehensive understanding and accurate assessment of the current state of customer experience (CX) at PFG. By utilizing multiple research approaches, we ensured a thorough examination of PFG's CX landscape from various perspectives. This comprehensive research methodology provided us with a solid foundation for a detailed analysis and enabled us to provide valuable recommendations tailored to PFG's specific CX needs.
Interviews
To gain a deep understanding of Populus Financial Group's (PFG) product ecosystem, processes, and related aspects, we conducted comprehensive interviews with key stakeholders and subject matter experts (SMEs), including field employees. These interviews were designed to extract valuable insights and firsthand knowledge from individuals who possess expertise and insights into PFG's operations. Through these interviews, we delved into various aspects of PFG's business, including their product offerings, operational workflows, customer touchpoints, and internal processes.
Desk Research & Competitive Analysis
To gain a comprehensive understanding of the financial services market, the unbanked and underbanked demographic that Populus Financial Group (PFG) serves, as well as emerging trends and potential technical disruptors, we conducted extensive desk research. This research involved a thorough analysis of industry reports, market studies, academic publications, and reputable sources of information. By delving into this wealth of knowledge, we gained valuable insights into the dynamics of the financial services sector, the unique challenges and needs of the unbanked and underbanked population, and the evolving landscape of emerging trends and technological disruptors. This desk research allowed us to provide PFG with informed recommendations and strategies to align its services with market demands and stay ahead in a rapidly changing financial landscape.
Competitive analysis was conducted across 3 main product areas that overlapped with PFG's offerings: Payday Loans, P2P Cash Services, and Neobanks.
30+ Interviews
Exhaustive interviews with Stakeholders, Subject Matter Experts, and Field Employees. Primarily focused on informal 'CX Custodians' across Marketing, Product, Customer Service, and Customer Support. Interviews were remote via Zoom.
Remote, Semi-Structured Sessions
Interviews were conducted remotely via Zoom and were recorded with the participants permissions. We followed semi-structured scripts to create consistency, but also allow for some flexiblity during the sessions.
Coded in Dovetail
Interview analysis and coding was conducted in Dovetail. Session recordings were uploaded, transcribed, and coded. We were then able to share out quotes, themes, and codes with the other Modus assessment lanes (security, data, tech) as needed.
Sytnesized in Miro
We then moved coded content over to Miro so that we could furhter analyize and sythesize it to uncover additional themes and insights. We also used Miro to shape artifacts that came out of research- ecosystem mapping, journey mapping, etc.
Omnichannel Capabilities Survey
An Omnichannel capabilities survey was sent to 21 PFG stakeholders, providing insights into how key stakeholders view PFG’s readiness to implement an Omnichannel approach. The results shows a glaring gap between PFG's desire to implement an Omnichannel approach and their ability to do so given their current systems. Example: While the questions that pertained to "leadership's understanding of the importance of Omnichannel" were rated highly, the remaining categories received relatively low scores. These results indicate that while leadership recognizes Omnichannel as an opportunity, there may be gaps in PFG's core competencies that are necessary to achieve it.
Survey findings reinforce what we uncovered during interviews. Buy-in for a CX program is there, however, the process and tools necessary to maintain it are severely lacking,
PFG Product, Document, & Data Review
This involved a comprehensive examination of PFG's products, discovery sessions, internal documents, and relevant data sources. By analyzing PFG's product offerings, documentation, and available data, we gained valuable insights into their operational processes, customer experiences, and underlying data-driven insights. This research methodology provided a comprehensive understanding of PFG's current state, enabling us to identify areas for improvement and make data-informed recommendations to enhance their overall performance and customer experience.
Analysis & Synthesis
Coding Research in Dovetail
To analyze the extensive hours of interview recordings we had collected, we turned to Dovetail for transcription and coding. Using the platform, we transcribed the sessions and then proceeded to assign codes that captured the essence of significant moments within the transcript. By categorizing these moments into themes and patterns, we established a structured framework for analysis. Through this meticulous coding process, we uncovered recurring themes, extracted valuable insights, and gained a comprehensive understanding of the underlying content contained within the transcripts.
Deeper Dive with Miro
This involved a comprehensive examination of PFG's products, internal documents, and relevant data sources. By analyzing PFG's product offerings, documentation, and available data, we gained valuable insights into their operational processes, customer experiences, and underlying data-driven insights. This research methodology provided a comprehensive understanding of PFG's current state, enabling us to identify areas for improvement and make data-informed recommendations to enhance their overall performance and customer experience.
CX EcoSystem Mapping
This involved a comprehensive examination of PFG's products, internal documents, and relevant data sources. By analyzing PFG's product offerings, documentation, and available data, we gained valuable insights into their operational processes, customer experiences, and underlying data-driven insights. This research methodology provided a comprehensive understanding of PFG's current state, enabling us to identify areas for improvement and make data-informed recommendations to enhance their overall performance and customer experience.
Systems Modeling
This involved a comprehensive examination of PFG's products, internal documents, and relevant data sources. By analyzing PFG's product offerings, documentation, and available data, we gained valuable insights into their operational processes, customer experiences, and underlying data-driven insights. This research methodology provided a comprehensive understanding of PFG's current state, enabling us to identify areas for improvement and make data-informed recommendations to enhance their overall performance and customer experience.
Assessment Findings
The State of CX at PFG
This involved a comprehensive examination of PFG's products, internal documents, and relevant data sources. By analyzing PFG's product offerings, documentation, and available data, we gained valuable insights into their operational processes, customer experiences, and underlying data-driven insights. This research methodology provided a comprehensive understanding of PFG's current state, enabling us to identify areas for improvement and make data-informed recommendations to enhance their overall performance and customer experience.