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Penny

A Financial App for Gen Z and Millennials

Role
End to end product design
UX Research
Wireframing
Prototyping
User Testing
Branding
Logo
Vector Illustrations

Duration
11 Weeks

Tools
Figma

Illustrator

Photoshop

Team
Sid Hauser

Greta Rose

Olin Berger

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Overview

Penny is an intuitive and future-oriented financial app for Gen Z and Millennials. With a focus on ethical management, our app allows for younger generations to invest in long-term goals and provides complete transparency with with how funds are managed and what causes they support. 

The Problem

With an overwhelming amount of inaccurate financial advice floating around on the internet and a competitive economic market, how can we accurately distill financial information in a way that makes sense and allows for younger generations to save and invest in their first "nest egg."

The Solution

To create an interface that makes financial planning more understandable, socially conscious and accessible, as well as being semi-automated to fit within a busy schedule.

Landing Page

Research

1

58% of our respondents want an app that mirrors their goals for sustainability, social justice, and other causes.

2

43% of our respondents feel that they don't have enough money to invest, and that finance is too dense and confusing of a topic.

3

Our respondents feel that working on savings habits and starting a retirement are high priorities.

4

68% of respondents are more likely to instill trust in an app that emphasizes community and has engagement touch points.

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Research Takeaways

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Users require a financial management app that makes financial planning more understandable and accessible, and that can be semi-automated to fit within a busy schedule.

The majority of our survey respondents are familiar with online banking and put some amount of their monthly earnings into savings. However, they also feel that Financial Management is a dense subject that is not easily understood, especially when their free time is limited.

Our app will aim to make our users more familiar with the terms and processes of financial management in order for our users to feel less intimidated by that process and to improve their confidence in their ability to manage their own finances.

The app will also provide automated services so that our users can move towards their financial goals without needing to invest a large amount of their free time doing so.
 
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Gen Z & Millenials share a greater concern for ethical management. Entities managing finances must show a similar concern through transparency regarding how their funds are managed and what causes they support.

Gen Zers patronize financial institutions and invest in companies that mirror their goals for sustainability, social justice, and other causes they deem important. Our app will support similar goals by allowing users to direct the types of causes their money goes to support.

Transparency and trust will also be supported through the ability of our users to reach out to a live representative of the company (via text chat or online call) to discuss their financial plans or to ask questions about our institution.

Users and Motivations

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Jade

The Student

“As a student who rents their apartment, I want to learn more about finance so that I can start saving to eventually buy a home.”

Pain

  1. Finance seems too dense a subject to approach

  2. They feel like they don’t have enough money for savings to matter

  3. Minimal extra time to learn about finance

Gain

  1. Feel more confident in their financial management

  2. Be able to act on their financial goals

  3. Develop a more secure financial future

Inhibitions

  1. Finance seems too dense a subject to approach

  2. They feel like they don’t have enough money for savings to matter

  3. Minimal extra time to learn about finance

Motivations

  1. Feel more confident in their financial management

  2. Be able to act on their financial goals

  3. Develop a more secure financial future

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Task Flow #1

“As a student who rents their apartment, I want to learn more about finance so that I can start saving to eventually buy a home.”

Ronaldo

The Overwhelmed

“As someone with a lot of credit cards, I want to be able to see all my accounts linked up in one area and prioritize quickly seeing my current debts and spending habits.”
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Pain

  1. Too busy, no time

  2. Can’t keep track of all their cards and costs

  3. Doesn’t know how to begin

Gain

  1. Understand their debt circumstances more clearly

  2. Manage finances vs hoping it will all works out

  3. Change spending habits for the better

Inhibitions

Motivations

  1. Seeing amounts of debt lowering

  2. Gaining an understanding of their overall financial status

  3. Feeling in control of their finances vs controlled by them

  1. Shame regarding their debt

  2. Embarrassment about their lack of financial acumen

  3. Always prefers to think about it later and is stressed when they finally do

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Task Flow #2

“As someone with a lot of credit cards, I want to be able to see all my accounts linked up in one area and prioritize quickly seeing my current debts and spending habits.”
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Brady

The Hustler

“As someone who lives paycheck to paycheck, I want to set savings goals so that I can easily stick to my budget.”

Pain

  1. Insecure income makes it hard to save

  2. Monthly spending fluctuates

  3. Strong desire to spend on “luxury” items

Gain

  1. Actually manage funds instead of boom and bust cycle

  2. Save up for long-term savings goals

  3. Fully take charge of their life and resources

Inhibitions

  1. Demotivated when savings need to be used for immediate need

  2. Can’t always afford monthly savings goals

  3. Often in a “live in the moment” mentality

Motivations

  1. Seeing their net worth grow

  2. being able to afford a desired item

  3. Finding greater monthly financial stability

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Task Flow #3

“As someone who lives paycheck to paycheck, I want to set savings goals so that I can easily stick to my budget.”

Design System

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Look and Feel

Our Stylescape was a great way for us to apply all the pieces of our design system and to establish the visual tone of our brand. 
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Key Takeaways

  1. Check accessibility in colors before incorporating into your design system

  2. Plan team dynamics and roles at the start of the project

  3. Atomic design can cause a chicken and egg problem

  4. Ensure that were referring back to our initial research so it can continue to influence our app construction down the line

Next Steps

  1. User test app for comprehensibility/usability

  2. User test landing page

  3. Continue to refine UI

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