Case OP-Pohjola: Engaging youth on their own terms

Finland’s largest financial services group

Starting point

Young adults are as conservative as their parents when it comes to relationships with banks and insurance companies. As a group young adults are extremely heterogenic: demographic variables do not correlate with their banking and insurance needs, and cannot therefore act as a credible platform for creating lasting customer relationships.

Objective of cooperation

With support from Vectia’s tools and methods, a youth concept was created, based on the many first, life-changing situations common for all young adults. Each event is described in detail through the individual’s needs and worries in the light of OP-Pohjola’s offerings and services. Pricing, communications and channels, rewarding and partnership were defined for the concept. Methods, such as personal interviews, to identify the events and the individual’s background and future plans were defined.

Results and business impacts

Youth-specific rewards and flexible, situation-specific services all aim at established customer relationships for years to come. The concept will be piloted with event-based targeted campaigns and media marketing, after which the reaction of young adults will be closely monitored. OP Bank Group’s Senior Vice President Hanna Hartikainen describes the outcome of the project: “Our new concept has been received with interest by our regional cooperative banks. Branch offices have nominated trained personnel to deal exclusively with youth."