Background
Being a bachelor money handling and Financing is not something i had experience in and my batchmates struggle where we usually spend more than what we intend to and end up in debt. This isn’t something that is taught at school but highly depends on the external influences and factors associated.
Summary
A lack of understanding of basic financial concepts, such as budgeting, saving, investing, and more, leaves individuals vulnerable to poor financial decisions and hence, deprives them off a possible better and fulfilling life.
233M
of India's youth and working-age
99.5%
of Indian use upi transactions as primary payments methods
65M+
merchants are have adopted the payments through the upi
The general literacy rate is 77 percent, but the financial literacy rate is 35 percent. However, a substantial portion of this income for the average working professional often remains unutilized in the bank or spent frivolously, apart from daily necessities. Various measures were taken by RBI and the Government to enhance financial literacy rate. Since the financial literacy level in India is low and high level of financial literacy is required for improved financial decisions.
1. Competitor Research
I was sure that there are many apps that serve the purpose for many users so I used some of them myself for a short amount of time, to experience any pain points myself.
insights
No investment advice
nested categorisation not available
complex ui
No recurrent payments track
Primary Research and secondary Reserach
Conducted a 2 surveys that gathered data from 73 responses and 94 responses data that exposed new areas of improvements the current financial mangement apps.
survey 1 & 2 insights
90.4%
use UPI as a first mode of payments.
58.9%
think they overspand
87.2%
report expense tracking and inputing values is a daunting process
68.1%
report expense tracking and inputing values is a daunting process
some major concerns that i came across from taking the interviews(18)
Security and privacy
overspending behaviour
financial advices to promote savings
2. Defining Opportunities
I categorised each notable difference and made sense of trends. Inferring from each competitor, I drafted similar components in our prototypes and also some we can improve upon. The insights gathered from the interviews and surveys they were solved through the features thourgh the custom components.
3. A/B Test & Analysis
I prepared 2 different high-fidelity prototypes (original components vs new components).
Upon testing the prototypes with an A/B test, I gathered data such as time taken and completion rate.
insights
Main menu could have a search bar
Abstraction can be done, showing only some data, while more details can be shown if user chooses to
Too much use of slangs can present the application as forcing it or trying too hard
The categories feature can be made more visible/understandable/renamed
