【 Innovation / Design Strategy 】Fidelity × SCADpro

FIDELITY + SCAD THE UNIVERSITY FOR CREATIVE CAREERS

Let’s play a little game called

LIFE . . .

follow us!

CONTENTS

Get to know us and our client

Hone in on what’s already out there about millennials and personal finance

Delve deeper to understand millennials through interviews and insights

Uncover areas of opportunities identified through all of our research

6

01

GAME BOARD The first steps of our quest began with the investigation and interpretation of research. This allowed our team to fully understand and explore the current market and its offerings. This research lead us to our first insights that we used in creating tools to help elicit more in-depth answers in regards to financial questions. The second level of the quest was in-depth interviews with these tools that brought us to the final insights. These insights were expanded through the user tools, such as personas, that helped bring them into realistic means. Our final part of the journey explored the opportunities that were illuminated from the insights. The opportunities created are a launching pad for future explorations.

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CHOOSE YOUR PLAYER This is our small but fierce team of ardent researchers and thinkers who came together to uncover the complexities of life.

Xenia Viladas MBA Economist Service Design Chair, Professor Barcelona, Spain

Caleb Kitchings BS communications Account Manager Chattanooga, TN

8 STUDENTS 7 COUNTRIES 4 MAJORS 10 WEEKS 8

Chandra Pandian

Clara Asumadu

Design strategist/ Project Manager MFA Design Management New Delhi, India

Content Creator/Copywriter BFA Service Design Kumasi, Ghana

Chaitanya Ahuja Design Researcher MFA Design Management FWWd, India

Camille Ticheur Illustrator / Art Director MA Illustration Metz, France

Weihong Xu Design Researcher MFA Industrial Design Jiangsu, China

Ari Susswein Project Manager MA Design Management MA Industrial Design Yonkers, NY

Miranda Kasinger Content strategist-Graphic Design BFA Illustration Minor Graphic Design Evansville, IN

Alan Liu Design Researcher MFA Design Management Taipei, Taiwan

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THE CLIENT :

FIDELITY As a pioneer in the world of investing, Fidelity is one of the largest and most diversified financial services firms in the world.

They’ve applied compassion, integrity, and expertise to create better futures for their customers, communities, and businesses, by thinking differently. They came to SCAD to ask us to explore and understand how we can help millennials achieve financial freedom in a dynamic world where finances are just one part of the everchanging story of life.

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They came to SCAD to ask us to explore and understand how we can help people achieve financial freedom in a dynamic world where finances are just one part of the everchanging story of life.

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GANTT CHART 01

02

03

04

05

brainstorm in-depth interviews

secondary research insights

pre- interviews

12

06

07

08

09

10

insights

framework

final reati on

co-c

process book

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14

02

THE QUEST

The team began with an overview of secondary data.

We explored current market offerings and user data to hone in on the information that’s already out there about millennials and personal finance.

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THEIR QUESTION: How might we help recent graduates actively manage and achieve financial goals now that they are entering the working world.

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How might we help recent graduates actively manage and achieve financial goals now that they are entering the working world.

How can we define and expand this term?

How might we help recent graduates actively manage and achieve financial goals now that they are entering the working world.

What role does Fidelity want to play here?

How might we help recent graduates actively manage and achieve financial goals now that they are entering the working world.

Some goals are not monetary.

How might we help recent graduates actively manage and achieve financial goals now that they are entering the working world.

The term is ambiguous to our users.

students

working world

recent grads & working students

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STAKEHOLDER MAP

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SERVICE ECOSYSTEM MAP Communities Acquiring

In

flu

en

ce

Competitors (other financial / investment platforms or institutions)

Social Media ence

Influ

Partners (insurance/ Fintech companies / Visa / App developers / Blockchain)

MILLENNIALS Influence

lue

nc

e Compete

Clients of asset management

y ne Mo

anc

ial s

Mo

ney

ey

service

e

rvic

l se

cia

an

Fin

Financial

Fin

Workplace Investors (Other corporations)

Money

Pro

duc

Colleagues

Mon

Employers

Ser

Personal Investors

Schools

ts &

nce

lue

Inf

Influence

ate

uc

Ed

Friends

vice

Inf

Parents

erv

ice Money

Governments Service Money

(Financial policies / IRS / Federal reserve / Market Regulators / Supervision)

Regulate

Financial Intermediary Firms

Report

rvice

cial se

Finan

Shareholders

FIDELITY

y

Mone

Opportunites

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SECONDARY DATA

20

24%

25%

30%

35%

currently invest

claim fees are too high

are without a bank account

want to pursue their passion

40%

67%

70%

want more time for important things

interested in emerging interfaces

working independently in the future

*Pew Research amd Statista

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STRATEGIES OF THE GAME: A COMPETITOR ANALYSIS

Eno: Capital One’s intelligent assisstant, Eno, uses Natural Language Processing (NLP) to understand different ways in which customers text about their money.

