An integrated set of FinTech solutions that empowers users to improve their financial wellness through education, modeling, and taking action.
In 2016, I was asked to invision how to empower users to take control of their financial wellness.
My Roles:
Senior Director of UX
~ The Discovery ~
Research Findings
Almost half of Americans don't even know their own credit scores.
15.4% believed credit score wasn’t important
13.2% weren’t sure what they can even do about it
11% believed it was too much of a hassle
Consumers do not realize how important good credit is to all aspects of their financial life, not just for borrowing money. Surprisingly, about 10 percent of consumers said they also didn't know how much credit card debt they had.
Here are the big problem themes:
When do consumers deal with credit score?
It is usually when there are the major life events that prompt attention to consumer credit score.
~ Behavior Economics ~
Insights
The ideas behind finance wellness are sometimes easy to say, however actually putting them into practice is incredibly hard. Why is that?
1. Thinking about personal finances is overwhelming and complex because it requires us to compute about the cost, value and benefits all the time. It is mentally exhausted.
2. Financial goals typically take a long time to accomplish and we have this problem of delayed gratification. We can't wait that long.
3. The hardest part for people is “knowing the best approach” of financial wellness and sticking to a plan.
Who are the users?
