How do you help young people improve their financial literacy? That's the problem Amber Carroll, BHSc'24, and three fellow students set out to solve during the intensive 10-week RBC Design Thinking Program at Western.
Their answer was to use gamification to make learning about money fun for youth, at a time when research by Canada's Financial Wellness Lab indicates approximately 41 per cent of working Canadians are financially stressed.
Carroll's team developed an app prototype using Figma, a design tool they learned about during the program. Putting their audience first - a key principle of design thinking - they created an interface tailored to engage youth and reward them for positive behaviour.
While housed in the Faculty of Engineering, the RBC Design Thinking Program is open to students from across campus. Carroll, who was studying arts and humanities, teamed up with software engineering and business students.
"The opportunity to tackle real-world challenges alongside students from different disciplines and with varying perspectives and approaches made the program invaluable," said Carroll.
The Royal Bank of Canada (RBC) first partnered with Western to launch the RBC Design Thinking Program in 2019. Building on this commitment, RBC is now investing $1.35 million toward the co-curricular program and to fund 10 scholarships, each valued at $15,000. The scholarships will be awarded to five engineering students and five computer and data science students.
With 10,000 employees working in technology, RBC views its partnership with Western as key to driving innovation in banking and preparing students for fulfilling careers, said Patrick Famaran, senior manager, tech and academic partnerships at RBC.
"Driving innovation and nurturing talent are at the core of our mission," said Famaran. "Our partnership with Western University plays a critical role in moving technology forward for the benefit of Canadians."
A long-standing partner with Western, RBC has invested more than $12 million to enhance the student experience through learning opportunities and financial aid.
"We are grateful to RBC for continuing to invest in our students," said Western President Alan Shepard. "Innovation, creativity and approaching problems with design thinking are critical skills for future leaders and entrepreneurs. This program is preparing Western graduates to take on big problems and find solutions with impact."
Since its inception, the RBC Design Thinking Program has provided each participant a $3,500 stipend. The support enabled Carroll to join the program instead of finding a job to pay the bills.
"The stipend makes the RBC Design Thinking Program accessible to all," said Carroll. "Talented students come from all socio-economic levels; to exclude some would be a disservice to everyone."
RBC also offers co-op placement opportunities to scholarship recipients and program participants.
Carroll's participation in the RBC sponsored program led to two co-op placements with the bank, followed by full-time employment. Now an analyst on RBC's technologies partnership team, she supports initiatives nurturing future tech talent. In a full-circle moment, Carroll plays a key role in planning and delivering the program that launched her career.
Her advice to RBC Design Thinking Program participants? Be open to failure.
"What you think is an amazing idea might not work out, but it will lead you to an even better one," said Carroll.
