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What factors influence your decision of where to put your money?
Challenge Type: business
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$1,600
top 25%
121
submissions
DONE
21 months ago

In recent years, a large number of digital players have emerged in the banking space which has given consumers more choices for where to "park" their money. Many of these digital players market themselves as "non banks" and have been especially effective at convincing younger generations to become customers. As expected, this has resulted in a decline of deposits for traditional banking institutions.

In this changing landscape, we are interested in better understanding the main factors you consider when deciding where to keep your money. 

Deliverables

Please respond to the following questions:

1) What factors convince you to place your money with a particular organization?

  • What specific economic incentives are important to you?
  • What non-economic benefits or incentives are important to you?
  • What are your main worries when choosing where to "park" your money?

2) How do you want to receive advice from the financial institution that holds your money?

  • What advice topics would you prefer to receive in a format that lets you read/review on your own? (ex. email, newsletter, guides, etc.)
  • What advice topics are specific to you where you'd rather interact with a real person?

3) What financial institutions are doing a good job at convincing younger generations to place their money/trust in them? Why is their approach/messaging effective?

    Submissions will be graded on the following criteria:
  • 1-10 Scale
Reward Tiers
Top 5%
will share $1,000
Next 7.5%
will share $400
Next 12.5%
will share $200
Actual individual rewards will be based on the total number of eligible solutions.
Leaderboard
$166.70 Miles White University of South Florida
$166.70 Matthew Gaiser Queen's University
$166.70 Vartika Parekh
$166.70 Phillips Staninski University of Chicago
$166.70 Christopher Adjei-Frimpong University of Mines and Technology, Tarkwa
$166.70 Chike Uke Nnamdi Azikiwe University Awka, Nigeria
$44.40 Heather Curtis Duke University
$44.40 Dominic Mukuka University of KwaZulu-Natal
$44.40 m .
$44.40 Francis Daniel Santia Harvard University
$44.40 Olivia Wendell Honolulu community college
$44.40 Rita Yip University of Auckland
$44.40 Lena Morena University of Vienna
$44.40 Jamie Shields New York University
$44.40 Kate Rushton Nottingham
$13.30 Nicole Croll Carlow University
$13.30 Brian Thrasher Tulane University at New Orleans
$13.30 George Kiprono Tonuy JKUAT
$13.30 Uchegwuoagwu Omereji Rivers State University Of Science And Technology.
$13.30 Joshua Y. Ansong UMaT
$13.30 Daniel Adeleke UoT
$13.30 Josh Lyman University of Oregon
$13.30 Sourav Kumar Vishwakarma
$13.30 Edilson Gomes de Lima Ibero American
$13.30 Isaac Ellison University of Central Florida
$13.30 Jamal Syed Karlsruhe Institute of Technology
$13.30 Jelitta Diva Anna University
$13.30 Hugo Pimenta
$13.30 Meera Stephen
$13.30 Seth Lazaro
Submission questions


What is your age?

(Required)
18-24
25-32
33-40
41+

Where do you put your money now?

(Required)
Large national/international bank
Smaller regional bank
Credit union
New online or digital banking service
Other

If you selected "Other" please specify what kind of financial company you use to park to your money

0 characters Average: 1727 characters
Your solution must be at least 200 characters long
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