As part of a class in field methods, I set out to understand how banking should work for Generation Y. The research goals were to understand how members of Generation Y who currently have or have had a bank account, think about money and how banking should work for them. Explore the key services and tools that will increase market share and customer loyalty among Gen Y users when it comes to banking.
For this project I scoped the project in terms of time, budget, and goals as well as planned, recruited for, and conducted interviews. Finally, I analyzed and compiled recommendations.
I conducted interview with six employed teens who have bank accounts, two of which were in high school, two in college, and two full time employed. During these interviews I explore philosophies around money management, setting and managing financial goals, andinteracting with touch points of traditional banking.
Key take-aways included:
• Teens do not comparison shop banks and are unsure about the features they should look for in a bank. This makes parents the largest source of financial advice.
• Teens do not comparison shop banks and are unsure about the features they should look for in a bank. This makes parents the largest source of financial advice.
• Teens do not possess strong money management skills and are overwhelmed by the process of saving.
• Teens prefer going to their bank location
• Seeing money makes it real for teen
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