November - Present
2024
Thrifty
Role: UI/UX & Product Designer
"This research investigates the development of a user-friendly investment application designed specifically for young adults aged 21-35. The application prioritizes accessible and risk-free Savings opportunities, catering to diverse financial goals such as electronics purchases, vehicle acquisitions, and educational expenses. The platform aims to empower the young generation by providing a secure and intuitive environment for building financial stability and achieving long-term financial objectives."
Adjust your Amount and No.of weeks, and access 24/7 Contact Support, too.
Problem
Young adults aged 21-30, without significant financial responsibilities, face challenges in creating effective savings strategies for various goals, including purchasing electronic devices, buying cars, repaying loans, and establishing customized savings plans, while minimizing risk. This problem is multifaceted and encompasses several key issues. Lack of savings habit, only 31% of young adults are saving regularly, while 34% save when they can7. This inconsistent approach hinders progress toward financial goals.
​
Competing financial priorities, young adults must balance multiple savings objectives, including emergency funds (59%), long-term purchases (49%), and retirement (36%). This competition for limited resources can make it difficult to allocate funds effectively.
Debt management, where 14% of young adults are focused on paying down debt rather than savings. This debt burden can impede progress toward other financial goals.
​
Risk aversion; over half of young adults prefer to protect their savings from the risk of loss. This conservative approach may limit potential growth opportunities. Lack of personalized savings plans, young adults need tailored savings strategies for their unique financial situations and goals. Generic advice may not adequately address individual needs.
​
Financial education gap; many young adults lack the knowledge and skills to create effective savings plans and make informed financial decisions. Economic challenges, factors such as low incomes, high debts, and macroeconomic conditions can negatively impact young adults' ability to save.
Research: Competitive Analysis
Current Application
Proposed Application
Current System
Our current system is a traditional savings platform that focuses on basic functionalities like secure account management and standard interest rates. While it ensures the safety of user funds, it lacks advanced features such as personalized financial tracking, educational resources, or innovative investment options. The interface is functional but not optimized for user engagement, and it offers limited flexibility in savings contributions or goal setting. Additionally, the absence of tools for exploring alternative investment opportunities or transparent risk assessment mechanisms restricts users from maximizing their financial growth in a secure and informed manner.
Proposed System
The proposed system reimagines the savings experience by integrating secure savings with competitive returns and flexible investment options. It introduces a personalized dashboard for tracking savings growth, an educational resource center for improving financial literacy, and a future module exploring curated startup investments. Advanced risk assessment tools and transparent disclosure mechanisms ensure users can explore higher-return opportunities while maintaining a risk-free environment. The design emphasizes user trust through advanced encryption protocols and step-by-step verification processes for investments. With intuitive interfaces and clear APY visualizations, the platform aims to empower users to achieve their financial goals confidently.
User Interviews
Leveraging the expansive digital footprint across investment applications and stock investment brokerage platforms, I embarked on a mission to glean insights directly from our audience. I deployed Google Forms surveys and conducted one-on-one interviews, both online and offline, to validate our hypotheses and gather deep, qualitative insights.
Using Google Forms, we crafted a survey with 15 questions, including multiple-choice and open-ended queries, to collect initial data and recruit potential interview participants. For more personalized interactions, we conducted one-on-one interviews via video calls and in-person meetings. These sessions provided a wealth of nuanced feedback crucial for our user-centered design process, allowing us to explore users' experiences, pain points, and unmet needs in detail. This combination of methods was instrumental in refining the app's design and functionality, ensuring we addressed real user concerns and preferences
User Takeaways
I included questions about users' experiences using investment and savings apps at the beginning of the Google Forms poll. I wanted to make sure the survey was relevant because it was sent to a wide audience outside of our community. The comments emphasized a basic comprehension of investment platforms, a need for a single financial management platform, and a readiness for expedited savings procedures.