Merrill: Communicating their offerings in terms of what’s important to the user in their language by refraining from using financial jargon, creates a user-focused experience.

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LINK by Prudential: A personalized experience that learns about what’s important to users and connects them with product-based and educational solutions and financial professionals to help them achieve their goals.

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03

THE ADVENTURE

The adventure started with exploratory interviews that allowed us to create tools to help draw out deeper understandings.These tools provided an approachable way for the in-depth interviewees to open up and tell us their deeper thoughts and behaviors. These deeper understandings allowed us to gain more insightful opportunities.

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EXPLORATORY INTERVIEWS

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We interviewed 34 people spanning different ages, jobs, and backgrounds. We realized that conversations regarding financial literacy and future uses were extremely heavy and hard to conduct. The interviews revealed several observations that helped to orient the millennial outlook of their finances. These insights were: Debt as a Puppeteer, Nonmonetary Goals, an attitude of being In Denial, and Involvement and support.

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DEBT AS A PUPPETEER Millennials perceive debt to have a controlling nature over their lives.

How might we...

Restore control, independence and autonomy?

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NON-MONETARY GOALS Increasingly, more millenials are joining the gig economy for perks like increased mobility and the ability to pursue experiences. They have nonmonetary goals ranging from having a family, or establishing their own film studios.

How might we...

Help them manage their finances in alignment with these goals?

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IN DENIAL Many people are in denial about their finances. They are aware that they have to be thoughtful about money, but they feel overwhelmed and choose to ignore it.

How might we...

Help them be less risk averse, allow them to find purpose, and identify their passions, while still considering their finances?

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INVOLVEMENT / SUPPORT People want to have some sort of involvement or support from friends, family and peers.

How might we...

Incorporate experienced advice, transparency, the ability to customize, and collaborate with others with their finances?

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The insights from our interviews and secondary data helped us form an elemental grasp of the millennial mindset. This generation is simultaneously accumulating wealth and debt. They don’t feel confident managing their finances, and they are more concerned with pursuing life experiences. They are attracted to purposeful, transparent, trustworthy, collaborative, interactive, and immersive things, events, or platforms. Because of that, they find the essence of credit unions, gamified platforms, and collaborative tools to be appealing resources.

The interviewees were not as open as we hoped they would be, so we created three different ideas as tools to help draw out deeper insights in future interviews. The three ideas are explained with journey maps that correlate with the millenial needs, wants, and interests that we were able to tap into. These tools provided an approachable way for the interviewees to open up so that we could identify their deeper thoughts, attitudes, and behaviors.

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THE THREE IDEAS AS TOOLS FOR RESEARCH

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Pool funding : Bringing like-minded individuals together to

help each other invest and save in pursuit of their individual goals.

Age : 29 Profession : Software developer Frederick wants to establish his own start-up, and he is financially knowledgeable.

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Scenario Planning : Gamifying financial education, risk-

assessment, and decision-making to help people visualize how momentary financial decisions can have a powerful impact on the course of their life.

Age : 25 Profession : Painter Bernadette wants to rent her own apartment, but she is stressed about her finances.

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Peer - to - Peer : Creating a culture of trust and security by

breaking preconceptions of personal finance as a taboo, bringing people with similar goals and struggles together.

Age : 35 Profession : Freelance Journalist Meredith wants to have a baby, but she doesn’t know how to afford motherhood.

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The three ideas served as a research tool to augment our understanding of the younger generation. The team conducted in-depth interviews with 12 people from diverse backgrounds, jobs, and environments from an age range of 20-37. We created a discussion guide to help us navigate these interviews. The goal was to center the conversation around life and diminish the arduous tone that the exploratory interviews had since that conversation was primarily centered around finances.

We will be introducing our in-depth interview structure, the people we interviewed, represented as cards, and the insights we gained, in the next pages.

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IN-DEPTH INTERVIEWS The interview guide’s structure: 1. Introduce the conversation’s topic: finances and life?

2. Quick overview of the user.

3. Introduce them to a journey tool: This journey will serve as a way to delve deeper into how the user thinks, the tools and resources they utilize, and their attitudes towards life and finances.

INTERVIEW CARD DECK The interview deck is an overview of each person the team conducted in-depth interviews with. *FS: Financial Sense Sense: our measurements of each person’s level of financial understanding

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FS: Financial Sense 41

FS: Financial Sense 42

FS: Financial Sense 43

FS: Financial Sense 44

FS: Financial Sense 45

FS: Financial Sense 46

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INSIGHTS FROM IN-DEPTH INTERVIEWS Our interviews uncovered a compelling revelation about the younger generation and how they define goals. They are more concerned with experiencing life than setting goals that are purely financially driven. This doesn’t mean that they are unaware that money is a medium for opportunities. Their finances are goal-driven - their goals framed the way they determined their finances. For some, that could mean that they were strategic in how money could support their goals. For others, it is seemingly overwhelming to think of money, so they were in denial about their financial situation, and did not establish realistic goals for themselves.

