Teaching Consumers Complex Concepts In Financial Education – Case Study post image

Teaching Consumers Complex Concepts In Financial Education – Case Study

Large leading bank

Challenge

Trainiac was approached to develop a learning solution for a new product that was going to be marketed to the previously unbanked and uninsured consumer. This product would help create new business opportunities for them and the communities in which they live. The client was employing people from the target areas, including Soweto, Northern Natal and the Free State, who would be trained to be development officers. These officers would need to educate the community on the product.

These products had normal banking and insurance terms and conditions which evoke fear in the target audience owing to the unfamiliar, complex nature of the content. The development officer would need to help the community to overcome this fear through education. Trainiac had the responsibility of developing the tools to educate both the development officer and the consumer.

Approach

The fear that the consumer experiences when dealing with formal institutions can be used as a learning trigger to motivate them to learn more about the institutions and products if the learning environment is created and approached correctly. The first step in the design of the learning solution was to create an outline of the programme which would show the activities that the learners would complete and the learning material that would be developed. These activities are all interactive and draw on learners’ prior knowledge from their work and home environments. Many people in the target market manage a household or a small business and as such have inherent skills. These skills have not been gained from a formal learning institution but they need to be recognised. As entrepreneurs in their own right, the learners draw on their unconscious competence. Tapping into these skills and knowledge gained informally was an enabler to education. Once the activities were designed they began to create the visuals that would enable the target audience to interact and engage with the content. The visuals they developed were very important as they showed difficult concepts in simple, easy to understand pictures. These visuals helped to build trust with the community as they broke down barriers and allowed the learner to understand content which previously intimidated them.

Result

A set of visual communication tools which were simple and easy to understand. The communication tools were used to educate the development officer who then uses the same tools to educate the community. The visual communication tools were tweaked and refined based on the practicality of the environment in which the materials were used. The consumer was able to keep the booklet as a reference tool. The use of the tools in both the training of the development officer as well as the consumer education resulted in one consistent message.

A very important aspect of the tools was that they embodied the values and culture of the clients as development of trust was fundamental to the approach and to sustainability. Visuals were used to depict trust and reliability through different scenarios including what would happen if the consumer failed to pay an instalment. These visual tools have allowed a group of consumers, previously resistant to and fearful of formal institutions to become knowledgeable on the products offered as well as their rights and responsibilities as a consumer.

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