Wealthsimple Hackathon.
A 24hr hackathon to help Wealthsimple clients in Canada improve their financial literacy in order to make better financial decisions.
Project Type
2 UX Designers
4 Software Developers
My Role
UX/UI Designer
Timeline
Start: Jan 25 @ 5pm
End: Jan 26 @ 4pm
Tools
Figma
Overview.
24%
Only 24% of millennials have basic financial literacy.
Wealthsimple came to BrainStation with a juicy problem for us students to explore over 24 hours.
Our team was given this statement to begin the project: How Might We help Wealthsimple clients in Canada improve their financial literacy in order to make better financial decisions?
The Problem.
27%
27% of millennials have not sought financial advice when they need it because they don’t know how to seek it.
32%
32% of the public feels the banking sector is untrustworthy.
Assumptions Were Made.
Based on the research, we assumed that a lack of trust was the main culprit preventing people from seeking financial help/education.
Turns Out, We Were Wrong.
Although we had major time constraints, we decided it would be valuable to conduct some interviews to validate our assumption. We interviewed three participants between the ages of 24 - 37 who regularly used some kind of financial service.
It was not a lack of trust in the service. Millennials want to learn more. They just don’t know how.
We decided to revise the How Might We statement that was provided so that our team had a clear direction to create a persona based on the current research and interview findings.
How might we help millennial Wealthsimple clients feel less overwhelmed when learning about personal finance so that they feel more confident in their financial decisions?
Meet Grace.
We quickly developed a storyboard to visually map out Grace’s current user experience.
Understanding Grace’s Current Experience
Defining tasks with crafted stories.
Grace ends up in an endless loop of searching. Frustrated, she abandons the process.
I want to read short, informative write-ups so that I can learn even if I don’t have a lot of time.
Task: Offer quick, helpful, bite-sized bits of information.
I want to learn what strategies are realistic to my financial position so that I can set tangible goals.
Task: Personalize suggestions for areas of learning to user’s financial position.
I want to understand financial jargon so that I don’t feel lost when I read educational articles.
Task: Help users understand unfamiliar terms within the app or a seamless experience.
Task Flow.
Start
End
User can click on certain words to learn more about them.
Prototyping & Development.
We leapt straight into hi-fidelity prototyping so that our developers could get started.
Did We Solve the Problem?
We made learning about personal finance less overwhelming and intimidating for Grace, who does not have a lot of time. We offered personalized insights, helping her build confidence in her financial decisions.