Wallet Case Study: A Journey to Transform Your Finances 💸

8 min readApr 15, 2024

Problem Statement

Design an app and a responsive website (in progress) that teach users how to save and budget their funds.

Solution

I follow the design sprint process while designing solutions. Begin by empathizing with the users and working towards a solution.

Design Process

Empathize
Define
Ideate
Prototype
Test

My Role

I am working as a generalist UX designer who is responsible for the whole process.

Tools I used

Figma, FigJam, Google Forms, and Google Sheets

Let’s dive into the whole process.

Empathize: User Interview, Empathy Maps, User Personas, and User Stories
Define: Problem Statements, Hypothesis Statements, and Goal Statements
Ideate: Competitive Audits, Ideation Activities (HMW, Crazy 8’s, Rapid Sckething)
Prototype: User Flow, Site Maps, Design System, High Fidelity
Test: Test with real users

1. Empathize

1.1 User Interview

I gather insights from a diverse set of users and focus on two primary profiles:

Employed individuals are adept at managing finances.
Students are eager to navigate the world of budgeting with their pocket money.

The user interviews were conducted through surveys. I received 6 responses, which became the foundation for our empathetic design process.

1.2 Empathy Maps

I carefully created empathy maps for each user to understand their needs, thoughts, actions, and emotions. (Note: I am using friction names here!)

Joseph L.

Says: Checks bank balance weekly, does not use budgeting apps, and struggles with tracking expenses due to online payments.
Thinks: Needs a budgeting tool that provides daily spending advice and helps manage finances without taking too much time to understand.
Does: Aims to save for vacations and invest in retirement.
Feels: Aspires to buy his own house and settle in a proper place.

Mike G.

She : checks her bank balance weekly, does not use budgeting apps, and finds saving and budgeting a huge pain.
Thinks: Wants a budgeting tool with automatic expense tracking, AI, and machine learning without the need to adjust goals manually.
Does: Aims to retire, get kids through college, and maintain low debt.
She : feels worried about having to work until she is 80 and is not a long-term thinker.

Jane Cooper

Says: Checks bank balance weekly, does not use budgeting apps, and follows the 50–30–20 rule for budgeting.
Thinks: Would find automatic expense tracking and personalized budgeting tips helpful, especially notifications on overspending on food.
Does: Aims to save for a vacation, emergencies, and pay off debt.
Feels: Worried about potential health emergencies and lack of funds, motivated by the prospect of going on a vacation.

Similar empathy maps were created for three more participants.

1.3 User Personas

From the survey and empathy maps, we identified six different user personas with their own financial habits, goals, and challenges.

Meet our personas:

Persona 1: The Reluctant Planner
Name: Mike G.
Age: Above 30
Profession: Employee
Financial Habits: Mike checks his bank balance weekly but finds the process of saving and budgeting to be a hassle. He does not currently use budgeting apps.
Goals and Motivations: His long-term financial goals include retirement, funding his children’s education, and maintaining low debt. However, he is not a long-term thinker and prefers tools that offer automation and alerts without the need for manual input.
Pain Points: Mike’s biggest financial fear is the prospect of working into old age, and he seeks a budgeting tool that leverages AI and machine learning for efficiency.
Persona 2: The Aspiring Homeowner
Name: Joseph L.
Age: 20–25
Profession: Student
Financial Habits: Rakesh checks his bank balance weekly and struggles with tracking expenses due to online payments. He is interested in budgeting tools that provide daily spending advice and help manage finances efficiently.
Goals and Motivations: He aims to save for vacations and invest in retirement, with the ultimate goal of owning a house and settling in a proper place.
Pain Points: Rakesh is concerned about the time it takes to understand and figure out budgeting tools, and he seeks a solution that is quick and easy to use.
Persona 3: The Budget-Conscious Employee
Name: Jane Cooper
Age: 20–25
Profession: Employee
Financial Habits: Shruti checks her bank balance weekly and follows the 50–30–20 rule for budgeting. She does not use budgeting apps but is interested in features like automatic expense tracking and spending notifications.
Goals and Motivations: She wants to save for a vacation, emergencies, and pay off debt. Shruti is motivated by the prospect of going on a vacation and ensuring financial security.
Pain Points: She is concerned about health emergencies and the lack of funds, which could impact her ability to enjoy life and travel.

