Akar Sinha Daniya Faisal Poorva Mankad SDM | 14
GRATITUDE We would like to thank Mr. Shashank Mehta for his excellent guidance and invaluable support during this module called Service Design, without which this would never have been possible. We would also like to extend our gratitude towards National Institute of Design (NID) Gandhinagar community for their co-operation, without whom this project wouldn’t have been accomplished. We thank Ms. Namita Kalve for her invaluable and dedicated support in helping us execute the service. We would also like to thank the NID Staff especially Mr. Arjun Dabi for his help in putting up the promotional danglers. We highly appreciate the students of our college who enthusiastically participated and made our service successful. Last, but not the least, we would like to thank our classmates for their critiques and help, and also each other for never ending support and respect and trust.
WHAT IS “SERVICE DESIGN” ? Service is performing action to satisfy the intangible/tangible needs of a customer. When consumed it takes the user on an experience journey for which the service is intended with a strong core as its USP.
TOUCH POINTS
INTERACTIONS
TRANSACTIONS
EXPERIENCE
Touch points are the multiple points of contact you can have with a service. They may include people, environments and digital interfaces.
Interactions are the types of engagements that can happen at various touch points.
With a service, there’s often some kind of transaction during these interactions, whether it’s with money or information.
Experience is like "emotional currency" because it enables us to connect with and experience the service on a very personal level in a memorable way.
WHY?
WHAT?
We believe that money matters!! — It defines relationships, access to money empowers people, and most financial behaviors influence all dimensions of personal wellbeing.
HOW?
People don’t buy what you do but why you do it !
WHY? HOW? We’ve committed ourselves to working with students — To help them experience the broad and deep financial topics. We focus on making saving easier, advice more approachable, and a reality check on cash-flow.
WHAT? We work closely with all of our clients to identify, design and deliver the elements that will ensure that they embrace a culture of saving, and prepare them for the future with respect to money matters.
GAP Students are not able to “save” money. But they have big/small dreams to achieve (Eg: an upcoming trip). One of the major reasons is Lack of motivation, will power, and ignorance regarding money matters.
NEED Someone/ something to help them manage their money. But at the same time making sure, they can have it if required urgently.
VALUE PROPOSITION FOR : The students WHO ARE RECKLESS WITH : their money, and feel that they have no money when they actually require it. OUR DELIVERABLE IS : is like a “CARING PARENT” THAT PROVIDES : a check and a reminder service to help them save their money and achieve their desired dreams. UNLIKE : them having to constantly see their dreams getting shattered. WE HAVE TAPPED : The students’ ignorance towards their finances and inconsistency in saving money.
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Category
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Movies Tobacco Shopping Petrol Alcohol Investment Fast food Mobile Beauty Cosmetic Health Care
Topics students rely on other’s expertise
Most students are interested in learning
for :
about MONEY :
Post Graduation Boys Overall (%) (%)
Girls (%) 5
4
4
0
7
4
39
25
31
5
6
6
1
7
4
5
25
16
9
9
9
11
11
11
11
0
5
10
2
6
5
5
5
Saving Patterns observed
.
Source : Survey conducted with a sample size of 50 people.
OUR
INSIGHTS and INTENT A few specific areas to focus on could include to: Help customers imagine and understand different possible financial scenarios. Help customers make small, frequent and routine steps towards longer-term goals. Make it easy for customers to make small adjustments to products that are traditionally bought and forgotten. Help long term savers link regular deposits to the ambition of a real purchase in the future. The opportunity is to develop more meaningful relationships with customers by identifying where, when and how they can credibly add value to people lives, beyond transactional interactions. The insights from the above research, echoes with our Value Proposition of being like a caring parent in terms of financial advices. The saving patterns were taken care of at the time of “Motivational Promotions�.
MEET
KARAN Hye! I’m Karan. I am a student who wants to be the “pilot” of his own Finance plane.
I have my own bike with which I travel. I like to hang out with friends and socialize
But, at the end of every month, I don’t have money left.
I have lots of dreams and aspirations for my future.
Team Akalmandi helped me manage my money smartly, and provided expert guidance.
Karan
They gave me a reworked personal budget !
10K per month (Previous savings depleting fast)
23,750 3,928 3,333 12,000 , Twice a year
NO additional savings apart from money in the account.
1,000 3,000 5,000 , Once a semester
4,240 100 5,000 , Sent back at home depending on projects.
SAVING TIPS Through our analysis, we have observed the following patterns : 1) You are spending almost 50% of the money received on addictions which is ALARMING!! TIP : Try keeping a tab on your addictions.
