About Project
When young adults starts to earn for the first time they lack financial knowledge and basic budgeting. They spend a lot and get broke easily. I wanted to make a platform where they learn and get motivated to save by looking at others financial achievement similar to linked in.
Duration: 6 Weeks
Project type: Individual
Objective
-
Way to manage the income
-
Learning about financial topics
Double Diamond
Discover
Define
Desk Research
User Survey
User Interview
Expert Interview
User Persona
Empathy Map
User Journey
Develop
Deliver
Wireframing
Visual Design
High Fidelity
Prototyping
User Testing
Redesign if needed
Desk Research
For the secondary or desk research I went through many financial articles about different saving methods and different spending habits of people.
Saving methods in India:
-
Mutual Funds
-
Fixed Deposit
-
Public Provident Fund
-
National Saving Certificate
-
Equity Linked Scheme
-
Unit Linked Insurance Plan
Money habits of People:
-
The guardian: Preparing for worst case scenario
-
Pleasure Seeker: Enjoying the good things in life
-
The Saver: Saving provides security
-
The Star: Cultivating feeling of pride, recognition and increased self-esteem
-
The Innocent: Money is confusing
-
The Caretaker: Donating to community or the needy
-
The Empire Builder: Money gives power to create something lasting value
Primary Research
Believe things will get better if they have more money
Will prefer Vacation rather than investment
Check their balance every week
Feel safe and secure if they have money
User Interview
“From the childhood my parents maintained the budget so I was unaware of it, so when we started to earn our mind was not in control of the budget and we spent more until we observe we’ve nothing to spend more.”
“I think people mostly overspent because they come in peer pressure by seeing what others have and even if they don’t have the need they will convince their brain that they have the need.”
“I feel money is a tool to buy material stuffs and a important source of one’s lifestyle.”
“I usually overspent while shopping something where their desire control them and they purchase by disturbing their budget.”
“I believe in savings but the lack of planning makes it hard to save.”
Expert Interview
According to them savings are divided in to 2 categories :
-
Short term savings’
-
Long term savings
“The younger a person is the more he will fail to understand long term savings.”
Since my target audience is youth in their 20’s and 30’s my solution should focus to make them learn short term savings and slowly towards long term.
User Persona, Empathy and Journey map
"Many young adults lack proper knowledge and plans for their income. This causes problems in spending and not being ready for unexpected expenses. We need a solution to help them understand their money habits and teach them how to be financially secure in the short term."
-Problem Statement
Ideation
Point of View
Young adults in their 20’s and 30’s who are starting to earn
To save and manage their income to prevent themselves from overspending.
Because they are unaware of managing it and also about their habits and behavior which makes them come in pressure and overspend for which they feel bad later.
Brainstorming
Concept 1
An app with different levels to climb up like a game which will motivate user to complete different task to achieve short term security. You can also add your friends to track their achievements and challenge them. The platform will also provide educational videos of all the ways to manage your budget and how to not fall in any debt and loss. Similar to Smart Pig
Concept 2
An app with different levels to climb up like a game which will motivate user to complete different task to achieve short term security. You can also add your friends to track their achievements and challenge them. The platform will also provide educational videos of all the ways to manage your budget and how to not fall in any debt and loss. Similar to Smart Pig
Concept 3
A budget management app where it will recommend to save 20% of your income which will be flexible for the people, if they want to save only 10% or 15%.
People will set weekly or monthly financial goals to achieve and will be rewarded accordingly and they will be also shown their monthly graph of their achievements. Similar to Digit.
Final Concept
My final concept is a mixture of all the 3 concept from which I took ideas which are feasible and possible to implement.
Feature of my Concepts:
-
Setting up goals and videos of budgeting and prevention from debt.
-
A collaborative platform where you can meet people and learn from their experiences and make friends.
-
Budget management with auto save some percent of income, weekly and monthly goals and personal graph with rewards.
User Flows
User Flow of Login and Signup
Setting up Goals (for 3-5 years)
Setting up Auto save
When budget reach the limit
Managing Budget
Low fidelity wireframe
Visual Design
High Fidelity
For first time login there would be card to add goal and budget.
After people add the budget and goal it will show the progress.
Below that there would be post of people who are saving and completing their goals.
Wallet is an Auto save feature which will save minimum 20% of your saving which can even be customized according to your comfort.
If you have an goal it will also auto save the fund you need to reach the goal.
It will show when will the next amount will be deducted from bank to wallet and you can skip it if your salary is coming late.
Onboarding Screen
Setting up Budget
Explore & Request
Profile Page
Component
Future Scope
After all the design and prototyping of the screen things that are left are.
-
Extensive user testing
-
Expert testing
-
Development of the app
