Brief
Brief
Create a mobile banking application using qualitative research and prototype Testing
Aim
Improve financial literacy and management skills with intuitive and user-friendly design
Audience
Young people between ages 16 - 30
Our Team.
Bao Phuc Le
Yukino S Ohori
Sajidah Shah
Molly Weiser
Competitor Research
Many studies reveal that individuals have insufficient savings due to errors in financial forecasting and calculation, cultural circumstances, lapses in self-control, and the rapidly transforming socio-economic contexts of younger generations which increasingly promote instant gratification (Ülkümen, G., & Cheema, A., 2011).
Competitor Applications
Pocket Book
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Pocketbook links multiple bank accounts securely on one platform.
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Automates expense categorization with customizable options.
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Real-time updates for budgets and expenditure tracking.
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Notifications for grocery deals, bill reminders, and spending alerts.
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High ratings overall, but common issues include glitches, syncing errors, support delays, and frequent miscategorisation.
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Lacks option for temporary recurring items in budgets.
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Effective for finance management, but data processing issues affect performance over time.
Wallet
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Wallet ranks #2 in highest-grossing financial apps on Google Play.
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Offers all key features of Pocketbook, Mint, and YNAB, plus:
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Debt management, receipt and warranty tracking, and account sharing.
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Provides a highly customizable budgeting system with an intuitive UI and various data visualization options.
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Effective for financial insight, but common issues include bugs, crashes, account syncing/updating issues, and transaction miscategorizsation.
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Successfully aids in managing income and expenditure, though data processing limitations impact app smoothness.
YNAB
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YNAB is a goal-based app focused on easy expense tracking and budgeting.
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Syncs with bank accounts and supports manual data import.
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Offers customizable budgets with spending limits, recurring payments, and fund transfers.
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Reviews highlight practical budgeting support but note the overwhelming initial setup and limited guidance.
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Issues include failed transaction auto-imports, inability to manually assign funds to categories, and limited financial data until after one month of use.
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Notifications promote spending awareness, and strong educational resources help users improve financial literacy.
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Extensive support and contact system available.
Mint
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Mint by Intuit offers financial tracking similar to Pocketbook but lacks a bill-paying feature.-
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Adds unique features: subscription tracking and credit score insights with improvement tips.
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Shares common issues with Pocketbook, plus additional problems
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Transaction duplication affects financial accuracy.
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No manual import for unlinked banking data, limiting usability.
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Heavy advertising disrupts user experience.
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Limited customization; users must repeatedly re-categorize transactions, cannot remove unused categories, or adjust the home screen to personal goals.
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Security concerns due to past data breaches, risking user financial information and account safety.
Medium Fidelity
Personas
The following personas represent opposite ends of the financial spectrum within the specified age range: established individuals with steady incomes, assets and dependants, and adolescents beginning their financial management journeys. Both personas will benefit from the functions, rewards and educational aspects of the application in different ways.
Wiremap
