Revolutionizing Personal
Finance
Revolutionizing Personal
Finance
A case study of simplifying personal finance to +3 million users
A case study of simplifying personal finance to +3 million users
2022
2022
7 min read
7 min read
16 Weeks
16 Weeks
My roles
My roles
Badge of service
Badge of service
Designed the end-to-end
experience of the personal
financial tool
Designed the end-to-end
experience of the personal
financial tool
Played an advisory role in the ongoing integration of the feature into the ALAT app
Played an advisory role in the ongoing integration of the feature into the ALAT app
Led the product discovery
phase
Led the product discovery
phase
Empowering Financial Wellness
Empowering Financial Wellness
Journey to Transforming Personal Finance
Journey to Transforming Personal Finance
Picture a place where everyone feels financially secure, even those who used to find budgets and managing money confusing. Meet ALAT, Nigeria's digital trailblazer with a mission for exactly that. ALAT stands out as Nigeria's digital expert, creating solutions that fit all kinds of financial needs while embracing different ways of life, business demands, and leisure activities.
Picture a place where everyone feels financially secure, even those who used to find budgets and managing money confusing. Meet ALAT, Nigeria's digital trailblazer with a mission for exactly that. ALAT stands out as Nigeria's digital expert, creating solutions that fit all kinds of financial needs while embracing different ways of life, business demands, and leisure activities.
Setting the Scene
Setting the Scene
Significance and Challenges
Significance and Challenges
ALAT recognized the prevailing issue of inadequate financial literacy that afflicts many, which leads to making not-so-great financial choices. This includes basic money ideas like budgeting, investing, and handling debt. When people aren't sure about these things, they tend to spend too much, buy things impulsively, and have a hard time saving money.
ALAT recognized the prevailing issue of inadequate financial literacy that afflicts many, which leads to making not-so-great financial choices. This includes basic money ideas like budgeting, investing, and handling debt. When people aren't sure about these things, they tend to spend too much, buy things impulsively, and have a hard time saving money.
Only 24%
Only 24%
Of Nigerians within the age of 18 - 40 demonstrate basic financial knowledge
Of Nigerians within the age of 18 - 40 demonstrate basic financial knowledge
30%
30%
Of the worldwide population possesses financial literacy
Of the worldwide population possesses financial literacy
The Challenge
The Challenge
Mastering Money Management
Mastering Money Management
We talked to our existing user and conducted a survey and a critical challenge emerges—many struggle to manage their personal finances effectively. This problem comes from not learning much about money, being really busy, or just not knowing how to start taking charge of your finances.
We talked to our existing user and conducted a survey and a critical challenge emerges—many struggle to manage their personal finances effectively. This problem comes from not learning much about money, being really busy, or just not knowing how to start taking charge of your finances.
The User's Voice
The User's Voice
What are the pain points and Learnings?
What are the pain points and Learnings?
Upon thorough analysis of the interviews and the abundance of data generated, the following key insights emerged as the most relevant information to guide the decision-making process in creating the solution.
Upon thorough analysis of the interviews and the abundance of data generated, the following key insights emerged as the most relevant information to guide the decision-making process in creating the solution.
30%
30%
are confident in managing their finances effectively
are confident in managing their finances effectively
80%
80%
wants to visualize their spending pattern; where most of their money goes
wants to visualize their spending pattern; where most of their money goes
92%
92%
do not use any form of tool to manager their personal finance
do not use any form of tool to manager their personal finance
70%
70%
wants to receive insight regarding their finances via email, push notification and in-app notification.
wants to receive insight regarding their finances via email, push notification and in-app notification.
30%
30%
feel getting sms notification is a spamming tactics
feel getting sms notification is a spamming tactics
40%
40%
tracks their spending weekly while the rest track it monthly
tracks their spending weekly while the rest track it monthly
Inadequate or lackadaisical attitude towards their finance leads to impulsive buying, debt accumulation and financial instability
Inadequate or lackadaisical attitude towards their finance leads to impulsive buying, debt accumulation and financial instability
Spending or making purchases as a response to feelings of stress, anxiety, or emotional distress is a common thing.
Spending or making purchases as a response to feelings of stress, anxiety, or emotional distress is a common thing.
We have some Hypotheses
We have some Hypotheses
Our approach informed by user research
Our approach informed by user research
We think that
#1
Due to a lack of awareness about their income-to-expense ratio, many individuals experience ineffective financial management.
Due to a lack of awareness about their income-to-expense ratio, many individuals experience ineffective financial management.
We think that
#2
Providing users with a user-friendly presentation of their financial information can enhance their financial planning, ultimately leading to improved financial stability.
Providing users with a user-friendly presentation of their financial information can enhance their financial planning, ultimately leading to improved financial stability.
We think that
#3
Providing users with a tool that enables them to categorize expenses, set monthly limits, and receive weekly usage notifications can assist in preventing overspending, thereby leading to a more financially stable life.
Providing users with a tool that enables them to categorize expenses, set monthly limits, and receive weekly usage notifications can assist in preventing overspending, thereby leading to a more financially stable life.
Road to the Solution
Road to the Solution
The obstacle we encountered
The obstacle we encountered
During the initial stages of exploration and discovery within the project, we inadvertently overlooked the available data within ALAT's and Wema Bank's ecosystem. This oversight highlights the need for new metadata to be accessible in order to validate our hypotheses
During the initial stages of exploration and discovery within the project, we inadvertently overlooked the available data within ALAT's and Wema Bank's ecosystem. This oversight highlights the need for new metadata to be accessible in order to validate our hypotheses
Our misstep lay in not engaging adequately with the key stakeholders prior to feature development. It’s important to say that when designing for a company that operates at a substantial scale, it's not uncommon for various features to be led not only by different teams but even distinct business units.
