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 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 bank now had the insight needed to make change.
As a result, the bank has:
- Increased the number of students that hold current accounts
- Improved service delivery by tailoring services specifically to sixth form and university students
- Built rapport and loyalty among the student community