2) Take out 30% (INR 3,000) from your account and put it in another account, as Savings, or your piggy bank, which you do not use. TIP : If taking out a chunk of money at one go seems difficult, start with saving INR 150, every time you withdraw/ use INR 500.
I don’t have any savings. And I don’t know where all my money goes.
Now I feel confident and motivated to save money step by step and make my future better! :D
IDENTITY
1
PLANNING
2
PROMOTION
3
REGISTRATION
4
EXHIBITION
5
EXPERT SESSION
6
PERSONAL PROFILING
7
SERVICE ARCHITECTURE
1
IDENTITY
COLOURS The colours blue and green stand for TRUST and FINANCE respectively, something that echoes with our service as well.
MEANING The logo is simple typographic, and symbolizes “akal” i.e, intelligence, to prevent “mandi” i.e, low finances, which indeed is our intent as well.
SERVICE BLUEPRINT Physical Evidence
AWARE
JOIN
Login page Promotion
Registration Desk
Currency Note danglers
Discount Vouchers were brought back to register.
INTERACT
Discount Vouchers
TAKEAWAY
Day 1 8th Feb Monday
Day 2 9th Feb Tuesday
Day 3 10th Feb Wednesday
Day 4 11th Feb Thursday
Day 5 18th Feb Thursday
Time: 6:30 pm - 7:30
Time: 6:30 pm - 7:30
Time: 6:30 pm - 7:30
Time: TBA
Time: 6:30 pm - 7:30
Introduction Fun Games Financial Profiling
Customized Budgeting
EVENT
Expert Guidance
We meet again. For concluding session. Piggy bank opening.
MAKE MONEY
Sealed Envelopes with a token amount as motivation for saving.
PROCESS
Concept development from the scratch, based on the needs of the students.
USER Journey Curious | Anticipation | Attention
Delighted | Respond | Inquisitive
Decide whether to enroll in the service or not
Come to the Registration Desk | View Brochure
Convinced | Register !
Prepared with Questionnare | Reality Check
Excitement | Role Reversal
Motivated | Smart Management Tips
Saving | Aspirations Feeling in Control
Happy Customer !
Phase vise implementation planning.
Kabyashree Borgohain
PIGGY BANK | QUESTIONNAIRE | PERSONAL BUGETS
COLLATERALS | EMAILS
Save Money. Make Money.
Auction | Impulsive behavior | Excitement
Name:
Date:
Where does your money come from?
7- 8K per month (+20 - 25K depending on projects)
Directions Answer these questions.
23,750 3,928 3,333 16,000 , Twice a year
1. List your current source(s) of income.
NO additional savings apart from money in the account.
Soon... Very Soon!
Save Money Make Money
2. What do you expect to be your source(s) of income in the near future?
Name:
Personality Type : IMPULSIVE
Amount Paid:
The following analysis has been done on the basis of the activities “Auction Game” and “Draw your Money” : -Apart from “impulsive”, you also showcased some traits of the “Dreamer” personality.
1 3. What are your feelings about being financially dependent vs. financially independent?
Sign:
Front stage
-You are Confident, and focused on the possibilities of situations to turn in your favor. -You are Energetic and Optimistic, and tend to lead initiatives.
Eying that Dress Save Money Make Money. Via
Hassle free money management.
2,500 3,000 - 5,000 , Twice a semester 3,000 1,000 1,000 100 5,000 , Sent back at home depending on projects.
SAVING TIPS Through our analysis, we have observed the following patterns :
-However, You are focused on immediate wants and needs, rather than long term financial goals.
1) You are spending almost TWICE on your food.
-You pay for Convenience
2) You are spending almost 50% of the money received on transport.
TIP : Why dont you start with a “Pay and Eat” policy in the mess.
TIP : Co-ordinate with the College bus, in the morning since it has a fixed timing.
-Your cash flows out without realization. -You are focused on what money buys, rather than understanding your actual need.
3) Take out 30% (INR 2400) from your account and put it in another account, as Savings, which you do not use. TIP : If taking out a chunk of money at one go seems difficult, start with saving INR 150, every time you withdraw/ use INR 500.
2
1. What are the first 3 words that come to your mind, when you think of money? A B Get guidance from experts.
C
3
Present this note to avail 10 discount at khopcha.
Detailed service specifications and blueprints.
2. Take the above 3 words and draw what you perceive money as.
Become a smart saver.
Terms and conditions apply: Can not be exchanged for cash. One coupon per person.