Millennials don’t perceive the working world the same, so making money and being stable is no longer the only goal available. As one of our interviewees said, “The work environment is very different. You used to go to work for a company and stay there for 30 years and then retire.

But millennials, they don’t feel stable.” For them, life experiences and connecting with others is what matters. Everything else, goals and all, is framed by what they feel matters.

We found that the millennial future outlook and goals are affected by certain factors and modifiers, and frankly many of these aspects contradict themselves for just one individual.

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These factors are:

PRECONCEPTIONS Their preconceived attitudes and indsets towards finances.

Perception of Oneself: My Humble Brag We uncovered an optimistic self-confidence amongst millenials. They feel that they are "fortunate" because they've had support from their family or peers, and they don't take this support for granted. They see that people around them are doing well, so they are convinced that they can succeed, whether or not they have a plan.

“If I have an idea for the best product, I will be able to raise more than 50,000.”

The Working World: So you think I ain’t working?

Millennials have blurred the lines between “traditional career paths”. They are a part of the gig economy, they work in school, and most of all, this new working world feels unstable to them because they are juggling so many things at a time.

“A lot of students here, they work. They work part-time, they work full-time. They are not just studying.”

Responsible Financial Sense: Mo’ Money, Mo’ Problems They’ve also defined for themselves what it means to be financially responsible, which could start when you begin to plan for a comfortable or stable financial future, or it could mean living frugally.

“If I make 200 a week, and my bills are 600 a month, good financial sense is to live very frugally for a while, and save up.”

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Prejudgement of Millennials: Who do you think we are?

We found that people feel that millennials are overwhelmed and tend not to save.

“They don’t know how to consider their finances, or they’re just so overwhelmed by it.

So, they are just going to make decisions anyway.”

View of Banks: Banks: Yay or Nay? Because of their wide age range and their closeness to the effects of economic fall, some feel unaffected by banks.

Some find that banks only have a monetary interest in their lives.

“If you go talk to a banker, they’re going to try to win your business, they aren’t necessarily trying to win for you.”

The Taboo of Money: If you are talking money, I don’t wanna talk Like many other generations, millennials have set personal boundaries when it comes to sharing details about their finances.

They are open to talk about it but often shy away from being too specific. However, this stigma falls apart if they feel that the other person can resonate with their situation.

“I think money is a very private thing; those are things you only share with people that you really trust.”

Achieving a goal: Work Hard or Work Smart?

We see that millennials have varying opinions about how they define what it means to accomplish a goal. For some, achieving a goal means constant growth, and for others, it means stability.

“People are only happy when they are growing.”

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Entering a new phase in life: So this is adulting?!

Comparative analysis, in terms of time and value, can trigger a “reality check” for millennials, changing their perspective towards financial responsibilities. It can enable them to create a more strategic approach towards their goal.

“When I got my first job out of college, I realized that my yearly salary was more than my first car, a BMW. That was probably when reality hit me.”

Financial Freedom: I gotta go my own way Millennials define financial independence as an ability to not depend on anyone or any bank for their financial planning.

This makes them feel more responsible for their finances in achieving their goals and dreams.

“I want to support myself. I don’t want to ask parents for help when I grow up”

Financial Freedom: I gotta do my own thing They define financial freedom as the ability to use passive income to pursue their desires without anyone interfering with their decision process. They feel like they won’t have complete control over this pursuit if they don’t have control over their finances.

“I want to get to the point where if I have inspiration for an idea, instead of asking all these people to try to help me out, I can fund your own ideas.”

Risk: Bet it all (or maybe not) The willingness to take risk is linked to who millennials trust; they’ll take financial risks if they trust others. It’s also linked to their level of financial literacy; they won’t be risky if they feel they lack financial understanding. Trust can be manifested by transparent relationships, while a lack of understanding can manifest into risk aversion over time. Risk aversion also tends to increase as their responsibility and dependants increase.

“I there is that certain pain of uncertainty knowing that you can invest the money and not get a dime of it back”

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CHANNELS There are several channels of information through which the younger generation learn from or are influenced by, and they obtain this information unconsciously and intentionally. Whether they actively seek it or are unintentionally affected by it, each individual forms their analyses of the information, interperating it from their perspective.

-Upbringing influence -Peer to peer influence -Learning from others (peers, mentors, people in their field or similar interests) -Learning from personal experience -The internet (blogs, news etc) -Books -Discussion, which builds empathy

TRUST As they retrieve and process information, there is a sort of filtering process millennials mentally go through based on who and what they trusted. Trust was built on: -Track record of success -Credentials -Peers -Friends -Family/parents

STRATEGY Once goals have been acknowledged, they may put a strategy in place. This strategy is their future planning and expanding of steps they need to take to achieve goals. The strategy is cyclical if they run into failures or any barriers.

