How do we attain Financial Independence in an Indian family setting?
Objective
This study is aimed at understanding the finance literacy in population (by looking at sample data), what are the current impediments that they are facing, their current investment portfolio and how prepared are they in managing any risks. By analyzing this, we will be in a position to provide solutions to the ever-challenging distant dream of all individuals – ‘achieving true financial independence’
Approach towards Problem-solving
Research Insights
Persona Maps
We categorized the user groups based on their interests, demographics and motivations into different personas.
Journey Mapping
Depicting a typical day in a life scenario for the uers
Challenges faced
This is an important step in the process. Understanding the challenges and constraints will help us better designing solutions.
The Hero comes here for triggering the ideation...
The typical HMWs
Competitor Analysis
Understanding the current market and trends in the industry. Excel is always my go-to tool for these analysis
The most important step is to look back and redefine our problem statement
How do we equip individuals with the knowledge to make smart financial decisions during
every stage of their life thereby making India financially literate and Inclusive at the same time
achieving individual goals?
How do we create awareness among individuals about Financial Independence and enable
them to attain it with the existing economic policies and schemes?
Behavioral Attributes that need to be considered
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Set life goals, both big and small, financial and lifestyle, and create a blueprint for achieving those goals.
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Make a budget to cover all your financial needs and stick to it.
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Pay off credit cards in full, so you carry as little debt as possible, and keep an eye on your credit.
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Create automatic savings via your employer’s retirement plan and by setting up an emergency fund.
Platform Goals
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Improve financial literacy among Indians and the need to smartly work and invest their money
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Introduce the connection between financial literacy and security in retirement
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How do we enable to achieve the confidence and ability to make well-informed and lasting
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decisions about their personal finances throughout their lives.
Emotions to be triggered through the app
Human emotions help us remember moments/experiences. I believe emotions play a key role in design.
Based on the research insights and after several brainstorming sessions, we decided on the features that will benefit every persona and help them in achieving financial independence
Outcome KPI
Platform KPI
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How well users are able to save – Increased savings with usage
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No. of users who have planned their risks and started saving inrainy day fund
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No. of users setting long term goals and saving for the same
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No. of users who learn different financial instruments
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No. of users who are first time investing in instruments other
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than their traditional ways of investing
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No. of users who cleared their debts with our approaches
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No. of users using the app across different demographies
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No. of downloads for the app
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User ratings