Details

Team: two UX designers and a UX researcher

Role: UX designer

Tools: Figma, Photoshop

A case study for Maple Bank (a Neobank) seeking to expand its market in Canada.

Budget Buddy

Tackling Financial Challenges for Young Professionals

In today's challenging economic climate, young professionals, particularly international students, face significant financial struggles. With rising living costs, increased tuition fees, and the lingering effects of the post-COVID economic downturn, managing finances has become more daunting than ever. These individuals often juggle tight budgets while trying to make the most of their academic and social experiences abroad.

The Growing Need for Budget Management Tools

According to the reports, the market size for budgeting apps is projected to reach US$ 359.01 Million by 2032, reflecting a robust compound annual growth rate (CAGR). This growth underscores the critical role these apps play in helping users track expenses, manage budgets, and achieve financial goals, thereby meeting the evolving demands of a tech-savvy and financially conscious consumer base​.

*Budget apps market size, share, growth and industry analysis by type (Android, IOS, and, web-based), by application (for person, for family, for Enterprise, and, others) regional forecast from 2024 to 2032. business research insights. (2024, April). https://www.businessresearchinsights.com/market-reports/budget-apps-market-101450

"How might we simplify financial management to reduce the feeling of overwhelm for users, helping them confidently handle their expenses, bills, and savings goals?"

Lessons From Competitors

To understand the strengths and weaknesses of existing budgeting apps, we conducted a comprehensive comparative analysis. Our research methodology involved analyzing two popular budgeting apps based on user reviews, and recommendations.

We evaluated each app on key criteria, including customization of budget categories, user interface customization, and custom reports and analytics.

Our findings revealed that while both apps offer robust core functionalities, they often fall short in providing a customizable user experience tailored to unique needs of international students. This insight guided the development of BudgetBuddy, aiming to address these gaps by offering a more personalized and intuitive budgeting solution for young professionals and international students.

Understanding Users Better

Based on the insights gathered from our user interviews, we developed personas that reflect the diverse needs and preferences of our target users. We identified key traits from the general findings, such as the importance of personalization for experienced users and the desire for simplicity among new or casual users. Additionally, we crafted a persona specifically for international students, highlighting their unique financial challenges, such as the need for multi-currency reports and tools for managing tuition payments. These personas were designed to represent the varying expectations and behaviors of our users, enabling us to create more tailored and effective solutions.

To gain a deeper understanding of user motivations and perceptions regarding budgeting apps, our research team conducted qualitative interviews with six fellow students from our bootcamp. The purpose of these interviews was to gain more insight on their financial management practices, assess their experience with budgeting apps, and gather insights on their opinions and overall satisfaction with these tools.

General Findings

• The ability to tailor the app to individual needs is a key factor in user satisfaction.

• Different user groups have varied expectations, with some seeking more flexibility and others preferring straightforward functionality.

• Overall, users appreciate when budgeting apps can be adapted to their unique financial situations.

Main user pain points

Bridging User Needs with Functional Features

To meet users' demand for greater customization, we developed a customizable dashboard view that allows them to tailor their experience. Users can choose from four options for both the first and third widget cards, resulting in 16 possible dashboard configurations.

A chart dedicated to tracking international currency fluctuation rates, catering to the requirements of international students

To reduce feelings of overwhelm, we introduced tooltips that provide clear explanations of new features, ensuring users can easily understand and utilize them.

Recognizing the unique financial tasks and needs of our users, we also added the ability to create and edit custom categories, enhancing the default budget categories provided. This allows users to organize their finances in a way that best suits their individual circumstances.

Polishing the Blueprint

After developing the initial wireframes, we conducted usability testing to assess how effectively the features addressed users' unique needs. The feedback was overwhelmingly positive, particularly regarding our approach to customization. We refined and completed the high-fidelity wireframes, incorporating a detailed step-by-step onboarding flow and a fully customizable dashboard view. These enhancements allowed us to better simulate the final user experience, ensuring that our design aligned with user expectations and preferences.

Utilizing AI for Enhanced Financial Insights, as our next step

Integrating artificial intelligence (AI) into the app can significantly enhance its functionality by providing users with valuable insights into their financial habits and spending patterns. AI algorithms can analyze transactional data in real-time to categorize expenses, identify trends, and predict future spending behaviors.