Banki

Year

2023

Role

User Experience Researcher

Industry

Fintech

Empowering Your Financial Future

— Product Overview

Banki is a groundbreaking FinTech platform meticulously crafted to revolutionize how individuals manage their finances. Banki offers a user-friendly, all-in-one financial ecosystem, delivering a diverse set of services and tools.

The company's primary objective is to engage and educate Gen Zs about the world of finance, making our product offerings even more appealing. Within the Banki platform, users enjoy a comprehensive suite of financial solutions, including personalized money management, customizable budgeting and savings features, and a host of distinctive offerings. All these resources are meticulously interwoven to create a seamless, user-centric financial journey for both Gen Zs and individuals.

Our mission is to empower users with the knowledge and tools to make sound financial decisions, transforming the way they approach their financial well-being. Banki is not just an app; it's your partner in achieving unparalleled financial intelligence and liquidity.

— Business Goals 

  1. Market Expansion: By connecting with and engaging GenZ people, we hope to increase the size of its user base.
  2. Financial Intelligence understanding: The objective is to educate and increase Gen Zs' understanding of the value of solid financial judgment and money management.
  3. Product Interest and Adoption: Promote GenZs' interest in and adoption of the company's products so they can meet their financial management demands.

— Problem/Pain Point

According to the Nigerian Population Commission and National Bureau of Statistics, GenZ individuals, aged approximately 18 to 26 years, account for about 20% of Nigeria's total population. This makes them a substantial demographic group with specific needs and preferences that warrant attention in various sectors, including personal finance. By addressing this knowledge gap and providing solutions that resonate with GenZ's digital preferences and financial aspirations, there's a significant opportunity to not only empower this demographic but also tap into a substantial market segment in Nigeria.

One significant problem observed within the GenZ market in Nigeria is the lack of effective financial education tailored to their needs. A substantial percentage of GenZ individuals lack comprehensive knowledge about personal finance, budgeting, saving, and investment strategies. This knowledge gap hinders their ability to make informed financial decisions as they transition into adulthood and navigate financial independence.

According to a study by Raddon, GenZ is interested in financial education and management. About 62% of GenZ respondents expressed interest in learning about financial management, suggesting a receptive audience for educational features within the app.

This data underscores the readiness of GenZs to engage with financial education and management tools via digital platforms

— Empowering GenZ with Financial Knowledge

To empower Gen Z individuals with financial knowledge within Banki app, we considered the following strategies:

  1. Interactive Learning Modules: Develop engaging learning modules covering budgeting, saving, investing, and debt management. Incorporate gamification with quizzes, challenges, and progress tracking for an enjoyable learning experience.
  2. Microlearning Content: Break down complex financial concepts into bite-sized lessons. Utilize short video tutorials, infographics, and animated explainers to deliver information effectively.
  3. Personalized Financial Assessments: Offer users tailored recommendations based on financial assessment quizzes. Respond to users' specific goals, such as saving for a car, by suggesting relevant articles and tools.
  4. Budgeting Tools: Provide user-friendly budgeting tools for tracking income and expenses, along with real-time insights and cost-saving suggestions.
  5. Financial Simulations: Enable users to experiment with financial scenarios using simulations or calculators. Visualize the impact of various investment options and debt repayment strategies.
  6. Peer Learning Communities: Create discussion boards for users to ask questions, share experiences, and learn from peers. Appoint financial experts or mentors for guidance.
  7. Regular Financial Challenges: Organize competitions within the app to apply financial knowledge. Encourage user participation with rewards and recognition.
  8. Content Partnerships: Collaborate with financial experts, bloggers, and influencers to create and share educational content. Host webinars and Q&A sessions to address user questions.
  9. Progress Tracking: Implement a feature for users to monitor their financial knowledge and habits' improvement over time, celebrating milestones and offering incentives.
  10. Push Notifications and Reminders: Use notifications to prompt user engagement with financial education content, such as reminders for monthly budget reviews.
  11. Accessible Language and Visuals: Present content in a relatable language and style for Gen Z users. Incorporate visuals and examples from their daily lives.
  12. Feedback Mechanism: Include a feedback system where users can suggest topics or features for the financial education section, demonstrating a commitment to continuous improvement.

— "How might we" acquire and keep GenZs interested in our FinTech products:

A Comprehensive Approach to Acquiring and Engaging GenZs with Our FinTech Products

To successfully acquire and maintain the interest of GenZs in our FinTech products, we need a multifaceted approach that taps into their digital preferences, desire for financial independence, and fondness for interactive experiences. Our strategy revolves around crafting a captivating and personalized onboarding journey that evolves into a sustained engagement through a combination of educational content, gamified challenges, and collaborative features.

1. Captivating Onboarding Experience:

  1. Personalization: Tailor the onboarding process to individual GenZ users, capturing their preferences and financial goals right from the start.
  2. Mobile-Friendly Interface: Optimize the user experience for mobile devices, ensuring seamless navigation and interactions on their preferred platforms.
  3. Interactive Tutorials: Incorporate interactive tutorials that guide users through the app's features, showing them how to set up budgets, customize saving goals, and access valuable resources.

Idomoo research indicates that 62% of GenZ are willing to pay extra for personalized experiences. Offering customization features that allow users to set their financial goals and preferences aligns well with GenZ's desire for tailored experiences.

2. Empowerment and Financial Independence:

  1. Goal Setting: Encourage GenZs to set personalized financial goals, whether it's saving for travel, education, or a side business. Make the process engaging and visually appealing.
  2. Educational Resources: Provide bite-sized educational content on various financial topics, catering to their curiosity and desire to enhance their financial intelligence.
  3. Empowering Language: Frame messaging and content with empowering language that speaks to their journey toward financial independence and smart money management.

