Understanding how to meet financial health needs

By Jacqui Banerjee
Research Problem

Financial fitness is a hot topic. Millennials are not exempt from financial hardship and often are struggling to manage debt. This coupled with poorer knowledge of money management makes their financial resilience relatively weak. This is in amongst issues such as student debt and struggles to get onto the property ladder.

A bank needed to understand more about the financial well being of 18-40 year olds and how to build stronger relationships with loyal customers via a customer led rather than a product led approach.

Approach

Two stages of research were recommended:

Stage 1: Digital Ethnography - This explored what it is like to be an 18-40 year old, what worries them, how they cope with these worries and the knowledge they have.  This involved a three day intimate exploration of their financial lives via an online platform.  We discovered via written exchanges, selfie videos and pictures what their financial lives entail and also what their financial information needs are.

Stage 2: Co-creative client and customer workshops -  These built on our ethnographic work to take the problems identified and develop solutions.

Outcomes

The bank had a clear view of how it can assist customers with financial fitness and where the boundaries lie.  They understand their customers' financial lives sufficiently to build a support function that will meet needs and foster loyalty.

“As before, the team really are great. There genuinely wasn't any point where I felt that things could be better. They are extremely friendly and professional and are great at building a rapport.” [Client]