PennyGo
Duration
7 weeks
2023.03-2023.05
Tools
Figma
PS
Principle
Adobe XD
Team
Zhenkai Wang
Kexin Wang
Shiya Sun
Role
Design - Concept sketches, wireframing, storyboarding, design prototype、data analysis-driven UI design.
Research - Semi-structured interviews, affinity mapping, competitive analysis, expert evaluation.
OVERVIEW
Needs: Addressing the management of money by adolescents
PennyGo is aapp targeting young individuals aged 18-25, starting to manage their own money but without experience or guidance. The app aims to empower them in managing their finances. It offers user-friendly features like automated transaction recording, comprehensive analytics, and customisable wishlists.
Current issues
47% of the UK teenagers in this age group may lack interest or awareness in personal finance management, so they need to be engaged and guided to recognise the importance of money management and be willing to use the app to improve their financial situation.
Solution
User-friendly interface and intuitive features: The app features a user-friendly interface and intuitive features that allow young users to easily track and manage their finances. This design allows them to get started quickly and enjoy the convenience of using the app.
Consolidate and analyze a user's spending across multiple banks to save them time switching cards.
Process
Between March and May, our team rapidly evolved from basic concept discovery to the proof-of-concept prototype stage. During this fulfilling process, I took on a key role, focusing on pre-market research, in-depth user interviews, and data analysis-driven UI design......
Through our team's efforts, we successfully moved from initial ideas to proof of concept prototypes, laying a solid foundation for the subsequent phases of the project. I am proud to have participated and contributed in this exciting and innovative journey.
DISCOVER
Competitive Analysis
According to a study by PricewaterhouseCoopers in the UK, only 10% of young people in the UK can save more than £1,000 for an emergency.
47% of UK 18-25 year olds do not know how to budget or are unsure how to budget.
Market Research
Conduct a competitor analysis by applying the swot principle. We noticed that there were a lot of fintech products out there, but none of the apps catered to 18-25 year olds, they always had too much bookkeeping expertise or too many features.
Our app is aimed at 18-25 year old students and commuters in the UK, so not only did we look at the way commuters like to keep track of their money, but we also looked at apps that support helping students apply for bursaries and learn about investing and money management.
Key Insights
Partnerships with many banks
Provision of professional advice
Low product entry costs
Description of the analysis
Money classification analysis
Learning to manage money
Walkthrough users to find entry points
Affinity Mapping
Through user interviews and user observations, we created affinity diagrams to derive the most important Budgeting issues for UK youth and some of their bookkeeping habits.With the affinity map, we also segmented the population: professionals, explorers, and starters
DEFINE
Persona
Design Goal（Stakeholder presentations identify design goals）
User pain point
Help users...
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It's a pain to manually record every time I spend money
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Difficult for existing apps to present/show my specific spending behavior based on spending history for my reference
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Not flexible enough to set and modify categories
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I want to review regularly but it's too painful to do it manually every time
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I want to improve my spending habits, but the budget and savings seem too ambitious for me to use.
Goals:
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Less tiring expense tracking
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More customizable/flexible expense categories & corresponding reports
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Closer metrics on budgeting and saving
Solution:
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Bank Account Binding & Auto Import (do I need to be able to edit?)
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Ustomized category editing with automatic weekly reportingC
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Wishlist
User flow
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Preference selection makes more convenient for financial beginners to onboard;
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Connecting to bank accounts allow automatic import of all transactions data to be recorded, saving effort for financial beginners to start understanding their spending habits;
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Personalised analytic function powered by AI allows financial explorers to figure out the most suitable way of viewing and understanding their spending habits;
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Goals includes budgeting and saving lower the psychological barrier of managing users’ money spending;
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Detailed analytic report which would be exported meets professional users’ need of self-modifying data.
Information Architecture
Share the final information architecture with the team. The information architecture is is refined based on user testing with wire framings.
Polished design details and complete delivery
User Testing with Wire-framings
The original wire-framing was tested with targetusers, and based on their feedbacks, the functions are adjusted.
FeedBacks
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User-unfriendly log-in flow
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Unnecessary Map function
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Community function reduces the sense of “safe and trustworthy”
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Goal function not wanted to be linked with bank accounts
Adjustments
Based on user feedback, we deleted the less necessary Map and Community functions, and refined the user flow on analysis and goal function.
Low-fidelity Prototypes
Low-Fidelity prototypes are then designed based on adjusted wire-framings.
Reflections and summaries
I understand how important the design process is to the user experience, but this case study taught me exactly how to do that. Before I even started, I subconsciously thought about what the final design of a financial product would look like, but after the research and definition phase, that changed completely. Through research and analysis, I learned aspects of their financial management that I would not have known otherwise. For example, prior to the research, I assumed that the majority of young people in the UK were intent on keeping track of their bills. However, in my research, I found that 80% of young people barely use or occasionally use bookkeeping software. Through this, I learned that my assumptions were wrong and I shouldn't draw conclusions based on my own ideas.
So after that, I will go to do more in-depth research before determining how to design it, and I can't limit myself to my imagination.
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