Homemade

A LADDER TO YOUR FIRST HOME

HomeMade is a new platform, powered by the Royal Bank of Scotland. It reimages the financial services for Generation of Rent and helps young people and their journies toward independence and home ownership. HomeMade is an umbrella of services that enables the generation to develop their knowledge, skills, abilities and assets, step by step. It aims to provide a ladder to get a first home and its ownership while building a long-term mutual trust relationship with young people and the Royal Bank of Scotland.

UNDERSTANDING A HOUSING PROBLEM

“This is a challenging outlook for young people, and to make matters worse, they are not facing it from a position of financial security…The challenging environment for first-time buyers means young people are living at home with their parents far longer than in the past.” – Report from the IPPR

Average house value in the U.K increased by 43 times between 1971-2013 from £5,632 to £245,319, If the price tag of food if costs had risen at the same rate as house prices, a chicken would cost £51 and £11 for a pint of milk. The young generation has faced much more difficulties than the previous generation not only due to the price of the house but also because they have many different ways of living.

UNDERSTANDING THE YOUNG GENERATION

“They are members of everything and owners of almost nothing.”

SHARING

This is a generation that rents everything: music from Spotify, ﬁlms from Netﬂix, homes on Zoopla, cars from car clubs. A generation that shares everything: cabs from Uber, MyTaxi, holidays with Airbnb, photos on Facebook, Instagram, moments on Youtube, rooms among friends. They are members of everything and owners of almost nothing.

LIFE IN MOTION

A generation that is always in motion: switching from job to job, moving from place to place, searching for a wealth of experiences and lightness in possessions. They don’t sit down and plan. They live for the moment. They will settle down one day but not now. They ﬁrst share family homes then share with fellow students, friends, and colleagues, and settle down later, or even stay nomadic.

LOW FINANCIAL LITERACY

Ironically, it’s a generation that’s the best educated, the most encumbered with debt, but with a lower level of ﬁnancial literacy than either their parent or grandparents. They often feel there is a disconnect between reality and perception.

UNDERSTANDING (POTENTIAL) USERS

UNDERSTANDING SERVICE PROVIDER: ROYAL BANK OF SCOTLAND

HIGHER AGE FOR GETTING MORTGAGE

Currently, an average age of getting the first mortgage is 36, and some professionals expect that the middle age is likely to rise to 40. It indicates that banks, including RBS, might need to wait more than twenty years before selling a mortgage. Meanwhile, the RBS can start interventions by offering better financial services parallel to their high need for financial services in the young generation.

LADDER FOR FINANCIAL LITERACY

A transition from adolescence to adulthood requires a range of support for developing financial knowledge, skills, credits and assets to reach homeownership. The ladder to home ownership needs to be embedded in daily activities through meaningful interactions.

LIFESTYLE-MATTER

A new lifestyle in the young generation has a tremendous impact on their financial attitudes and behaviours. Some key patterns, (such as sharing many things among friends and getting help from family, e.g., financial education and support before settling down), provide our team new opportunities to create more relevant financial services to the generation.

“Today our mortgage products don’t ﬁt the diverse lifestyles of young customers, a generation that is facing more life transitions, and dealing with complicated ﬁnancial services. How can RBS provide a ladder in housing to develop young people’s better ﬁnancial knowledge, better ﬁnancial credit and assets to create a reciprocal relationship and trust with young people?”

HOMEMADE – A LADDER TO YOUR FIRST HOME

HomeMade – powered by RBS is a financial Services reimagined for Generation Rent: helping young people on the journey towards independence and home ownership – an umbrella of services that helps them to develop their knowledge, skills, abilities, and assets, step by step.

Through the platform, the RBS will holistically engage with the young people, understand them and support their life transitions; from managing the ﬁnances of house sharing, providing rich new services, to stair-casing them towards home ownership. And all the time, young people will build their ﬁnancial knowledge and their credit history that can make homeownership possible.

HOMEMADE PLATFORM

SEARCHING PROPERTIES

HomeMade makes a housing process more convenient. There is no hassle of preparing all documents every time when moving in & out as well as changing address and details for setting utilities up. Every process is in just a click on HomeMade now. HomeMade pairs users with right kind of house that customers want to rent or buy and flatmates

SHARING MANAGEMENT

HomeMade helps customers to share a house more conveniently. HomeMade provides an online page for each house to manage sharing bills, fees, utilities and others with flatmates with notifications and reminders. The Royal Bank of Scotland also offers some professional advice on paying and management on money that customers spend on sharing to improve their financial status for now and the future.

PERSONAL COACHING

SAVING

Understanding figures and being strategic for savings have never been comfortable with most of our customers. In response to it, HomeMade offers a range of perspectives with better and more personalised information, plain language and bright visuals. HomeMade Saving aims to help our users understand finance better day by day, from right here on their hand.

"Even if I want a house I don't fit for the mortgage. My friends have a very successful startup and they want to but a house, but they don't suit the criteria."

Emma /

"I don't like planning. I like living for the moment and enjoy it."

Jiang /

"Sharing is fun and affordable. But it can be messy sometimes. My friend's flatmate drops out at the last minute and leaves them a huge upfront rent to cover. And it is very annoying if personality clashes."

Clive /

"Why would I buy a house now? I don't know where I'm going to be next year."

Aline /

"Maybe one day I will buy a house, but I don't want to think about it now. When the time comes, I will start thinking about the situation."

Johnathyn /

"I'm too stressed about college. I don't have time to think about my future and planning my finances."

Amy /

SERVICE ECOSYSTEM OF HOMEMADE

HomeMade connects and integrates existing RBS services into a holistic ladder for housing and homeownership, creates an eco-system for all RBS customers: for example, helps young people in housing from best deals in RBS business customers, connects buy-to-let customers with good young tenants. It is about the matchmaking of existing diverse needs and demands of RBS customers. After all, Home Made is helping RBS to build mutual trust in a long-term relationship with their customers. It knows them well on the journey and creates a better experience.

homemade