| . | Text | Content |
|---|---|---|
Problem Statement | Problem Statement | Your client, a financial institution, has hired you because it recognizes that young workers aren't engaging in their retirement planning early enough in their career and believe that there is an opportunity to help them. You are tasked to think through a digital platform that could be used to help young people increase their saving for retirement. |
Background | Background | People are living longer and as a result requiring more funds to cover their retirement. At the same time, Governments and company-funded pension systems are under strain in a low-interest-rate world. The youth in the country are especially susceptible to this as their own financial literacy is low. |
Goal | Goal | Make saving for retirement appealing and interesting to young people. |
Communication | Communication | Retirement investing can be fun and rewarding if you make it goal oriented and visualize the lifestyle that your savings will be able to provide in the future. This can be achieved through gamification. |
Primary audience | Primary Audience | Gen Z and Millenials |
Any Other Mandatories | Other Mandatories | While making this product playful and appealing, we have to keep in mind that it also has to convey a sense of security and legitimacy of the financial institution. Users cannot question whether the money that they will be investing is safe. |
Current consumer beliefs, understanding, and barriers | Current Consumer Beliefs | Young people know that they should be saving for retirement, but long-term investing is slow and boring. There is very little immediate gratification and reward. |
Desired Action: What do we want them to think, feel, or do? | Desired Actions | We want users to feel immediate satisfaction when they invest in their retirement and we want them to be eager to continue to comeback and invest more beyond automatic transactions. We also want them to encourage their peers to use our product to begin saving for their retirement. |
Key target audience insight | Key Target Audience Insight | Post-Covid young people have an acute awareness of how quickly things can get taken away, so they are prioritizing investing in themselves and their interests now rather than saving for retirement. They want to make up for missed years with exciting experiences and good memories. |
Tone/Personality | Tone/Personality | Users should view the product as fun, exciting, social, and engaging while still being trustworthy and reliable. |
Visual Aesthetic | Visual Aesthetic | Colorful, playful, nostalgic, tech-forward, inclusive. |
Success Metrics | Success Metrics | Success could be determined by conducting some user interviews with young people, letting them explore the concept and designs and asking them if this concept would make them more eager to invest in their retirement, if they would use it over the existing options, and if they trust the brand with their money. (more indirect, behavioral, and open ended questions would need to be formulated but these are the primary objectives that we would want to confirm) |
Competitive Positioning | Competitive Positioning | No other retirement investing app has gamified the experience and allowed users to visualize what they are saving for in an imaginative way. If social features are present in competitor products, they are very limited and offer little interaction. |
Scope | Scope | We are conceptualizing and creating designs for a theoretical application. No direct user research will be conducted and we will only be designing 3-5 screens to demonstrate the concept. |
Mandatory Do Nots | Madatory Do Nots | Do not leave room for doubt about the security of the users investments. Don’t make it boring. |
Brand Mandatories | Brand Madatories | Unconventional. Viral. |
