CashGoalie Case Study
Goals
With CashGoalie, anyone should be able to shop, transfer money, manage savings and more without a debit or credit card or the need to visit a physical bank or store. CashGoalie must offer security, functionality, and multiple other uses (such as a savings management and incentive program).
Problem Statement
Users need a virtual wallet and online bank all in one that gives them a way to achieve reliable control over money storage and management in any situation because they desire security and ease when it comes to personal finances so they can feel free, secure, and confident in their daily lives.
We will know this to be true when we see how many users regularly manage their money and purchases through the CashGoalie app rather than going to a physical bank or using a physical credit card when purchasing something at a store.
Description of possible solutions
An app that is as trusted as bank vault in your pocket and easier to interact with than a teller at the bank. It offers secure dual authentication options encrypted well enough to keep your account information secure, even on public WiFi. With the ability to manage multiple accounts, budget, deposit, and view and manage transaction histories, CashGoalie also offers the unique ability to pay by phone so that you will never need to carry around a wallet full of credit and debit cards again.
Competitor Research
With this being the first time I ever explored the financial sector behind the scenes, I've noticed a lot of overlap in the market. I researched contrasting wallet apps to help me understand and delineate between various banking and cash apps. Though with all of its complexities, I do realize it takes time to become a true expert. Zelle and Venmo were chosen for competitor research because of their unique benefits. Zelle has the ability to be used on its own or is often built in to a user's bank account. Venmo is an app that the user can load money into but does not directly manage the user's bank account.
Executive Summary
This information has been compiled to align stakeholders on what the application offers, who the users are and the time and effort it will take to build it.
App Introduction
We want to offer our users a digital wallet that will grant them a safe and friction-less experience in transferring money to friends, businesses (small & large), and charities (verified charities and non-profits with no transaction fees). It will also offer a way to promote budget tracking based on the user’s goals, habits and preferences.
Target Audience
Ages 35-55, the app will target users that are old enough to be settled into their career and lead active and social lives but young enough to be practiced users of digital technology. The user is in a monetary position where they are able to make larger investments in themselves and their own enjoyment as well as dive in to possible philanthropic ventures to support causes they care about. The mindset of our target user is that they want to make their money count, whether it be internal or external investment. I had originally hypothesized that Millennial and Gen X users would be a good target market rather than the younger crowd since they would likely have larger incomes and more money to move around. As research progressed with user interviews, I realized that Gen Z and Millennials were a much better age range for this app's target market and I adjusted accordingly.
Competition
Direct competitors are PayPal, Cash App and Zelle due to positioning, convenience and popularity. Other competitors are Venmo, Google Pay, Apple Pay, Western Union, Boss Money, Samsung Pay, Walmart2Walmart, MoneyGram, OFX, Transferwise, and Xoom.
Risk/Opportunity
The digital wallet market within the United States is saturated with apps that target younger users, often students and amateur entrepreneurs to create loyalty early on. Venmo/Paypal’s blog is highly targeted to students and young parents as well as new business start-ups. That is a very intelligent way to target, but we believe there is a rich targeting opportunity for older and more financially established users that will benefit from engaging with intention through their digital wallet. There is a risk of loyalty to other previous established digital wallets or other already established tools but a greater reward in larger liquid assets per target.
Conclusion
In a highly competitive market of digital of money handling it is still possible to offer the user a trusted way to digitally access, transfer and budget their money while adding the unique benefit of adding purpose and intention in navigating possibilities for their own legacy.
Scope
The Application: A functioning product that includes all basic designing and engineering.
Primary Business Partnership Goals: Goal bank partnerships are established banks such as Capitol One, Chase and Wells Fargo. Goal partnership with one of these FTC recommended companies for non-profit verification feature: BBB Wise Giving Alliance, Charity Navigator, CharityWatch, or GuideStar.
Business Strategy: With our 3 Business Objectives in mind we are leveraging an intentional user experience to align the goal of the user with the goals of our business.
