Finance isn’t high on many sixth formers’ priorities.

A leading UK bank has changed all that.

As a result of Populus research, the bank has overhauled its engagement and retainment strategies for the next generation of banking consumers.

The challenge

The transition from school days to university can be a challenging one. But banks that support students through this time, are likely to garner longer term loyalty.

Populus’s qualitative team has identified changing student expectations in regards to banking, and the type of relationship they have and want with money.

From this, the bank has harnessed a series of opportunities in order to tailor products and services to better meet students’ needs.

What we did

Our researchers began by exploring student respondents’ existing relationships with money and what is most important to them.

They ran an online community which allowed students to upload screenshots of how they interact with their bank digitally, for example, and over a 5-day period we were able to produce a customer journey; how they pay for things, how and when they check their account, and how they talk to their bank.

During the last two days of the online community, the students were asked to take part in a co-creation exercise (moderated by Populus) that allowed them to put together ‘pitches’ for a new student bank proposition.

They produced videos, images and presentations to put their argument forward.

The result

The bank now had the insight needed to make change.

As a result, the bank has: