Simple way to save and track all your savings or investments
Investa is a web application that makes it easy for people to improve their saving culture and invest wisely.
My Role
As the lead designer, my role was to design the second version of the Investa Desktop App.
In this case study, I will walk you through the research, design, and testing process that led to the revamped user experience.
The Timeline
The Entire Project took about 11 weeks
Research and Interview
I wanted to learn why some people who had signed up for the app had not yet started saving, so I conducted an interview with about 10 participants.
Interview Script
We created an interview plan that outlined the following scripts
Our target Audience
People who had created an account and added their debit card but were yet to use a saving or investment feature.
The Domain of Questions
The domain of questions was about what was holding them back, their feelings towards saving and investing, and the likely challenges they might encounter in using the investa desktop application.
Following synthesis of our findings, we identified a few key points.
1
Lack of Motivation
Without a clear goal in mind, some people may find it difficult to motivate themselves to save regularly.
2
Low Income
For some people, their income may be too low to cover their basic expenses and leave anything over for savings.
3
Lack of financial knowledge
People may not understand the importance of saving and how to manage their money effectively.
We looked into apps and websites to help users stay motivated, learn about finance, and save money with a low income.
Competitive Analysis
Our aim was to investigate how other apps motivate people to save and keep them informed about financial knowledge.
We examined fintech apps centred around savings and investments to uncover features that foster trust and credibility, enabling users to save easily from the comfort of their own homes.
We pinpointed some crucial features that could be utilized to establish trust and ease of Use
Saving Goals & Target
Having a specific target, such as saving for a vacation, a down payment on a house, or an emergency fund, is a strong motivator for individuals to start saving.
Improved Onboarding process
This approach helps users easily adopt saving as part of their daily routine, leading to sustainable financial habits.
Curated Investments and Suggestions
Apps use user's saving behaviour data to suggest risk-free investments aligned with their financial goals.
Journey Map & Information Architecture
We used journey map to see how adding the new features would improve the savers’ experience
The Journey Map
The user journey map highlights the stages and crucial features of a typical user experience for a savings and investment app. It includes features such as personalized recommendations, quick and flexible saving options, and curated investment suggestions.
The map identifies potential pain points, such as difficulty tracking transactions and maintaining savings habits, and offers opportunities to address these challenges, such as educational resources and rewards programs.
We looked into apps and websites to help users stay motivated, learn about finance, and save money with a low income.
Design and Testing
Our aim was to improve the appearance of the application and maintain the users' consistent savings behaviour.
During our research, we discovered a way to motivate our users by introducing new and improved features, leading to a more relaxed and comfortable experience.
02
Simplified Onboarding Process
Our app features a simplified onboarding process, guiding users to set savings goals and choose a fitting plan. The process is user-friendly and provides a clear path for starting their savings journey thoroughly.
04
Curated Investment Suggestions
The app also offers personalized investment suggestions to align with the user's financial goals. These suggestions are carefully selected to meet the user's unique financial needs and support their journey towards their savings and investment goals.
To test the effectiveness of the new design, we conducted user testing with a small group of participants.
We looked into apps and websites to help users stay motivated, learn about finance, and save money with a low income.
Launch and Metics
We launched the new Investa Desktop App and recorded several metrics to measure its effectiveness.
After three months, we analyzed the data, and found out the following:
18%
average savings rate
The average savings rate of users who had completed the onboarding process was 18%. This was a significant increase from the previous version of the app, which had an average savings rate of 10%.
25%
Retention Rate
Additionally, the retention rate of users had increased by 25% compared to the previous version of the app.
Lessons Learned
Through this project, we learned several important lessons:
User research is crucial
Having a specific target, such as saving for a vacation, a down payment on a house, or an emergency fund, is a strong motivator for individuals to start saving.
Iteration is important
This approach helps users easily adopt saving as part of their daily routine, leading to sustainable financial habits.
Metrics are Key
Apps use user's saving behaviour data to suggest risk-free investments aligned with their financial goals.
Competitive analysis is valuable
Apps use user's saving behaviour data to suggest risk-free investments aligned with their financial goals.
Next Steps
Continuing to monitor and analyze user data to identify areas for improvement.
Conducting additional user research to gain insights into user needs and behaviors.
Experimenting with new features and design elements to improve the user experience.
Conclusion
Overall, our redesign of the Investa Desktop App was successful in addressing the challenges faced by our target audience and increasing their savings rate.
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