As part of my UX Design studies, I explored how to move from assumptions about users to user-centric design principles that could guide the design process.
The project addressed a central question:
“How can we create a bank for financial wellness for the emerging professional stepping into financial stability?”
With his new job he has quickly adapted to the benefits of a consistent salary. Now he is open to new ways of approaching his finances.
"Is there a better way to save
or invest?"
David's Backstory
Only months into his new job and he has quickly adapted to the benefits of a consistent salary. It's those small moments when you realize you don't need to choose the cheapest item by default.
He can afford a little more - take a taxi home after a night out, buy a nicer bottle of wine. These little freedoms give David a sense of accomplishment - a small step towards the life he’s always imagined for himself.
But David is cautious about money by nature, he knows not to let it get out of hand. With a little extra money building up in his account, he is open to new ways of approaching his finances too.
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To validate these needs, I formulated hypotheses to guide my qualitative research. I designed experiments to assess their accuracy and established criteria for success or failure.
Alex needs to see the progress and possibilities of his choices in order to keep motivation high
that users require clear and real-time feedback on the impact of their financial decisions to maintain a high-level of motivation
when they express that their current data doesn't tell them much of their behavior therefore it doesn't feel personal or motivating
User interviews revealed a common theme of discouragement with existing budgeting tools. They often began the process of keeping things in track but would slowly dismiss the budget as they don't have many financial responsibilities outside taking care of themselves.
Although some users save regularly but lack the know-how and confidence to confidently navigate investment options and pursue their most ambitious financial goals.
Users also conducted a card sorting exercise to explore what app features they find valuable to collect quantitative data. These features where brainstormed based on competitors products.
— users do not have a full understanding of where their money is spent
Users often rely on memory to guess their spending patterns, lacking true awareness of their expenses.
— users require clear and real-time feedback on the impact of their financial decisions to maintain a high level of motivation
Users do value accurate categorization and personal relevance in their financial data. But we are not sure if that would increase their motivation.
— users have attempted budgeting but faced setbacks due to their individual vulnerabilities
Users face difficulties in budgeting when their goals are not realistic or when they lack awareness of their spending patterns.
— users want to save x amount of money but often find it challenging to save as much as they desire
Users had not yet set x amount as a saving goal. Saving is less structured, with a focus on putting money aside for the future without specific target amounts.
— users lack knowledge around financial investments and are therefore not confident enough to make them
Users express a basic understanding of financial investments. While some users express a willingness to invest, there is a gap in their confidence.
Let our users regularly reflect on and validate their spending patterns to enhance awareness and accuracy.
Let our users have the option to customize based on their expectations to build personal accuracy in their financial data.
Let our users be encouraged to set realistic goals through knowledge.
Let our users adapt their goals and saving approach based on their changing circumstances to keep motivation.
Insights provide a window into user behavior, but the exploration shouldn’t end here.
Recommendations as next step would be:
User Interviews: to clear disproved insights and validate the hypotheses across a larger user base.
Card sorting: Explore how users would customize spending's based on their expectations to build personal accuracy.
User Testing: Prototype features that most users must have aligned with the principles and conduct user testing to evaluate.
Iterate and Refine: Based on user testing feedback, refine the design and features to better address users’ needs in understanding their financial behaviors.
Personal Note
Embarking on this journey into qualitative research has been eye-opening for me as a beginner in UX Research.
I'm a designer who mostly had the opportunity to work on the solution and deliver stage, sitting with users like this doing research work myself has developed my perspective as a junior UX Designer.
A huge thank you to Julia, my industry leader, for the qualitative education. 🌟
