Background
Banco General, one of Panama’s leading financial institutions since 1955, has focused on becoming an increasingly digital bank, aiming to grow its client base and empower customers with greater control over their financial decisions through easy-to-use, self-service features. In 2023, the bank set out to modernize the fixed-term deposit experience within its app, understanding that these deposits are a cornerstone of the bank's financial stability and client loyalty.
What we were up against
Earlier discussions about creating a fixed-term deposit flow in the app had already led to some preliminary research. To hit the ground running, I consulted with designers who had previously worked on this initiative to review their findings and also had informal meetings with key stakeholders to better understand their perspectives and get a clearer sense of the project’s direction.
It turned out that the fixed-term deposit product typically targets a very specific audience. Stereotypically, the term-deposit client is an older person (in fact, customers over 60 made up almost 50% of our term-deposit client base at the time) with a certain level of financial education, conservative, and belonging to higher banking segments.
However, the business goal for this initiative was to turn digital channels into a key driver for sales, which meant opening up this product to a different audience—namely, a younger one—and making it more accessible.
I quickly realized that the core challenge would be balancing the needs of these two key groups: the long-standing, older clients who were accustomed to in-person interactions, and younger, more tech-savvy users who weren't as familiar with this particular product.
On top of that, our project timeline was suddenly shortened significantly. This shift added pressure but also pushed me to prioritize simplicity and efficiency—both in the final product and the process to get there—while ensuring we didn't compromise the quality and trust expected from an established institution like Banco General.
Digging deeper
These initial conversations led to assumptions about the potential users of this flow: Would older customers resist digital banking? Would they trust an app for such a big financial decision? How much guidance would new users need?
These questions led me to take a hypothesis-driven approach, where I aimed to uncover who our users really were, their financial behaviors, and what they needed from this experience.
To validate (or challenge) my assumptions, I conducted my own research:
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Data analysis to identify usage trends.
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Stakeholder and executive interviews to understand the bank’s vision.
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Competitive analysis to benchmark against industry standards.
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In-depth user interviews to uncover real customer behaviors and needs.
I interviewed 12 customers (ages 24–65), split between those who had opened fixed-term deposits in branches and those who had never done so. This mix provided a well-rounded perspective on the needs and behaviors of both existing and potential customers:
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Tech adoption: I had assumed older clients would be hesitant about using digital channels, but 75% already used Banco General’s digital banking and described it as “simple” and “easy to use.” Surprisingly, many were open to using the app for deposits—as long as the process was as clear and familiar as other banking features they already used.
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Customer mindset: Regardless of their income level or deposit size, fixed-term deposit clients were risk-averse and prioritized stability. They made financial decisions cautiously and needed a strong sense of trust before committing. This told me the flow needed to feel secure, familiar, and transparent at every step.
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Feature awareness: A major gap emerged—many clients were unaware of key features (like interest capitalization and monthly savings options) that could add real value. Even customers who had opened deposits in-branch hadn’t had these explained to them. This made it clear that the digital experience wasn’t just about accessibility—it was an opportunity to educate users and empower them.
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Deposit preferences: Clients favored shorter-term deposits (1–2 years), avoiding long commitments and keeping balances close to the minimum required—a preference that needed to be reflected in how we structured the flow.
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New-to-deposits users: Many potential customers had a vague idea of what a fixed-term deposit was, but lacked a real understanding of how it worked. This reinforced the need for a flow that was not just intuitive but also educational for those new to the product.
What this meant for the design
These insights shifted my approach. Instead of designing just a functional experience, I needed to:
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Build trust through clarity—making terms, risks, and benefits explicit at every step.
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Ensure familiarity—keeping interactions consistent with existing banking flows.
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Integrate education seamlessly—explaining features in a way that felt helpful, not overwhelming.
I wasn’t just designing for a new audience—I was designing to make an established product feel more accessible, transparent, and empowering for both existing and future users.
Our proposal
With the insights in mind, the challenge was clear: How do we design an experience that feels effortless for users who are either unfamiliar with fixed-term deposits or new to digital banking?
