Cha-Ching Case Study

Product Splash - Design Jam

Background

Due to the COVID-19 pandemic, many people had changed their lifestyle, spending, and saving habits. Forty-nine percent of Americans saw the pandemic as a major threat to their personal finances, because they had lost a job, taken a pay cut, or even encountered both situations. With more time and chances to reflect on their personal finances, people started to experience greater financial concerns and worse mental health.

Team Members

  • Gloria Zhang, Project Manager
  • Kelvin Dao, UX Designer
  • Nikki Robyn Apostol, UX Designer
  • Vivienne Tran, Project Manager

The Problem/Challenge

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Our Solution

Based on the surveys and interviews results, we identified that users need to have a visual representation of their finances and a personalized support system, in order to understand their current financial status and to have more control over their finances. Therefore, we adopted the dashboard feature to visualize user's day-to-day financial activities (budgeting, maintaining accounts, track on income & expenditure) while adding Personal Guide and Education sections to our product.
The Personal Guide feature, where there will be auto-generated financial advice and step-by-step to-do lists based on the user's long-term goals. The mentorship program also stands out to establish a supportive environment, where users can share their concerns and learn from professionals.

Free tier users have access to the Dashboard for unlimited time. Basic plan users will spend $8.99 per month to have a 20-minute mentor counseling session and 3 webinars to attend every month. Premium members will have access to unlimited videos/webinars plus 5 counseling sessions every month if they spend $16.99 per month. Millennials and Gen Zs will inherit the largest amount of personal wealth in the foreseeable decades. As a result, our personal finance management solution is here to help them succeed.

In addition, the Education feature is another highlight of our product. Since our target users need help looking for credible resources, we will provide them with the most educational videos and webinars based on their needs.

How Might We: help users to plan personal finances and feel more confident with their financial status?

In order to solve this problem, we distributed surveys to 53 users to evaluate both their personal financial situation and knowledge. Among all the groups, Millennials and Gen Z have the lowest satisfaction and confidence level about their personal finances. Due to the pandemic, they are more likely to delay their financial milestones and to struggle with saving money.

Based on our findings, we narrowed our target users to Millennials and Gen Z.
We conducted 6 user interviews, where we find out:
1. 4 out of 6 users have negative feelings (anxious, sad, and stressful) when dealing with their finances.
2. 4 out of 6 users would like to have more trustworthy tools to help/track their personal finances.


In the beginning the team and I mapped out on who our ideal user base will be using affinity diagraming with miro. We layed out characteristics on the  similar users based off the surveys we conducted via google forms. This helps us get a better picture of who we are designing this app for.
Here we continued on with affinity diagramming of the survey responses where users answered about their frustrations when it comes to personal finances . We grouped relatables responses in similar themes that resonated with the users. By grouping these responses we synthesize the quantitative answers into qualitative data we can use to gain insight from. By taking this sort of data (a percentage of the response) we can analyze the value and compile it to a strong case for defining the design decision.


For example -
• 2 out of 6 users are concerned about their budgeting
• 4 out of 6 users are concerned about their spending

From a situational perspective, during the pandemic. Our users responses were:
• 4 out 6 users' financial situation improved from the pandemic
• 2 out of 6 users' financial gotten worse from the pandemic
• 3 out of 6 users state that the pandemic did change their financial situation

The stat that covered the project's overall goal was:
- 2/6 users felt overwhelmed by resources and don't know where to get help.
From here further in-depth analysis of the user wants."What they want to learn more about personal finances." My team and I wanted to understand the importance in our users' wants. From this method my team and I can focus on creating features/content that will help educate them in fields of personal finances they are unfamiliar with.
In this diagram my team and I decided to organize each user's frustrations and needs that related to them. This way we focus on coming up with features on our product that will help fit the needs and fix the problems the users might be having.
Here's the diagram that highlights our target users' frustrations and needs when it came to finance knowledge.

Research

After trying eight of the most popular personal finance apps in the market (Mint, YNAB, GoodBudget, etc), we discovered that most products will include a dashboard feature. However, these products only serve as a budgeting system and do not have any personalized advice for individuals. 85% of the products will need users to purchase a subscription plan, where the price would be $5-$20 per month.

Competitors/Inspirations

Product Analysis: Inspiration (Qapital) https://www.qapital.com/

About this product
Customer Review

Qapital - Product Images

Personas

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Design Process

Lo-Fidelity Wireframes

Hi-Fidelity Wireframes

This here is the "Resources" screen where the user can find all sorts of information they might want to know. i.e. Information on Basic finance; Retirement; Loans; Investing; Taxes and etc. The content shown on this screen also provides user articles from other sites to read and they also have an option to search for that specific topic.

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Testing/Feedback

We again conducted testing for the feedbacks on our final versions of the prototyped with our previous interviewees. As they have better understanding and context of the project. Our process was to let our users play around the app and while they answer our questions regarding: (1) How do you feel about this certain feature, (2) Give users certain tasks while using the prototype -scenario: If you are looking for this certain information >> "can you look for the data on your short-term goal on a trip?" (3) What are their likes and dislikes of the app, does the app help accomplish their overall objective.

Comments

Our Goal

Our goal is to have users feel comfortable to get control of their personal finances. As short term business goals, we will continue conducting user testing interviews, finish the MVP, and create a product website landing page. We will start social media marketing campaigns (on Instagram, YouTube, TikTok) to raise brand and personal finance awareness.  In the long run, we will be focusing on engaging with potential customers and encouraging innovators and early adopters to try our products.