Savvy
Financial advice made just for you
An end-to-end mobile application designed to help people get started with investing.
Background
Financial literacy is not always taught in school, especially for those who do not seek out specific finance classes.
However, it is crucial to learn about saving money and investing when you start earning an income.
Therefore, personalized financial literacy education should be provided to meet individual needs and goals.
Time Frame: May 2023 - June 2023 (80 hours)
Program: DesignLab UX Academy
Role: User Researcher, UX Designer, UI Designer
Methodology: Design Thinking
Problem: What should I do with my money?
Getting started with investing and saving for your future can be a daunting undertaking, especially if you don’t have a background in finance.
Traditional investment apps expect the user to already have some knowledge of which types of stocks/funds to invest in.
While there is a lot of financial advice available, applying the knowledge to your own circumstances can be tricky as everyone’s financial situation and goals are different.
Solution: Meet Savvy
Savvy is a mobile app that:
includes an onboarding questionnaire that gauges the user’s financial goals, current income expenses, and investment goals.
allows the user to connect all their financial holding accounts, and track their financial status and progress.
recommends which investments to consider and how much to allocate to each investment category.
EMPATHIZE
EMPATHIZE
Research Objectives
Determine the current financial situation and future goals of users.
Gain insight into the various methods users are currently learning about personal finance and the pain points associated with them.
Identify elements of successful financial literacy applications that help the user reach their goals.
Research Methods
User Interviews
User interviews were conducted to gain an understanding of real-life user experiences of investing and personal finance.
I interviewed three different users with varying levels of financial background.
Two of the three users had no background in finance and one user had a Master’s in finance.
Competitor & Secondary Research
Market research was conducted to learn about the current personal finance resources available and determine what is working and what is not.
Secondary research was conducted to discover broad statistics about the prevalence of financial illiteracy, types of investments, and the facets of personal finance.
Competitor Analysis
Research Findings
1
The core areas of managing personal finance include income, spending, savings, investments, and protection.
2
Users often find it overwhelming to decide which financial advice is right for them based on their needs and goals.
3
Most users want to become more proficient in knowing what and how much to invest in to meet their goals.
4
Some users have a lack of confidence in knowing if their current investments will be sufficient enough.
12 best investments of 2023
1. High-yield savings accounts
2. Certificates of deposit (CDs)
6. Mutual funds
7. Index funds
8. Exchange-traded funds (ETFs)
11. Alternative investments and cryptocurrencies
12. Real estate
DEFINE
DEFINE
Establish Goals
Meet Caroline and Emily
After analyzing the insights I gained from the user interviews, I was able to create two different user personas that represent the behaviors, pain points, and goals of potential user types.
IDEATE
IDEATE
Feature Ideation
The next step is to brainstorm potential features based on competitor analysis, user interviews, and user/business goals. The user personas were used to create user stories to validate each feature.
Information Architecture
After analyzing the features and competitor platforms, I created a site map, and two example task flows that a user might take.
PROTOTYPE
PROTOTYPE
Low-fidelity Sketches
After synthesizing my research and analyzing my information architecture, I sketched out mobile app solutions, utilizing the task flows I had previously developed as a guide for the main screens.
Wireframes
I translated these concepts into a digital format using Figma, adding more content. The user will start by creating an account and answering basic questions in a simple questionnaire. This aims to reduce anxiety and prevent app abandonment. The questions are intentionally straightforward to help users unfamiliar with financial terms. After setting up the account, users get a personalized investment mix before accessing their home page. One of the tasks they are advised to do is to keep emergency funds in a savings account and move extra funds to their investment account.
Visual Design
After creating wireframes, I conducted branding research to determine the most suitable visual design elements. I started by listing out my brand values and then gathered images that aligned with those values to create a mood board. Unlike traditional financial platforms that use navy blue and green colors, I opted for unconventional colors such as yellow, teal, and coral. The goal was to evoke feelings of comfort and ease for novice investors. I named the mobile app "Savvy" because it is short, memorable, and describes the objective of making novice investors savvy at managing their finances.
High-Fidelity Screens
The final step of the prototype phase was to incorporate all the visual design elements I created with my wireframes and create my first iteration of high-fidelity UI screens.
TEST
TEST
Usability Testing
Scenario: As a busy person, you want help organizing your money and reaching your financial goals. A friend suggested the Savvy app to help with this.
Tasks:
The first task is to create an account.
The second task is to view the recommended investment mix.
The final task is to manage your savings by keeping 6 months’ worth of expenses in your savings account and moving the rest to an investment account.
Testing Results
The usability tests provided valuable insights into which elements were effective and which were not.
All participants successfully completed the tasks, but some had queries regarding the investment mix page.
I noticed that users struggled to comprehend how to achieve the suggested investment mix due to inadequate information on the specific stocks/funds required for purchase.
I also received feedback that users were more interested in viewing their net worth standings and other important statistics than seeing their completed items on the home page.
Major Changes
From the usability test results, the major changes I made to my high-fidelity UI screens included:
Rearranged the elements on the home page so that the items the user needs to complete are at the top, and then the net worth graph is directly below.
2. Added example stocks and funds to the recommended investment mix page so that users had more context on which stocks and funds they should consider purchasing.
3. Redesigned the onboarding process by converting the questions to categories and decreasing the number of clicks to finish each step.
FINAL SOLUTION
FINAL SOLUTION
Onboarding
Once the user downloads the mobile app, it will take them through the onboarding process of gathering info about their current financial status and future goals. The 5 major steps after creating an account are:
Basic Info
Connect Accounts
Financial Goals
Income and Expenses
Review and Finish
Home Page
As soon as you open the app, you'll be greeted by the welcoming home page. The top of the page displays the tasks you need to complete to become a Savvy investor. Following that, you'll see a summary of your net worth, a recommended investment mix, and upcoming lessons.
Recommended Investment Mix
After the user completes their onboarding questions, Savvy will recommend an investment mix based on the user’s status and goals. The investment types are listed below and example stocks and funds are included so the user can understand the investment better.
Manage Savings
One of the tasks the user should accomplish to become a Savvy investor is to make sure they are investing as much of their savings as possible. The Manage Savings flow allows the user to choose how many months’ worth of expenses they would like to keep in their savings account and advises the user to move the rest to their investment account.
Project Takeaways
This project was a challenge for me, as I don't have a finance background. It emphasized the importance of research in the design process. As a designer, I need to understand the topic to ask relevant questions and create suitable solutions. If I had more time and resources, I would have added or improved certain elements.
Added a screen to display a breakdown of the user's net worth, listing their assets and debts in one place.
Created a feature that displays the recommended investment mix in relation to the user’s current holdings and suggests improvements.
Added investment firm comparisons for users who do not already have an investment account so that they are able to determine which is the best option for them.
Gave more guidance on different types of retirement accounts and how to use them.
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