Prosper - Financial Management Tool

  • Role

    Researcher & Designer

    Team members: Alea Oakman, Esther Cho & Saskia Beitzell

  • Timeframe

    Two 5-week Design Sprints

  • Tools & Methods

    Google Venture Design Sprints, Contextual Inquiry, Miro, & Figma

  • Client

    University of Maryland iConsultancy

Design Goal

 

Long Term Goal

Preserve older adult’s agency by maximizing their ability to contribute to their own financial management and supporting healthy relationships with their caregivers

Project Brief

Prosper is developing an app to help older adults maintain their independence by providing support via an app that helps them manage their finances and facilitate financial conversations with family members. Conduct user research with older adults and care givers (e.g. family members, friends) to generate product concepts and designs, that address the need to promote engagement, adoption and retention of the financial management tool.

Sprint 1

Sprint 1 Goal

Research and design a process of setting up accomplishments and subtasks for financial goals for older adults

Week 1:

Map

 

Week 1 our team we began with the Mapping stage, which involved an activity called “Asking the Experts”, where we gathered notes to inform our affinity diagram and the mapping process.

While mapping the current process, our team was able to define the design challenge and chose a target to focus on during Week 2 Sketch stage.

Affinity Diagram

Sprint 1 Affinity Diagram

 

 Long Term Goals + Concerns

We ask ourselves “Where will we be in 12-18 months?”

 

Sprint Questions

We also wanted to know “What could go wrong?”

 

Map Diagram

Next, it was time to understand the current process and what were the pain points associated.

Sprint 1 Map Diagram

 

Target Moment

Process of setting up accomplishments and subtasks for financial goals.

Week 2:

Sketch

 

Week 2 we moved onto the Sketch stage, where we ideated by sketching potential solutions. After completing different sketching activities, we started highlighting similarities and ideas generated, like personalized financial management suggestions through Artificial Intelligence (AI) and gamification to increase engagement.

 

Week 3:

Decide

 

Week 3 began the Decide stage, that led us to the idea of using machine learning and artificial intelligence to look at the user’s spending habits and budgeting goals to provide the user financial decisions that were most promising. Using ML/AI would ideally produce recommendations custom to the user, based on the habits learned through other interactions. 

This would ideally reduce the cognitive load involved in complex decision making, allowing our users to make informed decisions while simultaneously preserving their agency.

Storyboard

We visualized this design idea through a storyboard, that follows Ruby, an older adulting trying to managing her finances in order to be prepared for the expenses associated with the holiday season.

Sprint 1 Storyboard

Week 4:

Prototype

 

Week 4 involved prototyping our solution through low-fidelity sketches and high-fidelity prototype in Figma.

Creating a Subtask

 

Making a Payment

Week 5:

Test

 

In Week 5 we entered the Test stage, which presented some complications because we could not recruit test with older adult users, because we did not yet have Institutional Review Board (IRB) approval. Instead we tested with experts, like researchers, who work closely with our target users. During user testing we gained a lot of insight, questions, and research recommendations to consider moving forward.

Research Recommendations 

We received some insight from a graduate researcher, who focuses on the older adult population, and their suggestion was to keep in mind that we are researching and designing for a diverse user population. They reminded us that the older adult population accounts for a large age range, from 60 to 90 years old, and contains many subcultures relating to Geography (city vs rural), Education (college educated vs some high school), and Gender (Female vs. male). In relation to gender, we learned that many research studies that recruit older adults have majority female participants because they are usually more available or willing to participate.

 

Design Recommendations

 

Visibility of system status 

First recommendation is on the goal overview page. When we were receiving the expert’s initial reaction, they thought they were in their banking app, looking at how much money they had in their accounts instead of the “Winter Vacation” Goal. Therefore, we need some sort of indication of where they are in the app.

Allow for Personalization 

This is a subtask selection page, we out found that the experts wanted to edit the existing tasks to name them something more personal. We will make the recommended task name editable before they move into next step.

Alternative Selection Option

We also got a suggestion from the experts that a pulldown menu to select date options (date picker) would be better than them typing in month, date, and year.