Rooted in Stuttgart: Bringing Regionality to Life through Digitization in Banking and Beyond

Problem statement

The financial landscape is rapidly evolving with the advent of digital technologies, pushing traditional banks to innovate continuously. For Volksbank Stuttgart, this transformation is not just about adopting digital solutions but making regionality a core element of these innovations.

Regional banking products need to resonate deeply with local customers, emphasizing the unique aspects of the community they serve. Customers in different segments have distinct preferences and values that influence their banking behavior. For instance, some customers may prioritize stability and trust in their financial institutions, while others might be more focused on flexibility, innovation, and digital convenience. Understanding and catering to the specific needs and preferences of different customer segments can significantly enhance the bank's relevance and appeal.

Your task

This challenge invites you to explore regional characteristics in different existing or potential customer groups and develop suitable digital banking solutions, ensuring that customers experience a tangible connection to their community through their banking interactions.

1. What are the needs of the defined customer groups in terms of regionality?
2. How can these be served by digital products so that regionality can be experienced?

Solution Development

1) Customer Research: Your task is to determine in detail the needs of the prioritized customer segments in relation to the regionality of Volksbank Stuttgart and to identify behavioral patterns. These segments include:

• young professionals who are digitally savvy and prioritize efficiency
• families who value personal service and security,
• or older customers who are looking for more traditional banking services with a digital touch.
• Your research does not have to be limited to the Stuttgart region but can be exemplary for certain customer groups and their cultural or other preferences.

2) (Digital) product development: After analyzing the current state of customer needs, you will be asked to develop innovative (digital) products that are both relevant and aligned with the identified segments.

• The aim is to create solutions that not only fulfil the functional needs of customers, but also align with their values and lifestyle preferences and ensure that Volksbank Stuttgart remains a preferred banking partner in the region.

In the following tabs you find more guidelines and background information regarding the project, goals, incentives and more.