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MODIFIERS External Behavior Influencers Motivation

We learned that simply having a goal wasn't enough to inspire millennials to implement their goals. They want, and they have motivators that encourage them to act. Some of the motivators we found were: -Constant growth -Breaking down goals -Trade-offs for perceived value -Validation for simply having a goal

Triggers Motivation, however, is still not enough. There needs to be a catalyst that would trigger actual activity towards implementing their goals.

We found that triggers typically fit into three categories:, pressure of a definite deadline, entering a new phase of life which often acts as a reality check for them to start taking their finances seriously, and a sudden life event.

Barriers

Along the way, they perceive that there are barriers in their lives that restrict their capability to act. These obstacles could arise during any stage of their decision-making process, from setting a goal, finding motivation, planning, and executing. We discovered some of these barriers to be: -Time (lack of time or inability to manage time) -Overwhelming number of tasks in daily life -Loans -Being open about finances

Support

Besides support from their family and friends, millennials look for support and encouragement from people who have either achieved goals they aspire to or are pursuing similar aspirations. This support can take the form of inspiration or motivation.

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04

THE GOLDEN CHEST The insights can be visually explored in a framework that shows the user interactions and influences along their paths.The framework allows for the individuality and differences of the personas, exposing their pain and gain moments. These moments are the areas of opportunities where Fidelity can explore offerings to fill these gaps, or enhance these gain moments.

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THE FRAMEWORK The traditional framework shows the linear path that one took in the past. We integrated the personas into the framework to visually explain how today’s millennials differ from the past.

They no longer follow the linear path, but rather a circular path, constantly moving forward and backwards over and over again. These maps helped pinpoint the opportunities that arise.

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OPPORTUNITIES Throughout the paths, we identified areas where Fidelity can create opportunities to expand into new markets and approach the millennial generation. These opportunities are represented by the coin and lightbulb, visually showing the space where it can connect and influence the persons.

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TRADITIONAL JOURNEY KEY Steps

1

End of steps Modifiers Opportunities KEY 1

PRECONCEPTIONS Confidence in one’s self

Risk

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life PRECONCEPTIONS Achieving a Goal

Opinion on Banks

Steps End of steps

Accumulate Information

TRUST Family / Parents TRUST Friends

Confidence in one’s self

Risk

CHANNELS The Working World

Financial Independence

Peers

Modifiers

Responsible Financial Sense Financial Freedom Upbringing Influence The Internet

Opportunities

Taboo of Money Peer - The to - peer Influence

Accumulate Information Track Record of Success Credentials

Books Prejudgment of Millennials

Entering a New Phase in Life Opinion on Banks Learning from Others Discussion / Conversation

TRUST Family / Parents TRUST

Achieving a Goal Learning from Self

Friends Peers

CHANNELS

Track Record of Success

MODIFIERS MOTIVATORS

Upbringing Influence

The Internet

Peer - to - peer Influence

Books

“What motivates me” Learning from Others Learning from Self

TRIGGERS

Credentials

Pressure of a definite deadline

Entering a new phase of life, which often acts as a reality Discussion / Conversation check for them to start taking their finances seriously.

Time MODIFIERS MOTIVATORS

TRIGGERS Pressure of a definite deadline

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“What motivates me”

Entering a new phase of life, which often acts as a reality

SET GOAL(S) 1. Short term 2. Long term IMPLEMENTATION

INTERPRETATION

What I actually do 1

“How I perceive the accumulated information, based on who and what I trust.”

2

Future Achievement of Goal

3

STRATEGY 1 2 3

BARRIERS

SUPPORT

Time (lack of time or inability to manage time)

Family/Parents

Overwhelming # of tasks in daily life

Friends

Loans

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Lack of trust in financial institution

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PRECONCEPTIONS Self Confidence

Risk Seeking

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life

Opinion on Banks

1

8

Accumulate Information

TRUST Wife / Parents

Achieving a Goal: Growth

Friends Peers

CHANNELS

Track Record of Success

Upbringing Influence

The Internet: Google, blogs

Peer - to - peer Influence

Books

Learning from Others

Discussion / Conversation

8

Credentials

1

Learning from Self

EXTERNAL INFLUENCES

MOTIVATORS “I look at all my characters as children.

And you want to do the best for your children, so that drives me”

FRAMEWORK 60

2

TRIGGERS Pressure of a definite deadline, publishing his book

9

SET GOAL(S) 1. Self publish a book

3

2. Start-up: my own animation studio 4

INTERPRETATION

IMPLEMENTATION What I actually do

“I was taught not to value materialistic things, but find whats more important to you” STRATEGY

MOTIVATORS

1

Save money

10

2

Successful Kickstarter

5

3

Self Publish book

4

Distribute book

2

Kickstarter not a success

1

Continue saving money

3

Keep learning, iterating

Future Achievement of Goal

6

SUPPORT

“If you stop wanting to learn, how are you going to evolve?”

