Overview
Round-ups simplify saving for Gen Z and millennials. With a few taps, users can watch their savings grow and transfer the accumulated round-ups to their pocket goals. This effortless approach makes saving more accessible and manageable.
Objectives
Improve Financial Literacy
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.
Highlight ways to save when purchasing
Round-up 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.
Challenges
Based on our research and insights into Gen Z's financial behaviors, we identified several key challenges:
01
Financial Goal Uncertainty: Many Gen Z individuals struggle to set clear financial goals and develop effective strategies to achieve them.
02
Balancing Spending and Saving: Gen Z users face challenges in managing their day-to-day expenses while trying to save for future goals.
03
Lack of Automated Saving Tools: Many Gen Z users struggle to consistently save money without user-friendly, automated solutions.
Research and Discovery
I began this project by conducting interviews, surveys and reading Indonesia's Literacy articles to identify the challenges that Gen Z and Millennials face when saving money for their future goals. From my research I hypothesize the following:
- Banking app users typically have a mix of short-, mid-, and long-term financial goals.
- Young users are technologically adept, frequently engaging with e-commerce platforms and comfortably making purchases both online and offline.
- Older adults generally have more financial experience and awareness compared to younger individuals.
Insights & Recommendations
Insight 1
Gen Z’s know the importance of saving but uncertain about how to save.
According to surveys and interviews, I found that many Gen Z individuals understand the importance of saving. However, they often have specific financial goals for which they plan to use their money in the future. This puts them in a difficult position, as they struggle to balance between saving and spending, especially when working toward a particular goal.
Recommendation 1
Round up the transaction to the nearest Rupiah amount and transfer amount to saving
When brainstorming the best way to save, interviews and surveys revealed that users prefer a saving process with minimal friction. The Round-Up feature meets this need by allowing users to save effortlessly—automatically setting aside money without manual transfers to their savings account.
Bank Jago's Pocket feature enables users to create goal-specific savings accounts. The Round-Up concept complements this by helping users save toward their financial goals while making everyday purchases, ensuring consistent contributions to their savings even as they spend.
Insight 2
Complex setup process hinders users' understanding of pocket usage for goals
Pockets allow users to set up different types of banking accounts, including checking and savings. However, when setting up a new personal pocket for specific goals, users encounter challenges. After exploring the customer journey for Karin, she mentioned that the app can be confusing when building a new long-term pocket.
“I'm not sure how to set up the pocket because there seems to be so many steps. It's very overwhelming”
There are several key friction points when creating a pocket for savings:
01
Dark Patterns: The choice between Fixed Date AutoSave and No AutoSave modes can be confusing and may lead users to make unintended decisions.
02
Complex Pocket Types: Users struggle to understand the different types of pockets available, which can make it difficult to choose the right one for their savings goals.
03
Lock and Unlock Feature: The ability to lock and unlock pockets adds another layer of complexity that users may find challenging to navigate.
These friction points can prevent users' understanding of how to effectively use pockets for their savings goals, discouraging them from fully utilizing this feature.
Recommendation 2
Accessible step by step process to cash out Round-Up savings to Pocket
The step-by-step process to cash out round-up savings to Pocket is important for several reasons:
01
It creates an accessible and easy-to-use interface for cashing out round-up savings, which is crucial for Gen Z users who prefer minimal friction in their financial interactions.
02
The process is designed with minimal steps, making it effortless for users to transfer their savings. This addresses the challenge of balancing spending and saving that many Gen Z users face.
03
By celebrating when users fulfill their pocket goals, it motivates them to continue saving and working towards their financial objectives.
04
This process complements the Round-Up feature, which allows users to save effortlessly by automatically setting aside money from purchases. The easy cash-out process ensures that users can smoothly transfer these savings to their goal-specific pockets.
Overall, this accessible 3-step process makes it easy for users to manage their savings, addressing the financial literacy gap and helping Gen Z users achieve their specific financial goals more effectively.
Insight 3
100% of users (surveyed and interviewed) are eager to learn how to save money however struggle to find proper resources
Surprisingly, all surveyed and interviewed users struggled to learn how to save money due to conflicting advice. This overwhelming amount of information makes it challenging for users to follow reliable financial advice online.
"Between the books, online articles and advice from financially savvy friends and family, I find it difficult to follow through and save smart"
Recommendation 3
Provide a spotlight section for educating users via articles and quizzes
In the original application, the spotlight section advertises the bank's products. By repurposing this section for financial learning and news, users are more likely to engage with educational content in one convenient location.
When I asked my interviewees about the original screen, they were frustrated by the spotlight's focus instead of their balance. I change the order where they are viewed by highlighting the user's balance and accounts on the improved screen.
Through the spotlight section, the personalized content focuses on the user's need for reliable resources for financial education and literacy. In the articles, Bank Jago can mention their products and utilize the platform as a way to promote their tools. Additionally, the users can test their knowledge regarding the content and improve their knowledge regarding their finances.
Offering articles and quizzes encourages users to enhance their financial literacy while enjoying an engaging learning experience from a single source.
Learnings
When designing a financial tool for Gen Z and Millennials, I focused on the user's perspective on their finances and see the patterns between different kind of users with similar goals. As a result, creating Round-Up allows users to spend and save at the same time, allowing them to reach their goal without taking extra steps.
Necessary Usability Testing
Although this feature was designed as part of a challenge, the experience highlighted the importance of usability testing. Conducting usability tests in future iterations will be crucial for refining the design and ensuring it meets user needs. This project reinforced how valuable user feedback is in shaping intuitive and accessible products.
Focus on The User Journey
Mapping the user journey was incredibly valuable, as it allowed me to identify points of friction within the existing application. These insights helped me focus on designing an accessible and user-friendly interface that guides users toward understanding and achieving their pocket savings goals.