Case Study By Industry | FinTech

Global Corporate Revenue: $7 Billion

Insight in Action: Improving Online Experiences to Win Hispanic Consumers

Learn how the world’s leading brands are applying Collage Group’s cultural insights to drive enhancements in the online financial experience that improve cultural resonance.

Challenge

Believing Hispanic consumers preferred in-person and in-language tax preparation and advice, an online tax preparation company’s Senior Marketing Manager was eager to deepen the company’s understanding of this rapidly growing consumer segment.

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Solution

As part of Collage Group’s Work to manage the complex digital experience in financial services, the Manager provided strong hypotheses to inform the project scope. The Collage Group team synthesized these insights with other member inputs to evaluate the strength of the language hypothesis and place it in the context of new consumer insights on privacy concerns and institutional trust.

As a result of identifying areas of shared value across the data and insights among membership, the Manager was able to combine these insights with other Collage resources to enhance the product experience.

TYING KEY OBJECTIVES TO INSIGHTS

Collage Group provided information and insights critical to improving the consumer journey to better link highly tactical issues specific to tax preparation with broader group traits among Hispanic consumers. 

• Collage Group insights improved the online customer experience by linking tax preparation issues to Hispanic group traits.
• Category-level detail asked for by the client was a useful, practical starting point for connecting with specific demographics.

OBJECTIVE

More deeply understand Hispanic preferences for in-language and in-person tax advice.

COLLAGE RESOURCES, DATA & TOOLS

Syndicated cultural intelligence research on how to manage the complex digital experience in financial services provided the foundation for member hypothesis testing that could be connected to a larger understanding of Hispanic consumers.
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CONNECTING THE DOTS

Collage’s deep dive into cultural insights allows brand leaders to interpret the category-level detail into broader strategy and application of the insights.

OBJECTIVE

Immerse in Hispanic cultural experience

COLLAGE RESOURCES, DATA & TOOLS

Webinars and presentations on Hispanic Cultural Traits revealed how the cultural traits of Warmth and being Tuned-In could serve as a roadmap. This helped enhance the company’s strategy to motivate changes in category-specific preferences in the context of understanding and engaging the overall segment.

Four Group Traits That Best Characterize Hispanic Consumers

RESULT

Putting Insights Into Action

Instead of being satisfied with shallow insights into the Hispanic segment that equated “in-person” and “in-language,” the Manager found that two factors could be leveraged to improve the Hispanic online experience, including: (a) a tendency to trust institutions more than other demographics, and (b) the fear of not making mistakes when preparing taxes in English.

To activate more effectively, the Manager integrated these category specific findings with Collage insights into the Group Traits of Hispanics, particularly the Warmth and being Tuned-In traits.

The Manager realized that Hispanic adoption of an online financial experience would depend on clearly showing that fully bilingual online representatives and audit support could reduce fear of making mistakes. Further, these offerings could be positioned at key phases of the product experience to drive upsell of audit services.

In addition, the Manager recognized that these services needed to be positioned in ways that appealed to the Warmth group trait, which aids in connecting respect for institutional authority with the desire for friendly interaction.

The importance of consulting a tax professional according to each Multicultural segment

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