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Less is more - Engaging GenY in research on the future of transactions

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In 2014 Direction First conducted a Consumer Consulting Board (CCB). This is similar to an online community, but with a more strategic focus. The aim of the CCB was to understand how best to engage with GenY and to explore and co create the future of payment transaction solutions.So what are you waiting for? Check out our AMSRS presentation to see what G.E.N.Y really stands for...

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Less is more - Engaging GenY in research on the future of transactions

  1. 1. Less is More Engaging Gen Y in Research on the Future of Transactions Erica Van Lieven Managing Director Direction First
  2. 2. Your customers for the next 30 years 25%
  3. 3. Do you know Gen Y?
  4. 4. When they make me laugh When they help me When is a Gen Y most impressed by a person? When they understand me
  5. 5. Human Resource Manager Operations and Logistics Director Marketing Director Sales Director Chief Financial Officer What role would a Gen Y ultimately love to have in your career? CEO
  6. 6. What is more important to a Gen Y ultimately in their career? Making money Making a contribution to the world Doing something creative Having a good lifestyle
  7. 7. What profession does a Gen Y consider more creative? The Chef The Comedian
  8. 8. What is the most important piece of technology in a Gen y’ers life?
  9. 9. What we did
  10. 10. Reaching out to Gen Involve me Fun experiences Listen to me Empower me Living online More online than any generation before Play and connect Express views – share moments through pictures
  11. 11. Have you got Snap Chat? The latest numbers from Facebook confirm that mobile is outperforming desktop (PC). Zuckerberg said 48% of its daily active users only use mobile devices and 49% of its total ad revenues come from mobile ads
  12. 12. 44993 89740 0 20000 40000 60000 80000 100000 Words Total 1528 657 1185 263 0 400 800 1200 1600 2000 Posts Photo's Weeks 1 & 2 only Total Evolution Bring Opportunity: Frequency builds activity Almost a third more posts More than double the number of photos Half the number of words SHOT approach delivered: Posting Activity TEST GROUP CONTROL GROUP
  13. 13. What you give is what you get: participants in the test approach mimicked the moderator, giving twice as many visuals and four times fewer words 9 22 35 111 63 7 10 18 80 28 0 30 60 90 120 No.Responses 1 24 65 46 28 1 7 13 16 7 0 30 60 90 120 Star Rating Star Rating No.Responses Ethnographic Activity: Test Group:-n= 240 posts (4 SHOTs), Control Group:-n= 143 posts (1 activity) Discussion Activity: Test Group:-n= 164 posts (3 SHOTs), Control Group:-n= 44 posts (1 activity) Evolution Brings Opportunity: what you give is what you get The SHOT group produced 74 posted rated 4 or 5, where as the control group delivered only 23 Shot activities delivered less words and more high quality posts Ethnographic Activity Discussion ActivityTEST GROUP CONTROL GROUP
  14. 14. Reducing the number of questions delivered higher quality responses, the number of moments of connection have greater impact and maintain participation. 61 61 41 19 0 15 30 45 60 75 Overall Gen Y AverageNo.Posts n= 31 Viber users 1,950 posts, n=53 Non-Viber users 2,161 posts 94% 85% 92% 96% 79% 83% 50% 60% 70% 80% 90% 100% Week 1 Week 2 Week 3 Evolution Brings Opportunity: frequency builds engagement Impact of VIBER NO VIBER TEST GROUP CONTROL GROUP Viber users were three times more likely to post a contribution than those who did not use Viber Retention
  15. 15. 31% 64% 24% 67% 0% 20% 40% 60% 80% 100% Photos High Quality Post Males and females respond very differently. Males think harder and better when given visual stimulus 36 42 0 20 40 60 80 100 Words AveragePerPost AveragePerPost Total posts: Female 2,503, Male 1,333 Total Words: Female 105,996, Male 46,391 Total Photos: Female 610, Male 415 Evolution Brings Opportunity: women talk more, engage males with visuals Gender Differences MALE FEMALE
  16. 16. triggering up to 25% of new ideas stimulate twice the level of interaction help revise insights by 16-21% “Amazing...feels like I have won millions. Really looking forward to a great talk..! Thanks a lot for choosing me..! And welcome everyone..!” Co Researchers, bring down the wall By ginny16, female, 25-34, I choo choo choose you Co Researchers add value
  17. 17. The banking system is changing Regulators are increasing competition Reducing barriers to entry Reducing switching barriers Consumer expectations are changing Engaging experiences Moving from product features to end needs Internet is the new source of learning advice, comparison and purchase Online mobile digital solutions
  18. 18. Gratifying Gen Y thrives on engagement, discovery and learning. By bringing these together is fulfilling and Gratifying Effortless Technology can transform tasks that were once difficult into being effortless. When this does not work technology becomes a barrier Now You Life is about the here and now. Gen Ys are optimistic, living today as best they can and looking forward to an optimistic future they want to be understood and supported, when they are they will share their vision and dreams. They are constantly connected and always in touch, it’s about them, their dreams and their network of connections Key insights on Gen Y
  19. 19. They are aspiring for innovative, fashion conscious solutions that fit seamlessly into their life. Solutions that support more than just transactions and put their active on the go life at the centre Seamless engagement at the centre of an on the go life 1 2 3 NOT PRODUCT FEATURES BEYOND HYGIENE FACTOR NOT MY ENEMY
  20. 20. Seamless engagement at the centre of an on the go life
  21. 21. Informational Higher data quality and deeper insights in Test cell, males responded with quality to visual prompting Transformational Doing things that were simply not possible before, consumers co-created their future vision for transactions which is beyond products features and more about a seamless platform that facilitates their life SHOT worked the modified approach was more efficient and effective Automational Doing things faster and more cost efficiently, higher retention in Test cell
  22. 22. “Agree! I loved getting involved with the conversations and ideas. It made me feel connected with a whole lot of similar people. I like having conversations like this that require me to use my brain….Thanks for letting me participate .” By Kat_Meow66, Control, female, 25-34 “Wow, well done everyone and well done Marie for leading the project! This is very exciting and it's been an absolute pleasure to participate and contribute and I hope to be called upon again! I've loved meeting and chatting to everyone and I've loved thinking and learning about new things! Thanks again for picking me!” By Golanth, female, 25-34 “It was good to be able to check in, see what's going on. Watching something be created and developed. I know I used it as my stress release over the last 3 weeks :)…..Everyone here has their own opinions and views and that's what makes this community special. Not once did I feel like my opinion was meaningless, just challenged, which made me think harder…. After agreeing, AND disagreeing with some of the members points of view, it was fun. It was good to have this kind of banter with people you would have otherwise never known. The world is so large, I feel very lucky to have the opportunity to be part of this small community.” By Thorn, Control, male, 18-24 Ask less, CONNECT and learn more!

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