Assignment task:
CBA Financial Literacy App
Please read the case study below
Case study:
In Australia, the Department of Treasury and Finance is in charge of implementing the Financial Capability program, which aims to improve how much control Australians have over their financial lives. This is done by improving financial literacy and supporting Australians so that they can make more informed financial decisions. The Financial Capability program brings together government departments, businesses, communities, and educational institutions to improve financial capability through collaborative initiatives.
Commonwealth Bank of Australia (CBA) would like to increase its already strong contributions to the Financial Capability program. After years of research and strategy development, the management team have decided they would like to build a mobile app. The app will be launched as a separate, stand alone entity, that is distinct to their existing suite of mobile banking and investment applications, and will have the following goals:
- Empowers people to manage their money day to day
- Educates people on how to make more informed financial decisions
- Helps people plan for their financial future.
The senior management team have invited digital agencies, like yours, to pitch their ideas for the mobile app, with the most successful agency being awarded a multi-million dollar contract to build, launch, and maintain the application. Thea have briefed you on the following:
The target audience for the app launch will be existing mobile banking customers, and then this could be expanded to a broader audience.
The app must align with CBA's current branding look and feel.
It needs to focus on providing innovative ways to engage users, while empowering, educating, and helping them with their finances.
Your task:
While preparing your pitch, you will need to do the following:
1. Creating a compelling value proposition, and describe the value it will provide to end users.
2. Explain the key features of the app in a clear and simple way.
3. Describe how the app is different to existing apps in the market (e.g. Acorns, Mint, TrackMySpend, etc.).
4. Design a basic visualisation (mock up or wireframe) of the app using Canva, Adobe Spark, or some other visualisation software.
5. Outline how you would launch the app and persuade consumers to download it.