riZe - Next Gen Fintech
Overview
As a generation that grew up during drastic economic shifts and an overwhelming overload of available information on the internet, Gen Z does not have a clear grasp on how to manage their finances. Gen Z is currently seeking a personalized and automated financial management system to connect socially and increase their literacy in personal finance.
"This generation grew up hearing about the bank collapsing and the 2008 economic crisis and they are very wary on who they get financial advice from. What we current have does not and will not suit them. I am excited to see what new solutions come out of this" - Jay Z
From 2023 to 2028, the fintech market is expected to grow from 128 billion to 328 billion, a major increase.
My contribution
User Research UI Design Lead
The team
2 Product Designers 1 Software Engineer
Year
2023
Process
Goal
Understand financial patterns of Gen Z and design an app to aid the generation swamped with information overload through financial forecasting, budget tracking, and education as they transition into adult life.
The homepage follows a feed style to feel familiar to Gen Z. riZe opens to a quick overview of finances and activity.
The personal feed is set as private to protect users’ privacy. Users can share up to 3 tags they have earned based on in-app milestones to encourage activity and friendly competition between friends.
Users can track their monthly budget and read suggestions. In the budget forecasting feature, users can compare various budget plans based on their needs and receive personalized recommendations.
This forecasting tool helps users understand how their money is spent. For example, if an apartment includes a gym, Shelby won't need to pay for a membership elsewhere, allowing her to spend more on other categories each month.
Process
Competitive Analysis
Our team conducted a competitive analysis of the top Apple App Store finance apps and apps mentioned by our Gen Z interviewees.
Common features in budgeting apps:
- Gamification
- Personalized financial insights
- Freemium features – locked features behind a paywall
Common features in Gen Z finance apps:
- Social transaction feed (Venmo)
- Intuitive modern UI (Robinhood)
User Interviews
Our team interviewed 15 participants ages 18 to 25 to understand Gen Z’s spending habits, how they learn about finances, and how they feel about existing financial institutions.
Interview Key Insights
- Ease of use and user interface are major factors in their application choice
- Many products are competing for Gen Z’s attention - ease of use and aesthetic are major influences on app usage
- Primary sources of financial information include social media, Google, Youtube, and Chat GPT. A great majority excluded parents and family members.
- Online resources are viewed as more up-to-date, relevant, and respond to specific needs; online sources eliminates the feeling shame for asking questions
- Interviewees felt lost about where to find and who to ask for financial advice, leading to avoidance
- Gen Z is digitally literate but the overwhelming amount of information to filter often leads to avoidance
- Gen Z's finances are turbulent
- Many interviewees have inconsistent income due to having part time jobs or 3-month internships which requires them to rethink their budgeting every month
User Persona – Shelby
We developed a persona of a member of Gen Z transitioning to financial independence to reflect common characteristics from interviewees without a solid source for advice earning a salary for the first time.
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User Persona – Henry
We also developed a persona of a member of Gen Z making a major purchase commitment to reflect how education about established processes affect Gen Z.
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User Persona Insights
These personas helped our team understand how the specific needs of users may impact their interaction with the app. While some prioritize the education aspect, others require more everyday assistance with their finances.
Branding and UI
riZe was designed in dark mode to cater towards Gen Z phone usage patterns. Bold colors inspire passion and reflect a sunrise.
Business Plan
riZe operates primarily through a freemium model with access to additional features, no ads, and access to a trusted personal advisor. In addition, income comes from affiliate referral links from key partnerships with financial institutions and financial educational platforms.
Backend
Our platform uses Plaid to easily and securely connect financial data. Users can easily link their accounts to streamline the budget tracking.
User Testing
Our team walked through the mid fidelity prototypes with interviewees to see if users could understand the flow and how they felt about the design choices.
Testing Insights
- Rethink data visualizations - some users had difficulty understanding the original data visualizations
- Clearly show the distinct with the forecasted budget and the current one - some users were confused on how to use the forecast feature
- Users found the colors bold and use of emojis familiar
Reflection
What I Learned
- Understanding the specific needs users desire requires extensive interviewing and research
- Creating a branding guide with a specific audience in mind is extremely important to the user experience
- Thinking through the business plan and understanding the back end of the product are important to communicating a full idea
Next Steps
- Conduct additional testing to refine features
- Design additional screens for the chatbot
- Flesh out screens about a riZe card, investment advice, and education