Station Bank a Collaborative 5 Day Sprint
The problem space
Young professionals want financial advice, but are afraid to ask their banks for it. With more monetary freedom comes short term and long term financial goals, whether it’s a vacation to relax from their busy lives or saving up to buy their first home. Financial anxiety and lack of knowledge and guidance for young professionals has become an ongoing problem hindering their opportunity to build healthy long term financial habits.
How might we
remove feelings of judgement and intimidation that young professionals experience when seeking financial guidance?
Secondary Research & Interviews
Secondary research confirmed that more than half of young professionals claimed to have a little or partial confidence in their ability to plan for and achieve financial goals. Their expectations and needs are different than the generations before them. They want their bank to be personalized and focused on their individual needs always available and to be receptive and empathetic to their experiences.
Tiffany is a 23 year old recent graduate from the University of Toronto and has a full time job as a social media coordinator. With her newfound financial freedom she’s able to spend more time with her friends doing activities she loves and living life to the fullest. Next year, her friends are planning a trip to Coachella, which is one of the largest music festivals of the year.
Saving for a goal
Saving up for a goal can be difficult, especially if it’s the first time going through the process of putting money aside. Tiffany’s journey starts out positive, she has her goal in mind and sticks to it but life gets in the way and unpredictable situations happen. This makes it hard to stay focused on goals and continue to manage finances.
StationBank helps Tiffany achieve her goal by becoming a source of financial literacy and aid in a critical moment. This is what will help differentiate StationBank and become her pillar of financial success.
An emotionally responsive state of the art AI whose constantly evolving.
Quinn gains insights by chatting with Tiffany about her spending habits and devises a plan that will help her — putting aside a specific amount of money per month to achieve her Coachella dreams, and what her monthly spendings should look like. Quinn helps Tiffany by notifying her when she’s close to reaching her monthly spend as well as if she’s overspent for the month.