Case Study of Mutual Fund Application
Twice
Project Duration : 4 Months
Tools Used: Figma, Illustrator, Zoom, Miro
Team: 3 UI/UX Designers
My Role : UI/UX Designer
My Contribution
- Created templates for user personas, card sorting, priority features, and journey mapping to assist the team in gathering requirements and defining user personas
- Assigned tasks to team members and provided guidance on how to complete them effectively.
- Addressed and resolved any conflicts that arose within the team to maintain a collaborative working environment.
- Facilitated brainstorming sessions to generate and refine ideas for new features and app improvements.
- Led sketching sessions to help the team visualize and iterate on their design ideas.
- Built prototypes based on team ideas to gather user feedback and refine design concepts.
- Designed wireframes to outline the basic structure of the app’s interface.
- Created interactive prototypes to enable users to engage with and provide feedback on the designs.
- Developed user flows to demonstrate the navigation and interaction pathways within the app.
- Recruited participants for usability testing sessions to evaluate the app’s usability.
- Conducted usability testing sessions to collect user feedback on the designs.
- Analyzed feedback from usability testing to make informed improvements to the app’s design.
- Created a project plan to monitor the team’s progress and ensure timely delivery of design milestones.
- Gathered feedback from stakeholders to ensure the designs met their requirements and expectations.
- Developed presentation materials to effectively communicate design decisions and progress to stakeholders.
- Held meetings with stakeholders to discuss design choices and answer any questions about the decisions made.
Understanding the Client
About
The client wants to create a mutual fund application as PaynSave that simplifies the investment process, differentiating it from existing market solutions. The goal is to design an app that ensures a seamless and user-friendly experience, making it easier for users to manage their investments and navigate through the setup and investment procedures.
Key Areas of Operation
1. Onboarding
2. Setup
3. Selection
4. Mandate
5. Deductions
6. Notifications
7. Reporting
8. Support
9. Security
Project Tags
Chapter 01
Research Goal
Research Goal
To identify key user needs, preferences, and pain points in the mutual fund investment app market, and to analyze the strengths and weaknesses of existing competitors to develop a differentiated and compelling mutual fund investment app that meets market demands and leverages unique value propositions.
Key Research Objectives
- User Needs and Preferences:
- Identify the specific features and functionalities that users value most in mutual fund investment apps.
- Understand user pain points and challenges with current apps.
- Gather insights on user expectations regarding investment tools, interface design, and customer support.
- Competitive Analysis:
- Analyze the strengths and weaknesses of major competitors (e.g., Groww, Zerodha Varsity, ET Money) in terms of features, user experience, and market positioning.
- Evaluate how competitors address user needs and identify any gaps or areas for improvement.
- Feature and Functionality Benchmarking:
- Compare the features offered by leading mutual fund investment apps, including investment options, research tools, educational resources, and user interface design.
- Assess how these features impact user satisfaction and engagement.
- Market Trends and Innovations:
- Explore emerging trends and technologies in the mutual fund investment space, such as AI-driven recommendations, advanced analytics, and personalized financial planning tools.
- Identify opportunities for incorporating these innovations into the app.
- Differentiation Strategies:
- Develop a set of unique value propositions and differentiators that can set the new app apart from existing competitors.
- Formulate strategies for addressing unmet needs and improving upon the limitations of current market offerings.
By focusing on these objectives, the research will provide actionable insights to guide the development of a mutual fund investment app that aligns with user expectations, leverages competitive advantages, and addresses current market gaps.
Research Process Overview
Brainstorming
Facilitated sessions to generate and refine feature ideas.
User Personas
Created templates for defining user personas
Card Sorting
Used to organize and prioritize features.
Journey Mapping
Mapped user journeys to understand interactions and needs
User Flows
Developed user flows to illustrate navigation and interactions.
Brainstorming
Facilitated sessions to generate and refine feature ideas.
Wireframes and Visual Design
Designed wireframes to outline app structure and created designs
Usability Testing
Recruited participants and conducted usability tests to gather feedback.
