Discover the Behavior and Needs of Millennial in terms of Saving and Managing their money
Nabung Bank — Case Study
Disclaimer
This project was one of my assignments as a tool to learn more about how to conduct a research project, especially a research project during the class so all of the activities were done in the class and fortunately the users also came to the same class with the same criteria that we would like to get. So in this case study I would like to showcase how I was a part of Team 1 to conduct research from the assignment that we got in the class.
Research Overview :
Nabung bank is an established banking company that has a market for entrepreneurs who are already at 40 until 65 years old. As digitalization is growing for Banking, many new competitors have already implemented and focused on making their digital platform survive. Because of this, Nabung Bank could not significantly develop their business even further. One of the reasons for Nabung Bank is to focus on seniors. At the same time, the demographic of the human population was dominated by 18–35 years old or millennials who have adapted to the current technology.
Hence, this research would focus on the behavior and needs of the millennial who are 18–35 years old on managing their money, including saving. This research would also inspire creating a solution that would satisfy the user’s needs. Nabung Bank hoped the answer would acquire 10000 users in Q2 2022.
What would we like to learn from this research?
In this research, we mainly focused on gathering the data around needs and behavior, so we tried to break it down to be more specific as the list of research objectives below :
- Learn the millennials who are 18 to 35 years old in terms of saving their money
- Understand their needs and challenges of millennials on saving their money
- Discover Millennials’ Motivation on saving their money
What kind of Research Question would you like to cover up all this research?
After we came up with the objectives, we tried to break down the objectives into several research questions that we would like to cover to answer the research objectives. Here are some research questions that we came up with:
- How do the participants spend or manage their money on a daily basis?
- How’s the process of the users in terms of saving their money?
- What would the users like to accomplish by saving their money?
- What kind of challenges do the millennials have in terms of saving their money?
So, How do we conduct the research?
In this research, we mainly focus on knowing their needs and challenges when the millennials would like to save up their money. Because of that, this research would be Foundational Research. We used In-depth Interviews to capture their thoughts and feelings related to Attitudinal of the participants and would obtain the qualitative data. We managed to interview two participants who had a different background in terms of managing their money, however they are users who use a conventional bank as their tools to save up their money.
Then What kind of insight that we get from the research?
There’s a participant who choose to save up their money by using the same Bank with a different account because it is free from the transfer fee by using the same Bank with a different bank account
In order to manage their money, participants tend to choose to save their money from the salary that they receive in the same bank provider as their bank account for salary. It’s mainly because the participant would like to avoid the transfer fee from another bank provider so they tend to use the same bank provider but with a different bank account.
“transfer ke rekening khusus tabungan; ada rekening khusus gajian; pakai Bank yang sama pakai Bank yang sama agar transfer mudah (Biaya transfer 0). ”
P2–23 Years Old, Using Conventional Bank to save up her money
Participants tend to save up their money for emergency funds in order to fulfill their future needs . Participants tend to buy an item that matches their needs as well as the urgency to buy a thing whether it is urgent or not to buy that thing.
The goals or motivation that the participant had for saving their money is to prepare the emergency fund in order to fulfill their future needs like for marriage or even a house for a family and because of that participant tend to consider a lot when it comes to buying things. It is because they would like to see whether the things that they would like to buy are urgent or not. If it’s not urgent they would likely not be going to buy it, however if it’s urgent obviously they would like to consider buying it.
“motivasi = dana darurat & masa depan; tabungan tak akan disentuh kecuali butuh; “jika pgn beli lihat review dulu & cek platform sebelah untuk compare harga;”
P1–23 Years Old, Using Conventional Bank to save up her money
So What Could We do to help the Participant to solve their problem?
Create a Free Transfer Quota within another bank account to make the users still save up or use their old bank account without having to worry about the Transfer fee that happens within the bank account.
As we know from the interview result, our participant had an issue in terms of transfer fee if they would like to use another bank account except the bank provider that they currently have for the salary bank account in their company. So in order to help them we could create a feature that could make them use our bank account without having to worry about their old bank account by using a Free Transfer Quota to another bank so they could consider using our bank without having to worry about the transfer fee.
Create a Saving profile that could be adjusted based on their needs in one Bank Account because participants tend to have a different needs for each saving profile that they create so they don’t have to worry about transfer fees and using the bank account to set their target for saving based on their needs.
As we know from the result, participants tend to save up their money for emergency funds so they tend to consider a lot when buying things that are not urgent. So participants tend to have a different bank account to save based on their needs. In order to help them we could make a feature that allows our users to save their money on one bank account with a different saving profile. So they could set their target on each profile such as emergency funds or study plan saving profile. So they don’t have to juggle each bank account when they would like to save their money.
What did I learn from this research?
Through this research, I learned a lot on how to analyze and make a story from the insight that has been analyzed from the captured sheet. I also learned that the number of participants matters when there are two types of participants that we would like to uncover. I also learned how to create a good report that could explain to the listener by using a storytelling concept so they would like to be bored during the presentation. However the big part is to identify the objective and align it with the research question that we would like to discover so the result also could be determined and aligned with the business objective that the stakeholder wants. This research also might be still lacking in many areas, for example in terms of the number of participants who are invited to the interview or diary study.
