Project Brief
Figo Bank is currently has a responsive website that looking to include a native mobile app that works with the following features:
- Checking accounts
- Saving accounts
- Credit card accounts
Client request: Native mobile app
User demographics: Young professionals
- 20 to 30 year olds
- First time having disposable income
- looking to learn about dept, credit, and investments
Project constraints
Branding
Font: Avenir (Primary Font) and additional fonts of your choice
Color: #3CCEAA #55575A #F8F6F6 (saturation can be adjusted)
Accessibility: WCAG AA Compliant
Business
- Accounts are associated with Client ID #(8-digit number)
- The balance must support up to 11 digits
- Minimum required account type: Chequing/ Savings/Credit (don't need to use all three)
- Transfer between Pastel bank- free (EMT $1 between institute)
- Signing up must be prioritized over signing in
Deliverables
Minimum mobile experience( 7-10 Screens)
Problem Space
When diving into this problem space we decided to focus on young professsionals and the specific problems they face realting to their financial journey.
Secondary research
- 50% of young Canadians between the ages of 18-24 have student loans and only a proportion will have decline their loan by 36% by the time they reach 30.
- It can take nearly 10 years to save for a 20% down-payment in North American Cities.
- 50% of Canadians between 18-38 have overspent and gone into debt to keep up with peers alone.
- average amount of debt owed by Millennials on credit cards is $11,700
From the research we found that young professionals' biggest financial concerns were student loan debt, inflating living costs, and needing to save money for life milestones.
HMW
From the research we created several how might we questions to see how we might tackle this problem space, eventually landing on this one.
Primary research
Interview phase
Hypothesis
I believe Individuals require budgeting goals and better monitoring to maintain healthy spending habits.
I will know I am right when I get positive affirmation from my interviewees or 3/4 of my interviewees mentioned it.
Interview Guide
Objectives
- Validate my assumptions and hypothesis
- Understand user’s pain points, motivations and behaviours
Qualitative Method
- User Interviews (4 Candidates)
Participant requirements
- Age: 20-30
- Limited work experience(Within 5 Years)
- Have experience with financial services
Interview Findings
Key themes
Monitoring expenses
Individuals require budgeting goals and better monitoring to maintain healthy spending habits.
key Insight
"I struggle to change my behaviour. I can't seem to keep more money in the bank than what is going outward"
Secondary
Several other common insights taken from the interviews included
- Banking
- Deals
- Education
- Setting goals
Persona
Developed from the interview insights, our persona Charlie is our representation of our target audience. A young professional, recent graduate from university. This 23 years old has just started a new job and requires a car.
She needs to develop healthy spending habits by setting up goals, learning saving tips and monitoring her progress in achieving her financial objective.
Charlie’s experience
Ideation
Concept sketches
We used the ideation stage to work out major functions in our app. through discussion and voting we ended on a AI robot advisor and a strategic saving plan solution focused on young professionals.
Wireframes
User testing
User testing allows for our group to capture feedback on the usability of our design. from our low-fi prototype we conduct 2 rounds of usability test with 5 participants each. We give the participants scenarios to use the app in with certain task. Link below to major changes and notes from user tests.
Visual Identity
Mood board
Illustrations
High fidelity prototype
Product Features
Ai Robo Chat Advisor
Analytics
The combination of Ai Robo Chat Advisor and Analytics not only relieves her pain of not knowing her financial situations such as - she doesn't know where did her money goes, but also helps her set up personalized and achievable saving strategies.
Money Tree Illustration
We also implemented the money tree illustrations into our design to represent each saving target. Charlie will have a strong visualization of her goal and the bank will plant a real tree for her after she reaches a certain amount of savings. In this way, she is motivated to stick with her savings plan.
High-Fidelity Design
Next steps
Moving forward, we would like to add additional features that could bring more value to users like Charlie. We believe that the users would benefit from a feature such as the Robo wealth advisor, a premium tool for growing their revenue through investments. The Robo Investor feature was briefly introduced as part of our prototype and was represented with a golden robo icon. We would also like to take the time to develop new saving strategies and further refine the communication to keep the users on track with their financial goals.
We hope that our solution will help Young Professionals build more wealth and gain more confidence in their future, both financially and environmentally.