Fidelity

Digital Design

By: Andrew Casile, Kristin Flannery, Matthew Masoud, Tyler Morgan, Yuta Nakamura, Collin Wagner

Overview

Financial wellness within the upcoming generation is more fragile than should be expected. In studies done by George Washington University and FINRA Investor Education Foundation millennials showed an increase in the level financial responsibility without the supporting financial knowledge to match.

Contents

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• Project Objective
• Team Design Challenge
• Competitive Landscapes
• Identifying Personas
• Audience
• Recommendations
• Footnote

Project Objective

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How can we help millennials improve their financial wellness associated with student debt?

Team Design Challenge

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How can we provide recent and upcoming college graduates with a better resource for budgeting and debt management, to improve financial stability?

Competitive Landscape

Scope of research

Overview

Evaluation was primarily on the landing pages of competitors websites, as well as what resources they offer specifically for handling college debt.

Immersive Online Experience

Lack of Online Experience

Minimal Debt Resources

Expansive Debt Resources

Vanguard

• Summary: One of the world’s largest non-publicly traded investment firms.
• Benefits: Vanguard’s investors, on average, keep more money on their returns due to having fewer expenses taken out of their mutual funds. Also, vanguard provides it’s consumers with a knowledgeable staff that are willing to assist in a number of financial trading issues .
• Core purpose: “To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success”

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Comparative analysis:

Budget calculator and Debt repayment planning

• Budget calculator:

Provides a number of online calculators that are very easy to understand and use.

However, most of these calculators are related to saving for retirement.

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• Debt repayment planning:

Outside a few articles on debt management, Vanguard doesn't seem to provide any specific financial plans or tools that could be used for debt management.

Vanguard

• Budget calculator: While both seem relatively easy to use, Fidelity’s calculators are more useful for students budgeting with a large amount student debt.

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• Debt repayment planning: Vanguard's business model is more focused around customers who are saving up for retirement.

Fidelity at least tries to give some potential options for debt management

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Compared to Fidelity

Comparative analysis:

Student Debt Focus and Resources Offered

• Student debt:

Looking through Vanguard’s site, There doesn't seem to be anything related specifically to student debt.

• Resources offered:

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*This message pops up every time you try to access any of Vanguard’s student debt resources.

Vanguard

• Student debt:

Both companies seem to primary focus on retirement and investment. You probably need to go somewhere else for student debt plans and tools.

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• Resources offered:

Vanguard’s resources on student debt are almost completely nonexistent. At least Fidelity offers it’s consumer with some basic information on the topic of student debt

Compared to Fidelity

EverFi

• Digital education company offering courses in areas such as financial literacy, STEM, and health and wellness.
• Primary audience consists of students ranging from K-12 to higher education.
• Supplement typical course areas and is meant to help organizations instill knowledge around critical topics.
• Makes Learning about finance and loans fun but placing it into a game format.

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Comparative analysis:

Fidelity, Financial Finesse, and Everfi

• Focused towards financial education rather than investment strategies

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• Education courses aren’t primarily focused towards student loan repayment

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• Service is guided based on user involvement

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Everfi

• Offers financial investing, retirement, and other budgeting information

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• Level of financial education is minimal in comparison

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• Financial involvement isn’t solely user dependent

Compared to Fidelity

Charles Schwab

• Summary: A leading public investment firm that currently has the largest amount of total assets in the entire United States.
• Benefits: Provides a number of financial tools such as a number different investment plans, provides expert financial insight, provides online education on investment trading, and provides several different types of online trading calculators.
• Purpose: “We offer investors a contemporary, full-service approach to build and manage their investments, providing investment-related products, services, and sophisticated financial planning that combine the best of what people and technology have to offer.”

Comparative analysis:

Budget calculator and Debt repayment planning

• Budget calculator:

Provides the consumer with a straightforward online calculator for managing a monthly budget. However, It's very simplistic and doesn’t have any additional features beyond a simple budget .

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• Debt repayment planning:

Charles Schwab provides its customers with a number of articles on managing personal debt.The firm also has a few online calculators that can help with personal debt management such as the cost of debt and credit card payoff.

Charles Schwab

• Budget calculator:

Both online calculators are decent choices for constructing a budget. But, Fidelity's calculator offers a few additional features,such as looking at how much you save each month , that Charles Schwab calculator does not provided.

• Debt repayment planning:

In terms of debt repayment,while both fidelites and charles Schwab equal useful for consumer,Charles Schwab is a better choice due to having those additional calculators that help with debt repayment.

Compared to Fidelity

Comparative analysis:

Student Debt Focus and Resources Offered

• Student debt: Charles Schwab offers a number of articles and blogs on the topic of student debt and how a person can properly save when in debt.

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• Resources offered: The company offers a wide selection of articles on not only student debt but on a wide selection of financial situation .

Charles Schwab

• Student debt: While each site provides adequate information on the topic of student debt, Fidelity provides its consumers with online calculators that are tailored specifically for student debt.

