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Prompt
Design Challenge:
Empowering Customers with Digital Financial Solutions
Design a new feature that provides customers with comprehensive insights into their credit or debit card usage and behavior. The feature should empower customers to make informed financial decisions and manage their cards effectively.
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Duration
June 27th-July 10th, 2023
My Role
UX Designer and Researcher
Client
Bank ABC
Applications
Figma, Miro & PixelTrue
Design Process
Research
Concept
Prototype
Test
Problem
Recent college graduates and young adults struggle with managing and tracking their expenses. The current solutions are not customizable enough for users and they need a smarter, stronger digital tracking guide.
Research
In order to identify pain points and needs related to user spending and empathize with young adults, I conducted primary and secondary research involving interviews and competitor analyses.
Goal:
Familiarize with existing tools and identify user pain points and needs.
Online Research
General Statistics
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When they have extra cash, 52% are more likely to save it.
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85% of young adults use at least one personal finance tool.
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80% of young adults struggle with financial planning.
Top Spending Categories for Gen Z and Millennials
1. Student loans
2. Vacation
3. Rent
4. Payment on credit cards
COVID-19 Impact on Spending
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7/10 are spending money on the things they feel they missed.
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58% have created new savings goals.
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59% are spending more now than they did before.
Sources:
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https://www.thezebra.com/resources/research/financial-independence-report/#key-finding-3
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https://www.thebalancemoney.com/financial-skills-twenties-2386029h
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https://www.morningstar.com/financial-advice/personal-finance-tips-advice-recent-college-graduates
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https://studyfinds.org/young-adults-spending-more/
Interviews
Goal
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Identify user pain points, needs, and common themes.
Who?
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Age range 22-24
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Graduated college within the past two years
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Familiar with personal finance and budgeting
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Has experience using digital banking solutions
Where?
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Remote
Documentation
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Competitor Analysis
Conclusions
1
Insights
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Prioritizing saving money
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Frequent usage of cards
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Importance of customizing spending categories for young adults
2
Pain Points
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Lack of proper spending categorization
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Frustration with unanticipated balance changes
3
Needs
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Positive content language
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Goal setting and limits
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Customizable spending categories
Concept Development
In order to create the most effective solution for users I decided to conduct three concept ideation exercises drawing inspiration from the research conclusions.
1. Quick Ideas
2. Four Panel Concept
3. Crazy Eights
1. Quick Ideas
2. Four Panel Concept
3. Crazy Eights
Final Concept
User Journey Map
Prototype
Key Features
Sitemap
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Main User Flow
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