USER RESEARCH
Survey
7
80
49
Participant in Interview
Respondents in survey
Website visited
What is your age?
Which of the following applies to your current residence?
84.8%
63.7%
23.8%
11.3%
20-35 YEARS OLD
35-45 YEARS OLD
45-60 YEARS OLD
60+ YEARS OLD
Urban
Semi urban
Rural
Can’t say
1
2
79 responses
80 responses
What is your gender?
53.8%
45%
Male
Female
prefer not to say
3
80 responses
Who makes your financial decision?
33.3%
46.2%
20.5%
Me
Me and someone else
Someone else make the decision
4
78 responses
46.2% persons who manage finance with someone and 20.5% whose finance managed by someone else it is important to know that in almost all cases it is managed by either parents or spouses.
How has finance management assisted you in the past?
38.8%
20%
41.2%
I have fair idea about finance management &
it serve me well
I have fair idea about finance management but
did not get anyprofit or help from it
I don’t have any idea about it
5
80 responses
41.2% people don't have any idea about finance management whale 86% people said its is important for them.
While describing their fears about finances, 60% said it was online fraud, and only 17% felt it.
Secondary research
Stats
A Deloitte India report in 2018 revealed that millennials spend more than 50% of their disposable income on apparel, accessories and entertainment.
“Millennials are remarkably different in their spending habits from their parents. They are more focused on short-term goals and experiences as opposed to their parents’ affinity to long-term goals and assets. ”
“Some financial habits of millennials tend to come across as alarming to the previous generations.”
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Brief
People recently are finding it difficult to manage their finances to maintain a balance between enjoying newly achieved financial freedom and achieving their materialistic dreams.
TrackP
Personal
Finance
Management
rack
T
oal
G
earn
L
Personal Finance Management
Problem Space
What would have seemed a completely alien concept a decade ago, has now grabbed the headlines worldwide. Personal Finance management and financial literacy are buzzwords now.
We wanted to make people financially independent by understanding their problems and managing their finances. We wanted to do this to shield people from financial hiccups.
Why this problem
After online payments became a regular thing, money just became a number. People generally spend too much, and they do not even feel it. It derails people’s financial plans and makes them vulnerable to hiccups.
Everyone has something to buy and plans for it. Some do it properly, meaning they buy a mutual fund or invest in RD, etc.; others take sudden decisions. People need proper guidance for navigating towards their financial goals
After the share market fall in march 2020, we have seen a tremendous rise there. Surprisingly this rise has significant retail investors who are investing through investment apps. People are doing it just for fun. Learning in this scenario has gone to the back seat.
Expense tracking
Tracking and achieving a financial goal
Finance management learning
Process
Discover
Research
Analyse
Ideate
Prototype
1
2
3
4
5
Knowns
Unknowns
People shift to new cities
Due to fomo and peer pressure they Make decision
Open to take financial risk
Spending habits includes urban lifestyle
Hard to resist expenses
They tend to spend on stuff that are not necessary
They manage their own finance
Investment apps are growing
How do educational background affect their financial habits
Does gender affects the financial habits
Salary distribution
Do they prefer any financial advice
Do they want to save
Do they know repercation of financial breakdown
Do they track their spendings
How financial habbits differ for urban and rural
Research findings of millennial behaviour
In general
From history
Current scenario
56% of millennials invest in Mutual Funds.
Wealth is the top life goal for 80% of millennials.
36% of Indian millennials have a fitness app installed on their phones.
28% of millennials eat out at least once a month.
91% of millennials believe in making their financial decisions by themselves without having to depend on someone.
Contribute 70% to the total household income.
91% of the millennials believe in making their own investment decisions. Events like the financial crisis of 2008 diminished their trust for financial planners and experts.
Over half (54%) of Millennials, according to the First Insight survey, surveyed indicated that coronavirus affected their purchase decisions—more than any other generation. This has prompted 40% of Millennials to state that they were cutting back on spending in preparation for the financial uncertainties that may result due to the coronavirus pandemic.
Interview
I invested in stocks because of my friend and lost all my money there. That trauma still exists; I will never invest in stocks in the future.
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“
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“I want to learn the basics of financial management to become financially free in the future, but managing and tracking take a lot of time.”
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“I want to earn and invest my money so that I can spend on luxury trips and items, but unwanted expenditures sometimes derail me.”
To track small expense
To get report on expenses
To track SMSs mails, and notifications
People go to different payment apps to track
Wait for account statement
Save various paper receipt
To make user learn by doing
To able user set up multiple goals
People do planning in mind
To help people identify wrong information
To track and block notification which create confusion
User journey
Track
Payment Apps
Banking Apps
Account statements
To give timely summary and analysis of expense
To make learning fun and eventful
Help people in keeping up with goal by reminder
Easily get deviated due to sudden and unwanted expense
Go to different websites to learn
Quickly open disturbing notification
Discuss with friends
Get confused and take action in hurry due to notification
Take help of finance learning app
Check web to confirm information
To block panic creating notification
Mind
Partner
Note apps
To learn in a gamified way
To learn how to invest
To learn about trending financial topics
Apps
Websites
Books
Friends
To get help how to control
spending
Easily set and track goals
To get proper and authentic facts
Messages
Notifications
Real time analysis and also help
In what to do next.
