Solution

We chose to create an app after finding out that most people prefer using it. Additionally, our competitors have also taken this route, which influenced our decision.

The app should include a breakdown of expenses, a breakdown of income, and a breakdown of financial goals. The app should provide positive feedback or offer a rewards program. It needs to be educational and accessible to all people, regardless of their financial situation or income, as our research has revealed that economic difficulties do not discriminate.

We will provide a solution for getting all bank data from banks that have implemented the OpenBanking standards to make it easier for the user to implement all bank data. OpenBanking is a solution to meet the PSD2 requirements, which regulate payment methods in Europe. This gives users access to all of their bank account details. To be allowed to do this, the user must have Norwegian BankID and must do so with each and every bank. When we begin this process, we will inform the user that it may take a few minutes. The user can also manually enter expenses and other data.

It is possible to get every upcoming expense from E-fakturakrav from every banking platform in Norway, which will also show in the app after the user has agreed to get this information using BankId.

Competitors analyzed

We interpret the facts into meaningful insights after collecting and organizing data in individual spreadsheets. We use abductive reasoning to find the most likely explanation for the facts.

• How people manage and overview their personal finances

• If they use digital tools to keep track of their money flow
  

• If they have unnecessary expenses
  

• If they have ever lost control of their personal finances, the reason
  for lost control and whether they used tools to get back control.
  

• When people seek help with their financial situation

Do you use any tools to get an overview and manage you personal finance? (you can choose more than one)

According to our research, the topic of how people manage their personal finances can be sensitive and uncomfortable for some. I realized early on that I needed to consider this when recruiting people to participate in an interview. I decided to only record the audio for the interviews in order to make the participant feel more at ease.

• What tools did people use to keep or regain control of their personal finances, and and specify what?

  
  

• What does it mean for them to have control over their personal finances, and how do they manage it?

  
  

• What are people's financial management knowledge levels, and how did they obtain it?

How might we questions

• How might we educate people about managing personal finances?
  
• How might we get people to be more aware of their spending?
  
• How might we help people not to spend too much money?
  
• How might we help people cut unnecessary expenses?
  
• How might we encourage people to save money?
  

For the ideation workshops, we had the double diamond technique in mind to help us with both divergent and convergent thinking.
We set some rules for the workshop to increase contributions, avoid groupthink, and have an open and non-judgemental approach for anyone involved

Information architecture and user flows

Sketching

Medium Fidelity wireframes

Top 3 key findings

First round of usability testing

High fidelity wireframes

Prototype and Design System / Style Guide

Next Improvments

• Add loan and credit overview in the app
  

• Add educational features on how to invest in stocks and funds
  

• Add a financial dictionary. We have used language in the apps that reflect daily life, but the user may encounter finance terminology that is hard to understand in other situations
  

• Reward points and gamification, such as quizzes or "no buy" challenges