CONTEXT
In 2017, my team and I pitched a design solution to Commbank aimed at gaining the trust of millennials and personalizing their banking experience. The initiative, named ‘Committed to You,’ focuses on encouraging millennials aged 18-28 to engage with Commbank's physical branches by ensuring continued trust and personalised interactions with branch staff.
BRIEF
Problem Statement:
"How can Commbank build a physical distribution alternative to ensure the branch network stays relevant over the next 10 years?"
Key Factors:
1. Physical Space
2. Functionality
3. Technology
4. Innovation
The ideation process included considering the future state of banking experiences and adapting the role of branches to cater to diverse needs. Although the task focused on physical distribution innovations, integrating technology and leveraging its advantages were equally important.
The ideation process included considering the future state of banking experiences and adapting the role of branches to cater to diverse needs. Although the task focused on physical distribution innovations, integrating technology and leveraging its advantages were equally important.
Target Audience:
Millennials born between 1989-1999, who require support and financial advice for their evolving needs over the next decade.
Research Findings:
1. Millennials have vast access to financial information online but often seek financial advice from their parents as the first point of contact.
2. Despite predominantly using digital platforms, millennials value customer service, trust, and reliability in their banking experiences.
SOLUTION
Based on primary and secondary research findings, the key goal to improve the banking experience for millennials is through ‘personalisation and trust,’ emulating these characteristics in a more humanising manner. The relationship between the bank and its customers will be established through three main elements: Communication, Connection, and Relationships.
1. Communication:
Establish a social media presence to attract and introduce millennials to the concept through the ‘financial doctor.’
2. Connection:
Host a series of talks called ‘CommVentions’ facilitated by branch members to foster a more personal connection between staff and users.
3. Relationships:
Utilise an app to schedule appointments with the most qualified employee for specific financial concerns, allowing for more in-depth discussions and personalised advice.
PROCESS
1. User Research:
• Conducted surveys and interviews with millennials to understand their banking needs and preferences.
• Analysed secondary research on millennial banking behaviours and trends
• Analysed secondary research on millennial banking behaviours and trends
2. Ideation:
• Brainstormed and created affinity diagrams to identify key themes and insights.
• Developed multiple concepts and narrowed them down based on feasibility and user impact.
• Developed multiple concepts and narrowed them down based on feasibility and user impact.
3. Prototyping:
• Created low-fidelity prototypes of the app and branch layout.
• Iterated on designs based on user feedback and usability testing.
• Iterated on designs based on user feedback and usability testing.
4. Testing:
• Conducted usability tests with target users to refine the app and branch experience.
• Gathered feedback on the ‘CommVentions’ and ‘financial doctor’ concepts.
• Gathered feedback on the ‘CommVentions’ and ‘financial doctor’ concepts.
Key Takeaways
1. Inclusive Design:
The experience emphasised the importance of designing for inclusivity and accessibility, considering the diverse needs of millennials.
2. Empathy and Understanding:
3. Collaboration:
2. Empathy and Understanding:
Empathy-driven design helped us create solutions that resonate with users, building trust and fostering long-term relationships.
3. Collaboration:
Working closely with stakeholders, mentors, and users enriched the design process and ensured that our solutions were both innovative and practical.
Conclusion
The ‘Committed to You’ initiative demonstrates how personalized and trust-based interactions can enhance the banking experience for millennials. By leveraging technology and fostering meaningful connections, Commbank can ensure the continued relevance and engagement of its physical branches.
GROUP MEMBERS: Amy Cao, Sarah Hearne, Cayla Van Wyk, Nina Osada-Phornsiri & Gawshika Aumkaran
Created at the University of Sydney, in partnership with Commbank