How can young people participate in the innovation stages of solution design?
The Futuremakers Forum 2022 shone a light on the funding and banking mechanisms that, if innovated well, could better work for young people. Tamara van den Ban, Global Head Customer, Consumer, Private and Business Banking, Standard Chartered Bank, suggested that a fit-for-purpose onboarding process with gradual steps alongside micro products with adequate process and guidance would go a long way. These suggestions were both warmly welcomed by young Futuremakers Participants Rhoda Kingori and Vallerie Thomas.
Whilst many financial inclusion ideas came in the form of advice for entrepreneurs in developing their businesses, which can be found in the section entitled ‘Business and financial advice from Futuremaker Forum experts’, the dedicated hackathon session examined in depth one particular area of financial inclusion innovation.
Putting young people at the heart of the innovation process, a number of young Futuremakers Participants had been through a three-day Bootcamp with the SC Ventures team: Jason Wiggin, Simran Grewal, Simon Figures, Premila Stampe, and their colleagues. During the Bootcamp, the Futuremakers were inducted into leading innovation techniques before developing their own ideas to solve the specific challenge: ‘how can you provide more appropriate financial education, information, and knowledge to young people in our markets through digital and non-digital channels?’
After the Bootcamp, three young Futuremakers Participants—Solomon Kutesa, Rafiq Kamal, and Rosemary Akello—presented their ideas to the Forum. Their ideas ranged from aviators to personalised financial training, regional support, and money mentors.
Rosemary remarked on the experience: “I was able to get a great insight on how I can link customer behaviour to developing a financial product to suit the current needs and trends.”
Whilst Rafiq Kamal said of his idea: “This app will make your financial journey an adventure. …. making finances easy, fun, and sociable.”
Engaging with young people directly and putting them at the heart of the development process can help drive new innovation and create more accessible products and services. As Simran Grewal explained: “There is a universal acknowledgement of the fact that the innovation skill set and mindset is more important than ever before. And it's a real imperative for all of us to adopt this culture of innovation.”
