Meeting customer needs - Young Savers
A Yorkshire Building Society case study

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Page 7: Key motivators

YBS then examined factors that motivate the choice of financial products by new parents. Results of this research indicated that parents expected to take a lead role in the account choice of their children up to 16. They were also likely to be swayed by relevant promotional offers aimed at the children ('package of goodies'. The desire to save for the child's future was of prime importance and most parents were open to a broader range of long-term saving products.

Most parents saw Building Societies as their favoured provider of child-centred financial services and easy access to a local branch was a main driver for opening an account. Many parents wanted an account that their child could not touch (no temptation!) such as bonds for children.

These insights allowed YBS to identify appropriate ways of communicating with this segment as they move through the following process:

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At each stage in this process YBS seeks to communicate to and engage with its customers, identifying opportunities for education, promotion, social interaction and entertainment.

Yorkshire Building Society | Meeting customer needs - Young Savers