7

Family/Parents Friends Peers achieving similar goals Peers who have achieved similar goals

61

PRECONCEPTIONS e

on

ence

Risk Seeking

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life

Opinion on Banks

1

8

Accumulate Information

TRUST Wife / Parents

Achieving a Goal: Growth

Friends Peers

CHANNELS

Track Record of Success

Upbringing Influence

The Internet: Google, blogs

Peer - to - peer Influence

Books

Learning from Others

Discussion / Conversation

8

Credentials

1

Learning from Self

EXTERNAL INFLUENCES

MOTIVATORS “I look at all my characters as children.

And you want to do the best for your children, so that drives me”

OPPORTUNITY 62

2

TRIGGERS Pressure of a definite deadline, publishing his book

9

SET GOAL(S) 1. Self publish a book

3

2. Start-up: my own animation studio 4

INTERPRETATION

IMPLEMENTATION What I actually do

GAMIFIED SYSTEM “I was taught not to value materialistic things, but find whats more important to you” STRATEGY

MOTIVATORS

1

Save money

10

2

Successful Kickstarter

5

3

Self Publish book

4

Distribute book

2

Kickstarter not a success

1

Continue saving money

3

Keep learning, iterating

Future Achievement of Goal

6

PEER-TO-PEER DREAM BOOSTER

SUPPORT

“If you stop wanting to learn, how are you going to evolve?”

7

Family/Parents Friends Peers achieving similar goals Peers who have achieved similar goals

63

PRECONCEPTIONS Self Confidence

Risk Averse

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life

Banks only care about $$

1

Accumulate Information

TRUST Family / Parents TRUST

Achieving a Goal: Stability

Friends Peers

CHANNELS

Track Record of Success

Upbringing Influence

The Internet: career blogs

Peer - to - peer Influence

Books

Learning from Others

Discussion / Conversation

Credentials 1

Learning from Self

EXTERNAL INFLUENCES

MOTIVATORS “When I want something, I go for it”

Maintain privileged lifestyle

Her parents allow her to explore any

College lifestyle gave her independence from parents

goals and desires she wants

FRAMEWORK 64

TRIGGERS

2

SET GOALS 4

1. Graduate

3

6

2. Become a Fashion Merchandiser

8

IMPLEMENTATION

INTERPRETATION

What I actually do 1

“I was taught not to value materialistic things,

In college to pursue her goals

Future Achievement of Goal

but to find whats more important to you�

STRATEGY

7

MOTIVATORS Improved knowledge from school- better understanding of what she wants and how she can achieve it Inherited money & wants to know how to spend it

BARRIERS

5

SUPPORT

Lack of time: Homework

Family/Parents

Overwhelming # of tasks in daily life

Friends

Loans

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Uncertainty about where her career goal will take her in life 65

PRECONCEPTIONS Self Confidence

Risk Averse

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life

Banks only care about $$

1

Accumulate Information

TRUST Family / Parents TRUST

Achieving a Goal: Stability

Friends Peers

CHANNELS n n ee

o

n

Track Record of Success

ence

ee n

ence

Learning from Others

The Internet: career blogs Books

Credentials 1

Discussion / Conversation

Learning from Self

EXTERNAL INFLUENCES

MOTIVATORS “When I want something, I go for it”

Maintain privileged lifestyle

Her parents allow her to explore any

College lifestyle gave her independence from parents

goals and desires she wants

OPPORTUNITY 66

TRIGGERS

2

SET GOALS 4

1. Graduate

3

6

2. Become a Fashion Merchandiser

8

IMPLEMENTATION What I actually do

INTERPRETATION 1

“I was taught not to value materialistic things,

In college to pursue her goals

Future Achievement of Goal

but to find whats more important to you” STRATEGY

COACHING SERVICE

MOTIVATORS Improved knowledge from school- better understanding of what she wants and how she can achieve it Inherited money & wants to know how to spend it

BARRIERS

PARENTAL ADVICE SERVICE SUPPORT

Lack of time: Homework

Family/Parents

Overwhelming # of tasks in daily life

Friends

Loans

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Uncertainty about where her career goal will take her in life 67

