Brief
This is a research-oriented project for China Merchants Bank (the sixth-largest bank in mainland China). Our team aims to conduct holistic research to gain insights into user trends and provide business suggestions for rejuvenating the wealth management market, considering the changing client structure, awareness of wealth, behavior, and channel preferences in the face of emerging threats from internet finance popularity.
With the new generation of young customers gradually entering the market, the wealth management customer base is constantly changing in terms of customer structure, wealth management awareness, behavior, channel preference and other attributes.
Meanwhile, the invasion of Internet finance in wealth management has brought challenges and threats to traditional banks in terms of products and services, also, it is also cultivating and stimulating the awareness and behaviors of young customers in wealth management and promoting the rejuvenation of the wealth management market.
From the angle of wealth management, our goal is to help traditional banks to improve their competitiveness in products and services and enhancing their capabilities of winning clients by providing in-depth user research and product strategy.
Our major target users are around Gen. Y & Gen. Z ( 1990 - 2000 ). We categorized four types of users in the project based on researches.
To summarize all findings and research into key insights that revealing user's attitude toward wealth manangement
Maverick Deciders
They are full of personality and independence and more willing to trust their own judgment than follow others blindly.
Objective and Rational Mindset
They have a relatively more mature and rational mindset and know how to make rational judgments through data and objective facts.
Spend Lesser Time
They agree that wealth management is very useful and wish to improve their ability, but they do not always pay attention to it.
Strong Social Connections
They have a open attitude in terms of learning financial information, products and platforms, and through the socialized wealth management behavior of sharing and being shared.
4 more ...
Based on the category logic, we synthesize all the data into 7 types of personas that could cover the wealth management characteristics of Gen. Y & Z.
Based on the category logic, we synthesize all the data into 7 types of personas that could cover the wealth management characteristics of Gen. Y & Z.
For example ...
Persona 1: Passionate College Student, they want ...
Insight 1 - Controlling my wealth, Navigating my life.
College students are eager to achieve financial independence and gain appreciation from their families by managing their money as soon as possible.
Insight 2 - Each small achievement of goals is filling energy for wealth management.
College students have a strong passion for managing money and investing, but also they need smaller, more achievable milestones to obtain encouragement.