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• Resources offered: If mainly searching for information that would be useful for millennials with student debt, Fidelity offers the better selection of articles that appeals specifically to this demographic.

Compared to Fidelity

Great Lakes

• A lending corporation that focuses on repayment rather than the loan process.
• Specialized repayment plans built with a great lakes professional.
• Repayment plans is based off income and can change at anytime for things such as financial and emotional hardship
• “Knowledge Center” walks students through the process of taking a repaying loans step by step.
• Instant help Center

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Sallie Mae

• A companies whose primary job is to originate, services, and collect private student loans.
• Sallie Mae has been applauded for its direct relationship with its borrows.
• They have also been known to be an unbiased source of information for students around the country.
• Although their reputation has been tarnished in the 2008 they are coming back stronger with a stock price at a 10 year high.
• Why?

Comparative analysis:

Fidelity, Great Lakes, and Sallie Mae

• Very clear call to action.

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• Clear debt assistance for students that is built for students to financing professionals.

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• Customizable repayment plans.

Great Lakes/Sallie Mae

• While customizable payment plans are also available at fidelity, it is much more difficult to get approval.

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• Fidelity’s website is too simple, needs a more modern update.

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• Difficult to reach a real person, Contact Us Page is difficult to find.

Compared to Fidelity

Insights From Landscape Analysis

• Fidelity does not currently have a focus on students
• Their online experience and interaction is low
• Their website has no direct links for students
• They do not currently offer many services for loan repayment
• Their current budgeting tool is confusing

Identifying Persona

Crafting a Persona: Interview Process

• Introduction :

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Interviews were held with focalized questions in order to identify the interviewees current financial awareness levels as well as their financial preparedness. Questions were also asked with the goal of pinpointing awareness levels of their student loan situation and the extent to which they have established a plan of repayment.

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• Target of interviews:

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Interview focused towards upcoming and recent graduates representing a wide range of current financial burden and varying levels of student loans debt.

Crafting a Persona: Insights and Personas

• Important insights :
• Analyzing multiple interviews, we found 3 main categories we could fit most interviewees into
• Those who did not know about their current debt and had relatively low financial literacy
• Those who knew about their debt, but have not taken steps to learn about repayment or their financial situation
• Those who are aware of their debt and have a strategy for repayment

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• The three test personas created:
• 1.Naïve Nancy-
• 2.Careless Carrie-
• 3.Charlie Stable-

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Chosen Persona: Careless Carrie

Guiding Principles

• May be little less aware of the true weight of being financially responsible

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• Carrie has shown a need for being apart of a community

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• Is somewhat hesitant to the idea of having to change her lifestyle when faced with finance restrictions

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Careless Carry Motives

• From Studying Carrie’s social accounts, we get greater insight into what drives her, her motives.

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• Understanding Carry better, allows us to create better touch points that are more likely to convert into the desired outcome.

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• On Carry’s Instagram and Snapchat, she flaunts vacations and expensive items.

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• We can conclude from this that she cares greatly about what other think. Fidelity can use the information to advertise to this persona better.

Audience

Research

Insights

• We need to communicate with both Carrie and her parents
• Carrie won’t read too much information without getting bored
• Is easily bored
• Carrie’s main focus is on having fun
• We need to educate her in an interactive and fun way in order to hold her interest.
• Also making the interactive visual encourage participation.

Journey Map and Buying Funnel :

Careless Carrie’s story

• Journey map: Details the stages that carrie went through when selecting, financing, and going into college and how she personally reacted to the process.

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• Buying Funnel: Where do Careless Carries and Fidelities goals align?

Parents

Stage

Next step

Emotion

Question

Sources/Tools

Consideration

Goal

Research

Evaluation

Decision

Decision

Post Purchase

What school is the most fun?

I owe how much?

What do I do with these loans now?

Campus tour

School website

None

Bills from loan issuers

Athletic & extracurricular programs

Finding the simplest programs

My parents did everything for me

I’m not looking at my loans until after graduation

I’m lost and have no clue what to do now

Choose a school

Choose a major

Have fun in college

Unsure

Enroll

Get to college

Finance

Classes

Graduate

Repayment

What classes are easiest?

Should I have applied for scholarships?

Activity

Finding a college

Choosing a major

Parents fill out loan applications

Partying through college

Graduating and repaying loans

Careless Carrie’s Buying Funnel

Research

Evaluation

Decision

Persona Goals: Finding a college that offers the best social life and extracurriculars.

Client’s Goals: Educate consumer on how college can be fun and affordable.

Topic: Making college easy

Persona Goals: Finding the easiest and simplest major programs.

Client’s Goals: Educate students on the best methods to financing college.

Topic: Making college affordable

Persona Goals: Figure out what to do with the loans after graduation.

Client’s Goals: Provide resources and education for loan repayment.

Topic: Congratulations, you graduated! Now what?

