Bank of America's Keep the Change program (quite impressive) has successfully "attracted 2.5 million customers, translating into more than 700,000 new checking accounts and one million new savings accounts." B of A took the dive, arm in arm with IDEO, fully committing to an innovative ethnographic approach--a refreshing move for a such a huge financial institution. The end result yielded a no-brainer system that allows all types of banking customers to properly save some extra loot...with interest to boot!

To better understand the desired market--boomer-age women with kids--IDEO traveled with members of Bank of America's innovation team across the United States, conducting observations in Atlanta, Baltimore, and San Francisco. They discovered that many people in both the target audience and the general public would often round up their financial transactions for speed and convenience. In addition, the team found that many moms had difficulty saving what money they had, whether due to a lack of resources or willpower.

After bringing these observations into a series of brainstorming sessions, the team arrived at a solution that uses the habits existing on one hand to resolve the problems persisting on the other. Ultimately dubbed "Keep the Change," the service rounds up purchases made with a Bank of America Visa debit card to the nearest dollar and transfers the difference from individuals' checking accounts into their savings accounts. The convenience and ease of rounding up now helps members save money over the long run.

mit adlab via unbeige