vancity
What does it mean to be relevant to the next generation of banking customers? What changes are necessary to meet their expectations? What is the implication for designing products, service delivery channels, and HR systems?
Case Study Context
The financial services industry is shifting. Financial technology companies have entered the scene to address customer pain points and are unbundling traditional banking products and services as a result. Established financial institutions are paying attention and navigating the shifting competitive landscape and evolving needs of their customers. With all of this noise, where should a bank look for insight? The next generation of banking customers are an important place to start.
This case study provides an overview of the design strategy approach used to understand how to gain greater insights into the needs of millennial customers.
Work was conducted for Vancity, a member-owned financial co-operative headquartered in Vancouver, British Columbia. By asset size, Vancity is the largest community credit union in Canada as of 2017, with $26.4 billion in assets, 59 branches and more than 525,000 members.
Design strategy for next gen connectivity
Challenge
“How might we create greater connectivity with younger generations in a way that is mutually beneficial?”
Vancity demonstrates what it is to be a modern cooperative. As far as local brands go, this 72-year old credit union has a strong local presence and a global reputation as a progressive financial institution and social innovator. The values-based banking ethos resonates with Vancity’s members.
With an eye to the future of financial services, Vancity wanted a deeper understanding of the needs of local youth. How could insights from the next gen of banking customers and entrepreneurs inform the organization’s future-forward strategies?
approach
Using a human-centered design approach, I lead a team through extensive field research into the needs, aspirations, and challenges of Vancouver’s youth.
discovery
Identifying the need for meaningful work experiences, an internship prototype was created, refined, and launched as a pilot in 2015.
implementation Planning
Testing implementation of the pilot program was an important step to addressing potential bottlenecks in existing processes and systems. Feedback loops for reverse mentorship and insight gathering were tested for longevity.
strategy
Strategy development was critical to addressing systemic challenges in the community, creating lasting partnerships, and embedding the program in way that would allow for future improvements and scale.
pilot & Beyond
The internship pilot demonstrated to the organization more than just the value of having internship programming; it demonstrated the value of using human-centered design principles in addressing business challenges and fuelled change in the way problems are approached.