Secondary Research – Report + Project Work
Despite significant shifts in spending power socioeconomics, the modern retail banking infrastructure has remained relatively unchanged. Incremental technologies such as ATMs and electronic balance transfers have nudged along an otherwise stale experience.
All the while, a changing economic landscape has made money management one of the most pressing issues for young people today, namely as the record size and spending power of one generation—Baby Boomers—gives way to their children in Millennials.
Our goal was to understand Millennials' tendencies such that they could inform a fundamental reconsideration of the relationship between retail banks and their customers.
One of the largest banks was having a difficult time gaining traction with nation's largest consumer population in both size and spending power—Millennials.
Early secondary research gave way to primary research as the basis of a set of themes highlighting Millennials' money management perspectives, including pains and desires.
A published research report and a P2P blockchain-based payment prototype tested with the client.
Leading with a customer-first mindset, we conducted a mix of secondary research and remote quantitative (survey-based) research to assemble a series of prevailing themes relative to the Millennial banking experience (or lack of).
A key theme that surfaced was the role that transferrable expectations play relative to the other digital services one uses in defining what 'good' looks like for a rewarding banking experience, which itself was rethought as money management.
A key theme that surfaced was the role that transferrable expectations play. Our expectations become industry agnostic as they're constantly shaped by the products and services we find most rewarding. This realization became an important guide rail for how we'd transition from research to concept development.
A prime starting point involved reconsidering "banking" as "financial wellness," and later, at a more abstracted level, as the process of achieving one's goals.
The ensuing primary research took place in three markets—one developed and two developing—where we got a sense of the financial needs and desires of digital natives and members of the emerging middle class. These sentiments informed our existing and further secondary research, and the resulting research themes would go on to become guide rails for the designs of concepts intended to meet these needs and desires.
A result of the research was a prototype of a peer-to-peer blockchain-based payment system that used a variety of technologies such as facial recognition and cloud-based network transactions to enable near instant payment activity.