Moneyment
Budget today, save for tomorrow
About
The project's main objective was to design a financial and budgeting application specifically for post-secondary students. The application was powered by Artificial Intelligence (AI) technology and aimed to provide personalized financial recommendations and strategies to help improve students' financial well-being. The goal was to create a revolutionary financial empowerment app to uplift students' lives.
Timeline
Duration
4 months
Roles
UI & UX Designer
Brand Designer
Brand Designer
Skills
User Research, Interaction & Visual Design, Prototyping, Testing, Collaboration, Marketing
Tools
Understanding the Problem
Financial stress among Canadians is a significant problem that affects many individuals and families. According to Statistics Canada (2022), one-third of Canadians need help to meet their financial needs, and one-quarter cannot cover an unexpected $500 expense. Furthermore, certain disadvantaged groups, including 57% of young Canadians, are especially struggling with their financial situation, indicating that this issue is affecting a broad range of Canadians.
The problem of financial stress can have a severe impact on an individual's mental and physical well-being. This problem is particularly concerning given that many Canadians are optimistic about improving their finances, with 37% of Canadians in financial stress remaining highly optimistic. However, only 25% of them believe that their financial situation can improve within one year, indicating a need for more confidence in their ability to overcome this problem.
Research
In the research phase, we sought to gain a deeper understanding of the daily difficulties, needs and spending habits of our target market – post-secondary students.
Survey & Findings
We surveyed 30 questions aimed at gathering insights from young students. After receiving 11 responses, we analyzed the data and identified trends and patterns. The survey helped us understand young students' needs, preferences, and challenges. Here are some of the key findings:
1.
Many students are interested in tracking their finances but need help allocating and managing money effectively.
Many students are interested in tracking their finances but need help allocating and managing money effectively.
2.
Students often need help using existing financial services or seeking financial advice but are highly receptive to using a financial app if it meets their needs.
Students often need help using existing financial services or seeking financial advice but are highly receptive to using a financial app if it meets their needs.
3.
The two most desirable features of a financial app for students are expense tracking and budgeting.
The two most desirable features of a financial app for students are expense tracking and budgeting.
4.
A rewards system would make financial apps even more appealing to students.
A rewards system would make financial apps even more appealing to students.
User Persona
Based on the user research and findings, one primary personal and one secondary persona were identified.
Primary Persona
Liza Chow is a 20-year-old woman from Kitsilano, BC, pursuing a Bachelor of Fine Arts while working part-time. She values security, stability, and communication and is seeking tools to manage her finances efficiently. Liza also wants to stay organized while combating creative limitations and impulsive spending tendencies.
Secondary Persona
Omar Ali is a 28-year-old Syrian residing in East Vancouver. He was studying at Vancouver Community College while working full-time as a line cook. Omar is seeking practical tools to help him budget better, manage finances comprehensively, and ensure security and credibility in his decision-making for future endeavours.
Design Decisions
Phase 1
Inspiration & Wireframe
The first idea is to create a comprehensive financial app that can handle most of the daily spending operations of a student and help them deal with financial issues specific to students. AI technology will enhance user experience and lead them to financial success. This process has successfully visualized almost all the features that fulfill students' needs. It has created a potential road map to process how the app should look and identify its winning features.
Mid-Fi Prototype
After considering the wireframe and ideation process, it is crucial to consider student engagement and what they would like to focus on when it comes to financing. Therefore, a new mock-up has been created focusing on budgeting and visualizing the effects of spending and saving. The concept is represented by planting a tree and fruit to symbolize the growth of money and daily expenditures. With various charts and icons, this design approach aims to create a personalized experience for students and help them grow their money in the best way that fits their needs.
Redesign: Collaboration with Developers
Due to the tight timeline, the app needed to be deployed in just four months. Therefore, designers and developers agreed to delay the planting and tree features to a "future possible development" phase. Instead, the team decided to redesign the app and focus on one MVP feature that could enhance daily spending and managing processes. This transition ultimately led to the success of the entire project.
Design Decisions
Phase 2
The new design approach automates categorization of daily spending by scanning receipts using a scanning API. This helps students monitor all their spending and get personalized suggestions through AI analysis of their spending habits. A new branding has been created to support this more controllable approach to engagement.
Branding
The old pitch logo used an orange M, but it didn't convey financial stability. The new logo uses a green gradient, a bar chart, and a seed to represent saving and growth.
I used a colour palette of dusty teal and money jade green to evoke calm, trust, and financial stability while promoting growth, prosperity, and financial wellness.
Montserrat boasts a modern design with clean lines that caters to our audience's preferences. Its versatility ensures legibility across various screen sizes, aiding in efficient financial management.
User Flow
We have created three main user flow paths to help users accomplish their tasks:
1. Checking their account balance, 2. Adding transactions, and 3. Setting a budget
1. Checking their account balance, 2. Adding transactions, and 3. Setting a budget
Usability Testing
We conducted two usability tests to enhance the user experience and intend to remove barriers for students. We observed them interacting with the app, taking notes, and asking them questions about their experience. The feedback we received helped us identify several issues with the app, including confusing navigation and unintuitive labelling. From the feedback, we discover some usage patterns in post-secondary students:
A.
When completing a task, students often prefer to work quickly and efficiently, such as quickly inputting a receipt or adding a transaction.
When completing a task, students often prefer to work quickly and efficiently, such as quickly inputting a receipt or adding a transaction.
B.
A clear navigation path is important to most students, as it helps them easily access different features and understand where to press to achieve their desired outcome.
A clear navigation path is important to most students, as it helps them easily access different features and understand where to press to achieve their desired outcome.
C.
It is helpful for students to have a clear set of guidelines or tips when using new features, as this can help them understand what steps to take next and make the most of the tool's capabilities.
It is helpful for students to have a clear set of guidelines or tips when using new features, as this can help them understand what steps to take next and make the most of the tool's capabilities.
Hi-Fi Prototype
Final Product
The final product aims to be simple, accessible, fast, and intelligent. We understand that financial management can be complex. However, we believe it should be accessible to everyone. That's why we have designed our app to guide users through each step and help them succeed financially.
Additionally, we have incorporated a dark mode for better accessibility and user experience.
Showcase
