Challenging the status-quo

OpenMoney is a financial services brand with big ambitions. Observing an inequality in the provision of financial advice (those who need it most are often the ones least likely to get it), they set out to help more people make smarter, more-informed financial decisions and take control over their money. A worthwhile aim – particularly in the current economic climate – but with an estimated 30 million people in need of advice, the brand needed more focus to cut-through. In late 2021, OpenMoney approached us to help provide this focus by segmenting the UK consumer and understanding which groups they would be able to support the best.

Collaborative approach

A multi-stage approach was used to identify actionable segments and communicate them across the business. Initial immersion, desk research and collaborative hypothesis development allowed us to construct a survey to measure what matters most to consumers (both emotionally and rationally). Robust and iterative statistical analysis identified 6 unique and distinct segments to understand and interrogate. With a priority agreed, a subsequent qualitative stage then helped uncover tactical levers to pull to better engage with the chosen segment, and help us make sense of the nuance behind the numbers. A final suite of outputs – from golden questions to segment ‘playbooks’ – equipped the business with the tools it needed to put the segmentation central to planning and decision making.

A wide-reaching impact

The final piece of the jigsaw; a 4-hour workshop attended by senior decision makers, representatives from different business units and OpenMoney’s new branding agency. Across the session a whole range of ideas were surfaced on how to best engage the priority segment – covering product, comms, brand, UX/customer journey, data/CRM and many more. Whilst OpenMoney begins to prioritise these actions, the research has also given it a new ‘north star’. It has clarity around who it should serve and how the brand needs to look and feel to be able to engage with the people that most need its support. Overall, the research represents the start of a new era for OpenMoney – with significant changes to product, brand and comms and the website all expected in 2023.