ujjwal anand
Case Study
Bucknest
Encouraging conscious spending and financial literacy in young individuals by assigning budgets and bringing visibility into their spending trends.
Timeline : 10 weeks / July 2019 – Sept 2019
Client: Designboat
My Role
UX research, UI design, Logo Design, Visual Design
Product Type
Future state Service model, North star vision
Project Domain
Product Design, Interaction design, Design handoffs, prototyping, User testing,
Collaboration
Marketing, Finance, Engineering
Skills
Product Design, Interaction design, Design handoffs, prototyping, User testing,
Project Background
This project was done as a classroom project with two other team members from finance and engineering disciplines. We as a team had to choose a domain where there was a visible problem and work on it end to end from research and problem framing to final design handoffs. The research and problem framing phase were done in teams and the UI was done individually.
The Problem
How might we help young professionals to have a better control over their personal finance?
With digitization financial spending has become extremely latent and the spent money goes unnoticed in our day to day transactions. Many individuals don’t budget their spending, they don’t know where they are spending. There is a growing number of young professionals in India who fall prey to debt trap and bad CIBIL score due to poor financial decision making. There is a clear need to make personal financial management more convenient and transparent.
Business Goals
- Generate traction initially from free features and then monetize by providing users with advanced features.
- Partner with e-wallet companies and telecom service providers to access transaction information.
- Partner with major brands and businesses to allow good deals to the users.
Target Users
- Tapping the spectrum of early jobbers (0-4 years) to mid level (4-8 years) users.
- Attracting the users to manage their expenses and make savings through attractive deals and discounts.
A Solution
In spite of efforts such as – value-based care models, accountable care organizations, and integrated health home models of care – to change the status quo of healthcare delivery, poor health outcomes and health inequities persist, especially in communities with underlying social vulnerabilities. This reality suggests the need for a new approach which is more specific to community needs.
The Process
To understand how people manage their personal finances and money we did an online survey within our social circle and got response from 79 individuals and post that our team conducted contextual inquiries with users to understand the complete ecosystem around their personal finance management and what kind of problems and needs were surfacing from the inquiries.
01
Online Survey (79 respondents)
Helped us get data from large amount of users to scope the problems we would ask from users in contextual inquiries.
02
Contextual Inquiries (30 respondents)
Helped us deep dive into user problems and understand their pain points and expectations.
03
Market Study
SWOT analysis of competitor apps
Research Analysis
Through analysis we identified two group of user. One with (0-4 years of experience) and other with 4+ years of experience. Needs for new professionals were visibly different than those who had been working for more than approximately 4 years.
Key Insights
Multiple modes of expenditure which makes it difficult to track expenses. There is a need to make it easier to plan budgets and brings more visibility into where their money is going.
Experienced users had long-term goals such as purchasing a house, or planning family, or having an emergency fund and new professionals had immediate goals such as saving money on their next purchase, building habit of budgeting and following up on expenses.
User Persona
We created three user personas based on the different user needs emerging from research to act as a guideline creating a better experience.
Storyboarding
Once we understood the needs and priorities of the users we created the storyboard of an actual scenario of how our product would touch the user and how would it fit their needs.
User Flow
Creating a user flow helped us represent a user’s journey through specific tasks to achieve their final goals.
Information Architecture
Once we had the grouping of information within labels, we created an architecture of the information within the application environments. Every tab and actions were arranged within specific categories.
Low Fidelity Wireframes
Created low fidelity wireframes of the UI based on the the user flow and information architecture
High Fidelity Wireframes
Based on the low fidelity wireframes I then created high fidelity wireframes
UI Design and Key features
The final UI design was completed based on the wireframes and focused on accomplishing 5 key tasks for the user which emerged from the research synthesis.
User Testing
A interactive prototype was created I nAdobe XD to test the UI with the user for finding any flow problems or hiccups in task accomplishments. Also while developing the design few assumptions were made, the testing would also validate those assumptions.
User Testing Outcomes/ Learning
1. Few users couldn’t understand the colors as signifiers of data, for example red color for over spending in a category and green color for extra remaining amount that could be spent.
2. Users found that homepage and statistics screen were very similar and they couldn’t intuitively understand which page they were on.
3. Few users having side businesses also expected the application to be customizable to managing business expenses, that way it could be more useful for them. This opens up a possibility of this MVP (minimum viable product) to develop into a more robust platform.