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Breadbox- Design Hackathon

LaRia Rogers & Corie Brown

Technica 2019

11/09 - 11/10

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Challenge: design a tool that helps you make decisions about money or investing

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Design Goals

01 Gamification

Allow users to receive quick feedback, review performance at a glance and develop new habits

02 Recommendations

Limit the ambiguity and challenges of financial literacy by providing personalized recommendations based on user profile

03 Motivational Statistics

Use push notifications to include daily statistical information on financial challenges to create awareness and improve money habits

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Our design approach

  1. Research
  2. Analyze
  3. Brainstorm
  4. Prototype
  5. Iterate

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Research

User Interviews

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Research - Defining the User

Initial Questions:

Prior to designing our product, we asked a series of questions to understand our primary user:

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  • Who are the users we’re designing for?
  • What is their everyday life like?
  • What are their major constraints with money management?
  • What are their major concerns with financial literacy?
  • How do we motivate them to use a financial app?

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Research - User Interviews

Interview Questions:

  • How frequently does your household talk about money/finance?
  • Do you currently have a bank account (checking/savings)?
    • Debit/credit card?
    • Are you on your parent’s account vs your own?
  • Have you ever invested/saved for a big purchase?
    • If so, what was it?
    • What was your process/steps you took to reach your goal?
  • Do you currently have a source of income? (e.g. summer job, allowance, etc.)

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Research - User Interviews

Interview Questions (continued):

  • On a scale of 1-10, how would you rate your overall financial knowledge?
  • Which category do you feel that you spend the most money on? The least?
  • Scenario: On a scale of 1-10
    • Do you frequently purchase items impulsively? (unplanned decision to buy a product)
    • Or do you plan ahead and budget before you make purchases?
  • Do you have any apps on your phone that help you with money management?
    • If so, which ones?
    • How frequently do you use the app(s)?
  • Do you have any apps for money transactions?
    • If so, which ones?
    • If so, who do you primarily send money to?
    • How frequently do you complete mobile transactions?

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Analyze

Affinity Diagram

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Analyze - Uncovering Themes

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Analyze - Demographics

We interviewed two users with very similar backgrounds:

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  • 20 year old females
  • Juniors at University of Maryland, College Park
  • On-campus jobs - including Residential Assistant role
  • Income includes on-campus roles and monthly checks refunded from FAFSA

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Analyze - Personal Banking

We interviewed two users with very similar backgrounds:

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  • Both have personal checking and savings account including personal debit and credit cards
    • Separate from parents’ account

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Analyze - Spending Habits

We interviewed two users with very similar backgrounds:

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  • Both have saved for large purchases including a phone, laptop, and studying abroad
    • Saving included money from friends and family (high school graduation party)
  • More likely to do an impulse purchase on food versus entertainment

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“If my friends recommend a product, I’ll make a quicker decision to purchase it.” - Interviewee 1

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“I rarely splurge on anything without first doing thorough research. Which isn’t really splurging.” - Interviewee 1

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Analyze - Financial Apps

We interviewed two users with very similar backgrounds:

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  • Uses CashApp multiple times per month
    • For transactions to and from friends
    • Parents don’t use the app
  • Receives rewards from banking app but doesn’t quite understand the points system

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“I have a CashApp debit card but I don’t use it. I got it because it’s pretty and I got to customize it.” - Interviewee 1

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Analyze - Potential Features

We interviewed two users with very similar backgrounds:

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  • Automation was a major feature to include in an ideal mobile app
    • Encourage users to not spend above their means/financial goals
    • Encourage users to automatically put away money

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“I’d prefer to download a separate app rather than have a feature inside my personal banking app. I feel it’ll be more customized and motivate me to use it more” - Interviewee 2

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Analyze - Financial Literacy

We interviewed two users with very similar backgrounds:

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  • Both users felt comfortable with financial knowledge regarding the basics of debit cards, credit cards, and student loans
  • Although they both speak with their parents a good amount about finances (3-5 times per year), they aren’t confident in financial literacy

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Brainstorm

How Might We Questions

Radical Brainstorming

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Brainstorm - How Might We Questions

Once we analyzed our data and extracted themes, we developed the following two HMW questions to unlock brainstorming opportunities

  1. How might we make young people more confident with their spending habits and overall financial literacy?

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  • How might we improve the transition to financial independency for generation Z?

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Brainstorm - Rapid Brainstorming

Timed at 10 minutes, we brainstormed as many ideas as possible - no matter how small, how big, or how out-of-the-box.

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Brainstorm - Rapid Brainstorming

After reviewing the radical ideas, we chose a series of features to focus on and build upon for the solution and design goals.

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Prototype

User Interface

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Check Out Our Demo!

https://sba-gov.invisionapp.com/d/main#/projects/prototypes/18857040

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Design Strategy

Style Guide

Moodboard

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Design Strategy - Style Guide & Moodboard

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Lessons Learned

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What We Learned

  • Larger Sample Size
    • In order to get a more diverse perspective on the subject matter, more interviews are beneficial
  • User research- competitive analysis
    • More research on how young people interact with mobile banking apps and money management will help us reach our goal
  • The final product is never finished
    • The user and data collected is always changing
    • There are always changes to be made to the final product

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Next Steps

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What’s Next

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01 Usability Testing

02 Continue Developing Prototype and Iteration

03 Submit to Development Team

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Resources & Inspiration

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01 Undraw

02 Color Scheme