Selected business article

Selected Business Article

Millennials Are Saying No to Credit Cards

http://money.cnn.com/2014/09/08/pf/millennials-credit-cards/

Jessica Harrington Professor Klinkowstein


Summary

• 6 out of 10 don’t own a credit card.


Summary

• Bad economy and fearing debt.


Summary

• Good credit score is essential.


Setting / Activity for Ethnographic Observation

Millennials buying things at book store with credit or debit card.



Ethnographic Research, Millennials Using a Credit or Debit Card














Ethnographic Research Observations


• All but one of the students observed used debit cards or cash to purchase items.



• Students observed did not make big purchases, only small items from bookstore.



• One man who bought a grey hoodie did not respond to the cashier when she said hi to and asked him about his day.



• Students didn’t seem to spend more than $30.



• Male students seemed more anxious about talk to the cashier than women. (Talked quickly, less eye contact)

Ethnographic Research Findings


• Students don’t need bank credit cards because they’re not purchasing expensive things. A store credit card would possibly attract people.

Ethnographic Reading Summary


• The goal for IDEO in this article was to redesign the checkpoints in airport security.

Ethnographic Research-Who are the Users



• Prototypes were made, including a training curriculum for TSOs that focus more on understanding people and behaviors.




• Ethnographic research is valuable in understanding what users want, not just a general idea.




• IDEO designed a calmer environment by focusing more on explosives and people with hostile intent.

IDEO TSA Project



• The physical space of airports was analyzed and redesigned to reduce stress of travelers.

IDEO TSA Project



• TSA is using a human-centered approach to increase security by getting rid of other chaos.

IDEO TSA Project



• IDEO research is observation-based, human-centered methods to understand hidden truths, needs, wants.

Ethnographic Research IDEO



• Analogous cases help inspire innovative approaches for redesigns. Such as a hospital emergency room and a NASCAR pit crew.




• Meaningful benefits are provided for the consumer and the business. Innovating ideas that will last are ones that are willing to change with needs.


Proposal for an Innovative Business


• Pre-setting a spending allowance and what types of purchases one wants to allow, enables one to use this card service just like a regular credit card.



• Conditions are set prior to going out to prohibit irrational impulse buys and when a purchase outside of the allowed fields is made the transaction is denied.



• Applications include safely allowing millennials to build credit score while not breaking the bank.

Documents

Selected business article