Regional U.S. Bank:Redefining the Young Adult Acquisition Strategy
Typical customer rewards programs incentivize spending. Instead our client wanted to understand how to change young adults’ behavior by rewarding positive financial behaviors, before making huge capital expenditures to enable a solution.
- Understand which technology and social connection tools will ultimately bring the bank into the consideration / purchase set over national U.S. competitors such as Bank of America, Chase and Wells Fargo in footprint.
- Deliver a point of difference by understanding what behaviors to reward for, the best rewards, what currency to use and how. Meet the evolving consumer requirements, expectations and needs while utilizing client assets to deliver holistic financial wellbeing.
- From our research, we identified that our client’s approach was not connecting to the needs of the audience at an experiential and emotional level. Current approaches magnified the commoditized product sets. We identified a strategy to reach deeper levels of meaning beyond transactional behaviors.
- We developed pilots to test the impact of deeper meaning based on gaining control over personal finances, attaining experiences, and feeling stability for the target audience at the intersection of goals, rewards and learning.