Before getting stuck into this project, I carried out some research into the banking world so that I could be well informed on the industry I was designing for. It is an area I’m not overly confident in myself, so I found this research very useful when trying to work out what I needed to include and what not to include. I was introduced to some new methods of research like user personas and empathy maps which allowed me to get in the heads of my target audience so I could see what would attract them to a new bank and what they need.
I started by looking into what would make an effective user persona before I started my banking specific research. This included carrying out interviews with my target audience, including myself, going into local banks and making observations and using the internet as a way to compare all the different banks available. I wanted to look specifically at what was being provided for my target audience of mainly students so that I could see if there was a gap in the market or if there is a common feature that all banks have for students.
I explored my target audience of 16-25 year olds in a few different ways. I started by looking on online blogs/forums, specifically the Student Room, where I found quite a bit of information about how students feel about Santander and the offers of overdrafts and bonuses it offers. It was interesting to get it directly from the student age group and what they consider most important when looking at banks. I also carried out some interviews to see what some bad spending habits are for students as well as a general questionnaire about banking. I found the results useful for when building my user persona and gave me insights as to what my main focus point should be when branding my bank to attract customers.
Looking at the brand values of the main banks in my area, I found there was some overlap with a few of the values like integrity, putting customers first and inclusiveness/working together. These are obviously key for making a bank succeed and I feel would be suitable for my own bank, specifically the team work aspect, as after my research I’m thinking my brand will be targeting new comers to the banking world and offering support and help. I liked how Nationwide used put all their values together to make ‘PRIDE’, which in itself is almost a sixth value.
After looking specifically at the brand values of some of the most popular banks, I picked a few of them to look at in more detail.
SANTANDER…
I began here as it is the bank I use myself. It is aimed at a wide audience, offering an account for almost anyone, with three possibilities for the 16-25 yrs audience. A key attractive quality would be the inclusion of an overdraft and railcard, specifically for students. Though this could be quite overwhelming for newcomers, so maybe in actual fact having one or two simple options would be a better alternative. While Santander is a well-known and established bank, it has a growing digital identity. Although just under half of all customers are digital, it is growing daily. This could be down to the age range in customers. The digital design of the Santander app is an area which could be improved. It is very simple and quite boring and would struggle to attract customers to use it. More exciting graphics and colours would improve the app greatly. I was quite surprised with how Santander ranks amongst the other banks, particularly how it is more popular in NI than in Britain. This could be down to more modern banking options being available in England, Scotland and Wales like First Direct and Starling Bank. I took a scroll through tweets people have made about Santander and there was an overall theme of the waiting times for getting through on helplines and the app also faced some issues. However, the bank still provided a positive customer conversation which does follow their brand values and mission.
HALIFAX…
I decided to look at Halifax as it was a bank I would see a lot of people in my age group using. There is a huge focus on the inclusion and the relationship built between the bank and customer. Halifax offers age specific accounts which would be attractive to the younger newcomers, who want to gain some money management experience, but not get thrown into the deep end of banking. A good feature is the card design differing for each account. Halifax’s advertising uses photography very effectively as it places the people of the bank at the centre of everything. This reinforce the banks values and mission across all platforms. However, I do find that this could give the impression that it is a family bank, so it might not be the most attractive to a completely new, young person starting banking. But it could still be argued that that is what would attract a younger banker as it would feel welcoming and warm. While looking at Halifax’s website I found that there was a lot of guidance for customers compared to other ones I had looked at. Whether that be setting up online banking or deciding what type of account to use. There was also lots of reassurance on offer for those who where perhaps anxious about going digital. The app is similar to Santanders in certain aspects, but does appear more modern due to the bright colour combinations and graphics. But like a lot of banking apps, it could still be improved to help attract the younger audience.
Since my brand guidelines are going to be for a modern, digital bank, I wanted to research banks that are completely digital like Monzo to see what makes them differ from the traditional banks above. When looking at Monzo and Starling Bank, the whole look is different compared to the traditional banks. It is much more visually attractive and gears towards a younger audience. It is no wonder that both rank very high in the survey comparing all banks available in NI and GB, When designing my own bank, I will be focusing on how these banks work with the digital side of the bank.
Using this information, I created two user personas who would be two possible customers for my new bank. I found this process very useful in putting myself in the shoes of the people who would be coming to my bank, so then I can make sure my brand values and design will appeal to them. Using these, I created an empathy map for each, so I could look at how they think and do in terms of banking and everyday life. This will be helpful when designing the attention grabbing aspect of my brand and seeing what aspects to include so it will appeal to their needs.
Now all my research into banking and brand values is finished, I am in a good position to start brainstorming my own brand values for my modern bank. I began by taking some of the values I found other banks using and felt would suit my bank. Along with this, I focused in on the idea of providing a new bank which is specifically for newcomers so I brainstormed values which would suit this as well like teamwork and service. I narrowed it down to five;
Integrity-Teamwork-Loyalty-Trust-Service
I wanted my tone of voice to warm and welcoming so that people felt comfortable being uncomfortable in the new banking environment. Focusing on the lower end of the target audience, I also want my tone of voice to be trendy and sociable so that the customers cane relate to it.
*It was during the design process for my word mark that I decided to change some of my values, swapping loyalty with positivity as I felt providing a positive atmosphere was more important for new bankers, than building loyalty, which could be introduced once the customers have been with the bank for a while. So my finalised bank values are;
Positivity – Integrity – Trust – Service – Teamwork