Savi Finance

UX/UI Internship+ Research+Web Redesign

My Role

User Research

UX/UI Design

Wireframing

Secondary Research

71% of Gen Z and 72% of Millennials agree they need financial advice but are unsure how to get it.

Competitive Analysis

Based on primary research insights, users express a strong desire for comprehensive investment services, personalized advice on taxation, and mortgage-related guidance.

Real-time market updates and planning notifications are also highly sought-after, ensuring that users can stay informed and make informed decisions in real-time.

Target Persona

How can we develop a collaborative finance life planning solution with robust privacy settings that empower users to achieve their financial goals and foster financial growth?

Bar Graph Color Iteration

Recreating Website

BEFORE

Scope

One month-August 2023

Project Overview

Challenge

The existing finance app is tailored for individual financial management but lacks essential features for secure and private collaborative finance, potentially compromising user data privacy and security when sharing financial information.

Problem Space

The app's current data visualization is suboptimal, making it challenging for users to extract information from various perspectives. Additionally, the lifelong collaborative finance feature lacks essential settings and milestones. There's also a need to enhance shared expense management.

Lo-Fi Wireframes

Sketches

For the finance app project, I utilized the Crazy 8 brainstorming technique to explore various solutions. This led me to experiment with different color sequences for effectively representing collaborative family expenses and income. After identifying the most effective color scheme, I proceeded to generate concepts and visuals tailored to couples with shared expenses.

To provide a clear roadmap for the project, I transformed these initial ideas into exploratory sketches, which were further refined into solution sketches. These solution sketches served as invaluable guidance when crafting the wireframes for key user interface screens in the app.

The bar graphs initially provided a summary of only total income and expenses, lacking detailed information.

The separation of bar and line graphs on different pages made it challenging for users to grasp the information effectively.

The goal page currently lacks detailed information on the side panel, and users cannot interact with the data on the graph.

Shared Expense

Key Learnings

A comprehensive understanding of finance is paramount for lifelong financial well-being, and integrating educational features within the app to enhance users' financial literacy is essential.

User interviews are instrumental in providing guidance and despite a conflict with the CEO, they have proven invaluable in ensuring that we focus on the right aspects.

Recognizing diverse target groups was pivotal in crafting effective privacy settings and tailoring visuals to cater to these distinct user segments, significantly elevating the app's chances of success.

During my one-month internship, collaborating with other UX designers who brought diverse perspectives to the table and engaging in an iterative design process greatly enhanced my organizational skills and fostered excellent communication.

Solution Design

Key Features

Collaborative Finance

Savi Finance fosters collaboration among users, enabling families and friends to pool resources and plan for shared lifetime events, such as weddings, vacations, home purchases, and more. It simplifies the financial aspects of group planning, ensuring that everyone can contribute and benefit.

Goal Setting and Tracking

Savi Finance facilitates goal setting for life's important milestones. Users can define their objectives, whether it's saving for a dream vacation or buying a new home. The app provides tools to track progress, ensuring users stay on target.

Personalized Plans

Based on individual financial situations and goals, Savi Finance generates personalized financial plans. These plans offer step-by-step guidance, suggesting actionable strategies to reach the desired outcomes. Users can adapt plans as their circumstances change.

Tools

Figma

Collaborative Finance for Lifetime Events

Savi Finance revolutionizes the way users plan for life's significant events by offering collaborative finance solutions driven by AI technology. It empowers individuals and families to optimize their finances, set and achieve their goals, and create personalized financial plans for their life events.

During my one-month internship at Savi Finance, my primary responsibility involved developing solutions and visual materials for collaborative financial planning among groups, focusing on both goals and assets.

Goal

The goal is to transform our existing finance app into a cutting-edge platform that combines collaborative finance features with high-visual data presentation. The end goal is to provide users with a powerful tool for managing their finances, sharing financial information securely with trusted individuals or organizations, and presenting financial data in a visually appealing and informative manner.

A significant portion of Gen Z (44%), Millennials (49%), and Gen Xers (47%, ages 42-57) rely on digital platforms, such as social media (15% from Instagram or TikTok), blogs/vlogs (7%), podcasts (10%), and other online sources (27%) for financial advice.

Users recognize the importance of enhancing their financial literacy while using the app. They also express a need for mortgage loan comparisons and find value in accessing local housing market data to evaluate property values effectively.

Overseas investments pose a significant challenge for users, and they seek guidance and support in navigating the complex landscape.

I implemented a color sequencing system with color legend to improve visual clarity and convey a more comprehensive representation of the data.

I have implemented a combined view of bar and line graphs to convey more detailed information to users, enhancing their understanding of the data.

The app lacked a collaborative finance view option, as it only presented one user's profile.

Bar View

Platforms

Website

Solution

A redesigned finance app with improved data visualization through line and bar graphs.

Collaborative finance features are tailored for different user types (old families, young families, and couples with shared expenses).

A visually appealing user interface with enhanced communication capabilities.

Shared expense settings to simplify expense management for users.

Roughly two-thirds of Americans (68%) say a personalized financial plan based on their goals would be an extremely or very important factor if they were considering a financial advisor.

The Monarch app boasts impressive visuals that effectively communicate essential financial information for comprehensive life planning. However, it lacks essential features such as a privacy setting for collaborative finance and a shared expense function for couples, which I believe presents a promising opportunity for improvement.

To foster user engagement and knowledge sharing, an interactive question-and-answer feature has been identified as crucial, as it enables users to engage in direct communication to receive personalized expert answers

For collaborative financial planning, a customizable family dashboard has been recognized as a valuable addition to the app. Additionally, multi-generational goal planning is seen as a beneficial feature to help families manage their budgets effectively.

I've introduced both a group view and an individual view for collaborative finance, providing users with the capability to access and compare all the data on a single page.

I have made several enhancements to the goal page. Users can now clearly distinguish between group goals, which display profile pictures for identification, and individual goals. To create a stronger emotional connection to their goals, I've incorporated images into the bar graphs fostering a deeper connection and motivation to achieve their goals. Additionally, a progress bar has been added to track goal achievement.

I've introduced a new feature called "Shared Expenses" specifically designed for couples who share expenses while maintaining individual incomes. With this feature, users can customize how expenses are shared among themselves, choosing from options like equal split, proportional sharing, or fixed sharing.

To facilitate seamless expense management, users can track all shared expenses through a private view. Additionally, an alert and notification system has been implemented to keep users informed about expense updates and ensure efficient collaboration. This versatile feature caters to users in various financial scenarios, providing the benefits of collaborative finance tailored to their specific needs.

Benefits

Financial Empowerment

Savi Finance empowers users to take control of their finances, providing the knowledge and tools needed to make informed decisions and optimize their financial well-being.

Collaborative Planning

Users can collaborate with loved ones on financial goals, making it easier to save collectively for shared lifetime events, fostering financial transparency and teamwork.

Efficiency and Time Savings

The AI-driven technology saves users time by automating financial analysis and offering tailored recommendations, streamlining the planning process.

Confidence and Peace of Mind

Soonr instills confidence in users' financial planning efforts, ensuring they have a clear path to achieve their lifetime event goals.

Next Steps

Data Analytics

Leverage data analytics to gain insights into user behavior and preferences. Use these insights to make data-driven decisions for app improvements.

User Support and Communication

Provide responsive customer support and maintain open lines of communication with users to address their concerns and provide assistance.

Enhance Privacy

Improve privacy by adding strong security, two-step verification, and clear rules for using data. Let users decide how much they want to share when collaborating.

Financial Guidance

Integrate financial advisory features, such as personalized goal-setting and investment recommendations based on user profiles and risk tolerance.