Supporting emotional needs that drive financial management
Supporting emotional needs that drive financial management
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High Level Overview
Unlike most products which serve mechanical solutions, Aditya Birla believes that financial management is emotional in nature. This birthed the idea to go beyond behaviour and understand the emotions behind financial decision-making. This directed us to design a portfolio consolidator, enabling individuals to navigate their financial journeys with confidence and minimal negative feelings.
High Level Overview
Unlike most products which serve mechanical solutions, Aditya Birla believes that financial management is emotional in nature. This birthed the idea to go beyond behaviour and understand the emotions behind financial decision-making. This directed us to design a portfolio consolidator, enabling individuals to navigate their financial journeys with confidence and minimal negative feelings.
High Level Overview
Unlike most products which serve mechanical solutions, Aditya Birla believes that financial management is emotional in nature. This birthed the idea to go beyond behaviour and understand the emotions behind financial decision-making. This directed us to design a portfolio consolidator, enabling individuals to navigate their financial journeys with confidence and minimal negative feelings.
Steps Involved
Steps Involved
Steps Involved
My Role
My Role
Conducted a stakeholder alignment workshop attended by 20 people across the product team
Conducted a stakeholder alignment workshop attended by 20 people across the product team
Conducted secondary research to understand the correlation between emotions and financial behaviours
Conducted secondary research to understand the correlation between emotions and financial behaviours
Led feature discovery from zero to one and redesigned the mobile app experience
Led feature discovery from zero to one and redesigned the mobile app experience
Target Audience
Target Audience
Young Professionals
Young Professionals
Team
Team
2 Designers
2 Designers
Impact
Impact
App Downloads
App Downloads
App Downloads
500k+
500k+
500k+
App Store Ratings
App Store Ratings
App Store Ratings
4.3 ⭐️
4.3 ⭐️
4.3 ⭐️
Awards Won
Daily App Visits Increase
Awards Won
Some context
Money CAN Buy Happiness
We often say money can't buy happiness, but on the contrary it really can. Money can buy us delightful experiences like exploring new foods, travelling to new places, buying new clothes and gadgets etc. Money facilitates a lot of our needs and luxuries.
And Other Emotions 👀
However, it can also trigger other emotions like anxiety, lack of trust and frustration. ABCD by Aditya Birla envisioned a digital platform that can provide us comfort even through these negative emotions.
Some context
Money CAN Buy Happiness
We often say money can't buy happiness, but on the contrary it really can. Money can buy us delightful experiences like exploring new foods, travelling to new places, buying new clothes and gadgets etc. Money facilitates a lot of our needs and luxuries.
And Other Emotions 👀
However, it can also trigger other emotions like anxiety, lack of trust and frustration. ABCD by Aditya Birla envisioned a digital platform that can provide us comfort even through these negative emotions.
Step 1: Pre Design Basics
Brief: Harness The Power of Emotions in Finance
While most fintech products serve mechanical solutions, ABCD, an all in one financial application, wanted to go beyond behaviour and study emotions in order to create a more nuanced tool for financial management.
Step 1: Pre Design Basics
Brief: Harness The Power of Emotions in Finance
While most fintech products serve mechanical solutions, ABCD, an all in one financial application, wanted to go beyond behaviour and study emotions in order to create a more nuanced tool for financial management.
Starting With Research
The study was conducted as an attempt to understand the impact of emotions on an individual’s financial behaviour. We went through multitude of research papers, articles and conducted user interviews to gather insights.
My Initial Questions
Is there a link between financial behaviour and emotions?
What motivates users to make better financial decisions?
What are some general financial trends of this target audience
Does literacy play a role in helping a user make financial decisions?
Insights Collected
We indeed found some insights about the emotional impact on financial behaviours which helped us structure our roadmap.
Negativity and financial phobia lead to devaluation of money
Behavioural and situational biases influence finance decisions
Lack of trust in institutions can shape financial decisions
Starting With Research
The study was conducted as an attempt to understand the impact of emotions on an individual’s financial behaviour. We went through multitude of research papers, articles and conducted user interviews to gather insights.
My Initial Questions
Is there a link between financial behaviour and emotions?
What motivates users to make better financial decisions?
What are some general financial trends of this target audience
Does literacy play a role in helping a user make financial decisions?
Insights Collected
We indeed found some insights about the emotional impact on financial behaviours which helped us structure our roadmap.
