The next step on from the last blog post, was to go through the list of our focus angles and insights and select three and develop these into a visual concept format to present to our accounts man and creative director Brian and Xavi.
We linked up the following insights with ideas:
Students struggle to make their maintenance loan or a large sum of money stretch over several months
It is too easy to dip into your savings account
91% of students surveyed don't use tech apps to track or boost their savings, leading to irresponsible spending.
The Roller Pin Idea
Barry From Barclays
Now we had our three concepts to take forward, we had a week to further develop these three names, ideas and branch out on each one of them. Which is where the real development came through on two of them. For example The Roller Pin Idea, we decided had a strong insight most definitely as any student can relate to the fact that their maintenance loan is a challenge to make it to the end of each semester/term. So the insight was strong but the name and the logistics behind the roller pin wasn't right. We gave it a think and came to conclusion that not only are students bad at making money stretch but they are not the best at Budgeting. The name going forward changed to BudgetMe. This changed the logistics of the app also, no longer was it an app to give advise how to make the sum of money stretch, it now was a methodic system which basically splits up your maintenance loan for you into months and weeks. Cutting out the hard work for the student, as students are also known to be lazy. This system will then split up your week individually into necessity money and disposable money to give you some structure. The money not spent in these weeks are automatically sent into a savings account within BudgetMe, with the vision that over time, you will not only make your money stretch, change your spending habits but also have a savings account with a sum of money in.
The next idea we developed over that week before our visual concept pitch to our accounts and creative director was StopIt/WYD?/Bouncer. The insight for this was revolving around the idea of it being way too easy to just get into your savings account and withdraw money into your current account. This insight was a live quote from a student, so it is very relatable to barclays target audience. The concept was based around the idea of a bouncer at a nightclub, only allowing you access if you have a valid reason or id. But in this case, guarding your savings somehow so it makes it harder for you to take from your savings. The development which turned this idea around was when we realised this wouldnt work as students would probably just delete this app or not use it. So we rethought and came up with a more emotional approach. Using the reference of a tamagotchi, we renamed the idea ‘Phil from Barclays’. The purpose of phil is to humanise your savings account and to give your balance a status almost. For example, if it is a healthy amount of savings, the quality and happiness of phil will be high, he will be happy etc. If you keep taking money out of your savings the quality of Phils life will decrease, causing him to be sad and depressed. We felt like adding emotion would work better than just having a bouncer on the doorstep of your savings.
The final idea we chose was Barry. Barry was the most simple one in terms of getting your head round the idea at first. It is built off of the insight of contactless payments being too convenient and easy. Barrys job would be to simply pop up before your contactless payments on your smartphone went through. This would be to make you think twice if you should really buy whatever it is your about to purchase. Your first point of contact between you and your purchase. This one we liked a lot as it was super simple but effective at the same time
So after that week period, we had put our three developed chosen ideas into a visual concept pitch deck to show our creative director and accounts man for their opinion and approval on which two we should take forward, to prepare for the development pitch with barclays creative team.
The feedback which we received from Brian and Xavi was positive! They chose Phil and Barry to take forward and develop, the two out of the three which we wanted anyway which was a positive.
The next steps for us was to further flesh out on both Barry and Phil. To prepare for our development drop in pitch to the Barclays Team