Fingon

Service Design

Team: Aishwarya Bhave, Aishwarya Londhe, Mugdha Attarde, Mingwei Ma, Xiangyue Deng

Role: Service Design, UX and UI design of the digital prototype, Making the service financially viable

Client: Aegon UK

Mentors: Kam Chana, Qian Sun

Timeline: November 2023 to February 2024, Term Project at the Royal College of Art

Objective: Following the implementation of the auto-enrollment system for pensions, there has been a notable decline in people's engagement with their pensions. The objective is to address this trend by increasing people's involvement with their pensions and encouraging greater investment in ESG funds.

Approach: We began with a thorough analysis of the UK's pension system, focusing on the growing demographic of working millennials. Initial pulse interviews in Canary Wharf and Bank provided insights into pension concerns. We then conducted eight detailed interviews to delve deeper into attitudes and barriers. Using this research, we iteratively developed and tested concepts, ultimately creating a solution to enhance pension engagement and promote ESG fund investment among millennials.

Key Insights

1. Sense of belonging
Many mentioned that they spend most of the time in their office hence consider their colleagues as a community. They feel a sense of belonging when someone’s beliefs and values align with theirs.

2. Recognition
Being a team player is necessary for each person. Recognition, and trust from other members sometimes is more important than just recognition from higher up.

3. Can’t relate to just the environment
When it comes to sustainability and climate change people fail to form an emotional connection

4. Enjoy getting to know themselves
Many people enjoy taking quizzes to find out more about themselves.

Problem Statement: People don’t care about pension as they feel like the money is not enough for retirement and feel like they have say no say in where the money is invested.

Super Personas: From the 20 personas developed from our interviews, we synthesized a 'super persona' to guide our service design process.

User Flow: We developed a user flow to identify any gaps in our idea, refining it after reviewing insights multiple times. Initially, we explored visualizing the future impact of pension investments on the environment, but this concept didn't resonate with users during testing.

Outcome: Introducing Fingon -Where Employee and Employer pensions align for Sustainable Success!

User Flow: We conducted user testing with nearly 10 participants (Including four employees from Aegon UK), gathered their feedback, and formulated our theory of change, which we subsequently validated through a workshop.

Theory of Change:

The Theory of Change outlines how and why a desired change is expected in a specific context. Our hypothesis emerged from concept testing with London Business School MBA students. It suggests:

Providing recognition for employees' green fund contributions will increase engagement with workplace pensions among peers.
Offering control and transparency over pension funds will raise awareness of sustainability impact and empower individuals in decision-making.

We tested this hypothesis in a workshop with participants grouped in 2-3 friends to complete tasks and discuss, mainly to validate the influence of peer pressure.

System Flow and Revenue Model: Using feedback from employees, Aegon staff, mentors Kim and Qian, and LBS students, we refined our system flow to ensure financial feasibility, including the revenue model.

Value Proposition: After multiple rounds of user testing, we finalized our value proposition.

Systemic Constraints: Service designers are aware of constraints that may affect the smooth functioning of our service, some of which may be beyond our control.