Negativity and financial phobia lead to devaluation of money
Behavioural and situational biases influence finance decisions
Lack of trust in institutions can shape financial decisions
Step 2: Finalising Personas
Stakeholder Workshop: Finalising Persona
Based on the secondary research I conducted, we defined 4 user personas and facilitated a stakeholder workshop to identify the primary personas.
The workshop was attended by 20+ people across the brand and product team of Aditya Birla Capital. Each member created an empathy map for the most relatable persona. We finalised the two most popular personas and compiled all of their empathy maps.
Step 2: Finalising Personas
Stakeholder Workshop: Finalising Persona
Based on the secondary research I conducted, we defined 4 user personas and facilitated a stakeholder workshop to identify the primary personas.
The workshop was attended by 20+ people across the brand and product team of Aditya Birla Capital. Each member created an empathy map for the most relatable persona. We finalised the two most popular personas and combined all of their empathy maps to one.
Step 3: Collecting Data
Conducting Primary Research
Over the course of 20 meticulously conducted user interviews we learnt how users feel about fintech platforms, their areas of struggle and how the platform can mould itself to help them meet their financial goals and discourage feelings of overwhelm and discomfort.
Actionable Insights And HMWs
"Lack of data explainability incites fear & privacy concerns which often leads to people abandoning an app"
"Lack of data explainability incites fear & privacy concerns which often leads to people abandoning an app"
# How might we reduce user’s insecurities when they share sensitive data
# How might we reduce user’s insecurities when they share sensitive data
"People gauge their financial health through comparison with peers, instead of industry benchmarks"
"People gauge their financial health through comparison with peers, instead of industry benchmarks"
# How might we help individuals assess their financial well-being and find their gold standards
# How might we help individuals assess their financial well-being and find their gold standards
"Family Financier persona showed greater aversion to opting for highly volatile investment options"
"Family Financier persona showed greater aversion to opting for highly volatile investment options"
# How might we encourage risk-averse users to diversify their portfolios
# How might we encourage risk-averse users to diversify their portfolios
Step 3: Collecting Data
Conducting Primary Research
Over the course of 20 meticulously conducted user interviews we learnt how users feel about fintech platforms, their areas of struggle and how the platform can mould itself to help them meet their financial goals and discourage feelings of overwhelm and discomfort.
Actionable Insights And HMWs
"Lack of data explainability incites fear & privacy concerns which often leads to people abandoning an app"
# How might we reduce user’s insecurities when they share sensitive data
"People gauge their financial health through comparison with peers, instead of industry benchmarks"
# How might we help individuals assess their financial well-being and find their gold standards
"Family Financier persona showed greater aversion to opting for highly volatile investment options"
# How might we encourage risk-averse users to diversify their portfolios
Step 4: Design Solutions
#1 Explaining Data To Foster Trust
One of the insights highlighted users' suspicion towards data collection, lack of trust and privacy concerns with portfolio management apps. I went through multiple papers and applications to understand the mechanics of trust building, data transparency and control.
Step 4: Design Solutions
#1 Explaining Data To Foster Trust
One of the insights highlighted users' suspicion towards data collection, lack of trust and privacy concerns with portfolio management apps. I went through multiple papers and applications to understand the mechanics of trust building, data transparency and control.
1.1 Addressing Doubts Contextually
However normalised, OTP screens are where users drop off the most. To combat the mistrust, I added a carousel that addressed the need for OTP in the process and our intentions with the information.
1.1 Addressing Doubts Contextually
However normalised, OTP screens are where users drop off the most. To combat the mistrust, I added a carousel that addressed the need for OTP in the process and our intentions with the information.
1.2 Explaining Data Ecosystem
One big reason of distrust is lack of understanding, hence a I designed a information layover that walks users through the process of connecting bank accounts and stressed upon what we CAN do with their data and what we CAN NOT.
1.2 Explaining Data Ecosystem
One big reason of distrust is lack of understanding, hence a I designed a information layover that walks users through the process of connecting bank accounts and stressed upon what we CAN do with their data and what we CAN NOT.
#2 Helping Users Discover Their Financial Benchmarks
Another key insight I oversaw mentioned users often don't understand their own financial benchmarks. They quantify their financial status based on comparisons with their peers. Hence the app had to understand their cohort's benchmarks and nudge them forward.
