Monset Talk
MONSET: A Service that Offers Financial Resilience Building through Conversational Banking
Partnered with NatWest Group to define an innovative service that champions potential; breaking down barriers and building financial confidence so the 19 million people Natwest communities throughout the UK and Ireland can thrive.
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Role in group
Research & Strategy
Information Architecture
Video Production
UX/UI Design
Service Design
Product Design
The Challenge
Money = Taboo, Financial Anxiety, Generational Gap
55% of UK adults don’t feel comfortable having a familial conversation about money or their financial worries. Yet 48% admit they have regularly worried about not having enough money, which has in turn affected their overall well-being.
Collaborated with NatWest Group, We want to help adults consciously address financial anxiety and help families have a sustainable financial growth journey.
My parents have always focused on saving for rainy days ,
so I think its okay to enjoy and let go sometimes.
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My mom was a big spender. So, I had to start planning and saving early on. I think I know what not to do now.
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The Insights
Enagaging sensitively with parents through survey, interviews, and workshops gave us a perspective on different types of life-styles, backgrounds, mindsets, ages etc that contribute to financial and mental well-being.
Our main takeaways are:
Age no bar for Fin. literacy: A persons financial age may vary from their actual age and experience levels.
Short term vs Long term: Ambiguity in assessing and managing short term and long term goals causes anxiety.
Adulting = Resilience: Adults are expected to know it all. This creates isolation, exclusion , discouragement & shame.
Networth or Selfworth?: People quantify their self-worth, fulfillment, satisfaction, purpose etc using money as a metric of their success.
Money is an emotional matter.
We asked: What does financial success look like for you as parents?
“Spending quality time with my family without having to worry about money.”
The Outcome
MONSET TALK is a coversational banking service that aims to help parents evolve financial capability and to enhance their financial well-being; plus, enables them to break generational unresourceful habits and re-teaches financial communication with children and beyond.
As a service, MONSET TALK aims to bring together the feasibility of conversational banking, combined with people's preference for prompt and private solutions. It also attempts to be cost-effective and scalable, expand to other user groups, traverse via newer mediums and advanced with more intelligent features in the long run.
Background
HUSH! Money = Taboo
55% of UK adults don’t feel comfortable having a conversation about money or their financial worries.
Networth or Selfworth?
People quantify their self-worth, fulfillment, satisfaction, purpose etc using money as a metric of their success
Money is an emotional matter.
User Research
Interviews with over 50 parents & kids
- Sandwich parents: Millennia parents are often busy with work, with elderly parents to take care of and children to educate, and the pressure is often financial anxiety;
- Generational cycle: They want to teach their children healthy financial concepts, but don't know how to have an open conversation with their children;
- Educational barrier: Due to the taboo nature of financial topics themselves, they are usually not discussed with them and do not know their specific problems and how to solve them.
5 workshops with parents & children & family
- Both parents expressed that there are constraints in discussing financial topics at present;
- They hope to educate the next generation with healthy financial education through
systematic learning and reflection.
(2 crazy 8 + 1 crazy 40) x 5 = 280
- A model to help parents open financial topcis with their children
Our Vision
To create a self-sustaining community-led network effect using high financial EQ for 4 million families across the UK, such that the overall financial resilience, literacy and confidence of the next generation is higher.
Design Challenges
How might we help parents deconstruct + reconstruct their relationship with money, consciously change their generational mindsets, and create a healthy financial foundation with their children through Unlearning and Re-learning together?
MONSET TALK is a service that offers financial resilience building through conversational banking.
It aims to help young families evolve their financial capability and to enhance their financial wellbeing.
This is done by helping them identify and break resourceful generational habits so that they may have better interpersonal communication about money with their children and beyond.
Features
App Store Download
NatWest Bank Card
Set up
Set up for family learning
Weekly Learning
Content Notification
Financial Report
Financial Confidence Score Report
User Validation and SME Sessions
5 WORKSHOPS WITH PARENTS & CHILDREN & FAMILIES
INTERVIEWS WITH OVER 50 PARENTS & KIDS
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Show a willingness to use and learn
Engage in learning feed
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Explore in childrens' language mode
Interested in family activities
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Vocabulary prompts
Would like to be notified
Vincent Slevin
Phd Service Designer, Modal
James Cochrane
LBS, Entrepreneur
Shelly Zhang
Harvard Graduate School of Education, Educator
*SME = Subject Matter Experts
Value Proposition
Value Creation
Looking Into The Future
With respect to partners, the goal would be to form a network of parents, promotional partners, and Small and Medium enterprises to collaborate with for revenue generation.
In the future, as MONSET gains more traction and trust. the service is potential to expand to other user groups, traverse via newer mediums, and advance with more intelligent features
Business Model
SWOT Analysis
MONSET TALK BRANDING