Marketing Strategy: A release campaign highlighting unique benefit of the app. Strategic placement of the app within app stores and ads on retailer websites as well as at targeted high-traffic physical locations.
Product Website Content: The website will exhibit the product, walk the users through basic features, and highlight why they should use our digital wallet for all personal financial actions and goals. As part of marketing content, we will have a blog that highlights Non-Profits and Philanthropic successes related to the app.
High Level Functions & User Stories
Login/Signup with Splash Screen:
As a [new user], I want to [create a new account], so that [I can always have a way to digitally access and transfer money].
Onboarding walk-thru:
As a [new user], I want to [learn the app basics], so that [I can use the app to transfer my money with confidence].
Homepage with Bottom Navigation:
As a [user], I want to [immediately know how to transfer and pay or request money from the home screen], so that [I can make transaction interactions quick].
Transfer & Request function screens:
As a [user], I want to [be able to transfer and pay money immediately], so that [I can save time].
User Accounts (Monitoring & managing current balance / Monitoring & managing connected accounts):
As a [user], I want to [see my account balances immediately], so that [I can make informed decisions with my money].
Personal Profile and Security (Username and password maintenance / Add dual security set-up and check for sign-in and verifying transactions / Email, Phone, Street address info input):
As a [user], I want to [dual security checks], so that [I can feel safe connecting my bank account to the app].
Budgeting tool (optional—This did end up in the final high-fidelity prototype as a Savings Goal function.) (Schedule of recurring transaction / Projection planning, goal tracking / Reward incentive options):
As a [user], I want to [plan ahead], so that [I can track the progress of my goal].
Transaction Tracking (Transaction list and Search Function / Transaction status—scheduled, sent, received, & pending):
As a [new user], I want to [search my transactions], so that [I can easily find the transaction information that I am looking for].
Pay it Forward / Charity Feature (optional—This did not end up in the final high-fidelity prototype. It was explored as an possible feature, but ended up too much out of scope.) (Search function for preferred, verified, and recommended non-profits, charities, and scholarships to support / FAQs on Non-profit charities, how to choose and how to file donations taxes / Highlighted Success stories):
As an [philanthropist], I want to [see successful stories about how charities are making a difference in causes I am interested in], so that [I am motivated to help more].
Drop Menu (Easy site navigation)
As a [new user], I want to [access a quick menu], so that [I can easily navigate the app].
User Interviews
Needs, wants, frictions and notable quotes were gathered from the users during remote conducted interviews.
As mentioned in the executive summary, this is where the user target age range was redirected from Millennial and Gen X users to Gen Z and Millennials.
Affinity Mapping
Affinity maps helped to discover important insights.
Personas
From the researched insights and detailed business plan, detailed user personas have been built to give a more realistic perspective on how users will interact and relate to the app.
User Journey Maps
Detailed journey maps were created for the personas to identify common user experiences that user's share.
User Flows
> Set up a recurring personal payment.
> Make transfer from one account to another.
> Sign-up and securely connect account.
> Set savings goals.
Card Sorting
The original sitemap created was basic to allow for testing and build up on but after feedback. After expanding on the basic map, an open card sorting test was created on Optimal to help discern what users would expect while using this type of app to build intuitive navigation. 10 users participated and gave very informative results.
Lo-fi Prototyping
Once the sitemap structure was set up, it was time to start the best part, prototyping. Low fidelity sketches were the first created. Both mobile and desktop sketches were created to help keep responsive design in mind while building. The first prototype will be mobile first, though.
Here is also where the primary important screens have been quickly sketched out to anchor a structural direction that will support user flows in the following sketches.
Rapid Prototyping
These sketches are still low fidelity and they show the anticipated steps of each user flow.
Mid-fi Prototyping
This is where the app transitioned from hand drawn sketches into simple, grayscale wire-frames built in Figma. The anticipated steps for the user are highlighted on each user flow.
