FINANCE APP



INTRODUCTION : -

A personal finance app is an app that you can download on your smartphone or tablet that helps you manage all aspects of your personal finances. These apps can help track your spending, saving, and investing. They can also track bill payments and keep you up to date on credit score changes. You can connect personal finance apps to your financial institution so you can see where the money from your bank account is being spent.

A personal finance app makes it easy to keep track of your finances on the go. Typically, a personal finance app will have different features such as a shared wallet, bill reminders, auto bill pay, and even managing subscriptions.

Goals

  • Help people to have more interaction with their money.

  • Provide a solution for users to set financial goals and achieve them by creating a platform that helps keep them keep track of their goals.

  • Monthly Contribution

  • Target Balance

The purpose of this is to achieve goals easier. By setting goals with a monthly contribution you will have an automatic payment to that “bucket” every single month. When you set the payment to Target Balance it’s free, however, you can set deadlines by which date you want to achieve that.

User Interview

Here are the main pain points and insights which he gathered through those interviews.

#1: The home page doesn’t provide much information

When conducting the user interviews, we found out that most users use it in order to monitor their monthly expenses with the goal of saving more money. All of the users he interviewed wished that the home page would provide more insights and information about their spending patterns. Even the budget card only shows up to 4 budget categories, and users have to click to another screen to see an overview of their budget status.

#2: Unable to customize spending categories

Although it has a large range of default categories (35 in total), some users still prefer to personalize their transactions to their liking.

#3: Unable to key in transfers from one account to another

When the user creates a transfer transaction in an account, it only appears in that particular account. And the user would need to manually indicate whether it’s a debit or credit transaction. This would cause confusion as the users might find missing transactions afterwards if they forgot to do so.

#4: Unable to create recurring transactions

Some of the users suggested that the app could allow for recurring transactions. This applies to users who are manually adding in each transaction themselves, and will help them save a lot of time.

Ideation

Design Principles

The overall approach for the redesign was to improve the user experience without radically changing an already popular and familiar platform. Some key principles were:

  • Improving user experience by removing known pain points in the user journey

  • Help users to reach their goal of saving more money

  • Allow users to better understand their spending habits and patterns

RESEARCH

User research —

Collaboratively created a survey and conducted interviews. The purpose of these questions is to gain insight into key data and see if there is available information that would answer the questions.

There was no relevant information around the topics of interest so I went about creating a survey to gather some real-world data.

Survey —

I created a Google Form and send it out to some people in my email list that I have. The survey was filled by 197 people

User story mapping —

Collaboratively created a user story map.

Wireframing

My partner worked on the on-boarding process, dashboard, and past goals page. While I worked on the goal creation process, current goals, and track my spending page.

Low-Fidelity Prototype with Invision —

Created a prototype using Invision for our user testing.

User testing —

Created a user test scenario. Individually found candidates to test.

High-Fidelity design —

My partner worked on the on-boarding pages. We both worked on the re-design of the dashboard. I worked on the goal creation process and the color palette of the design.


Key changes and rationale:

  • As most users want more information on their financial status, he thought it would be good to include their income & balance on the home page as well to give them a fast update on their financial health.

  • The insight card aims to give smart pieces of advice and updates on the user’s spending patterns. It will also alert you if you are going over your budget.

  • Removing the “latest transaction” card and replaced it with the same pie chart component that is shown on the reports section. This would allow users to have an overview of their spending breakdown.

  • To design a recurring transaction option based on the users’ feedback. When creating recurring transactions, the transaction will only be created on the selected date (e.g when the transaction is created on 12 Feb, the recurring transaction will then be automatically created on 12 Mar).

  • When editing a recurring transaction, users will have the option to edit the specific transaction or for all following transactions.

  • Having a sub-category option where users are able to create their own personalized sub-categories. The sub-category will be tagged to the main category so that it wouldn’t affect the reporting.

  • The sub-category will also be used as the description if the user left that field empty. This would help the user save time when creating repeated transactions.


Conclusion

There is no doubt that our team spent countless hours on the current app design. This project was made for all the people who want to have control of their financial life, but for this, there are different types of people and how each manages their own money. After all this process I could observe some flow improvements but overall the users gave me good feedback regarding the usability and desirability of the app.

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