Synthesizing User Research
Let's know our user Personas
Thomas W.
Friendly | Tech savvy | Educated
Age: 27
Occupation: Ios Developer
Status: Single
Location: San Jose, CA
Tier: Mid-level
I’m passionate about investing and love the idea of growing my money while earning a second stream of income. It’s not just about making a profit for me; it’s about finding opportunities that align with my financial goals and dreams.
Objectives and Goals
Thomas is on the hunt for an investment app that offers thoughtful guidance on the best times and strategies to invest his money. He wants an app that makes investing accessible and manageable, even if he’s starting with just a small amount
Motivation Factors
Thomas is motivated by the excitement of watching his investments flourish and the sense of accomplishment that comes from building a secure financial future. He finds inspiration in creating a steady stream of income that complements his primary earnings, bringing him closer to his dreams and the freedom of financial independence.
Pain Points
Thomas struggling to find the right app to keep track of his activities.
Problem Statement
Despite the growing interest in investing, many people struggle to get started due to a lack of clear guidance and the intimidation of investing even small amounts. The problem is that potential investors are often overwhelmed by complex options and unsure of how to make smart investment choices. We need a solution that simplifies the process, provides easy-to-understand advice, and makes investing accessible to everyone, regardless of how little they can invest.
Chapter 02
Design
We developed both low-fidelity and high-fidelity wireframes, and after extensive user testing, our client gave their enthusiastic approval. We’re excited to reveal that our concept has been officially approved. Below, you’ll find illustrations of the onboarding screens designed to guide users smoothly through their investment journey.
Onboarding
The Twice app integrates shopping with personal finance management, offering users a streamlined approach to saving and spending wisely. It’s designed to make shopping easier and more cost-effective while providing personalized experiences. Highlighting the right features during onboarding can significantly boost user engagement.
Dashboard
The Twice app’s dashboard is your ultimate financial companion, offering a comprehensive suite of tools and insights to manage your investments and personal finances effectively. Whether you’re tracking your portfolio value and earnings, exploring diverse investment options, or setting financial goals, our dashboard equips you with everything you need to stay informed and achieve your financial aspirations.
Pay and Save
The “Pay and Save” feature integrates payments with automatic savings, setting aside a portion of each payment for future goals. It provides an overview of your investment earnings, total portfolio value, and current fund values. You can monitor your spending and track funds through a detailed dashboard, while also setting maximum investment limits to manage your financial boundaries effectively.
Set Goals
The “Set Goal” feature in the app helps you define and achieve financial objectives, such as buying a house. It assists you in planning by showing the exact funds needed to invest, the required amounts, and the timeline for reaching your goal. By providing clear investment strategies and progress tracking, the app ensures you stay on track to meet your home-buying target efficiently.
Switch Funds
The “Switch Fund” feature allows you to effortlessly reallocate your investments by using your available balance. With just a few taps, you can switch funds to optimize your portfolio, adjust your investment strategy, and respond to market changes, all while keeping your investments aligned with your financial goals.
As mentioned, we’ve highlighted some key user flows, including the Switch Fund feature. Additionally, we offer user flows for Blog, Portfolio, Basket of Funds, Mutual Funds, and User Profile to provide a comprehensive financial management experience.
Clients Testimonials
Olivia H. ”I couldn’t be happier with the Twice app. The ‘Set Goal’ feature has been a fantastic tool for planning my major financial milestones, like buying a house. The ability to switch funds quickly and efficiently is a huge plus. With features like the Basket of Funds and Mutual Funds, Twice makes it easy to manage my investments and stay on track.”
What are the Challenges?
- Feature Integration: Combining multiple features like “Switch Fund” and “Set Goal” into a seamless user experience was complex.
- Real-Time Data: Ensuring accurate and timely updates for portfolio values and earnings required robust systems.
- User Experience: Designing an intuitive interface for complex financial tools demanded careful balance and testing.
- Security: Protecting sensitive financial data and ensuring privacy required strong security measures.
- Customization: Creating flexible features that adapt to individual user needs was challenging but essential for personalization.