Round Ups - Building Healthy Spending Habits for Gen Z

Round-Ups is an Indonesian financial feature for Bank Jago that makes saving effortless for Gen Z. I developed this user friendly feature that automatically saves small amounts from their purchases towards specific goals. I gained insight into Gen Z's spending habits during this design challenge and developed a user experience that simplifies financial goal achievement.
Duration
Mar 2023 (1 week)
Role
UX Designer

What is Round ups?

Round-ups save money by rounding up purchases to the nearest dollar. Jago Bank's mobile app allows easy enrollment and savings tracking.

Round-ups make saving money effortless for Gen Z and millennials. By simply clicking a few buttons, customers can watch their savings accumulate and then withdraw the round-up to their pocket goals. This simplifies saving and increases accessibility

What makes Round Ups important for Gen Z's in Indonesia?

According to the National Strategy on Indonesian Financial Literacy (SNLKI) 2021 – 2025, Gen Z's in Indonesia make up more than 27% of the population and are early adopters of technology, including social media and e-commerce platforms. While they are familiar with digital finance, there is still a significant gap between their purchasing power and financial literacy.

Benefits of Round Ups

Round ups allow customers, especially Gen Z and Millennials, to save money without having to think about it. With a few taps of their phone, customers can start saving money and watch their savings grow over time by cashing out the round ups to their pocket goals. This makes saving money easier and more accessible for everyone.

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Research

Hypothesis:

  • Banking app users have a mix of short-, mid-, and long-term financial goals.
  • Young users are technologically savvy with e-commerce, shopping, and purchasing services and goods online and offline.
  • Older adults have more financial experience and awareness than younger adults.

Potential Pain Points:

  • Uncertain about how to save money to achieve my financial goals.
  • Relying on multiple methods of learning financial concepts.
  • Oversight of daily spending could impact my financial goals.

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I have spent YEARS of trial and error figuring out a system & habits that work for me. - Elissa
I don’t know a lot about different options to save my money other than my bank account - Hannah

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As a student, I want to feel more confident in my spending and savings habits. However, I feel overwhelmed and confused by the lack of reliable financial resources.

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Exploring Current Jago Bank Design From User's Perspective

After examining the designs, I identified issues that users may face with Bank Jago's current app. The Pocket function enables users to save money over a long period, but I found that configuring Pockets for the first time is not straightforward based on my application mapping exercise.

Based on the HMW statements, I identified valuable features for young adult users. One such feature is Round Ups, which allows for convenient saving while spending and promotes daily saving habits.

Final Design

Takeaway

In my 1-week design challenge, I gained experience in rapidly iterating to create a solution for a Gen Z audience. If given additional time, I would dedicate conduct more user testing and gather opinions regarding the overall accessibility and usage of Round Ups in practical daily life.