Service Campaign design and Promotion
Stages Work Backstage
Email promotion Building anticipation
Put up notes and collaterals on the trees for promotion.
Designing the brochure with simplified steps and infographics
Choosing language and words for the email
Set up Registration Desk at Khopcha
Designing the fonts and layouts
Take print outs and cut the brochures according to required size.
Inform people about the timing and offering of our service.
Tell people about our service and motivate them to register for our service.
Email promotion Building anticipation
Designing the template for the piggy bank to be given as a take away, as a first cue to save money. Take print outs and cut the templates according to required size. Pitch to the expert to get him on board for the expert guidance session. Take permission from the authorities to host the event.
Iterations
Outcome
Promotion collaterals had to be made more simplified
Procure things required to conduct the auction game. And incorporate draw your money exercise. Inform the staff in person to get money for tomorrow’s event. Create an excel sheet for record.
People came to the desk to register
People started asking about the service. Vouchers were collected and brought later
6/10 coupons availed, were converted into service registrations.
Divide the profits accordingly Return the things which weren’t sold. Ask them would they consider donating the remaining items (mainly books) for a bigger cause. Make sealed envelopes with money to be delivered later
Carefully tagging the price points and curate things accordingly.
People are not that active on mail, as well as their free time is mostly late night. Iterate the mode of communication to a WhatsApp group as people are more active on that. Scheduled time was changed to 10:00pm.
Created a BUZZ among the target audience
Multiple touch points Emailer Vouchers Brochures
The questionnaire to be given for people to have their first reality check.
People who didn’t fill the questionnaire, the outline of the same should be included during personal interview.
Gamification to understand spending patterns and behaviors. Expert Guidance | Tips
Arrange things for the expert session, and issue equipments for recording. Send a gentle reminder to the expert, registered people, in the community. Upload and share the recording for registered people who could not attend the talk.
Divide registered people for personal interview to avoid personal biases while collecting data. Send personalized message to take appointment from each one of them based on their convenience. Work out an outline of key points during personal interaction.
Give the sealed money envelope with a note intending to give them a starting amount to save money, also it caters to the make money part of our service.
Get the impact measurement by analyzing the amount of money saved by registered people.
Branded Behavior guidelines for execution.
Analyze the game, questionnaire, draw your money sheets and profile based on archetypes. Compile the information into personal budget report cards.
Our holistic approach to saving money helped people set objectives and reach them, step by step.
Service standards for delivery. Our service was able to Decode Decipher Deliver Delight
BUSINESS MODEL Key Partners
Key Activities
Value Proposition
Customer Relationships
Customer Segments
NID
Personal Budgeting
Help customers imagine and understand different possible financial scenarios
NID Students
Students
Money management
Establish a relationship with more personal and customized interaction to build trust.
Staff
Motivations for Saving
Finance Expert
Make the registered user a smart spender
Key Resources
Help customers make small, frequent and routine steps towards longer-term goals The opportunity is to develop more meaningful relationships with customers by identifying where, when and how they can Credibly add value to people lives, beyond transactional interactions.
Being like a caring parent in terms of financial advices.
Become an aid for hassle free money management.
Channels NID Infrastructure Whatsapp messenger
NID college Infrastructure
NID Email
Technicians
Word of Mouth
Cost Structure
Revenue Streams
Fixed cost : Collaterals
Registration fees
Variable cost : Time | Energy
20% Margin from Up-selling prior impulsive purchases.
Staff
PLANNING
Day 1 8th Feb Monday
Day 2 9th Feb Tuesday
Day 3 10th Feb Wednesday
Day 4 11th Feb Thursday
Day 5 18th Feb Thursday
Time: 6:30 pm - 7:30 pm
Time: 6:30 pm - 7:30 pm
Time: 6:30 pm - 7:30 pm
Time: TBA
Time: 6:30 pm - 7:30
Introduction Fun Games Financial Profiling
Customized Budgeting
EVENT
Expert Guidance
We meet again. For concluding session. Piggy bank opening.
Venue: SDM Studio
Venue: SDM Studio
Venue: SDM Studio
Venue: SDM Studio
MAKE MONEY Venue: SDM Studio
SERVICE STRATEGIES The entire schedule was planned keeping in mind two things i.e. it was lining up with Valentines Day and salary week for the staff. Also, the availability of staff, students and a considerable footfall was kept in mind while deciding the dates for the service.
2
3
PROMOTION Save Money. Make Money.
Soon... Very Soon!
WEB BASED TOUCH POINTS Login Window was tapped as a touch-point as it catered to every student, staff in the community. We tried to bring down the heaviness of the word “FINANCE” by adding a bit of humour and personal touch in our tone of communication.
