HSBC Indonesia wanted to connect with Millennials in Indonesia, developing relevant, new products and services for this segment. However, Millennials were portrayed as outgoing, sociable individuals with lofty dreams and expectations. HSBC wanted to go beyond the demographics and get to know them better.
We ran online surveys, forums and immersions with hundreds of Millennials in Indonesia to discover opportunities for HSBC, using their customer insight community. This ongoing community has been live since 2018, and is managed on the Square, our proprietary platform.
Via interactive digital workshop sessions with some 30 stakeholders from the HSBC marketing team, we connected the client to consumers. This approach aided to bring insights and opportunities to life, before guiding ideation and proposition development. Consumers were brought to life through visual personas, and during live digital dating sessions with the stakeholders.
Based on the input from the consumer community, we developed a set of personas underpinned by a framework articulating their financial mindset.
Being able to immerse digitally in the daily lives of Indonesian Millennials and springboard new opportunities, and this during a COVID-19 lockdown, turned out to be an eye-opener for the HSBC team.
Mature Millennials turned out to be more pragmatic and less indulgent than they were previously perceived (e.g., focusing on providing for their families), especially during COVID-19.
So, while they may be as digitally savvy and aspirational as their peers in other markets, we had to consider how Indonesian Millennials’ banking needs may be shaped by a survival mindset, a collective culture, religious beliefs and the immediate economic reality. We converted this into a set of HMW (How Might We) opportunity statements which we used as the basis for a brainstorm to craft new propositions with the HSBC team.
Subsequently we supported the team in developing their ideas into consumer-facing concepts which were validated quantitatively on the community.
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