Persona Goals: Have fun during college and let my parents figure out the finances.

Client’s Goals: Assist and guide student with choosing loans.

Topic: Choosing the right loans

Post Decision

Recommendations

Collaborative Lecture Series

• Collaborative lecture series would be presented to students to increase financial literacy, and would be done in partnership with the university to present students with increased skills upon graduation.
• In doing so students would have increased preparedness in identifying strategies to tackle student loans using the concepts presented.
• Key interaction points would occur throughout coursework as part of laying the foundation for graduation.

Digital Budgeting Tools

• Digital budgeting tools highlight to users the areas in which finances are being delegated, and allow for increased awareness to make future changes to budgeting plan.
• Through using the tools ease of budgeting planning is increased. Areas of concern are highlighted allowing users to take action prior to falling behind in their financial goals.
• Key interaction would primarily occur through mobile use, as users will track budgeting progress on the go and be able to make changes accordingly.

Financial Incentives

• Financial incentives encourage individuals towards an increased overall financial well being. Giving users a reason to have greater oversight over their current financial situation.
• Benefits would range from a deduction in overall student loan debt, to prizes for having a more active involvement in personal finances.
• Key interaction would occur throughout financial journal, allowing individuals to reach new milestones throughout their progress and involvement increases.

Innovative Ideas

Creative Concept Background

• Inspired by Snapchat
• Personalization
• Virtual self avatar
• Scoring system to prompt competitiveness

Carrie

Creative Concept

Digital platform designed with integrated financial tracking using a personalized app, with meaningful graphics and a personal avatar.

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Touchpoints

Carrie is searching for a school that is the most fun. Fidelity introduces the idea that while having a blast at college, she can effortlessly monitor her expenses.

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Carrie picked a college and is excited to start her college life.

Carries parents take out loans on carrie’s behalf. Carrie’s only concern is enjoying college. Her spending is out of control.

Carrie graduates college with a mountain of debt and is clueless on what to do.

Channel: Booth

While Carry is on a campus tour she sees a fidelity booth that provides printed infographics comparing colleges.

CTA: Email form

Channel: App

Fidelity makes comparing schools easier by sending a comparison of colleges.

CTA: Link for more

Channel: Email

Fidelity congratulates Carrie and prompts her to create an avatar on their website and app.

CTA: Link for avatar creation

Channel: Newsletter

Fidelity sends an E-Newsletter highlighting their ability to help Carrie identify and manage expenses

CTA: Link for tutorial

Channel: Email

Fidelity educates Carrie on repayment and how the app can integrate with her income

CTA: Create plan

Channel: Email

Fidelity sends an email message giving Carrie tips on college apps

CTA: Link to register on app

Channel: Email

Fidelity asks Carrie if she wants to continue having money while in school, then tells her how they can help.

CTA: Link for app

Channel: Email

Fidelity sends Carrie an infographic showing the progression of student loan growth.

CTA: Link to see your loan debt

Channel: Notification

Fidelity reminds Carrie how much money she can spend each month.

CTA: Raise your avatar score

Channel: Booth

Fidelity attends the activities fair for students to create their bitmoji avatars on their budgeting platform.

CTA: Account creation

Channel: Demo

Carrie begins to run low on money. Fidelity's interactive demos show her how to budget plan.

CTA: Link to create budget

Channel: Notification

Fidelity sends Carrie a notification whenever she goes over her budget.

CTA: Check app often

Off Site Optimization - SEO Strategy.

• Ranking Keywords Include: Student Loan Strategy, Paying Off Student Loans, Student Loan Consulting, Student Loan Help, Student Loan Plan

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• Keyword Rich META Tag:

Paying off Student Loans can be a difficult task. At fidelity, we provide student loan help and student loan consulting to help you on a path to freedom from student loans.

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• Off-Site Ranking Strategy, Building Backlinks:
• Post on web 2.0s like Blogger and Wordpress.
• Promote landing page on Social Media Accounts to encourage social signals.
• Guest post on blogs in the industry and place backlinks back to landing page.

Thank You!

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We hope you enjoyed our ideas

Footnote Slides

(Extra competitive research)

Studentloans.gov

• A website run by the Department of Education.
• Helps both current and graduated students with their repayment plans.
• Also helps parents plan loans beyond tuition.
• Has tools such as counseling, loan consolidations, and estimate payments.

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Debt.org

• Helps people in debt manage and plan for the future.
• They give assistance not only for student loans, but also debts such as credit, mortgage, tax, etc.
• Offers tools such as consolidation and debt management plans.
• Also offers debt specialists to assist you manage and plan debt payments.

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Financial Finesse

• Identify as an “unbiased” financial education company providing personalized financial education and counseling programs to employees.
• Seek to offer reducing fiduciary liability, increasing plan participation, decreasing stress, and increasing productivity through its multistep approach.
• Ensures employees are fully utilizing financial education and other resources offered by their company.
• Business model is not focused on selling products or managing assets.

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Thank you