Wanup — Fintech for Millennials and Generation Z
The challenge of this proposal was to bring millennials and generation Z closer to the banking sector through a Fintech.
The briefing was as follows:
“A large bank wants to launch a PFM (Personal Financial Management) aimed at a young audience in Spain. The financing will be borne by the bank but the product must have its own personality and identity”
No member of the group was an expert in the banking sector itself, and we posed many questions that led to these research objectives:
- Users: their frustrations, motivations and characteristics in general. The differences between the two generations
- The context: banking situation after the pandemic and other financial factors
- Fintech companies: what are they and what do they offer users, what to improve
The context of Millennials and Generation Z.
- Generation Z (from 2000 until now), have lived through the crisis since their childhood and are used to a climate of “pessimism.” They have naturalized this horizon of expectations and adopt a more pragmatic attitude.
- Millennials (1980–1999) consider themselves dreamers but fighters: the crisis hit them at the very moment of forging their dreams and now they have to fight with the messages of pessimism from society. They live a moment of greater frustration of dreams, job expectations, life experiences …
We found that there are 3 fundamental contextual factors that directly affect this group of people:
- Globalization: borderless communications have led to a more homogeneous world
- The “disbelief” of everything institutional, trust in public institutions is non-existent
- Job insecurity, due to poor working conditions in Spain, promote the so-called “economy of uncertainty”
Since 2008, 49.34% of bank branches have been closed, and 37% of their workers have lost their jobs. The explanation for this fact is the low profitability of these, since it does not reach 1% in some cases. The design of the geographical location of the offices is outdated and requires profound changes.
After obtaining the necessary information from the surveys and interviews, we have carried out an analysis of the direct competences of the sector.
For indirect competences, we took applications from other sectors as a reference, where we found design solutions closely related to our ideas.
INTERVIEWS AND SURVEYS
To complete the research with data directly from users, we conducted 12 interviews with people between 20 and 41 years old. Then we launched a survey through Google Forms, where 98 people participated. With these 2 working methods we make sure to collect both quantitative and qualitative information.
All data was collected on an Affinity Map through Miro.
Thanks to which we obtained these Design Insights:
Young people consider that the branches will end up disappearing and believe that we will only use new technologies, because we are only looking for comfort and not having to travel to carry out banking procedures.
Young people believe that their vision of the banking system is greatly influenced by the experiences of their loved ones, since their opinion gives them more confidence than that of other people.
Young people ask banks to offer their services or products through more attractive methods, because that would make it easier for them to understand all the information they receive.
Young people are concerned about the security of their data on the internet, and sometimes they feel mistrust when handling their money through existing digital methods.
Young people find it difficult to set savings goals, and find interesting the options of some applications to use methods to control their savings.
Young people who travel for pleasure or need miss an application where they can share their expenses quickly and easily.
2. IDEATION AND CONCEPTUALIZATION
We began to devise a business model based on all the information collected. For this, we capture them on different canvases such as the UX Strategy Guide and the Strategy Blue Print.
Thanks to these canvases we have been able to define the business challenges and the desirable results as well as the analysis of the benefits of the users. From now on, solutions will be proposed.
User Persona, empathy map and user journey
Here we can see the different user archetypes that were created from all the information previously collected.
But we only consider 3 of these heavy users:
After making the user personas files, we created the empathy maps to find out how external factors affect their opinions or feelings towards the banking sector.
To learn about our design opportunities, we first carry out a Customer Journey with one of our heavy users.
To close this phase we define what our value proposition would be, thanks to the Value Proposition Canvas, the Problem Statements and finally the Jobs to be done.
Under the motto “the first bank where you and your friends can make squad” we focused on offering a Fintech that would allow:
- Create groups with friends or acquaintances where to manage common expenses (travel, flat, gifts …) using any type of currency.
- Help them save, through different saving methods such as rounding, withholding, …
- Being able to access a selection of cashback called “rewards”, and earn extra money.
- To be able to access and participate in different types of crowfunding projects.
- To be attended in a chat with real people (not chatbots) who attend them 24/7.
- And all this without ties, without commissions and 100% mobile.
3. INFORMATION ARCHITECTURE
After defining the value proposition, we began to create the content that would appear in our application. As we had doubts about how to present certain content, we created a Card Sorting through the Optimal Workshop website from which we got 9 very useful responses.
When we were clear about the organization of the content, we began to structure it through the Sitemap.
From this point on, we had to define what the main navigation flows were going to be, and which we would later design on screens.
We started sketching through the low wireframes of each stream.
Next we pass the sketches to Sketch and create the middle fidelity Wireframes.
And now it is time to create a brand for our Fintech, without forgetting that it is focused on millennials and generation Z.
We define a very simple visual image: light background with a fresh and current color range, with a fun name, easy to read and memorable.
To finish the project, we created the High Fidelity Wireframes.
And here our first UX / UI Design project ends.
If you’ve made it this far … thanks for your time!
Without my colleagues and the great teamwork that we have carried out, based on communication, active listening, and a lot of effort, this would not have been possible.
Millions of thanks!