PRECONCEPTIONS Self Confidence

Risk Averse

The Working World

Financial Independence

1

Responsible Financial Sense

Financial Freedom

7

The Taboo of Money

Prejudgment of Millennials

Accumulate Information

TRUST

Entering a New Phase in Life Opinion on Banks

Family / Parents

Achieving a Goal: Growth & Stability

CHANNELS

Friends

2

Peers

8

Track Record of Success

Upbringing Influence

The Internet

Peer - to - peer Influence

Books

Learning from Others

Discussion / Conversation

Credentials 1

Learning from Self

EXTERNAL INFLUENCES

TRIGGERS

6

Got a divorce Got fired, change jobs

FRAMEWORK 68

MOTIVATORS Motivated by successful people in her field

SET GOAL(S) 1. Save lives as a doctor specializing in infectious diseases

10

2. Get married, have kids

INTERPRETATION

IMPLEMENTATION What I actually do

“I was passionate about, sciences,

1

In medical school

Future Achievement of Goal

biology, biomedical sciences and medicine, and that's kind of what drove the majority of my decision making.�

3

STRATEGY

9 1

Graduate medical school

2

Residency

3

Fellowship

4

Find a job at a hospital 10

BARRIERS

MOTIVATORS

SUPPORT

Lack of time

Family/Parents

Higher salary

Overwhelming # of tasks in daily life

Friends

Improved trust in big institutions (banks, healthcare)

Loans: Undergrad, medical school and divorce debt

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

To save lives as a doctor

4

5

Lack of trust because of her divorce

69

PRECONCEPTIONS e

n

ence

Risk Averse

The Working World

Financial Independence

1

Responsible Financial Sense

Financial Freedom

7

The Taboo of Money

Prejudgment of Millennials

Accumulate Information

TRUST

Entering a New Phase in Life Opinion on Banks

Family / Parents

Achieving a Goal: Growth & Stability

CHANNELS

Friends

2

Peers

8

Track Record of Success

Upbringing Influence

The Internet:

Peer - to - peer Influence

Books

Learning from Others

Discussion / Conversation

Credentials 1

Learning from Self

EXTERNAL INFLUENCES

TRIGGERS

6

Got a divorce Got fired, change jobs

OPPORTUNITY 70

MOTIVATORS Motivated by successful people in her field

SET GOAL(S) 1. Save lives as a doctor specializing in infectious diseases

10

2. Get married, have kids

INTERPRETATION

IMPLEMENTATION What I actually do

“I was passionate about, sciences,

1

In medical school

Future Achievement of Goal

biology, biomedical sciences and medicine, and that's kind of what drove the majority of my decision making.”

3

STRATEGY

9 1

Graduate medical school

2

Residency

3

Fellowship

4

Find a job at a hospital

JOB COACHING SERVICE

SAVINGS FUND

BARRIERS

MOTIVATORS

SUPPORT

Lack of time

Family/Parents

Higher salary

Overwhelming # of tasks in daily life

Friends

Improved trust in big institutions (banks, healthcare)

Loans: Undergrad, medical school and divorce debt

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

To save lives as a doctor

4

5

Lack of trust because of her divorce

71

PRECONCEPTIONS Self Confidence

Risk Seeking

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life

Opinion on Banks

1

Accumulate Information

TRUST Family / Parents (to a limit)

Achieving a Goal: Stability

Friends

2

Peers CHANNELS

Track Record of Success

Upbringing Influence

The Internet: blogs, videos

Peer - to - peer Influence

Books

Learning from Others

Discussion / Conversation

Credentials 1 6

Learning from Self

EXTERNAL INFLUENCES

5

Parents divorced, family on drugs: Money was scarce when he was growing up “I want to be more stable than my family members were”

FRAMEWORK 72

MOTIVATORS

TRIGGERS

1

Single & independent, he feels like he can be risky His neighbors - role models Investors

SET GOAL(S)

“I wanna be a millionaire so freaking bad” 7

INTERPRETATION

IMPLEMENTATION What I actually do

“I just wanted to find the best way to live a happy life,and I believe that's with an education, and with steady income”

1

In college, saving money

2

Investing on his own

3

Internships

4

Going to a match-maker

STRATEGY 3

BARRIERS Lack of time 4

Overwhelming # of tasks in daily life

1

Save money

2

Start risky investing

3

Get a full-time job

4

Start a family

Future Achievement of Goal

8

MOTIVATORS

SUPPORT

Inheritance money from granted

Grandparents/Parents

to him by his grandparents

Friends

Loans: fear of debt

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Wants a financial institution’s help 73

TYLO

College Student in Accounting

PRECONCEPTIONS Self Confidence

Risk Seeking

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

Entering a New Phase in Life

Opinion on Banks

Accumulate Information

TRUST Family / Parents (to a limit)

Achieving a Goal: Stability

Male 24 yrs. old Hopes to be a miltimillionaire in the next 10 yrs.

- Distribution Manager for 2 yrs.

“With stocks, I started off failing hard.”

