Co creation for banks
Banks are going digital. And young generations, unsurprisingly, are the first to benefit from this shift. They are interacting considerably more often with their banks than older generations as a result. On the other hand, bad press, or sometimes a simple lack of familiarity, are widening the rift between young people and banks. Méthos is narrowing it with ethnography and co-creation.
Opportunities for one-to-one, in-person meetings with banks are not all that common anymore, but apps are proliferating and making everything easier. Young people were the first to adopt these new amenities – to the point that they are forgetting why anyone ever went to bricks-and-mortar banks.
At the same time, the purposes banks are supposed to serve and people’s perceptions of them are not changing. More worryingly, as interaction with banks is becoming more tenuous, the scandals and unflattering depictions in the media are deepening the divide and stoking mistrust among young generations.
With the advent of fintechs and other new players venturing into the banking sector, banks that want to be around in the medium term need to stay in touch with young generations or, even better, create new types of relationships. That’s what we’re doing with Hello bank.
Méthos has embarked on a long-term ethnography through a qualitative observatory of 16- to 26-year-olds. In those 10 years, young people see enormous changes as they transition from secondary school to the beginning of their professional lives.
Méthos is watching those years from the inside so that Hello bank can develop its services, products and communication, and attune them to young generations’ real wants and needs. We are organising co-creation days for Hello bank to fine-tune its projects and ideas with young people. As expected, the outcomes are often unexpected: they shed light on glaring differences in points of view but ultimately lead to the ideas, solutions and services that will no doubt work best tomorrow.
This is how we think banks need to go digital: protecting and encouraging connections and mutual understanding.