Helping Consumers Save Money
A credit union wanted to test a new product concept. I designed and built a prototype and worked with a researcher to conduct interviews and document our findings. The stated goals for the product were as follows:
- Attract and retain dollars from members by encouraging them to save.
- Teach financially healthy behaviors to increase loyalty in the future.
- Attract new members with an enticing experience.
The objective of the project was to create a prototype and then use it to answer questions that would provide direction for the product.
- How do people feel about saving money?
- How important is a compelling experience vs a competitive interest rate?
- Do people want help figuring out how much to save for a particular kind of goal?
- Would gamification elements help encourage the desired behavior?
I designed an app that was realistic but simple and unbranded, with just enough screens to conduct user testing and interview sessions. During the design process, I came up with additional questions we could answer, such as whether people show interest in competing with or encouraging their friends to hit a savings goal.
We conducted interviews with a dozen participants. The first half of each interview focused on general behaviors around saving money, and the second half on their reaction to the prototype. I created a visualization to help tell the story of one of the key findings: The less financially sophisticated the person was, the more satisfied they were with the interest rates. A lack of financial sophistication also correlated with how much a product like this would benefit them. The overall reaction to the prototype was extremely positive.