App Feature Integration
Venmo: Adding a Savings Feature
Venmo, a leading mobile money transfer app renowned for its engaging, social media-like interface, has seen significant growth since its inception. However, it has yet to incorporate a highly requested savings feature.
The objective of this project was to build on Venmo's social approach to financial transactions by designing a collaborative savings feature. This innovative solution aims to transform users' saving habits by integrating social elements into the savings experience, aligning with Venmo’s unique user engagement strategy.
Role: Sole UX/UI Designer, Product strategy, User research, Market research, Interaction design, Visual design, Prototyping & Testing.
Tools: Figma, Survey Monkey
Users (Problem): Users struggle to save money due to a lack of motivation and accountability without peer support.
So users need (Solution): A tool that lets them save with friends and family to stay motivated and on track.
This tool will (Outcome): This tool will make saving easier, more social, and more effective through shared goals and accountability.
Hypothesis
Design a solution that enables users to leverage the support of friends and family to improve their savings habits.
PROBLEM
Incorporate a feature that enables users to save money with friends and family in a way that fosters accountability, motivation, and shared success?
HOW MIGHT WE
Below is an overview of the solution & prototype.
A NONLINEAR process
MArket RESEARCH
Since this design was based on a hypothesis, I needed extensive research to validate the problem AND the potential solution.
Nearly 70% of Americans have less than $1000 in their savings account.
45% had $0 in their savings. GoBankingRate (2019)
USer Surveys
I surveyed 17 participants between the ages of 19 and 34, which is Venmo's target audience.
Through surveys, I discovered that 47% mentally tracked their spending while another 23% took notes manually.
83% found current savings methods ineffective or too time consuming.
Questions I asked included:
What methods do you use to save?
How effective is your current savings method?
Have you asked your peers for help with saving?
23% Spreadsheets & Notes
47% Mental Tracking
29% Budgeting Apps
Is a group savings viable?
Secondary research confirmed the viability of savings groups and highlighted how peer motivation and habit formation can foster better savings habits.
Benefits of savings groups:
Studies show it can DOUBLE a person’s savings.
Savings groups are known are widely effective and practiced in many other countries.
Decreases overspending while boosting commitment.
The psychology behind it:
Increases the brain's reward response, supporting the development of healthy habits
Positive peer pressure reinforces accountability and helps reminds user to stick to their goals.
Building the Solution
After completing my research I began brainstorming, creating feature roadmaps, IA, and userflows.
The final design should have:
Group AND personal savings - Users should also have the flexibility to save individually.
Goal Setup: An intuitive and streamlined process to create and invite members to participate.
Goal Tracking: Easy progress monitoring.
In this next phase, I considered the information architecture and user flow.
What does an efficeint and successful savings group setup look like?
IA & User Flow
EARLY WIREFRAME TESTING
Early testing provided so much valuable feedback for the MLP (Minimum lovable product).
I learned that users needed:
🔒Security - Users didn’t want others to have access to their savings.
💡Efficiency - Automatic transfers for their saving goals.
💬Communication - Users wanted to communicate directly on the app.
From these findings, I was able to make my first iteration and after that, I created my high-fidelity wireframes and tested it again.
Note: I made many iterations as I strived toward maximum simplicity and ease of use.
Prototype & Usability Test #2
After my first iteration, I created the high fidelity prototype and conducted another usability test with seven users 18 to 28 years old.
“Do people get to withdraw my money?”
An intro screen was added to address many common questions and concerns.
“So what else do people usually save for?”
A goal selection screen was created to help simplify and inspire users with savings ideas.
The key question that led to the design of a standout feature.
What makes you stop saving? Why do you give up?
“If I end up using my savings, I guess I just sort of lose the momentum and I continue to spend it.”
“The worst part is calculating everything.”
After hearing that users don’t enjoy calculating their goals, I added a draggable progress slider. This helps users visualize how much they can save in the future if they keep up with it.
If users tap into their savings, the system will also recalculate and help them determine how much they’ll have at different time frames.
Below is a snippet of the prototype.
Stars indicate new screens or features added after the second round of testing. These updates were designed to simplify the process of saving and address user feedback more effectively
KEY SolutionS & revisions
Simple Goal Creation Process
The intro screen explains what group savings are and the key benefits.
Users customize their goals.
Invite friends and they’re done!
Progress Tracker for Goal Visualization & Motivation.
Users simply drag the button to view their projected savings at different times.
Card 1: Displays the goal details such as title, progress, and goal end date.
Card 2: Enables users to view the entire group’s progress over different time frames.
Card 3: Enables users to view their own progress over different time frames.
Assisted & Custom Transfers
After conducting usability tests, I learned that users preferred convenience so I created two types of automatic transfers:
Assisted: Auto calculates how much needs to be saved to reach the goal by the specified time frame.
Custom: Users set how much they want to save and are notified if their goal is unrealistic or realistic.
Goal Analysis: This screen offers a visualization of the user’s financial goals and assesses whether adjustments are needed.
*Displayed is the custom transfer process.
Shared Goal Dashboard
Designed to foster accountability and motivation.
Members Tab: A progress bar tracks each member's progress, encouraging consistent effort and fostering accountability.
Activity Tab: Allows users to track group contributions with a clear overview of deposits and withdrawals. This transparency helps gauge collective progress.
Comments Tab: Users can share updates, discuss progress, and staying motivated as a team.
NPS SCORE OF 71!😄
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NPS SCORE OF 71!😄 〰️
How likely are users to utilize this feature or recommend it to a friend?
NPS SCORE OF 71! 😄
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NPS SCORE OF 71! 😄 〰️
Overall, I truly enjoyed working on this project and the lessons that came with many rounds of iterations. Design is a never-ending perfect but it’s exciting to know that there is always room for improvement.
Key Lesson:
Test design decisions: Usability tests provided incredibly valuable feedback and highlighted how critical it is in product development.
Features I can add next:
A recurring goal - help users make saving progress on smaller goals.
Gamification - badges or rewards as users achieve certain savings milestones.
Fundraising goal - allow communities to save for a good cause.
REFLECTION
NExt Project
End to End App Kilana: Connecting shoppers & Sellers
Fostering stronger opportunities for discovery, connection, and engagement.
📣Nominated for UX Design Awards!