Tynedale Community Bank

Introduction

Tynedale Community Bank offer both savings and loans to people across the Tynedale area. The idea is that the money deposited in savings is used locally to help the community, providing an alternative to payday lenders and loan sharks with low interest rates and security. MDI used their multi-disciplinary approach to tackling the issue of raising awareness and engagement in the community.

The Project:

The main challenge in this project was mastering how the community bank can position themselves in order to reduce stigma, raise awareness and engage the community. It was essential to appeal to both prospective depositors of savings, as well as potential customers to take out loans. As finances are a sensitive topic and there is currently a negative perception of a Credit Union, careful consideration must be given into how best to communicate the concept and get people on board in a non-forceful way.

The Process:

The team visited the parent company of Tynedale Community bank (Prince Bishops) and there was an opportunity to discuss the challenges further. It was essential to gain a thorough understanding of the Tynedale community and it’s people, when thinking about the best ways to engage them. The team visited rural areas to have face-to-face interaction with members of the community, immersing themselves in the community. These insights were then used to consider marketing tools, family packages, collaborations and relationships with community groups and societies.

The Result:

MDI presented a clear analysis of the Tynedale area and it’s members as well as their thoughts and feelings around the idea of a community bank. Impressed by the work so far, the client has decided to fund a full Semester 3 Project for the next academic year.