Eying that Dress Save Money Make Money. Via
Present this note to avail 10 discount at khopcha.
Terms and conditions apply: Can not be exchanged for cash. One coupon per person.
TANGIBLE TOUCH POINTS Promotional Strategy : space, time, audience all parameters were carefully analyzed. Space chosen had high foot fall, maximum visibility, Time at which the promotion danglers were installed was at night to give them a breakfast surprise. Apart from this, a Piggy Bank was given to the joiners as a Saving Motivation.
4
REGISTRATION Save Money Make Money
Name: Amount Paid:
1
Sign:
Hassle free money management.
2
MOBILE BASED TOUCH POINTS Get guidance from experts.
3
BROCHURE | REGISTRATION SHEET Become a smart saver.
5
EXHIBITION - Backstage ( Curate | Tag | Brand )
5
EXHIBITION - Front stage
6
EXPERT SESSION Topics covered:
Return on Investment. Budget components Opportunity cost Savings Types of bank A/C’s Stock market CTC Mutual funds. SIP schemes PAN, DMAT
7
PERSONAL PROFILING
Impulsive
Dreamer
Organizer
Personal profiling was done through four parallel activities which were then validated and profile tags were carefully given according to that, and a re-worked budget sheet was given as a takeway. ACTIVITIES : Tap aspirations | Auction Game | Draw your Money | Personal Interview
7
BUDGETING Karan 8K per month (3000-5000 per month from freelance)
23,750 3,928 3,333 10,000 - 12,000 , Twice a year
NIL
1,000
Personality Type : IMPULSIVE The following analysis has been done on the basis of the activities “Auction Game” and “Draw your Money” : -Apart from “impulsive”, you also showcased some traits of the “Dreamer” personality. -You are focused on the possibilities of situations to turn in your favor.
4,000 5,000 , Once a semester 2000 10,500 200 100 5,000 , Sent back at home depending on projects.
SAVING TIPS
-However, You are focused on immediate wants and needs, rather than long term financial goals.
Through our analysis, we have observed the following patterns :
-You pay for Convenience
Through our analysis, we have observed the following patterns :
-Your cash flows out without realization.
1) You are spending almost 50% (INR 4,000) on Food (Khopcha + Outside). Don’t skip your meal when you have already paid mess fees.
-You are focused on what money buys, rather than understanding your actual need. -You should be more proactive with your finances.
2) The amount of money spent on addictions is ALARMING !! Try cutting down on your daily cigarettes for a start. 3) Take out 30% (INR 4,000) from your account and put it aside, as Savings, which you do not use. TIP : If taking out a chunk of money at one go seems difficult, start with saving INR 150, every time you withdraw/ use this saving amount in your travel budget later.
IMPACT and FEEDBACK ( Batch 1 )
f out o , 1 h c In Bat le, 8 were op 15 pe achieve to t able targe y l k e e their w e 30% of av and s come n i r i e h t
when t n e m o That m ck money, a I got b agical! was m We should have
Feed back
talks on these
Eagerly waiting for Phase 2
topics more often.
Thank You!
Thanks to your “Saving Tip” of saving Rs. 150 per Rs. 500, I have started saving now!!
That “REALITY CHECK” was muc h needed
SCALABLE MODEL OPTIONS Our service can be taken to the next level by tying up with other colleges, to satisfy the intangible/tangible needs of those students as well. It would take them on a journey towards financial literacy, and make them more confident and smart in the future.
Conduct similar WORKSHOPS with other college students.
Uncomplicate our service for more Impact and Better Execution
Pitch our idea and as a personalized app using data analytics.
Workshops can be easily conducted in nearby colleges like PDPU, DAIICT, EDI etc., where people understand the importance of learning more about managing their finances.
Our service had too many angles and dimensions. Maybe, we could use more digital algorithms to ease out the process and make it less labour intensive.
Money managing apps exist. What value can our service add to that existing opportunity. How can we make money management and money saving more inclusive.
RETROSPECTION The Service Design module was a mix of a lot of Fun, and full of Experiential learning. We understood and started seeing Service Design as dynamic architectures of people, dialogues, systems, procedures, resources and so on – through which people have experiences and achieve outcomes. Touch points, journeys and channels told us that we need to see these experiences as users do – as a series of critical encounters that take place over time. Thinking on our feet, and re-iterating quickly, helped us to see where the priorities are and where the service can be improved. Akar Sinha Daniya Faisal Poorva Mankad SDM | 14