PNC CHALLENGE

STAKEHOLDER ANALYSIS

After meeting with PNC, the first step was to know about the stakeholders that would be involved in this process. So, the research that we conducted was centered around -

• PNC Bank and its Services
• Parents, their financial literacy and engagement with their teen's finances
• Teens, their financial literacy,spending habits and the latest technology that catches their eye

There are 2 things we notice with the Stakeholder Analysis Map, they are -

• PNC has a relationship with only the parents
• Most of the influences that the parents have are the same as the teens

It was through this mapping, that we decided to design a service that would be catered to the parents and through them, it will reach the teens.

SOLUTION DESIGN

From the stakeholder analysis, we identified the key players and built out the personas and the scenarios they might encounter from the survey results and Gurriella research that we conducted. One of the main things we noticed was that unless there was a trigger to care about finance, irrespective of the age, no one cared about it. So, the main idea for all the possible solutions was to ensure that there was a constant trigger to get the users to care about their finances.

• PNC Challenge:
  
  This is an application that people will have to download. The application has challenges for 30 days and it will involve the entire family. Everyday, there will be a financial challenge allocated to everyone based on their age. It is their responsibility to finish that exercise and log it into the application. Once, the logging in is done, the entire family can see it. This way, in case a family member does not carry out a task, others in the family can make sure he/she complates it thus, holding each other responsible.

  

• Teens run the PNC Bank:
  
  Here, PNC will give part-time jobs or internships to the teens who are interested in earning apart from their school work. Here, the parents are not involved at all. PNC starts a rotational program where each of the teen works in a particular department for a week / any other length of time as deemed fit by PNC. In each department, there will be a problem that will be given to the teens to solve that revolves around finances like loan management, credit score, etc. At the end of the week, they need to give a presentation of the potential solution to the stakeholders who can vet it and give them ways in which their solution can be more waterproof. After this, the department will change. This model works well because we attract teens who are already interested in learning about finances and a weekly challenge can keep them active throughout as they learn by doing.

  

We then went around taking to all the stakeholders trying to validate the storyboards that we had just built. Some of the feedback we received around the ideas were:

• PNC Challenge:
  
  - Teens and Parents alike were interested in the application
  - The main motivation for the parents to take part in the challenge was that they can raise a financially responsible teen with minimum effort.
  - The teens on the other hand did need motivation in terms of something tangigle to keep completing the challenges.
  - The teens and parents both were really thrilled about the idea when it was mentioned that the entire family could have their own leaderboard and they could see who is leading. The parents also thought that this would keep their teens engaged plus the teens could remind them to complete the challenge in case they were too busy with their schedule.

• Teens run the PNC Bank:
  
  - Teens were more comfortable with weekly challenges as opposed to a month long challenge.
  - Most of the parents really liked the idea because a bank showing so much interest is always a good thing and they were happy with the bank.
  - Teens and Parents both thought that it would really look good on the resume which would be great for the teen's future as well

FINAL DESIGN

Through the validation process, we decided to go with the family challenge as PNC also wanted moderate interaction with the teens. The final design had challenges on 4 different domains after a discussion with PNC. The domains were:

• Savings
• Credit
• Loans
• Budgeting

Each of the challenge will be a week long and after the week, the teen will get an award that will be set by the parents. It could be something monetary or even just a contribution towards something the teen needs.

After the entire concept was finalized, we went ahead and made the service blueprint to find the potential breakpoints that might arise in the application. We thought about about the databases that have to be managed and integrated as well.

One of the major database that needs to be created is the challenge database. Here, the challenges have to be based on the following criteria:

• Based on the age
• Based on the bank balance - Needs to have an account with PNC
• Based on the interest in financial learning - special topics, etc.
• Based on their occupation / work