PROJECT OVERVIEW
As the name states, FinGuru helps users with finance management through gamification.
In this case study we delve into designing the goal setting feature and budget tracking with focus on user engagement.
Contex
FinGuru is an AI powered finance management app. By connecting to user's bank accounts and tracking spending habits and income, helps users in:
Managing all their finances in one place
Effortlessly setting personalized budget and goals to save more and invest
Helping them stick to their plans and improve their spending habits
Target audience
People who:
Struggle with budgeting, saving and investing in general
Are used to budgeting manually but haven't had a good experience with finance management apps
Want to know where their money goes and stay on top of their finances
Challanges
With a retention rate of approximately 5% in finance management apps (by the 30th day of installing), we needed to figure out the reasons for drop offs in these apps.
Given the complexity and often overwhelming nature of finance, and the fact that fintech is associated with lots of numbers and boring charts, we needed to come up with strategies to maintain user motivation and also make it enjoyable and engaging.
THE PROCESS
DISCOVER
User Interview & Affinity Diagram
We asked mostly open-ended questions for a more engaging and conversational interview style, rather than sticking to a strict Q&A format.
Our questionnaire focused on:
1- What needs and expectations users have if they use budget apps
2- How to encourage them to stick to their plan
3-Why they stopped using previous finance management apps
Top Takeaways:
Automation, estimations and predictions to lower the manual entry and calculations
Strategies to manage overspending
Preparation of users for unexpected costs
Instant notifications to give users more control and room for growth
Clear and straightforward design with minimal learning curve
Competitive Analysis
Through a detailed Analysis of these websites, we have designed a more effective information architecture and improved our website features.