I wanted to strike the right balance—avoiding cognitive overload while ensuring users felt fully informed. If the flow was too dense, new users might feel overwhelmed; if it was too simplified, they might feel uncertain or miss key details. The definition of the user flow became a critical step. I explored multiple options and ultimately opted for progressive disclosure, ensuring that complex concepts and features were introduced gradually at the right moments rather than all at once.
This became the foundation for the first design iteration.
From concept to prototype
I quickly moved from early concepts to rapid prototyping and testing, focusing on both core functionalities and the finer details that would make the experience seamless and transparent. My goal was to ensure that users could navigate the process with confidence—leveraging their existing knowledge of the app while also making key financial decisions easier.
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A streamlined, step-by-step process: We broke the flow into clear, manageable steps, using plain language and visual cues to guide users. This made the experience intuitive for both tech-savvy users and those less familiar with digital banking.
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Key information at the right time: Many users weren’t aware of features like interest capitalization, so instead of overloading them with information upfront, we added contextual explanations at strategic moments in the flow. This ensured users felt informed without feeling overwhelmed.
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Real-time interest rate calculator: To empower users, we introduced an interactive calculator that allowed them to compare different term options and instantly see potential returns. This turned what could be an abstract financial decision into something tangible and clear.
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Familiarity through consistency: we adhered to established design patterns within the app, ensuring that the flow felt familiar and predictable. This was especially important for older users, who already trusted Banco General’s digital banking experience.
I conducted three rounds of moderated usability tests with 20 users, along with two rounds of guerrilla testing in-branch and with coworkers. These tests quickly revealed pain points, helping me refine the flow to ensure it met real user needs.
The impact
Within six months of launch, the digital fixed-term deposit flow delivered tangible business impact—proving that digital channels could expand Banco General’s reach without alienating traditional users:
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Thousands of deposits opened, with users ranging from 18 to 86 years old, demonstrating the accessibility of the solution.
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Nearly 50% of users were between 30 and 44, reinforcing that the flow successfully attracted a younger audience while still serving existing customers.
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Deposit amounts varied widely, from smaller investments to high-value deposits, a testament to both client trust and financial growth.
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66% increase in the term deposit client base, proving that digital channels could drive expansion.
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Digital deposits now match branch volumes, positioning the online experience as a key pillar of Banco General’s growth strategy.
Beyond the numbers, client feedback was overwhelmingly positive. Users described the process as "straightforward" and "reassuring", highlighting that the balance between simplicity and trust-building paid off.
This project reinforced that a well-designed digital experience doesn’t just improve efficiency—it can reshape customer behavior, drive adoption, and create lasting trust in financial services.
Key takeaways
This project was a crash course in staying flexible under pressure. With the timeline being fast-tracked, I had to prioritize quickly, iterate fast, and stay focused on what really mattered.
One challenge I faced was keeping track of decisions. I made quick changes, but I didn’t always document the reasoning behind those changes. Later on, when I had to explain my choices to stakeholders, it caused some misalignment and confusion. Looking back, I realized that moving fast doesn’t mean skipping structure. Having a better system for tracking decisions would’ve saved time and avoided unnecessary backtracking. It also taught me how essential it is to be transparent about decisions and rationale, which builds trust and keeps things moving forward.
Another big takeaway was how important clear communication is, especially in fast-moving projects with lots of stakeholders. Making sure everyone was on the same page helped us stay on track and avoid any missteps.
Overall, leading this project taught me to be a more strategic designer. I got better at balancing user needs with business goals, navigating ambiguity, and designing with speed and intention. Most importantly, it taught me that great UX isn’t just about interfaces—it’s about creating clarity, both in the product and in the process.
Fixed-Term Deposit Experience for Banco General
Project duration
4 months
Role
Lead Designer
What I did
Research, Ideation, Overseeing design implementation
Led the design of a fixed-term deposit flow in the bank’s mobile app, with a focus on creating an intuitive experience for both older clients and younger, tech-savvy users.
This resulted in a 66% increase in our term deposit client base and positioned digital channels as a key driver, now matching branch volumes.