We save basically because we can't predict the future. People with ample savings find it easier to switch careers, start businesses, provide for families, and even further their education. However, notwithstanding the many benefits of numerous existing savings app, many Nigerians still find it difficult to save.
For a while, we have had the conventional savings structure of fintech whereby different plans are crafted with fancy names and layers of complexity the user has to go through to get started on a savings journey. Furthermore, there were a lot of conditions users needed to learn to operate their savings accounts leading to friction between the customer and support staff. A more simple savings plan is required, hence the creation of the "Simple Savings Plan".
This improvement in our Savings Feature focuses on getting users started on the savings journey with minimal friction and high understanding so as to maximize conversion and solicit engagement with an interesting savings experience. The Simple Saving Plan was designed with the current users of Jetseed in mind, which includes undergraduates, salary earners, and business owners.
Disclaimer: All views expressed here are my own and do not necessarily reflect the views of the respective company. Some design elements have been changed from the original
I was heavily involved in everything UX; user flows to prototypes.
We did not have the luxury of time. The team was made up of just me, a Product Manager, a Front-End/ Back-end Developer to code the product.
Each team member took full responsibility over their arena of expertise. If they needed something from me, they got it, and vice-versa. I had 4 weeks to design.
RESPONSIBILITIES
Discovery, ideation, user flows, end-to-end prototype & testing
SKILLS/METHODS
Ideation, Research, Usability testing, UX design, UI design
TIMELINE/OUTPUT
4 weeks to design for both Mobile and Web
TEAM
Product Manager, App Developer
SSP is a savings plan that focuses on getting users started on the savings journey with minimal friction and high understanding so as to maximize conversion and solicit engagement with an interesting savings experience.
How is this achieved?
1. The 4 field approach to creating a savings plan
2. Fewer rules to memorize (Easy to create)
3. The flexibility of transfers
4. Interesting artwork representing the savings goals they have in mind
5. Conventional and less formal tone
6. The long term savings opportunity
COVID-19 reveals that many Nigerian millennials have no emergency savings or any form of savings whatsoever. Also, we discovered a low saving curve from our users' saving database. A lot of users have more money in their wallet account than their savings account. This was assumed to be due to some redundancies and unfamiliar policies in our current savings plans. i.e ( Withdrawal dates, vault lock policies etc)
This project is focused on improving The Jetseed savings feature by providing a platform that users can engrain consistent saving habits and eliminate policies and rules on savings.
Here's our initial HMW statement;
"HWW Build a system to encourage existing and new users of Jetseed have consistent savings habits, providie transparency, and reducepolicies on savings."
In order to build realistic user stories, we surveyed 200 users who are students, salary earners, and business owners via Hotjar.
The survey helped us
1. Understand what the lower percentage of people who save for and how they save
2. Understand why people don't save or frustrations encountered from people who save on Jetseed.
Here are some of the responses;
"I don't understand how autosave works, I need better explanations about withdrawal dates. Also, I'm not informed when I have assess to free withdrawal."
"Charging 5% for breaking my Vault saving is too much"
"I find it hard to save because I don't understand the differences between each of the saving types. I just want to save toward a goal"
40% of users needed more explanation about withdrawal dates and have easy withdrawal for savings (many rules to memorize)
20% complained about withdrawal charges and penalties being too outrageous.
10% wanted more saving options and longer saving periods.
20% wanted more increased interest on their savings.
Only 7.4% of users do not have a saving goal
Also from the survey, we were able to identify a list of problems faced by users when they save with Jetseed. In addition to that, we realized that our users really want to improve their savings habits and many of them any users save with an end goal in mind. After identifying the problem, we sorted them out based on how much value they offer to the users and business when solved as well as the possible cost of finding a solution to them. Here is a list of the problems
Also, from our secondary research result from Premium Times, the following reasons are why Nigerians, in general, don't have a very good savings habit
Lack of a specific purpose/ Failing to set goals; Nigerians find it hard to save due to lack of ‘purpose’. and failure to have/set specific goals. A reason to save is probably the most important factor of all. This is probably why Nigerians score low on the saving index. The average Nigerian has no long-term goals. And even when they do draw up goals, the targets are non-specific. This means there’s hardly any motivation to “not” spend money.
Forgetfulness and lack of discipline; Not having a specific purpose for saving, nor properly defining an exact amount to be set aside, lubricates minds, making it easy for thoughts of saving to slip from memory. Hence, another pain point is why Nigerians find it hard to save.
Another key pain point is the Identity and Banking Problems. The Financial system is also geared against Nigerians. Using a Commercial Bank Savings account can be counterproductive. It allows you access to the funds anytime especially with mobile banking and debit cards. The banks also charge excessively for various services often cutting into savings and hardly allowing fixed deposits for small amounts.
Working without a budget/overspending above budget is another major reason why saving is difficult is that the average Nigerian operates without a budget.
Little/ low income
To further understand the user, we had to look at a few competitors in the fintech space to understand their approach to solving this problem, how effective these solutions were. We examined 2 different apps — Piggyvest, Cowrywise, to understand the existing trends in the African? Nigerian fintech space. The main functions we examined were the learning curve (e.g. how easy it is to learn how to use the app), whether or not there are fees, what the app tracks, and whether and how the app provides visuals. Here are some insights from the competitive audit report.
They favor simple and easy plan creation (3-4 steps to create a savings plan)
The apps had a simple and clean design
Communication is compelling and clear
Users can create/ save towards a particular goal
From the research session, I was able to come up with 3 personas and prioritize features to support them.
"As a young graduate from a lower-class family, I want to dedicate a portion of my earnings as an Education Savings Goal so that I can further my studies in the UK."
As an impulsive spender, I want a feature that encourages and automates my savings so I can be financially free.
As a business owner, I want to save more for my business so I can expand in nearest future.As a mother, I want a save, earn interest and be able to withdraw anytime to cater to emergencies.
Millennials want services that are fast, easy, and reliable. For the Simple Saving Plan to get adopted, it has to be easy to use, and provide some level of freedom to users.
Based on these three types of personas, I brainstormed and produced multiple different design ideas and finally pulled out different features that I should focus on at the end;
Features of Simple Savings Plan
- Customized and Preset Savings Goals
- Interest calculator
- Savings suggestion
- Emergency Funds
- Halal Savings
- Budget
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I created a digital experience to allow our users create different savings goals, as well as customised plans, emergency funds with little policies on withdrawals.
I relied heavily on iconography and visual cues to communicate different saving goals.
Press play to view prototype
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Copyright 2021, designed by Tolulope Oyewumi