We have been tasked with creating a commercial brand for a modern bank with the target audience being aged 16-25.
I decided to start this project by taking a look at other popular banks to see what they are doing right and what they are doing wrong. Conducting this competitor analysis will allow me to develop my own bank brand knowing what works and what doesn’t.
I decided to conduct a survey to find out what it is that people are looking for in a bank and why they use the banks that they use. I created a survey using google forms and posted it on social media so my peers could complete it and provide me with some data.
Here are the results.
[https://docs.google.com/spreadsheets/d/1Os1AKfT33wbsJta6hYL-kYkoB27ULYRgde5j2qCriQs/edit?usp=sharing](https://docs.google.com/spreadsheets/d/1Os1AKfT33wbsJta6hYL-kYkoB27ULYRgde5j2qCriQs/preview?usp=sharing)
I then decided to go through the survey results and isolate the most popular answers for each question. I figured that if I can find a common theme amongst answers then I could use it to help lay the foundation for my own bank.
So, most people surveyed answered the following; I am aged 19-21, I bank with Monzo, My parents chose Monzo for me, Saving matters most to m when banking, I prefer to bank online, I feel no personal connection to my bank, My bank provides a valuable service to me, I have never considered switching bank, a feature I would like to see added to my bank is more options for investing.
