INTRODUCTION
Sprout is a risk-free playground for young adults that empowers first-time investors to take the first step in investing for the future.
This all-in-one tool gives users an opportunity to grow their investment knowledge and explore investment options before ever stepping foot in a bank, allowing users to gain confidence early and help them take the first step toward saving for their financial goals.
This project is based on a team design from a UX Design Hack in June 2024. Following the workshop, I continued to develop the design on my own time (with my team's blessing)!
MY ROLES
DESIGN CONTEXT
The Problem
Young adults are enthusiastic about investing for their future, but encounter significant barriers. They often lack the necessary financial knowledge to make informed investment decisions, which leads to uncertainty and hesitation. Many young adults also have low trust in many online financial platforms, fearing hidden fees or unreliable services.
The Solution
Sprout helps close the knowledge gap felt by many young adults by providing real-time financial information such as bank and stock market rates, as well as allowing users to play with and learn from different investment and contribution scenarios within a risk-free, AI-assisted mock investment environment. Through matching inputted user information with real-time market data, users can view various growth projections and learn just how far their contributions can go.
DISCOVERY + DEFINE
Discovery Process
As part of my own target audience, my first step to understanding the user was to gain a better understanding of the topic, in order for me to ask the right questions throughout the design process.
The Discovery process consisted of me pulling from my own investment knowledge gaps, conducting Qualitative Research, speaking with a variety of individuals with a range of experience in investing, and conducted my own online research into other people's experiences as first time investors, such as on Reddit forums.
Then I conducted a Competitive Analysis with investing apps Robinhood, Betterment, Wealthfront and Acorns to learn more about their services and how I would position Sprout as a competitor.
Defining the User
Along with utilizing persona information supplied to UX Design Hack participants, when continuing the project on my own I conducted my own Qualitative Research via a Google survey to help strengthen my understanding, which collectively enabled me to build an Empathy Map for my target audience.
Through research I determined that a lack of financial knowledge and a lack of funds were the two biggest barriers to investing for young adults. I also learned that the target audience are often thrown a lot of complex financial information at once, which then causes additional hesitation and anxiety around the topic.
IDEATION PROCESS
Brainstorming
I started with a Mind Map to better understand the connect the user research and competitive analysis. This allowed me to identify must have features, as well as how I would design them.
For example, for Sprout's Investment Calculator feature, I determined the need for goal discovery, data visualizations and a streamlined, simplified calculation process that users could learn from as they play around with various scenarios.
Affinity Mapping
Then I sorted through the various features and function by creating an Affinity Map, which helped visualize the basic structure and user flow of the app. I was able to determine a 3-page menu structure for Learning, Exploring and Planning for a first-time investment goal.
THE PROTOTYPE
Wireframe + Prototype
Following the UX Design Hack event, I was able to recreate the initial wireframes and create full and complete screen layouts for a 3-page navigation structure, along with the investment calculator feature, risk assessment tool, topic walkthroughs and a dedicated profile page. Once the prototype was complete, I shifted my focus to branding.
Branding
When coming up with a brand concept, I knew I wanted to incorporate the idea of "growth" in more ways than one. After much brainstorming, I was reminded of how the real value of Sprout isn't just in it's educational potential for users, but in it's literal results. While users grow their financial and investment literacy, they also are growing their bank accounts.
Just like a baby tree sprout; starting out small and growing into a big, healthy tree! 🌳