Creating better savers to increase savings
The Challenge
Historically low interest rates, customer inertia, new challenger fintech banks, an aging customer base … Post Office Money was facing a perfect storm. They urgently needed to appeal to younger customers, inspire them to save and build a relationship based on more than just interest rates.
Services: Customer Strategy : Customer Proposition
The Impact
4
Four times more effective than any previous savings marketing campaign
24
Oversubscribed within 24 hours
The Outside-in Perspective
A month-long video diary with fifteen customers across the country built our understanding of how people used and thought about their money from paycheck to paycheck. Executives were then invited to meet those customers in person, hearing first hand what really mattered to customers.
The Insight
People didn’t just want to save money, they wanted to become better savers. Building a good savings habit was much more valuable than just keeping their money safe. However, people didn't believe they could do it. They lacked or lost the motivation to save as time went on. They didn’t know how to behave in a way that would allow them to keep their willpower to save.
The Solution
We spoke to experts in habit-forming, including Behavioural Scientices and an Olympic Gold Medal-winning athlete, to understand what it takes to build strong habits. This insight informed the design of three brand new savings propositions, centered on helping customers build good savings habits. The pilot offer was oversubscribed within 24 hours following its launch.
“It was a great experience working with the team at Foundation. They really helped us explore how to move away from vanilla offerings by uncovering what customers really want. This was done in such a creative way, working with customers that we were able to ideate ideas that really will make a difference.
I think my favourite part of the whole process was having our Exec team in the room alongside customers to create new ideas together. It was a valuable, unlocking moment for our senior colleagues. We still talk about it!”