Project 1

Project Vision

Given the frequency of cash outflow on a daily basis, managing money has become critically important for us all. In the last decade, this has given rise to a myriad of personal finance and digital payment apps. But a one-stop money transaction and management app are quite rare in the digital finance market in Bangladesh.

WalletWise is such a concept digital payment and personal finance app for Bangladeshi customers, that brings all our money matters in a single app. This multifunctional app will enable users to send-receive money, pay bills, budget, invest, and much more.

Empathize

Research

User Survey

Before moving forward with the project, I had done User Research to better understand the market and which apps people mostly preferred using.

For this, I surveyed 23 people from different professional background who are either using one or more than one financial apps or none at all.

If yes (for using any financial apps),
how many app(s) have you been using?

Have you been using more than one
app for the same functions?

If you have the option to manage all your finances (e.g. money transaction, budget, invest, bill pay etc.) through a single app, how likely are you willing to make the switch?

Key Insights

Currently no app is active in Bangladesh, which offers a 'all-in-one' choice. For this reason, people tend to use more than one app; sometimes also for similar functionalities.

Security and Reliability of the apps they use, are their biggest concern. And given a more secured and stable app, people said they are willing to make the switch.

According to the suggestions collected from them to implement in our app, most wanted 3 common things :
        i. Secure and Stable app
        ii. Clean and Simple UI
        iii. Easy to learn and use the app.

Competitive Analysis

Besides this, none of the apps have International Payment, Budgeting and Investing option.

Personas

According to my user research, I have created two personas which better represents the wide range of users.

Define

Understanding the 5Ws and H
of the project

What?

What can be the possible solution(s) for this problem?
The first is a clear solution, we install as many apps as we require to manage our financial affairs.
Or, a better option, have one designated app to manage our money.

How would having one designated app be beneficial?
Now more than ever we are taking digital minimalism seriously and we need to make that space. So we create that space by reducing our interaction with the number of apps and software and being intentional about using them.

This is where the need for WalletWise comes; it reduces if not eliminates the need for us to have multiple finance based applications.

Who?

Who are the users?
Anyone and Everyone who is 18+ , has a National Id Card (NID card) and wants technology to take care of their money matters.

Why?

The question : Why do we need such an app?
The short answer : to be minimal.
The long answer : let's begin by looking into our phone and count the number of apps we already have installed.
Now if we take just our finances and started to sort every aspect of it with the help of some apps, imagine the number of applications that we will end up installing.

How?

Where?

This app is for the Bangladeshi users but can be accessed from any part of the world.

Goals

Project Goals

- To design a financial mobile application for Bangladeshi users, which will handle all their monetary matters in one place.
- The app needs to have a clean and simple UI, which users will easily learn and use.
- To have features which are more inclusive and can be used by people with disabilities.

User Goals

- To be able to make-receive payments, budget and invest effortlessly, all in one digital financial app.
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Business Goals

- Position the app well and stand out among its competitors.
- Reach the right customers and provide excellent service to them.
- Have a sustainable growth.

Project Learnings / Reflection

This is my first project where I have conducted a user survey. Being a Bangladeshi user myself, I had guessed few answers that the people would choose. Having said that, I had also miscalculated some of them.
I was a little skeptical whether people would want to switch to a new app provided with all the functionalities they currently use and more. This is because, it is about finances and people don't tend to take risks especially with something that they have been used to for so long. But I was quite surprised to see how willing people were to change (about 56%).

A very important lesson for me, that we can never really predict the outcomes based on one user perspective and that is why, every aspect of User Research is imperative.

Next Steps

My next goals for the project are:
- user testing
- improve design based on test results
- improve design based on test results
- add budget and investment screens
- next iteration of user testing
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Project Vision

Design Process