User Research · Case Study
Autonomy Bank's Digital Wallet —
Insights into young users financial mindset and the type of tool that best suits them and their financial well being.
- User Research
- Airtable
- Miro
- Illustrator/ Indesign
- Figma
Autonomy Bank wants to develop a tool that guides users in saving money each month while inspiring non-bankers to become members. In Autonomy Bank's target market, the majority of customers and potential users fall into the middle class and are between the age of 22 and 35.
In today's society, financial literacy is lacking, fast-paced lifestyles are the norm, multiple currencies have been introduced globally, and we are moving to a cashless society. By improving Young Users' experience when saving money each month, Autonomy Bank can leverage opportunities for growth in the young consumer market segment and establish long-term customer relationships and retention.
I conducted one-on-one remote interviews with five potential young users aged 22 - 35 years who fit a demographic mix of gender, sexuality, location, middle class income, and age. Their interview responses are below.
Using affinity mapping to analyze my interview notes, I discovered the following key insights.
- Like features such as automation︎
- Budgeting apps are not as convenient as manual spreadsheets
- Looking for quick overviews, time-saving solutions, and investment education
- ︎Dislike foreign transaction fees
- ︎Concerned with cyber security
- ︎︎Stress reduction and positivity are the most desired features by users
Based on these insights, I developed three User Personas and Point of View statements.
In the next step, I analyzed existing saving, budgeting, and micro-investing products and tools for young adults.
Recommendations:
- Offer fee-free international transactions and socially conscious investment options that are tailored to young users' lifestyles
- Talk about their economic health and become a reliable source of financial education
Larger Steps:
- Create a full-service digital wallet for a cashless future that incorporates small business owner accounts and cryptocurrency's growing importance
- ︎Automate the allocation of savings funds, bill payments, and spending allocation by offering prepaid rewards debit cards
- ︎Implement a "Financial Assistant" based on AI messaging
In summary, today's young users lead fast-paced lives in which financial literacy is lacking, multiple currencies have been introduced globally, and we are moving towards a cashless economy. Automated systems and artificial intelligence are essential to their busy schedules. Furthermore, we can engage young users by offering fee-free international transactions and socially responsible investment opportunities that align with their lifestyles.
My proposal is to introduce a low-touch digital wallet, which automatically manages users expenses and savings.
Autonomy Bank can become a trusted source of financial education by focusing on comprehensive financial well-being and tailoring messages to users. An AI-powered chatbot expert can send users uplifting messages related to financial education and positive affirmations that encourage them to build their savings.
In this study, a user journey mapping approach was used to explore a scenario in which Wesley was saving money for a big trip.
I created wireframe sketches that explored the functions of a digital wallet. In the end, I came up with a carousel solution.