#2 Helping Users Discover Their Financial Benchmarks
Another key insight I oversaw mentioned users often don't understand their own financial benchmarks. They quantify their financial status based on comparisons with their peers. Hence the app had to understand their cohort's benchmarks and nudge them forward.
2.1 Guiding Users Financially
One big reason of distrust is lack of understanding, hence a I designed a information layover that walks users through the process of connecting bank accounts and stressed upon what we CAN do with their data and what we CAN NOT.
2.1 Guiding Users Financially
One big reason of distrust is lack of understanding, hence a I designed a information layover that walks users through the process of connecting bank accounts and stressed upon what we CAN do with their data and what we CAN NOT.
2.2 Motivating Users Via Peer Comparisons
One big reason of distrust is lack of understanding, hence a I designed a information layover that walks users through the process of connecting bank accounts and stressed upon what we CAN do with their data and what we CAN NOT.
2.2 Motivating Users Via Peer Comparisons
One big reason of distrust is lack of understanding, hence a I designed a information layover that walks users through the process of connecting bank accounts and stressed upon what we CAN do with their data and what we CAN NOT.
#3 Additional Design Improvements
Along with implementing design solutions coming from the primary research, we plugged in additional delight to help make financial management more fun :)
#3 Additional Design Improvements
Along with implementing design solutions coming from the primary research, we plugged in additional delight to help make financial management fun :)
3.1 Turning Boring Experiences Delightful
Having a rainy day fund is very important. Each individual saves differently for their own. While some save in savings accounts, some make deposits and some send money to a person. We wanted to help users track all their emergency funds but in a fun, delightful way.
3.1 Turning Boring Experiences Delightful
Having a rainy day fund is very important. Each individual saves differently for their own. While some save in savings accounts, some make deposits and some send money to a person. We wanted to help users track all their emergency funds but in a fun, delightful way.
3.2 Removing Banner Blindness
Since most of the entry points looked like banners, we did not want users to miss them. To combat that we tried a variety of variations to remove banner blindness for users.
Using comparative insights to motivate positive action for users
Nudging users to diversify using social proofing
3.2 Removing Banner Blindness
Since most of the entry points looked like banners, we did not want users to miss them. To combat that we tried a variety of variations to remove banner blindness for users.
Using comparative insights to motivate positive action for users
Nudging users to diversify using social proofing
Design x Development
Design x Development
Making Dev Work Easy
Making Dev Work Easy
This was the 4th version of the portfolio management tool of ABCD thus a lot of incremental changes were made in the designs. While we wanted to incorporate new solutions without increasing development time. To solve for that we conducted a workshop with engineers to understand constraints, timelines.
This was the 4th version of the portfolio management tool of ABCD thus a lot of incremental changes were made in the designs. While we wanted to incorporate new solutions without increasing development time. To solve for that we conducted a workshop with engineers to understand constraints, timelines.
This understanding helped us streamline not only implementation but also the design process. Designing with constraints helped me prioritise efficiency and be more creative with my solutions. We adopted a sprint approach where we handed off new components with detailed annotations for each sprint.
This understanding helped us streamline not only implementation but also the design process. Designing with constraints helped me prioritise efficiency and be more creative with my solutions. We adopted a sprint approach where we handed off new components with detailed annotations for each sprint.
Future Scope
Next Step: Solving Habit Based Problems
For this version we could not address insights that required solutions to help users develop healthier financial habits. Our aim is to create dynamic design solutions which benefit from quick testing and experimentation with a controlled group of users.
Next Step: Solving Habit Based Problems
For this version we could not address insights that required solutions to help users develop healthier financial habits. Our aim is to create dynamic design solutions which benefit from quick testing and experimentation with a controlled group of users.
Future Scope
Next Step: Solving Habit Based Problems
For this version we could not address insights that required solutions to help users develop healthier financial habits. Our aim is to create dynamic design solutions which benefit from quick testing and experimentation with a controlled group of users.
Future Scope
Future Scope
Reflecting Back
What Did I Learn?
This sprint was eye-opening, revealing how emotions, not just logic, drive financial decisions. Key takeaways for the future:
We all are inherently emotional beings
Fintech can go beyond logic and offer emotional support
Functionality alone can't build trust, address emotions too
Reflecting Back
What Did I Learn?
This sprint was eye-opening, revealing how emotions, not just logic, drive financial decisions. Key takeaways for the future:
We all are inherently emotional beings
Fintech can go beyond logic and offer emotional support
Functionality alone can't build trust, address emotions too