​
It's interesting to note that there was a discernible need for a more integrated, app-based solution despite the strong levels of involvement in our online groups devoted to investments, suggesting a market for such a platform. Together with feedback from our community, this realization indicated the possibility of significant user uptake as well as the requirement for increased service accessibility and awareness.
Affinity Mapping
Following the results, I delved into the fascinating stages of affinity mapping and card sorting. The ability to fully immerse ourselves in our users' worlds, extract compelling narratives from their shared experiences, and translate this collective voice into a clear and sympathetic design framework makes this interactive stage especially illuminating.
Through this method, I was able to map out the practical and emotional pathways that our consumers take during their educational journey in addition to classifying important features and material.
Pain Points
Behaviors
Meet Users: Personas, Task flows, and Journeys.
I thoroughly researched the areas where our users are most engaged, such as social media groups and academic forums, in order to prepare for wireframing.
I created a sincere relationship with our audience by speaking with them directly, which let us to comprehend their aspirations, difficulties, and daily interactions. Our study was enhanced by this sympathetic approach, which also made it possible for us to create comprehensive personas that accurately represent the needs and goals of incoming international students. The development of work flows and user journeys was then guided by these personas, providing a strong basis for the design stage.
I was able to develop, or rather discover, my identities for Thrifty thanks to the profound insights I acquired in this approach.
My research yielded insights that enabled me to create 3 personas:
Krishna - Jr. Data Analyst
Unnathi - Clinical Analyst
Aravind Reddy - Sr. Developer
Low-Fidelity Prototype and Ideation
In the exploration and ideation phase for our risk-free savings app, I focused on core functionalities addressing user needs: secure savings, competitive returns, and flexible investments. I mapped the user journey from account setup to potential startup investments, conceptualizing key features like a personalized dashboard, educational resources, and a future startup investment module.
Initial mockups and wireframes emphasized clear APY visualization, bank offer comparisons, and intuitive goal-setting interfaces. Recognizing our innovative approach, especially regarding startup investments, I designed robust risk assessment tools and transparent disclosure mechanisms to maintain a risk-free environment while offering higher return potential.
User trust and financial security were paramount, leading to advanced encryption protocols and a step-by-step verification process for future investments. The goal was to create a savings platform offering competitive returns while instilling confidence in users about their funds' safety and growth potential.
When creating our app, I concentrated on a feature that lets working professionals and students browse and bookmark various programs and universities. It also includes comprehensive profiles, a variety of pocket products, and support contact details. It was important to incorporate a recognizable, user-friendly interface, therefore we used popular navigation patterns to promote comfort and familiarity.
The wireframes contained comprehensive instructions for choosing a pocket and AI recommendations based on an analysis of the updated designs. After that, mid-fidelity prototypes were created, taking into account input from our preliminary user research and emphasizing the need for a customized and user-friendly experience to manage their lives contentedly.
Usability testing
I created an interactive prototype and ran a preliminary test on a few participants. The purpose of the test was to gather information about the app's intuitiveness and user experience.
Scenario: The user has just opened the app and seeks to understand its features, explore universities, and initiate the application process
Task 1: Navigate the onboarding process and provide feedback on its effectiveness in conveying the app’s purpose and features.
Task 2: Successfully submitted required documents for verification.
Task 3: Search for pockets and create his own pockets.
By using this strategy, I was able to gain insightful feedback on the app's functionality and user experience straight from the intended user base.
Usability Testing Results & Affinity Mapping
I used affinity mapping to classify and examine the comments and observations following our usability testing. I prioritized the most important concerns for iteration using Nielsen's Severity Rating Scale.
To determine how users responded to various UI components—with an emphasis on layout and color schemes—a preference test was carried out. This input was crucial in helping us improve the user interface design so that it better matched the tastes and expectations of our target market.
Thrifty Taught me
Thrifty has been a journey of adaptation and expansion
expanding from a single emphasis on saving modest sums to include a wide range of individuals who must make investments in micro businesses. Deep interaction with our users, whose opinions have proven vital, has driven this evolution. The app's ability to bring people together who lead contented lives and have a smooth financial journey.