Sometimes people aren’t great at saving for the future.
Bank of America hired IDEO, a human-centered design firm in 2006 to find a way to get people to open more accounts with their bank.
“For the next two months, a team of five BofA researchers and four researchers from a West Coast consulting firm visited Atlanta, Baltimore, and San Francisco. They observed a dozen families and interviewed people on the streets. They watched people at home as they paid and balanced their checkbooks. They tagged along with mothers as they shopped at Costco, dined at Johnny Rockets, and made deposits in drive-through tellers” (Bloomberg).
Since launch, “Keep the Change” has led to more than 12 million new customers and more than $3.1 billion in savings for them.