05 Empowering Retirees to Achieve Financial Security
PRODUCT DISCOVERY
THE COMPANY
Leading global investment bank, in partnership with their internal venture incubator.
THE CHALLENGE
In an era where people are living longer, saving inadequately, and facing escalating healthcare costs, the challenge of retirement planning has become increasingly complex. The client recognized the pressing need to alleviate the stress associated with retirement and sought to provide a solution.
THE PROJECT
The client, in collaboration with their internal venture incubator, embarked on a mission to address this challenge. They aimed to identify innovative ways to enable retirees to live comfortably and securely, ensuring they don't outlive their financial resources.
Through meticulous research and hypothesis testing, we unearthed a crucial gap in the market. While the financial industry primarily focuses on asset accumulation, there was a noticeable absence of guidance for retirees on how to effectively manage their wealth during the decumulation phase—when they start drawing down their assets.
Over a series of four iterative testing loops, I led an IDEO team in developing a compelling value proposition for a new fintech product. The team included interaction designers, researchers, and business strategists, working closely with our client’s investment and retirement professionals.
Over a series of four iterative testing loops, I led an IDEO team in developing a compelling value proposition for a new fintech product.
The solution, in the form of an algorithmic platform, would issue retirees a monthly "paycheck" while intelligently managing funds from various sources, including savings, social security, and 401(k) accounts. The platform would optimize financial decisions by considering factors such as tax impact, risk, and return.
This innovative product integrated a financial dashboard, retiree-centric planning tools, and an asset allocation optimization engine. Recognizing that digital solutions might face resistance among mature audiences, we ensured that the platform was complemented by empathetic, human advisors.
To set the venture up for success, we meticulously designed a comprehensive business model tailored for both consumers and employers. We also identified strategic integration points with the parent firm to ensure seamless operations.
As a result of this collaborative effort, the venture is now poised for MVP development, pending internal strategic discussions. Importantly, it has garnered strong support from senior leadership and has secured a dedicated intrapreneur to drive the venture forward.
To set the venture up for success, we meticulously designed a comprehensive business model tailored for both consumers and employers. We also identified strategic integration points with the parent firm to ensure seamless operations.
As a result of this collaborative effort, the venture is now poised for MVP development, pending internal strategic discussions. Importantly, it has garnered strong support from senior leadership and has secured a dedicated intrapreneur to drive the venture forward.