Introduction
Context
Problem?
What is the solution and why?
Outcome
Pension
In workplace pension, both employers and employees contribute a specified amount of money to a pension pot, which is subsequently invested in a variety of funds. If these funds incorporate environmentally-friendly elements, it can help mitigate the impact of climate change
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A Desire to belong but
Can't Understand :
"I don’t think we get to select the funds we want to invest in. That’s why, there is no point of reading the reports! I have no say right!"
Can't connect:
"Money is too less for retirement so I don't care"
"What does "being sustainable" means?"
Can't do alone :
"I understand that sustainability is important but I don’t know how I can contribute to it alone.."
Can't identify:
"I don't know whether the companies are really sustainable"
User's wants to help us achieve
Control and transperancy :
- Employees want to have a say in where their money is invested and understand in an easy way where to invest.
- Employees need clear and accessible information to identify whether the companies they invest in are genuinely sustainable.
Know their idea of sustainability :
- Employees seek clarity on what sustainability means and how it relates to their investments and lifestyle, helping them make informed decisions.
Sense of Community :
- Employees desire to invest with colleagues to contribute towards sustainability together, fostering a sense of community and collective impact.
Development
Fingon is an API integrated into pension provider's platform to foster alignment between individuals' and companies' values, with the aim of promoting sustainable investment in workplace pensions.
This will introduced through various channels like HR, induction session conducted by the pension provider, colleagues, friends’ recommendations,Email from pension provider.
Service Concept
1.Answering the questions
2.Assigning the Archetypes
Based on this established Criteria and using machine learning models, 6 archetypes will be assigned to each user after answering the questions
3.Align Values
4.Align Funds
5.Playing with Funds
6.
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Value and Revenue flow
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Concept Testing
1.Sense of belonging
“More than recognition from higher ups, recognition and trust from team members is very important. This service might lead to increase of trust and build the sense of community.”
2.Data Effectiveness
“The best part is that I can see where my money is going and decide where I want to invest it.”
Would like information under “non sustainable” companies.
Preliminary education on pensions, ESG, etc. is necessary before service initiation.
“Green Fund” can be replaced by broader spectrum of “ESG”
3.Interaction with archetype
“I love getting to know about myself. So enjoy taking quizzes a lot.I don’t agree with them always though!”
4.Peer Influence
“My employer's contribution will influence me more to invest than colleagues”
How we will measure success?
Employee Engagement Rate
Measure of employees interacting with the service, observed through the leaderboard
Pension Provider Onboard Rate
Number of pension providers successfully integrating the service.
Company enrollment Rate
Quantity of companies enrolled by pension providers in the service
A Checklist
H Engagement with Pension
Employees will engage with their pensions when introduced by their team lead.
How?
While user testing we realized that everyone we interviewed, mentioned that they were team players, thus the existence of a leader board, visible to higher-ups, fosters a healthy competition, motivating individuals to increase their investment in their pension plans.
H Climate change taken into consideration
Each user will be assigned a archetype based on their climate change concerns and future outlook
How?
We referred Accenture Song - Our Human Moment Framework to set the stage for addressing climate action and sustainability in their individual contexts.
H Behavioural Intervention Introduced
Investing in funds from a shared interest in self-discovery
Why?
Because people willingly participated in 142 question based personality test
How?
Recognizing the era of personalization facilitated by AI, we were inspired to address the need for emotional engagement in finance, echoing insights from fintech experts who highlighted the importance of an emotional quotient in financial interactions. Hence, we introduced a concise test to identify user archetypes, similar to the approach taken in personality tests.
H Check customer conversion
The leaderboard provides insights into the popularity of our service, showcasing the number of individuals who have actively utilized it to make pension investments.
My Learning
In what way is approach to the project innovative?
Every person is trying to live sustainably in their own ways.They are not able to relate with organization and society’s idea of sustainability as living sustainably differs from one person to other.
So in this project we tried to align user’ s personal values of future outlook and living sustainably with the organization’s values to make the process more personalized and relatable
Important decisions I made in the process and how they changed the project outcome?
1.While discussing,I mentioned about about how I am attached to one place and it won’t exist in future as its expected to drown due to flooding.This served as the basis of having emotional quotient to help people to invest in what they are attached to or relate to.
2.We were confused how to assign a person’s value to funds.I thought about assigning archetypes to each user based on the question they answer and archetypes can be referred from already existing framework of Accenture song-Human Moment.
What would I do Differently & Why?
Spend more time on insights creation and user testing to understand more about their behaviour
This would help me to ensure that final service is more user centric and addresses real world challenges effectively
Implementing feedback and overcome my shortcoming for the same
How would I describe my service design practice based on what I have learned through this Project?
1.It’s important to understand the problem and how the problem is influencing various stakeholders
2.While developing a idea,it’s important to understand that implementation of idea is never a linear process thus understanding the viability of implementation
3.Knowledge about processes and technology supporting the idea
4.Service won’t work with a value