Hi-fi Prototyping
Usability Test — Planning
Background
This app is used as a digital wallet and motivating savings goal setter. It is designed for older Gen Z to Millennials and Xennials who face such needs as going back to school, running their own business, or raising a family—aligning with the wanting the convenience of money access on the go and the need for setting achievable personal goals.
Test Goals
The goal of this study is to test the ease of basic navigation and flow of common tasks performed by the average user and to improve it to a preferred banking, goal setting, and saving experience.
The goal of this study is to test the ease of basic navigation and flow of common tasks performed by the average user and to improve it to a preferred banking, goal setting, and saving experience.
Test Objectives
• See if the participants will understand the significance of the app swiftly and effortlessly (i.e. a cash ready application that has the option for setting goals to save money).
• Observe how users navigate from sign-in to check a transaction, send a payment and set a savings goal and note if any unexpected pain points occur.
Methodology
I will be using the moderated remote methodology because of my distance from the participants.
I will be using the moderated remote methodology because of my distance from the participants.
Participants
This study will test at least 6 participants recruited from my direct list of contacts. They were screened through basic demographic information to make sure they fit with the user persona of Aerie.
This study will test at least 6 participants recruited from my direct list of contacts. They were screened through basic demographic information to make sure they fit with the user persona of Aerie.
Sessions
Participants will individually engage in 15-30 minute mobile app usability test sessions under my observation.
Participants will individually engage in 15-30 minute mobile app usability test sessions under my observation.
Equipment
Mac studio computer, USB camera and microphone. Recording with be done with Google Meet recording software. Participants will participate with their own computer, camera and microphone.
Mac studio computer, USB camera and microphone. Recording with be done with Google Meet recording software. Participants will participate with their own computer, camera and microphone.
Metrics
An adapted version of Jakob Nielsen’s rating scale for classifying errors:
0 = I don't agree that this is a usability problem at all
1 = Cosmetic problem only: need not be fixed unless extra time is available on project
2 = Minor usability problem: fixing this should be given low priority
3 = Major usability problem: important to fix and should be given high priority
4 = Usability catastrophe: imperative to fix before product can be released
An adapted version of Jakob Nielsen’s rating scale for classifying errors:
0 = I don't agree that this is a usability problem at all
1 = Cosmetic problem only: need not be fixed unless extra time is available on project
2 = Minor usability problem: fixing this should be given low priority
3 = Major usability problem: important to fix and should be given high priority
4 = Usability catastrophe: imperative to fix before product can be released
Usability Test — Affinity Mapping
All usability test sessions were moderated remote and recorded via GoogleMeet. The recordings were transcribed and observations, positive quotes, negative quotes and errors were recorded on post-its and organized per task in an affinity map.
Usability Test — Findings
The observations, quotes and errors were grouped together and synthesized through a rainbow spreadsheet and into results showing the error rating, frequency and estimated revision effort needed to fix each problem.
Findings from the affinity map have been synthesized and translated through a rainbow spreadsheet as well as an error rating and revision effort spreadsheet to help discover and prioritize possible solutions and next steps.
Usability Test — Report and Recommendations
Usability Test Conclusion
With numerous adjustments to be made, most of them are relative to each other in maintaining usability. Once these 5 primary major issues affecting the usability of the app have been mended the app will be ready to prep for the next round of tests.
Issue 1
On Pay model, the savings goal section below pay information takes focus from the pay feature and confuses users. High Severity.
Recommended fix—Change savings goal section to just minor informational with much less focus.
Evidence—All users during testing were confused by the ability to adjust a savings goal on the pay model. Some said that since they had set-up the savings goal already in the savings goal section and were happy with it there but that they don’t want a temptation or reminder that they could adjust it or turn it off in the pay model. By noting that, if there is a savings goal associated with the purchase, the amount that would be transferred to the savings goal, the user will be aware of its existence but not feel the need to adjust or input any information and it will reduce the confusion as well as no longer pull focus from the Pay feature.