1

Friends

2

Peers CHANNELS n n ee

o

n

Track Record of Success

ence

ee n

The Internet: blogs, videos

ence

Learning from Others

Books Discussion / Conversation

Credentials 1 6

Learning from Self

EXTERNAL INFLUENCES

5

Parents divorced, family on drugs: Money was scarce when he was growing up “I want to be more stable than my family members were”

OPPORTUNITY 74

MOTIVATORS

TRIGGERS

1

Single & independent, he feels like he can be risky His neighbors - role models Investors

SET GOAL(S)

“I wanna be a millionaire so freaking bad” INTERPRETATION

IMPLEMENTATION

POOL FUNDING

“I just wanted to find the best way to live a

What I actually do

IMVESTMENT WARNING SERVICE

happy life,and I believe that's with an education, and with steady income”

1

In college, saving money

2

Investing on his own

3

Internships

4

Going to a match-maker

STRATEGY 3

BARRIERS Lack of time 4

Overwhelming # of tasks in daily life

1

Save money

2

Start risky investing

3

Get a full-time job

4

Start a family

Future Achievement of Goal

8

MOTIVATORS

SUPPORT

Inheritance money from granted

Grandparents/Parents

to him by his grandparents

Friends

Loans: fear of debt

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Wants a financial institution’s help

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NAMEY

Grad Student in Design Management Male 24 yrs. old Michelin - Distribution Manager for 2 yrs.

“I want to build a company, and build a product that helps people.”

PRECONCEPTIONS Self Confidence

Risk Seeking

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

1

Accumulate Information

TRUST

Entering a New Phase in Life Opinion on Banks

Family / Parents

2

Achieving a Goal: Growth

Friends

6

Peers CHANNELS

Track Record of Success

Upbringing Influence: Father

The Internet

5

Peer - to - peer Influence

Books

1

Learning from Others

Discussion / Conversation

Credentials

Learning from Self

EXTERNAL INFLUENCES

MOTIVATORS 4

FRAMEWORK 76

His father - role model

TRIGGERS Maintain privileged lifestyle

SET GOAL(S) 1. Develop a product to help people 7

INTERPRETATION

8

2. Have a start-up, make money

IMPLEMENTATION What I actually do 1

“If I have an idea for the best product, I

Getting a masters degree in design maanagement

will be able to raise more than 50,000”

Future Achievement of Goal

3

STRATEGY

MOTIVATORS “From my childhood, I knew I wanted to work for myself

BARRIERS

SUPPORT

Lack of time: to gain entrepreneurship experience

Family/Parents

Overwhelming # of tasks in daily life

Friends

Loans: Undergrad, medical school and divorce debt

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Lack of trust because of her divorce

77

PRECONCEPTIONS Self ConďŹ dence

Risk Seeking

The Working World

Financial Independence

Responsible Financial Sense

Financial Freedom

The Taboo of Money

Prejudgment of Millennials

1

Accumulate Information

TRUST

Entering a New Phase in Life Opinion on Banks

Family / Parents

2

Achieving a Goal: Growth

Friends

6

Peers CHANNELS

Track Record of Success

Upbringing Influence: Father

The Internet

5

Peer - to - peer Influence

Books

1

Learning from Others

Discussion / Conversation

Credentials

Learning from Self

EXTERNAL INFLUENCES

MOTIVATORS 4

OPPORTUNITY 78

His father - role model

TRIGGERS Maintain privileged lifestyle

SET GOAL(S) 1. Develop a product to help people 7

INTERPRETATION

8

2. Have a start-up, make money

IMPLEMENTATION What I actually do 1

“If I have an idea for the best product, I

Getting a masters degree in design maanagement

will be able to raise more than 50,000”

Future Achievement of Goal

3

STRATEGY

START UP ACCELERATORS MOTIVATORS “From my childhood, I knew I wanted to work for myself

BARRIERS

PEER-TO-PEER DREAM SUPPORTER SUPPORT

Lack of time: to gain entrepreneurship experience

Family/Parents

Overwhelming # of tasks in daily life

Friends

Loans: Undergrad, medical school and divorce debt

Peers achieving similar goals

Being open about finances

Peers who have achieved similar goals

Lack of trust because of her divorce

79

The opportunities can be expanded into value propositions that delve deeper into the meaning of these areas. These opportunities are ideations of co-creations where Fidelity can expand into new markets.

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OPPORTUNITIES OPPORTUNITY FOR

Short term Goals OUR gamified system*

WHO is a financially curious art professor

*A gamified visual tool that helps in scenario planning to aid decision-making regarding investments for millennials. Gamification takes data-driven techniques to engage millennials and applies them to non-game experiences to motivate actions and help them visualise their journey. For example: Visualising how your life would be if you take up a job in New York as compared to Alabama. **A hybrid funding platform that uses a combination of crowd and seed funding can help millennials realize their dreams. The platform oversees the investments by investors who want to be linked to individuals with strong growth potential in exchange for an equity share in their business. These investments can be classified as either as seed capital, early-stage capital, or expansion-stage capital. A support like this would also project the idea of millennials’ dreams being valued.

