Cover

FIGO BANK ( Design Sprint x Scotiabank)

UX/UI Case Study

FIgo Bank is a design sprint project we did for Scotiabank during Brainstation's UX design program.  It is a hypothetical bank and currently offers services in the form of a responsive website. By integrating into the mobile market, FIGO aims to meet the young professionals' demand for a service that helps them with their banking needs on the go.

Project Type
Concept Design Team Project (IOS)

My Role
UX Research, Wireframe and UI Design

What are the requirements and constraints from the client?

PROJECT BRIEF

Before we start the project, here is the project brief and some project constraints requested from the client. 

Project Brief

Figo Bank currently has a responsive website that includes the following features:

  • Chequing accounts
  • Savings accounts
  • Credit Card accounts.

Client Request: A native mobile app

User Demographics
Young Professionals( 20-something adults/ first time in their life they have disposable income, but also are looking to understand how to pay off their debts) ✨ ✨ ✨😎

Project Constraints

Brand

Font: Avenir (Primary Font) and additional fonts of your choice
Color: #3CCEAA #55575A #F8F6F6 (Saturation can be adjusted)
Accessibility: WCAG AA Compliant

Business

Accounts are associated with Client ID #(8-digit number)
The balance must support up to 11 digits.
Minimum required account type: Chequing/ Savings/Credit (don't need to use all three)
Transfer between Pastel bank- free (EMT $1 between institute)
Signing up must be prioritized over signing in 

Deliverables

A mobile experience( 7-10 Screens)

😎✨ ✨

What's wrong?

The Problem 

To discover more in-depth about what financial problems do young professionals facing, we started the design challenge by fully discover the problem space. 

We found that young professionals' critical money problems are student loan debt, inflating living costs, unexpected expenses, and needing to save money for life milestones. Exploring a little deeper into our problem space, we discovered that: 

 

  • It can take nearly 10 years to save for a 20% down-payment in North American Cities. 
  • 50% of young Canadians between the ages of 18-24 have student loans and only a proportion will have decline their loan by 36% by the time they reach 30.
  • 50% of Canadians between 18-38 have overspent and gone into debt to keep up with peers alone.

 

Knowing all these statistics, we created different how might we questions and selected the main one to focus on.  

Screen-Shot-2020-09-17-at-1.58

What are the insights from our target audience?

THE INTERVIEW

We plan to help young professionals gain healthy financial habits to properly manage their current expenses while being prepared financially for their future. Trying to understand our direct audiences' pain, motivation and behaviours, we made several assumptions and started our interview process for validation. 

01 Hypothesis

I believe Individuals require budgeting goals and better monitoring to maintain healthy spending habits.
I will know I am right when I get positive affirmation from my interviewees or 3/4 of my interviewees mentioned it. 

Assumption-mapping

02 Interview Plan

Research Objectives

* Validate my assumptions and hypothesis

* Understand user’s pain points, motivations and behaviours

Qualitative Method

User Interviews (4 Candidates)

 

Recruitment Criteria

* Age: 20-30

* Limited work experience(Within 5 Years)

* Have experience with financial services

03 Interview Findings

Interview-Insights
Paint-POints_Behaviors_Goals

Insights Sorting Process Examples

Based on our interviews with the direct users and the analysis of their pain points and motivations, we concluded that security & trust, deals, education and setting goals are some of our users' secondary obstacles when it comes to achieving financial goals. However, the most significant insight was monitoring expenses, which was further used to develop our primary solution for the app.


Interviews Key Findings
 

Key Theme

Individuals require budgeting goals and better monitoring to maintain healthy spending habits.

Key Insights

"I struggle to change my behaviour. I can't seem to keep more money in the bank than what is going outward" 
 

Who are our target users and what do they experience currently?

THE PERSONA

Here is our persona- Charlie.  She is a young professional who recently graduated from university. Charlie is 23 years old and just started a new job requiring a car. Not having a clear picture of how to purchase the car she is hoping to get some assistance with monitoring her expenses to achieve her saving goal.

She needs to develop healthy spending habits by setting up goals, learning saving tips and monitoring her progress in achieving her financial objective.

Persona
Experience-Map

Now we understood our audience and find the focus area that would alleviate the user's pain the most. Next, we started our ideation process. 

How did the team develop our concept?

THE IDEATION

Then the team started brainstorming different ideas and showed the sketches for voting. We settled on the idea of AI robot advisor and a strategic saving plan solution that makes the saving process easier and more efficient.   

01 Concept Sketches

sketch

02 Wireframe

After we decided on the concept and task flows. We started working on the first gray scale wireframe, 

Wireframe

How did we iterate the prototype based on users' feedback?

THE USER TESTINGS

In order to provide a more optimal user experience and get real-time feedback to improve our design, we used our first grayscale prototype in two rounds of usability tests with 5 users each round.  We provided the users with a hypothetical scenario and they were asked to complete our key tasks. Here below are some major changes we made from users' feedback. 

What are the touch and feel of the product??

THE VISUAL IDENTITY

Moodboard

With the colour constraints in mind, we created this mood board to represent the looks and feel of the app.

View Moodboard

Screen-Shot-2020-11-20-at-1.40.52-PM
Money-Tree-1

Money Tree Illustration

We also implemented the money tree illustrations into our design to represent each saving target. Users will have a strong visualization of their goals. 

How does th final design look like?

THE FINAL PRODUCT

Copy-of-Figo-Banking-4

Feature 1

The combination of Ai Robo Chat Advisor and Analytics not only relieves the users' pain of not knowing their financial situations but also helps them set up personalized and achievable saving strategies.

Copy-of-Figo-Banking-5

Feature 2

Set saving targets and growing the money trees.

Knowing that users might find it difficult to discipline themselves and stick to the savings plan, we would like to introduce a solution to help motivate them to continue saving. The alert notification page was designed to reinforce the goal and prevent the user from veering off the financial objectives.  

In the end, the bank will plant a real tree for the users if they reach a certain amount of savings. In this way, Users would be more motivated to stick with the savings plan.

FIGO-BANK

What's next for this project?

THE NEXT STEP

Moving forward, we would like to add additional features that could bring more value to users like Charlie. We believe that the users would benefit from a feature such as the Robo wealth advisor, a premium tool for growing their revenue through investments. The Robo Investor feature was briefly introduced as part of our prototype and was represented with a golden robo icon.  We would also like to take the time to develop new saving strategies and further refine the communication to keep the users on track with their financial goals.  

We hope that our solution will help Young Professionals build more wealth and gain more confidence in their future, both financially and environmentally.