Project: Figo Bank
Role: UX Researcher/Designer, Marketing Website Designer
Project type: Design Sprint in partnership with RBC bank.
Timeline: 5 days
Overview: RBC presented us with a challenge where fictional Figo Bank was looking to create a native app that can provide additional value to a target set of customers. On a team with four others, we had to tackle the issue of millennials and investing, or lack thereof.
 

Project Constraints

Our solution had to be designed using Avenir as the primary typeface. It had to reflect the primary brand colours and be accessible to the widest audience; thus it had to be WCAG AA compliant. 

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Target Audience

Young, 20-something adults who have completed post-secondary education in the last 2-5 years.
For the first time in their life they have disposable income, but are also looking to understand how to pay off their debts.

Secondary Research

 

43
66

of millennials are not investing

- Yahoo Finance, 2019

say investing in the stock market is scary or intimidating.

- Forbes, 2018

“Millennials and Gen Z feel more comfortable being self-directed about their finances, and do not see value in traditional financial advice.” 

- Raconteur, 2019

From a survey, almost half of 25 to 34-year-olds said they can’t afford to invest.

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MILLENIAL TRENDS

67
66
20
expect computer-generated recommendations as a basic component
want a self directed investment portal with adviser access
would work with an advisor exclusively

“Digital investment platforms are lowering the bar of entry for investing, opening up more opportunities for young people. The big institutions are failing to connect with younger investors because they haven’t realized that finance isn’t always transactional for this new audience.” 

- Raconteur, 2019

Persona

After interviewing five millennials on the subject of personal finances and investments, we concluded that:

1. They know little to nothing about investing
.

2. They wish they had started investing earlier


.

3. They don’t know how or where to start
.

Then we built a basic persona around those insights.

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Finn Pherb, 23, Toronto, Canada

• Young millennial who just graduated and got his first job. 


• He has a bank account with Figo Bank, and is now looking at making some smart investments, although he often gets confused with the complicated financial jargon on the web. 


• He wants an easier way to understand the process of investing, and look at some of his options without being too stressed about it all the time. 


Ideation and Design

Going back to the project goal we asked ourselves...

“How might we simplify the process of investment for young professionals?”

So we created a storyboard to illustrate how Finn's investment journey might happen.

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Additionally, we created a brand mascot for the app. Kind of like how GEICO Insurance has The Gecko or CIBC Bank has those penguins.

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Lo-Fi Wireframes

Next, we all drew up some possible low fidelity wireframes to see which direction we wanted to take and voted as a group on for which ones to pursue. We went with the following three.  

lofi-wires

Marketing Site & Mobile App Prototype

I created a marketing page for the mobile app inside the Figo bank website to demonstrate how our persona - Finn would find and download the app.

Finn who is an existing Figo client goes online to do his banking and sees a new Investment service being advertised. He’s been interested in investing for his future in the past so he clicks to find out more information. He is taken to this page. From the top he can see an enticing headline saying that the bank does all the work which Finn positively responds to because he doesn’t know anything about investing. Immediately he is presented with an option to Sign Up for this service.

When he looks lower he sees a promotion for the new mobile app with the options to download it on his smartphone right away. 


If he chooses to continue scrolling he will see the tagline “There are now more ways to put money in your pocket” which captures his interest and he reads the following text and is presented with yet another chance to Sign Up.


Below that Finn is presented with additional investment services that Figo provides and he can learn more about them by clicking on them.

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*Due to the fact that this was a design sprint and we only had five days to complete it, we skipped the middle fidelity prototyping and went straight to hi-fi for user testing.

User Tests & Findings

Next we performed user testing. We asked our testers to complete the following tasks:

1. Sign-up on the app

2. Invest $100 through the app

3. Access checking account details

4. Access investment account details


After the testing was complete we discovered some common themes which were:

1. All tasks were successfully completed

    however
2. More guidance from the app would be beneficial

    and
3. Graphs and charts in the app can be made more clear


All in all, tackling the issue of investing for millennials is no easy task. This was definitely a challenge, especially considering how majority of young people today simply don't care to educate themselves about personal finances. We are living in a time of "set it and forget it" culture, and while automating investments isn't impossible I think everyone can benefit from a few lessons on finance and the economy. 

Want to work together?

[email protected]

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