Overview

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The Commonwealth Bank of Australia challenged SCAD students to develop innovative, gamified savings solutions that would educate, engage and increase the overall level of financial literacy that targets young adults in CBA’s International Financial Services markets. 

 

Approach

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After the project brief, a group of 16 students across multiple disciplines set out to research three key emerging markets identified by the partner: Vietnam, Indonesia and South Africa. The students then split into four teams creating various interactive concepts that would increase financial literacy in the emerging markets. To further their research, students had the opportunity to travel to Vietnam to gain potential user feedback of the concepts. The teams developed educational prototypes and marketing strategies for the three concepts that were presented at the final presentation.

 

Outcome

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Following the ten-week collaboration, the partner was presented with three customer-focused concepts that were developed targeting three demographic groups based on research and ideation. The students hope that the products and services will empower individuals, challenge existing notions about banking, and grant unprecedented access and efficiency in the public’s relationship with Commonwealth Bank of Australia. Even the class felt that they had become more financially literate over the course of the project. The project allowed them to collect personal insights as well and craft solutions they found relevant and genuinely useful.