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IS an engaging visual tool for scenario planning

THAT provides investment incentives

UNLIKE Prudential’s interactive questionnaire.

Long term Goals OUR peer-to-peer Dream Booster

IS a community hybrid funding platform for validated projects**

THAT provides a larger community of investors, including the bank

UNLIKE Kickstarter and Indiegogo.

FOR

Short term Goals OUR parental advice service*

Long term Goals OUR coaching service

WHO is a privileged junior student with big dreams and aspirations *Upbringinging is a huge factor in forming one's financial preconceptions.

With millennials spending more time in the 'adulting' phase of their lives than previous generations, their financial decisions are often a result of their parents' consultation. However, things are changing and they're changing fast. How can we then update parents' knowledge in order to reach out to millennials? This platform plans to bridge the gap that exists between millenials and financial institutions through their parents. **The complexity of real world often obstructs the path to life goals. With the help of AI we can expand and deconstruct life's biggest choices to provide a platform that can help ease this process. This service acts as a digital platform that provides automated, algorithm-driven financial planning services with little to no human intervention. The robo-advisor collects information from millennial clients about their financial situation and future goals through an online survey and then uses the data to offer advice and automatically invests their assets.

IS a personal consultation

THAT enables parents to understand and support life goals of millennials.

UNLIKE

IS a robo-advisor

THAT provides efficient instructions for managing personal finances to realize dreams**

UNLIKE making decisions based on personal intuition.

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OPPORTUNITY FOR

Short term Goals OUR job coaching service

WHO is a financially passive medical grad student

*Career goals are often intertwined with financial complexities. This career coaching service aims to provide financial guidance for the ever-changing career paths of millennials. This can be achieved by offering assistance regarding goal setting, creating plans and strategies, job search and career switch in terms of finances. **Life goals are the personal, big-picture objectives that often reflect the desires in life for millennials. They act as a driving force behind everything that millennials do. We propose a service that provides guidance to millennials in their quest to achieve and plan out their life goals. This service will also act as a flexible safety-net savings fund to prepare them for life’s unpredictable events.

IS a job guidance service

THAT provides long-term financially efficient career-path planning*

UNLIKE individual research on Linkedin

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Long term Goals OUR flexible goal-oriented saving funds**

IS an 'insurance' umbrella

THAT covers short-term emergencies versus long-term retirement

UNLIKE other rigid financial instruments.

FOR

Short term Goals OUR

WHO is a financially enthusiastic investor

*This service would provide investment advice in the form of recommendation or an empathetic guidance that attempts to educate, inform, or guide millennial investors regarding a particular investment product or series of products. The service keeps a check on their investment pattern and lets them know if they are going haywire. **Pooled funds is a generic term for a portfolio of money from many individual investors that are aggregated for the purposes of investment or long term savings.This platform plans to bring together like minded people in a financial pool in order to help them invest and save for their individual goals.

Investment Warning Service

IS an empathetically intellectual assistant*

THAT provides a comfortable investing experience for investors

UNLIKE other statistic-oriented investment advice platforms.

Long term Goals OUR Pool funding**

IS a community-based investing tool

THAT unifies people with similar goals to enable them to support each other’s dreams

UNLIKE Normal savings accounts.

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OPPORTUNITY FOR

Short term Goals OUR

WHO is a confident student who wants to be an entrepreneur *One of the most difficult things for an entrepreneur is finding clarity in a chaotic path to success. Peer-to-peer support can be a ray of sunshine in times like these. This support can, in some cases, take the form of motivation and inspiration, driving millennials into a dedicated effort towards their goals. An inclusive peer-to-peer platform thus becomes really relevant in this era of gig-economy. **An efficient profile matching service that matches inexperienced millennials with seasoned experts who can team up together to realize fresh ideas and turn them into real, profitable businesses.

peer to peer Dream Supporter*

IS an inclusive platform

THAT equips discussions about goals, plans and experience with others*

UNLIKE overwhelming and cluttered platforms like reddit.

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Long term Goals OUR Start-up Accelerator

IS an efficient profilematching service

THAT matches inexperienced millennials with seasoned experts in their chosen field**

UNLIKE networking platforms like Bumble.

CO-CREATION The co-creation tools and frameworks developed in this project are meant to help Fidelity stay in tune with younger generations across all business units. The opportunities that are unveiled here are examples of specific offerings that address the needs of the millennial mindsets. From here, Fideilty can develop their own toolkit to better understand and engage new customers.

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THANK YOU We extend our deepest gratitude and reverence to Craig and Ali for their insightful words and indispensable advice. Their guidance and feedback along this journey were most appreciated.

We also thank our remarkable and powerhouse of a professor Xenia, who pushed us further each day. We thank you for your leadership and inspiration.

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