Touch Points
Financial Goal
Learn
Nudges
Channels
Experience
User Goals
Opportunities
User personas
Savita tracks spending cautiously. She wants to maximize her savings by using different instruments. She wants to invest in stocks but only in safe ones with proper research and analysis. She has good financial knowledge.
I love to learn about investing and I manage my own finances. I sometime struggle to track my small expenses and track my plans
Bio
“
”
Goals
Pain Points
Unplanned and untracked expenses disbalances saving and financial goals
Managing debt
Not able to track and analyse expenses
Not comfortable in taking loan
Following and tracking Financial goal is difficult
Unavailability of single platform for research
To get expense report whenever they want
To save for uncertainty
Want high return with low risk
To save taxes and maximize saving
To secure future financially
To make informed investment inspired from knowledge
Tech
Payment apps
Investment Apps
Banking Apps
Social Media
E commerce app
Demography
Age- 23
Occupation- Fashion designer
Language- Hindi, English
Shamu is a cash splasher who thinks the more money spent the more desire to earn is generated.He wants to maximize investment but at the same time he dont track his spendings. He also wants to take risks for better returns.
I want to travel the whole world and buy an SUV. I sometimes get irritated and panicked by notification.
Bio
“
”
Goals
Pain Points
Quick analysis of all spendings
Want some motivation to get a financial goal
To learn how to invest
Want to know how to maximize credit score
Block unwanted nudges
Don't have idea where to invest to maximize return
No guidance on how to invest and save
Don't know importance of saving and long term investment
Sometimes fall short of money because of financial mismanagement.
Can't stop unnecessary expenses
Tech
Payment apps
Investment Apps
Banking Apps
Social Media
E commerce app
Demography
Age- 29
Occupation- Engineer
Language- Marathi, English
“I dont know how to manage my finances”
“Dont do risky investments”
Family
“Bro lets invest in stocks”
Friends
Millenials and Gen z
“We will give you best services”
Service provider
“I can give best advice to manage your finances”
Financial advisor
Investment apps
E commerce apps
RBI
“Future is unpredictable so take policy ASAP”
Insurance agents
Stakeholder map
Key Insights
Throughout our research, we discovered that users have core needs for a successful finance managment.
The first step in managing finance is tracking expenses and goals. In research, we found out users don't have clear ideas about both. Tracking and analysis takes a lot of time which lead to avoidance
Learning about how to invest in shares is sometimes very hectic because you have to go to so many websites and youtube videos. Alsp, some people don't invest just because they are losing money.
Nudges come in the form of notification, mails, messages etc which alter investment behavior and sometimes create panic. These negative nudges create insecurity which sometime lead to heavy losses.
Track
Learn
Nudges
Initial Concepts
Sketching of concept
From Brainstorming some initial concets
Userflow
Open App
Home Screen
Learn
Track
Goal
Set a finacial
goal
Graph
Looks for graph to
track get along
Nudges
Check facts on
nudges
Limit himself
from spending
Spending
Look for spending in different
catagories of previous month
Add fack
money
Browse stocks
Learn different
factorsof stocks
Track spending
Buy
Set goal for
next month
Graph
Information Architecture
Splash screen
Old user
Home
Goal
Nudges
Bank Acc.
Demat Acc.
Sign Up
Track
Spending
Stocks
View chart
Buy
Sell
Categories
IPO
Learn
Design Guidelines
Modern blue gradient
Modern blue gradient
Red
Red
White
White
Green
COLORS
TYPE
LOGO
This logo contain the logo of rupee and “T” represent Finance and Track respectivaly
TrackP
#1E87FA
#1E87FA
#FF0000
#DF504E
#FFFFFF
#FFFFFF
#00CD22
PRIMARY
TEXT ON WITHE BG
FONT
Montserrat
Bold
Semibold
Regular
Medium
Light
DISAGREE
ALERT
BACKGROUND
TEXT ON BLUE BG
AGREE
#1C73D1
#1C73D1
Aa
Aa
24
Dec
16:30
HPCL
Target-Rs 120, Crt-Rs 115, SL-Rs 110
Facts
24
Dec
16:30
Tata motors
Target-Rs 120, Crt-Rs 115, SL-Rs 110
Facts
Spending
Food
Monthly Limit
1000/-
2000/-
Expenditure
Paid to Swiggy
15 Aug, 10:46
3,556
-
UI Eements
Categories
Categories
7 days
Month
15 Days
1 month
3 months
APPLY
Clear filters
Categories
APPLY
Clear filters
Food
Fuel
Travel
Ohers
Groceries
Bills
Shopping
Health
Continue
HOME
TRACK
LEARN
50,000
1,00,000
26,000
1,20,000
1
2
3
4
1 year
1.5 years
2 years
3.5 years
4 years
4.5 years
3 years
Start
journey
Porfolio
Tata Motors
4 shares
352.6
55
(15.59%)
Manshi D
BUY
SELL
2 mon
8 mon
4 mon
10 mon
6 mon
12 mon
13 mon
Start
journey
10,000
Mobile
Bike
1
2
Mobile number
You have crossed your set monthly
expenditure limit
High fidelity
Onboarding screen to give an quick idea about the product.
Quick and easy Signup process
Track all your goals from single screen and define your own path
Giving user freedom to track expenditure in whatever way they want
Giving user control to divide expense in different categories and also set category limit
Learning investing by doing to go beyond fear of loss
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