2C | Product Design | Mobile App | Fintech
CFCU Personal Financial Management App
My role
I collaborated with PMs, brainstormed the new features for CFCU More, and designed the interactive prototype.
Tools
Figma
Duration
2023.02-05
Background
About CFCU
CFCU Community Credit Union is a non-profit financial institution serving residents in Tompkins, Cortland, Seneca and Cayuga counties.
Problem Space
CFCU is currently in the process of transitioning their app services from the original app to CFCU More. This transition requires a new information architecture, a list of features aimed at attracting a larger number of Cornell students, and a sprint design plan for the app's launch.
Research
Customer Needs
After we understood our customer needs and competitors’ products, we created this form to transfer the customer needs to actual features that will provided by CFCU More, and how CFCU could gain from the features.
we named the container of features as “MoneyMap”
Persona
We've refined our target user group, seeking an illustrative approach to aid in planning and presenting the following aspects: addressing current challenges, defining the 'Job to be Done,' and outlining the desired capabilities for CFCU More.
Market Research
By analyzing over 100 surveys and conducting a competitive analysis, we crafted a targeted value proposition to address the problem at hand.
Current challenges
Difficulty tracking and managing finances:
Many customers struggle to keep track of their income and expenses, leading to financial stress and uncertainty.
Fragmented financial information:
Customers may have financial information spread across multiple accounts and sources, making it difficult to get a complete picture of their financial situation.
Lack of financial education:
Many customers may not have a strong understanding of personal finance, making it difficult to make informed financial decisions.
Job to be done
Investment management:
The app should allow customers to manage their investments, including tracking performance, managing portfolios, and accessing research and analysis tools.
Financial tracking and analysis:
The app should allow customers to track their income, expenses, and savings, and provide insights and analysis on their financial situation. This could include features such as: budget tracking, cash flow analysis, and net worth tracking.
Simplified user interface:
Customers want an app that is easy to use and navigate, with clear and intuitive design.
Goal setting and planning:
The app should help customers set and track their financial goals, such as saving for a down payment on a house or paying off debt. This could include features like goal tracking, progress monitoring, and financial planning tools.
Desired capabilities
Integration with other financial tools and services:
Customers want an app that can integrate with their other financial accounts and services, such as banking, credit cards, and investment accounts.
Customization and personalization:
Customers want the ability to customize their app experience to fit their unique financial needs and goals.
So, what should MoneyMap looks like?
What does it do?
MoneyMap is an AI-powered personal financial management tool that creates clear and customized financial plans for members to follow
Who is it for?
Initially, young professionals and graduate students in the Finger Lakes Region, who struggle with creating or achieving financial goals. Can also be useful to retirees, new families, and small business owners
Why do they care?
MoneyMap saves time and effort over current options. Additionally, its ease-of-use reduces complexity, leading to fewer errors and poor decision
Visuals
IDEATION
started from design the MoneyMap that include all the features mentioned above, with regular check in with PMs and Developers to make sure I understand banking knowledge and all the finance related features are correctly presented.
Last version of MoneyMap’s wireframe
CFCU More with MoneyMap
Set saving Goal Manually
Saving Goal with MoneyMap
In response to the user's need for goal setting and financial planning, we have devised two methods for users to set their saving goals within CFCU More:
Manual Entry: Users can input the desired amount, timeframe, and payment method for their savings goals through completing a survey.
Chatbot-Assisted Goal Setting with MoneyMap: Users can engage in a conversation with our Chatbot to establish their saving goals. The Chatbot will ask similar questions as the "Manual Entry" survey, but it has the flexibility to adapt the details. For instance, it can modify the monthly amount based on a user's spending behavior, making it more accessible to those who may not be financially literate.
CFCU MoneyMap
On the MoneyMap, users will see a visualized summary of their assets and 3 primary features: Account Management, My Investment, and Statistic Report. Our primary design focus has been on enhancing the user experience within the Account Management section.
Within the Account Management section, I have addressed the challenge of fragmented financial data by introducing segments that enable users to link their CFCU and external accounts, manage subscriptions, and easily track their debt payoff date in an easy and user-friendly manner.
Future steps
KPI
Conversion Rate
Percentage of people who enroll in other CFCU product offerings via Money Map
User Acquisition
Numbers of new user sign-ups per week/month
Financial Goals Achieved
Percentage of financial goals that have been set up and achieved by MoneyMap users
Customer Satisfaction
Net Promoter Score based on feedback; customer satisfaction rating on surveys
Active Users
Total number of active users per week/month; user retention rate