A Wealth Management App - Smart Saving, Social Investing
CoinWise
Design Role
UX/UI Designer
Industry
Banking, Finance
Team
4 Members
Tool
Figma
Project Goal
Creating a Comprehensive Wealth Management Solution for Personalized Financial Growth
This project aimed to create a robust wealth management solution enabling users to manage and grow their financial assets effectively. It offers personalized advice, resources, and expense trackers aligned with individual user goals
Context
It was a design challenge called Brainathon that my team and I participated in. We were tasked with solving a problem related to Wealth Management Applications: Complex Interfaces and Limited Accessibility for Novice Users.
Problem Statement
Complex Interfaces, Limited Accessibility for Novice Users
Current wealth management applications often suffer from complex interfaces and limited accessibility for users with minimal knowledge of wealth management. Additionally, there is a need to provide personalized advice and guidance to users based on their individual financial goals, risk tolerance, and investment preferences starting the journey of account onboarding to setting financial goals, receiving investment recommendations, and monitoring portfolio performance
Let's take a look at the solution
Wealth Management App - Automated Saving, AI-powered Investing & pool money from friends
Research
Get deeper understanding of the case study
Key findings from secondary research
Financial Literacy is one of the major challenges in many countries including India. Available studies establish that those who are less financially literate are more likely to have problems with debt are more likely to engage in high-cost credit and are less likely to plan for the future
A financial quiz conducted by Streak says that only 16.7% of youth are financially literate in India
Financially uneducated individuals are more vulnerable to falling into debt traps making poor investment choices and becoming victims of scams and predatory financial practices
A lack of understanding of financial planning and risk management makes it difficult to secure findings , make strategic financial decisions
According to a survey conducted by Standard and poor’s over 76% Indian adults lack basic financial literacy and they don't understand the most basic and key financial concepts,
User Research
I and my team conducted user interviews to better understand the challenges faced by them and to study their behavior in the context of this topic.
User Segment: Millenial and Gen Z
Sample Size: 5
Key Findings From User Interviews
Some users end up achieving saving goals whereas some of them are unable to do so. The ones who try to save ends up being inconsistent with it.with debt are more likely to engage in high-cost credit and are less likely to plan for the future
Users are motivated to save money for various reasons including family expenses for millennials, emergency funds, some trip plans, or the things that they want to purchase.
There is an interest among users in investing their savings, although some are hesitant due to factors like lack of knowledge, fear of risk, or uncertainty about where to start.
Generally, users are unable to cut their expenses as they end up spending more while on hang outs.
Users seek investment information from a variety of sources, including online research, financial advisors, family and friends' recommendations, books, seminars, and online forums.
The users rely upon generic UPI apps for tracking their expenses in day to day life.
Empathy Map
Understanding User Perspectives to Meet Expectations
we used an empathy map to understand the user perspective so that we could design solutions that would meet the user's expectation.
Feature Analysis
We did a feature analysis to come up with ideations/ solutions that will set us apart from our competitors.
Ideation
Collaborative Wealth Management: Set Goals, Pool Funds, Get Personalized Investments
A wealth management platform where you can set goals to save and pool money from friends and get personalised investment recommendations
Storyboarding
Visualizing User Journey helps identify pain points, gaps, and improvement opportunities early on by depicting user interactions and emotions.
Design Phase: Embracing My Favourite Part of the Process
Style Guide: Crafting a Unified Design Language
I created a style guide to ensure consistency and coherence in design elements, such as typography, colors, layout, and branding across various platforms and materials.
Final Design
Final designs include features to manage wealth in a more effective way
AI Advice
Users will get personalized recommendations according to their expenses and savings patterns and they can also raise a query regarding the same.
Saving Flow
Save Automatically: Set a share of amount in order to save money automatically in your day to day life
Pool Money Flow
Pool Money From Friends: Users can pool money from their own made group of friends which can then be invested.
Expense Flow
Set a budget for daily expenses
Users can set the target amount to be spent daily weekly or monthly to curtail their expenses. They will receive notifications if the target is off-limited.
Conclusion
Challenges
We had a very strict deadline for this project we had to complete this project in 3 days and had to provide quality work while at the same time working on our college projects. so it was a really big challenge for us but when we made it to the top 10 nationalists all those efforts were worth it then.
Learnings
By doing this project I learned a lot about the finance industry and the user patterns of Genz's and millennials. For example - most of the Genz's want to save money but they are not able and they don't know about investment etc.