Issue 2
Payment Input menus need to be reconsidered and streamlined and labeled. High Severity.
Recommended fix—Get rid of the Reoccurring checkbox and adjust the frequency list so that the first selection is “one-time payment” with a dropdown menu that expands the frequency so that the user can choose weekly, monthly, specific dates etc… Change the add recipient field to a dropdown menu of users. Have account name and last 4 account #s in the account field so users can easily choose which account they want. Put labels on top of the fields instead of inside.
Evidence—Users were confused at why there was both a reoccurring checkbox and a frequency drop menu. They also were not sure how the frequency drop menu would work. Many users asked how they added the user if they were preloaded and how they found users. Some users said the account numbers are not enough for identifying the account they want, they need the names as well (Personal, Business, Custom, etc.). Many users noticed that once they entered information in the field, the label went away.
Issue 3
Search and Filter on Transaction History is not intuitive. High Severity.
Recommended fix—Change to floating button to give focus back to the transaction history list, separate the search and filter functions to activate on their own and have the filter function list filters after they are applied.
Evidence—Currently both functions look like the focus of the screen located top and center. They also activate at the same time. Most users passed over these functions to scroll down the transaction history list and multiple users said they prefer scroll over search. Also, once the filters are applied, currently it does not list them once search and filter are closed even though the list has been filtered, causing the users to ask why or to think they were not applied since there was a search word in the search bar as well.
Issue 4
No users looked through the onboarding slides before sign-in. Medium Severity.
Recommended fix—Either make more apparent the affordance to flip through the slides or delete them altogether and add coach-marked on-boarding instead.
Evidence—Every user did not go through the benefits slides before sign-in. Users also stumbled in getting to the savings goal model as well as had a lot more questions about how that function worked. Changing on-boarding to coach marks can be a good way to get the user to interact and inform them better on how and why that feature works. This would change the testing scenario.
Issue 5
Icons were passed over on the Savings Goal model as users wanted to input information first. Medium Severity.
Recommended fix—Move the Icon picker to the bottom of the screen and the information input to the top.
Evidence—None of the users adjust the icon picker without being nudged. Also, the input fields are at the bottom and it would be more efficient if they were at the top so that there are no issues with the keyboard coming up from the bottom.
UI design and Implementation
Here, color is finally added to the app and native components are implemented.
Naming and Branding Evolution
This wallet app has gone through a few different name changes. At first the name Aerie was decided as a metaphor for the savings function since it's the name of a large nest of a bird of prey typically built high in a tree or on a cliff to keep it safe. This name is used in the next few prototypes but eventually is switched out for the more brand-able and self-explanatory name, CashGoalie.
Design Language System
The name CashGoalie was chosen because of its potential to be an easy recognizable and relatable brand. To support its brand, we created a detailed set of design rules for the Visual Language of CashGoalie.
Polishing the Design—design Collaboration
Peer reviews were conducted here to proof the usability of the UI. The reviews were done online in Figma with approximately 5 peers and adjustments were applied post feedback.
Polishing the Design—designing for accessibility
Important accessibility issues have been considered and addressed with changes shown in the below slides. Accessibility has also been addressed and updated in the Design Language System.
High-fidelity prototype walk through video
Moving Forward
Creating the CashGoalie App has been both a challenging and rewarding journey. Through researching and mapping out the user’s process and then creating, iterating, and testing versions has allowed the best possible version of the CashGoalie app to take shape. With the next phase of iterations, I would like to concentrate on streamlining the app's cash sent and receive process, the savings goal process, as well as address a common scenario that was noted in our user interviews and personas (Trent and Naomi) of possible solutions for users who have partners that they share account and budgeting information with. These developments will be exciting to test and implement as the CashGoalie app transforms into its ever-growing potential.
In the meantime, check out the current working app prototype below.
CashGoalie Working Prototype