3. Interactive Educational Content:

  1. Video Series: Create short video series that simplify financial concepts, using relatable examples and real-life scenarios that GenZs can connect with.
  2. Interactive Quizzes: Incorporate gamified elements through quizzes and challenges that test their financial knowledge and reward them for their progress.
  3. Infographics and Short Guides: Develop visually engaging infographics and short guides that break down complex financial concepts into easily digestible information.

A report by Deloitte found that GenZ is drawn to gamified experiences. Around 70% of GenZ respondents said they enjoy playing games and 75% believe that gamified experiences could improve their engagement with educational content and financial management.

4. Collaborative Features:

  1. Group Savings Goals: Allow GenZs to collaborate with friends or family members on shared savings goals, promoting a sense of accountability and teamwork.
  2. Community Engagement:  Establish an in-app community where users can share success stories, tips, and challenges, creating a supportive environment that resonates with their social nature.
  3. Infographics and Short Guides: Develop visually engaging infographics and short guides that break down complex financial concepts into easily digestible information.

GenZ is known for valuing social interactions and collaboration. A survey by ELearning shows that GenZ prefers to work with others when learning. Introducing collaborative savings goals or community engagement features could resonate with this preference.

5. Ongoing Engagement Strategies:

  1. Regular Updates: Introduce new challenges, content, and features on a regular basis to maintain interest and provide fresh learning opportunities.
  2. Personalized Recommendations: Use machine learning to provide tailored recommendations based on users' behaviors and goals, ensuring they always have relevant content to explore.

Research by Knowingo shows that GenZ values continuous learning. 82% of Generation Z expressed that the opportunity for lifelong learning in a job role is a crucial factor in their employment decisions. This desire for ongoing education aligns with providing regular educational content and updates within the app.

— Direct and Indirect Competitors

Here are two direct and indirect competitors of the Banki app in Nigeria:

1. Direct Competitors (PiggyVest and Cowrywise):

Our direct competitors consist of established financial apps like PiggyVest and Cowrywise that offer financial solutions similar to our app. Just like us, PiggyVest and Cowrywise target the Nigerian market with savings and investment features. These platforms empower users to manage their finances, save for goals, and explore investment opportunities.

While we all cater to the financial needs of users, our differentiating factor lies in the unique educational and interactive elements we incorporate to engage and empower GenZ users. Our app's focus on personalized financial education, gamified challenges, and collaborative features sets us apart from our direct competitors, ensuring a comprehensive and engaging experience for our users.

2. Indirect Competitors (Risevest and Money Africa):

While Risevest and Money Africa may not be direct competitors in the traditional sense, they do represent interesting indirect competitors that cater to overlapping customer needs. Risevest, as an investment platform, offers investment opportunities in foreign assets, potentially capturing the attention of individuals seeking international diversification. Money Africa, on the other hand, provides a comprehensive suite of financial information, news, and education.

While our app differentiates through interactive educational experiences and personalized tools, acknowledging Risevest and Money Africa as indirect competitors reinforces our understanding of the diverse solutions that customers might consider. It's important to recognize these indirect competitors as they contribute to the competitive landscape by addressing overlapping customer needs in alternative ways focusing on our GenZ-oriented approach and innovative features, to carve a distinct space in the competitive landscape.

— Core Product Offerings

The core product offerings are everything a business owner needs for efficient bookkeeping.

5. Ongoing Engagement Strategies:

  1. Regular Updates: Introduce new challenges, content, and features on a regular basis to maintain interest and provide fresh learning opportunities.
  2. Personalized Recommendations: Use machine learning to provide tailored recommendations based on users' behaviors and goals, ensuring they always have relevant content to explore.

Research by Knowingo  shows that GenZ values continuous learning. 82% of Generation Z expressed that the opportunity for lifelong learning in a job role is a crucial factor in their employment decisions. This desire for ongoing education aligns with providing regular educational content and updates within the app.

Invoice & Contact: users can generate, print, and export invoices after business transactions and can also search for clients' or customers' contacts as well as save and edit their information.

Dashboard: the dashboard is an overview of the user's profits, losses, and expenses incurred in their business.

More: this screen contains important features like expenses, assets, profit & loss, liabilities, inventory list, balance sheet, and tax management, which are essential for every business owner.

For additional value, educational resources and materials will be added to educate users about accounting terms.

— User Personas

I created two personas for Banki, each representing a Gen Z individual with a unique background and set of needs:

Persona 1: Creative Content Creator Olumide

Persona 2: Financial Explorer Chisom

— User Flows

I created a simplified user flow that outlines how GenZs might interact with Banki:

— Learnings and Takeaways

Here are some key learnings and takeaways I got from developing insights for the user experience of Banki:

  1.  User-Centric Focus: Understanding user needs and preferences is paramount. Insights emphasize the significance of designing features and content that cater to users' financial aspirations and concerns.
  2. Accessibility and Inclusivity: The fintech app must use language and visuals that resonate with Gen Z's daily experiences. Inclusivity in design is vital to connect with a diverse audience.
  3. Personalization Matters: Personalized experiences are a key driver for engaging Gen Z users. Tailoring the app to their unique financial goals enhances their experience and encourages usage.

Gathering user insights emphasizes the crucial need for a user-centered, deeply personalized, and highly engaging approach to financial education within the app. The invaluable insights I have gathered will play a guiding role in shaping our design and content strategies, effectively reaching out to each Gen Z user and accompanying them on their unique financial adventures.

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