This document outlines research and recommendations for an intern project engaging millennials with Charles Schwab finances. Key findings show millennials most aware of and using Bank of America and Wells Fargo, with Schwab associated with wealth and corporate brands. Millennials also lack confidence investing in stocks. The document recommends opportunities for Schwab like addressing millennials on their preferred platforms, balancing assistance and intimidation, and engaging them in community involvement. A proposed solution includes a campaign launching a mobile app and social media presence highlighting Schwab's social responsibility and customer service through technology to attract starting millennials.

1. RAPP SF
INTERN PROJECT
2016
Allie Pietro, Bailey Moran & Emma Rabun

2. ENGAGING
MILLENNIALS
WITH THEIR
FINANCES FOR
CHARLES SCHWAB

3. RESEARCH:
3
SURVEY KEY FINDINGS
Top Awareness and Use amongst millennials:
Bank of America and Wells Fargo
76.3% of millennials use a mobile banking app
at least once a week
Strongest associations with the Schwab brand:
“A bank for wealthy people”
“Corporate”
“An investment bank”
45.5% said they did not feel confident
in their knowledge or ability to invest in the stock market

4. RESEARCH:
4
THIRD PARTY RESEARCH
“At the end of the day, if a business doesn’t work side by side with
technology, they will be less appealing to consumers and Millennials
will be much more reluctant to, well, consume.”
“Millennials not only want to consume, but they also want to feel connected
with their purchases. Buying a product now means buying into a product.”
“Beyond what you can do for them, millennials want the companies
they do business with to be invested in improving the world.”

5. CHARLES SCHWAB
TARGET AUDIENCE

6. THE DRIVEN:
SCHWAB’S
CURRENT KEY
CUSTOMER

7. 7
THE STARTING OUT:
“Sharing my life and experiences with
others makes them mean more and
helps me to learn from them.”

8. 8
“I am future focused with my
money and with my life decisions.”
THE STARTING OUT:

9. 9
“I understand how important
responsible financial decisions are, but
I don’t want to make them yet.”
THE STARTING OUT:

10. 10
“I want to be an active participant in
my community, globally and locally.”
THE STARTING OUT:

11. INSIGHTS AND
COMPETITIVE
ANALYSIS

12. 12
CUSTOMER INSIGHTS:
TRUST AND LOYALTY DIGITIZATION VALUES

13. 13
TRUST AND LOYALTY DIGITIZATION VALUES
COMPETITIVE ANALYSIS:

14. HOW SCHWAB COMPARES:
14
IN KEY AREAS
• Rarely mentioned on social media
• No current marketing for this
demographic
• Mobile banking and trading app
• Participate in socially responsible
activities, but low public awareness of
these activities
2%

15. OPPORTUNITIES

16. OPPORTUNITIES:
16

17. OPPORTUNITIES:
Give them a say in how Schwab is socially responsible
Address them from platforms they pay attention to
Quality customer service through technological platforms
Delicate balance between condescension and intimidation
Provide opportunities for them to interact and engage with
their community, and the brand
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FOR ENGAGING MILLENNIALS

18. OUR
SCHWAB
SOLUTION

19. 19

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30. REAL
TIME
APPLICATION

31. CAMPAIGN TIMELINE:

32. THANK YOU
CHARLES SCHWAB ACCOUNT TEAM
&
RAPP AGENCY
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