These personas helped us understand what users needed, so we could create personalized solutions.

1.4 User Stories

I translated the personas into actionable user stories, ensuring that our design aligns with the specific needs and motivations of each user. Here’s a snippet:

As Mike G., an employee who finds budgeting a hassle,
I want a budgeting app that uses AI and machine learning to automatically track expenses and categorize spending without manual input,
So that I can retire comfortably, support my children’s education, and maintain low debt without the fear of working into old age.
As Joseph L., a student aiming for homeownership,
I want a budgeting tool that provides daily spending advice and is easy to understand,
So that I can manage my finances efficiently, save for vacations, invest in retirement, and eventually settle in my own home.
As Jane Cooper, an employee who follows the 50–30–20 budgeting rule,
I want a budgeting app that notifies me when I’m overspending, especially on food,
So that I can save for a vacation, emergencies, and pay off debt while being prepared for potential health emergencies.

2. Define

2.1 Problem Statements

Mike G. wants an AI-powered budgeting app to automate tracking expenses and managing goals for retirement, education, and debt reduction.
Joseph L. needs a user-friendly budgeting tool to track online expenses easily, receive daily spending advice, and simplify financial management for saving towards vacations, homeownership, and retirement.
Jane Cooper is looking for a budgeting app that helps her follow the 50–30–20 budgeting rule, monitors overspending on food, sends real-time spending alerts, and ensures she can save for vacations, emergencies, and debt repayment.

2.2 Hypothesis Statements

If Mike G. uses a budgeting app that automates expense tracking and goal management through AI and machine learning, then he will find the budgeting process less cumbersome and be able to focus on his retirement and education funding goals without the fear of working into old age.
If Joseph L. is provided with a user-friendly budgeting tool that offers daily spending advice and simplifies financial management, then he will be able to efficiently save for his long-term goals of vacations, retirement, and homeownership.
If Jane Cooper receives real-time spending alerts from a budgeting app, especially regarding food expenses, then she will be able to adhere to her 50–30–20 budgeting rule and save for vacations, emergencies, and debt repayment while preparing for potential health emergencies.

2.3 Goal Statements

Our AI-driven budgeting app will let users like Mike G. automate expense tracking and goal management, which will affect his daily financial management by reducing the hassle of manual budgeting and supporting his retirement and education funding goals. We will measure effectiveness by evaluating the reduction in time spent on budgeting and the progress towards his financial targets.
Our user-friendly budgeting tool will let users like Joseph L, receive daily spending advice and manage finances efficiently, which will affect his long-term financial planning by simplifying the path to vacations, retirement, and homeownership. We will measure effectiveness by assessing the ease of use and the consistency of his savings for these goals.
Our budgeting app will let users like Jane Cooper receive real-time alerts on overspending, which will affect her financial discipline by ensuring adherence to the 50–30–20 budgeting rule and preparation for health emergencies. We will measure effectiveness by tracking her budget compliance and the successful allocation of funds for vacations, emergencies, and debt repayment.

3. Ideate

3.1 Competitive Audits

I conducted a competitive audit of four apps, three of which are direct competitors and one of which is an indirect competitor.

3.2 Ideation Activities

3.2.1 HMW (How Might We)

How might we create a more modern and visually appealing layout that minimizes clutter and improves user engagement? (Mint, EveryDollar)

How might we simplify navigation and feature discovery, making it easier for users to find what they need? (Mint, Quicken, and Banking Apps)

How might we make budgeting tools more intuitive and engaging, encouraging users to actively manage their finances? (Mint, PocketGuard)

How might we integrate gamification elements or reward systems to motivate users and promote healthy financial habits? (YNAB, EveryDollar)

How might we leverage automation and AI to streamline financial tasks and save users time and effort? (Mint, Personal Capital)

How might we integrate innovative features that address specific user needs or pain points not currently met by other apps? (e.g., financial education tools, goal-based planning, community features)

How might we leverage emerging technologies like AI, voice assistants, or wearable devices to further personalize and enhance the user experience?

3.2.2 Crazy 8's