Our goal is to use an existing channel of communication, offered by the bank, to engage youth (18 and above) to enter the bank, speak to a representative and learn more about their finances.
How might we open appropriate channels of communication to increase interaction between the user and the bank?
We nudge the user by presenting them with a choice to save money every time they use their M책lkort Our first nudge is for the bank; to have them recognize the existing habits of the user group and offer them a product that they are familiar with. Our second nudge is for our user group; we have presented them with a choice that allows them to save for a goal that they have set for themselves.
The world needs our project because it will enable the youth to set financial goals and become more aware of their finances. We are addressing the problem of the bank not being able to reach the youth effectively and consequently, the youth not having a relationship with the bank or their finances. We have designed a bank card that allows the youth to put a certain percentage of the price of their purchases into a savings account.
Our target group is unaware of the options available at the bank, and the bank isnâ€™t effectively tapping into the appropriate channels of communication to inform the youth. Through our research, we have determined that the target group would like to become more informed about their options to save money, and set goals to purchase large items, but donâ€™t interact with the bank on a personal level.
We would like the youth to set a financial goal and seek out advice from the bank on how to achieve that goal. Our goal behaviour is to have the youth make a conscious decision to set money aside in a savings account, while feeling free in that decision. In turn, we would like this savings account to be the bridge between the youth and the bank.
We can measure the impact of our project by assessing how many youth contact the bank regarding their new M책lkort. The behaviour change will be measurable in the following ways: - Number of youth setting goals for saving money - Number of youth inquiring about the service - Number of youth committing to saving money - Number of youth being presented with bank services they were otherwise unaware of