WalletWize

ROLE

Product Designer

TEAM

Product Designer + CEO + Head of Engineering

TIMELINE

Oct 2023 - Feb 2024; 5 months

PROCESS OVERVIEW

Competitive Analysis + Strategy + Prototyping

PROBLEM

Existing personal budgeting apps are not tailored for the unique needs of young adults.

OUTCOME

Predicted numbers:

5k downloads in first month
1k daily active users
+20% page views per session
5% user retention rate

SOLUTION

WalletWize is a personal finance management that is specially designed for Gen Z'ers so that they can set budgets, achieve goals, manage investments & debts very easily.

THE PROBLEM

Lack of personal finance management tailored for young adults

Young adults are a particular audience with different financial needs than average adults. These needs are often overlooked or they go unnoticed when you consider other such budgeting apps. At WalletWize, we want to bring their needs to the forefront and create an experience specifically for young adults.

WHY IS IT IMPORTANT TO SOLVE THIS PROBLEM?

A unique business opportunity & gap in the FinTech market

Over the last year, nearly 37% of Gen Z say they’ve experienced a financial setback - such as decreased savings or additional debt

Based on a survey by Bank of America, Gen Z is struggling with their finances due to inflation. This indicates that Gen Z could use some help with managing their finances - a gap in the market. Further, taking a look at the competitors, it became clear that while Mint and others are successful, they are not tailored to young adults' needs. Hence, a viable business opportunity presented itself.

THE GOALS

A simple, delightful UX that helps young adults manage their finances & encourages them to achieve their goals

> Help young adults manage finances & achieve financial goals

> Design an effective, intuitive, and simple UX

> Create a cohesive brand, product & visual identity

HOW DO WE STAND OUT?

Competitive Analysis & Strategy

Given the highly saturated market of finance management apps, it is crucial that WalletWize stands out and addresses the biggest problems plaguing these apps. For that reason, I decided to do a competitive analysis to see what they get right- and wrong. Here are some of my findings after analyzing Mint (before it was discontinued), Buddy & NerdWallet:

> Simple & logical IA

> Attractive visuals

> Do more with less

> Intuitive user flows

MAKING SENSE

Redesigning the Information Architecture for Gen Z to do things quickly

BEFORE

AFTER

> Unnatural grouping of pages

> Max 5 clicks to reach any page

> Logical grouping of pages

> Max 3 clicks to reach any page

HOW THE MAGIC HAPPENS

Gen Z cares about their spending habits

Your finances are in your control, and in one place

A goal has to be STAR: Specific, Timely, Action-Oriented & Realistic

Making empty states & boring screens much more attractive

Predicted Outcomes

The app is about to launch very soon, the development team is conducting final rounds of testing. The team has put together these numbers as a benchmark:

# of downloads in 1st month

Estimated daily active users

Page views per session

+20%

Conversion Rate

Reflection

I had a great learning experience working on such a huge project which tackled such an important challenge.

I had a seat at the table for planning the strategy and product roadmap. I often had to bring in the user's perspective & bring up the design vision.
There's never time for following the process, I had to adapt and prioritize.
There's a great joy in simplifying complex concepts & designing them into elegant solutions.