Our teens do not understand the value of their savings account. They are not creating nor completing savings goals.

Problem definition

At this time Copper had just over 300,000 users. Less than 30% of teens are creating savings goals. Additionally, less than 15% are completing the savings goals that they creates.

What does success look like?

Goals

Build an MVP savings feature that will encourage teens to create and complete more savings goals. This needs to be design and shipped within 4 weeks.

  • 50% increase in goal creation

  • 60% increase in goal completion

  • 50% increase in card transfers from parents to teens

  • 25% increase in parent transfers into Copper account

Discovery

Everyone meet Josie!

  • Saves her spare change

  • Allocates her allowance

  • Doesn’t know what to save for

  • Is saving money to buy her first car before her 15th birthday

About Josie

  • Just an average 13 years old

  • Middle school student

  • Plays softball, active in Girl Scouts

  • Starting a lemonade and iced tea stand at sports games

“I recently joined Copper to learn how to save money. And more importantly want to become more financially independent from my parents. I joined Copper because, Copper is trying to create the first financially successful generation by giving me the tools and resources needed to take control of my financial future. 
And that’s what I am going to do.”

Why Copper Banking?

Josie doesn’t understand why she should be saving money

Discovery

Upon surveying 100 teens we found out that they don’t know why they should save money. They also don’t know what to save for.

Josie doesn’t know why saving is important

I talked to the product growth team to run a report on teen goals. I found that most of the goals teens were creating were too large to achieve.

Josie is creating too large of savings goals

Copper’s mission is to create the first financially successful generation. Yet, we barely have any education or tips for teens within the product.

Copper isn’t providing her enough education

After testing a couple designs with our teens, I found that teens want some kind of incentive to take a learning challenge or educational course.

Josie wants to be incentivized to save money

Josie’s key opportunities

Ideation

Talk with financial consultant providing the best topics for teens to get a better understanding around saving money.

Build lessons on saving money

If we give an incentive we want to make sure teens get a better understanding of what they learned. Testing them will allow teens to remember what they just learned.

Quiz teens on what they learned

Start establishing a habit for doing after learning. This will be essential as we grow education throughout their banking and investing experience.

Initiative goal creation early on

Discovering “Skipping over education”

Design considerations

We noticed in some of our user tests that teens tended to not read through all of the education before jumping to the next lesson; fast forwarding to the money.

Josie can get educated, test herself and earn money towards her first goal

Final design

We added an ability to take the savings challenge over once completed.

Start over

We’ve added savings tips on the savings screen so that teens can continue to learn as they save.

Savings tips

Additionally, we sent an email to parents letting them know their teen completed education around savings.

Email to parents

Teen savings goal

Results

Business impact

  • 70% increase in goal creation (beating plan by 20%)

  • 80% increase in goal completion (beating plan by 23%)

  • 60% increase in card transfers from parents to teens (beating plan by 10%)

  • 32% increase in parent transfers into Copper account (beating plan by 7%)

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