Our misstep lay in not engaging adequately with the key stakeholders prior to feature development. It’s important to say that when designing for a company that operates at a substantial scale, it's not uncommon for various features to be led not only by different teams but even distinct business units.
To surmount these challenges, we found it necessary to establish a new objective crucial to the project's success. This objective allowed us to gain a deeper comprehension of the ecosystem we aimed to integrate with and guided our approach to harmonizing with our existing hypotheses.
To surmount these challenges, we found it necessary to establish a new objective crucial to the project's success. This objective allowed us to gain a deeper comprehension of the ecosystem we aimed to integrate with and guided our approach to harmonizing with our existing hypotheses.
New Objective
Convince the relevant team to develop an algorithm capable of examining transactional behaviors, recognizing spending patterns, and categorizing expenses into appropriate groupings.
Convince the relevant team to develop an algorithm capable of examining transactional behaviors, recognizing spending patterns, and categorizing expenses into appropriate groupings.
Constructing Solutions
Constructing Solutions
Design Philosophy and Approach
Design Philosophy and Approach
Leveraging mental models
Operating within a shared user mental model, we drew inspiration from Apple's weekly screen time updates and SMS data usage alerts from telecom companies. These cues, informing users about data consumption and time spent on screen, mirrored our approach to budgeting—setting limits to prevent exceeding and keeping users constantly informed throughout their monthly budget.
Operating within a shared user mental model, we drew inspiration from Apple's weekly screen time updates and SMS data usage alerts from telecom companies. These cues, informing users about data consumption and time spent on screen, mirrored our approach to budgeting—setting limits to prevent exceeding and keeping users constantly informed throughout their monthly budget.
Prioritizing intuitiveness
Based on our research, we decided to use a combination of bars and pie charts to display financial data in a clear and concise manner. We also developed an intuitive interface that allow users to easily navigate through the analytics section and access historical data
Based on our research, we decided to use a combination of bars and pie charts to display financial data in a clear and concise manner. We also developed an intuitive interface that allow users to easily navigate through the analytics section and access historical data
1
Income - Expense ratio at a glance
Income - Expense ratio at a glance
Informed by research, we opted for graphs and charts to present financial data clearly. Our intuitive interface ensures effortless navigation through analytics and historical data.
Informed by research, we opted for graphs and charts to present financial data clearly. Our intuitive interface ensures effortless navigation through analytics and historical data.
2
Prompt to spend wisely
Prompt to spend wisely
Once a monthly budget is set, the system will provide you with a visual representation that illustrates your budget progress. This will guide you on your daily spending trajectory, ensuring that you remain within your budget for the entire month.
Once a monthly budget is set, the system will provide you with a visual representation that illustrates your budget progress. This will guide you on your daily spending trajectory, ensuring that you remain within your budget for the entire month.
3
Setting up a budget
Setting up a budget
The budget feature keeps you in control of your finances. Set spending limits for categories like Food, Transport, and Personal Care. The tool monitors expenses and sends alerts if you approach category budgets.
The budget feature keeps you in control of your finances. Set spending limits for categories like Food, Transport, and Personal Care. The tool monitors expenses and sends alerts if you approach category budgets.
4
Deeper Clarity
Deeper Clarity
With your grasp on specific category spending, envision delving even deeper into the details. Imagine how this extended transparency can benefit you
With your grasp on specific category spending, envision delving even deeper into the details. Imagine how this extended transparency can benefit you
5
Prompt to spend wisely
Prompt to spend wisely
Once a monthly budget is set, the system will provide you with a visual representation that illustrates your budget progress. This will guide you on your daily spending trajectory, ensuring that you remain within your budget for the entire month.
Once a monthly budget is set, the system will provide you with a visual representation that illustrates your budget progress. This will guide you on your daily spending trajectory, ensuring that you remain within your budget for the entire month.
6
Setting up a budget
Setting up a budget
The budget feature keeps you in control of your finances. Set spending limits for categories like Food, Transport, and Personal Care. The tool monitors expenses and sends alerts if you approach category budgets.
The budget feature keeps you in control of your finances. Set spending limits for categories like Food, Transport, and Personal Care. The tool monitors expenses and sends alerts if you approach category budgets.
Learnings
Learnings
Learning can be a profound experience, and in this instance, it certainly was. once we completed the project, we entered beta testing to validate our assumptions. The testing phase progressed smoothly, requiring some fine-tuning, such as adjusting the date filter and decluttering the analytics module. This streamlined the presentation of pertinent data and facilitated clearer navigation for deeper insights.
Learning can be a profound experience, and in this instance, it certainly was. once we completed the project, we entered beta testing to validate our assumptions. The testing phase progressed smoothly, requiring some fine-tuning, such as adjusting the date filter and decluttering the analytics module. This streamlined the presentation of pertinent data and facilitated clearer navigation for deeper insights.
Here's a Short Story
Here's a Short Story
The lesson
The lesson
As we approached the team tasked with integrating the feature into the ALAT app, an unexpected challenge arose. We were confronted with the reality that, since the feature didn't generate revenue directly, it needed to be deprioritized. This scenario highlighted a crucial lesson: securing the endorsement of all decision-making stakeholders prior to embarking on ambitious projects like this one is essential.
As we approached the team tasked with integrating the feature into the ALAT app, an unexpected challenge arose. We were confronted with the reality that, since the feature didn't generate revenue directly, it needed to be deprioritized. This scenario highlighted a crucial lesson: securing the endorsement of all decision-making stakeholders prior to embarking on ambitious projects like this one is essential.
Ready to create something
awesome together?