Money management
for vulnerable customers
in collaboration with Lloyds Banking Group
The client’s brief:
A recent FCA survey showed that 50% of UK adults display one or more characteristics of being potentially vulnerable. Vulnerability comes in many forms: health, resilience, life events, capability.
How can Lloyds Banking Group help these vulnerable customers manage their money better?
Field research:
We studied FCA documentation and used it for guidance to understand the different policies.
We then started talking to people with different backgrounds to understand their stories around money.
Interviews
Shadowing customers inside banks
Volunteering for Little Village. This gave us the chance to talk to vulnerable families and understand their needs.
Identifying
our target group:
After conducting user and field research we were able to create three main personas. Each persona was a summery of our interviewees experiences surrounding financial wellbeing.
Teen
Adult
Elderly
“I live day by day”
“I wish I had more guidance at the right time”
“I should’ve started saving sooner”
Insights:
Despite the differences, a sudden life event was what brought our users into debt, making them vulnerable.
Time
Time is crucial for building financial resilience, the sooner you start the better
Savings
Savings allow you to have a bearing in case of emergency
Priorities
People have a policy for spending, but don’t have it for saving.
“I live day by day”
“I should’ve started saving sooner”
Starting soon is crucial to build financial resilience that is why we decided to focus more on young adults (aged 18 to 25).
Persona:
To better understand our target user we created Josh
Hello!
This is his day in the life
User research:
Once we identified our persona, it was crucial to understand the actions and needs of Josh, so we started to talk to our target users .
Identifying the needs:
What are the pain points and needs?
User’s needs:
Lloyds pain points :
Bank’s saving plans are restrictive and boring. Through our interviews we kept hearing the same thing: ” It’s not for me”. Everyone has a different view on money and what might sound a lot for some, it might not be a lot for other.
Young adults have less and irregular income therefore they can only build on micro-saving. Between 1 and 2 pound is the amount that falls under the category of micro-saving.
Millennials are very heavily influenced by their peers. They trust their friends actions and look up to influencers online and on social media. This can be dangerous since the information they read are not often reliable and can be misused .
Their tone of voice is targeted to people with a high financial literacy
Big tech is moving towards finance and they can count on a high number of loyal customers.
The younger generation uses Lloyds account to store money but transfers some amount on fine-tech banks to use their smart services
HOW MIGHT WE MAKE MICRO- SAVING MORE APPEALING AND PERSONALIZED FOR YOUNG ADULTS?
Unfortunately Covid-19 influenced our way of working and we had to comply with the rules of social distancing.
Development:
We started ideating by keeping in mind both the user’s need and Lloyds boundaries.
Ideated
Prototyped
Tested
Enjoy our final project presented to Lloyds Banking group team.
Choose the amount to save
Connecting daily activity to saving
Get inspired by your peers
“Finally, round up to 1£ was to much for me”
zero hour contract worker – 25 year old
“This sounds fun”
part time worker – 18 year old
“I like that I can see what my friends are up to”
student freelancer – 23 year old
How it works:
The users, Lysa community members and goals constantly form new connections on Lysa. At the backend, the bank strikes deals with the brands and influencers to increase user engagement on Lysa.
Business case:
We expect the Serviceable Obtainable Market ( SOM) for Lysa to be 3.5 M, Digitally active Young adults between the age of 18 to 25 with an LBG account.
Market analysis
We compared some competitors that are alined with Lysa.
The risks
Preventions / Actions
Measuring the impact of Lysa
We analyzed each element of Lysa with friends by keeping track of their weekly spending and acting as Lysa by giving them a daily recap via message.
Future steps:
We consider Lysa as a MVP. We hope that this can bring more positive outcomes to users and use it to invest in their over all wellbeing: education, mental health, physical health etc…
The making of:
special thanks to
Geetika Kejriwal | Hyunjin Jo | Kotoko Kimura | Saitej Pisupati |
