ReImagining Investing Experience for Gen-Z’s and Millennials
Overview
The purpose of this project is to understand the Gen-Z and Millennials struggle with complex, impersonal investing products that lack user-friendly interfaces, personalized guidance, and educational resources. This results in reduced confidence and engagement in investing, preventing them from effectively managing and growing their financial assets. The challenge is to create an intuitive, supportive, and educational investment platform tailored to their needs and preferences.
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Project TImeline
10 Months
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Team
1 UX Researcher & Designer
2 Developers
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Role
UX Researcher
UX Designer
Product Strategy
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Tools
Figma
Keynote
Jira
Miro
Process
I chose the double diamond design process model for this project, It helped me in Discovering: a deep dive into the problem we are trying to solve. Defining: synthesizing the information from the discovery phase into a problem definition. Develop: think up solutions to the problem. Deliver: pick the best solution and build that.
Problem Statement
Gen-Z and Millennials struggle with complex, impersonal investing apps that lack user-friendly interfaces, personalized guidance, and educational resources. This results in reduced confidence and engagement in investing, preventing them from effectively managing and growing their financial assets. The challenge is to create an intuitive, supportive, and educational investment platform tailored to their needs and preferences.
How might we design an intuitive and personalized investing app that enhances financial literacy and engagement for Gen-Z and Millennials, addressing their needs for simplicity, guidance, and community support
Secondary Research
Buzz Reports
Buzz reports helped us understand patterns of change and new developments concerning our topic. We used keywords to search through huge databases to find relevant articles and writings. The list of documents generated through a search is analyzed to understand the nature of what is being written about the topic or to uncover emergent non-obvious relationships.
Online Survey
N = 550 (Total participants)
34% of users feel confident in their knowledge of investing principles and the financial market
64% of users need financial literacy in an easy user-friendly way
71% of users need a new and easy application for their daily finance and investing news
61% of users are overwhelmed with the traditional applications and products that are available online
73% of users find the existing apps less intuitive and not user-friendly
78% of millennials prioritize user experience and seamless navigation in their products
82% of users are interested in social investing and sustainable finance options
Core Insights
Financial Literacy Gap
A study by the National Endowment for Financial Education found that only 24% of Millennials demonstrate basic financial literacy, indicating a significant gap in understanding financial concepts needed for effective investing.
Preference for Mobile Apps
According to a survey by Bank rate, 73% of Millennials prefer using mobile apps for managing their finances, highlighting the importance of mobile-first design in investing platforms.
Trust Issues
Research by Edelman shows that Millennials are less trusting of financial institutions compared to previous generations, with concerns about transparency and ethical practices influencing their choice of financial products.
Community and Social Features
Studies by Pew Research Center highlight Millennials' desire for community and social interaction in online platforms, indicating a potential opportunity for investing apps to integrate social features and peer support functionalities.
Social Investing Trends
A report by Deloitte reveals that Millennials are increasingly interested in social investing and sustainable finance, with a preference for platforms that offer ESG (Environmental, Social, Governance) investment options.
User Experience Expectations
Data from Nielsen Norman Group indicates that younger generations prioritize user experience, expecting intuitive interfaces, personalized recommendations, and seamless navigation in digital platforms.
Impact of High Fees
Research by CNBC suggests that high management fees and transaction costs discourage Millennials from investing, with a preference for platforms that offer low-cost or no-cost investment options like robo-advisors.
Primary Research
“I wish investing apps would understand my financial goals better and provide tailored advice. Generic recommendations don’t help much"
Kyiring
"I find most investing apps too cluttered and confusing. I want something clean and intuitive where I can easily see my investments at a glance."
Emily
“I started investing recently, but I struggle to understand all the terms and strategies. It would be great if the app had more educational content or tutorials.”
Suzie Lee
“High fees really eat into my returns. I wish there were more options for low-cost investing, like ETFs or robo-advisors.”
Keith
“I'm always worried about my data and the security of these apps. Transparency about fees and how my information is used would make me more comfortable..”
Serena
“I’m passionate about sustainability. I want an app that lets me invest in companies that align with my values, like renewable energy and ethical practices.”
Christina
Analysis and Synthesis
Core Stories
Intuitive and Minimalistic Design
Clean, clutter-free interface with easy navigation.
Simplified onboarding process to reduce friction.
Personalization
Customizable dashboards and investment portfolios based on user preferences and financial goals.
Personalized notifications and alerts.
Educational Resources
Interactive tutorials and guides to improve financial literacy.
Bite-sized content explaining investment concepts and strategies.
Mobile Optimization
Responsive design ensures seamless experience across devices.
Mobile-first approach with features like touch ID login and quick access to key information.
Social and Community Features
Social investing options, allow users to follow and learn from others.
Community forums or discussion boards for sharing insights and tips.
Transparency and Trust
Clear and transparent fee structures with no hidden costs.
Comprehensive information on investment risks and rewards.
Core Stories
Gamification
Rewards system with badges, levels, or points for achieving investment milestones.
Investment challenges or simulations to encourage learning and engagement
Security Features
Robust security measures to protect user data and transactions.
Two-factor authentication and encryption protocols.
Integration with Financial Tools
Seamless integration with budgeting apps and financial management tools.
Real-time syncing of transactions and portfolio updates.
Customer Support
24/7 support via chatbots and access to human agents.
Detailed FAQs and troubleshooting guides
Accessibility Features
Accessibility options such as screen readers and high contrast modes.
Support for multiple languages to cater to diverse users.
Feedback Mechanisms
User feedback loops for continuous improvement.
Surveys and ratings prompts within the app.
Synthesis & Design
Final Design
