Age: 29
Occupation: Registered Nurse
Status: Engaged
Location: Marietta, Ga
Salary: $55,000
“Pay off debt faster, without thinking about it."
"Use spare change from everyday transactions to make an extra payment towards your debt, every month.”
Meet the Team
Morgan Breier
Ashton Cheeks
Briana Brock
We worked along side a client with their existing product to find out how we could improve their user’s on-boarding experience and increase their active user base, increasing revenue.
Got Debt?
The average American has between $67,000-$134,000 worth of debt.
Americans have about $3 trillion worth of interest alone, that’s about $10K per person.
While people are aware, they don’t really talk about the psychological effect massive debt has.
The emotional effects of debt include denial, stress, fear and panic, anger and depression.
But there’s a sense of relief, freedom, and accomplishment from paying off debt
What is Qoins?
A financial management mobile app that rounds up your individual purchases and allows you to set up automatic payments to set money aside in order for you to pay off your debt faster.
How Qoins Works
Round-Up
Smart-Savings
Set Money Aside
Pay Off Debt
Qoins has over 60,000 downloads, but only 12,000 active users
Qoins measure of success is a 3 step process:
Identification Verification
Set up your Creditor/ Lender
Set up your Funding Source
Problem
Qoins needs a way to streamline the on boarding process to increase their active users
Solution
We believe that by consolidating screens, it will lead to an easier more enjoyable experience
The Process: 2 Week Sprint
Week 1
Competitive analysis, Survey, Interviews, User Testing on Existing Product, Synthesis/Ideation
Week 2
Iterations on product for final mockup, Testing, Delivery to Client
Competitive Analysis
Competitors vary with:
Monthly/various fees
Abilities and offers
Number of on-boarding screens
All having the ability to sign up after the first screen, something that Qoins does not offer
Survey
During our client meeting we requested access to their current client list to submit a survey to gauge customer interactions with the app.
We received 0 responses to the survey…
We then realized we needed access to the users who bailed on the on boarding process. While Qoins had the email addresses on those who did not complete the on boarding process, we were denied access to them.
Interviews
We interviewed 8 people with varying backgrounds, all with some form of debt
- Each individual had multiple forms of debt, such as credit cards, student loans, car loans, and/or mortgages
- 90% expressed they were paying off debt slowing, minimum payments: interest and time being issues
- 90% expressed they were paying off debt slowing, minimum payments: interest and time being issues
- 60% expressed interest in speeding up the process to reduce interest
User Testing
We tested with Qoins existing app; we used paper prototypes since users must enter sensitive financial information to sign up
Usability tests proved that users became frustrated, confused, and hostile with the existing on-boarding process.
QOINS existing user flow
The on boarding process takes 20 screens to get to the homepage, with 2 separate points where adding financial lender adds 3 more screens and the funding source can add up to 10 additional screens depending on the financial institution
Synthesis
With affinity mapping, we synthesized the qualitative data gathered during usability testing
Findings
4/8- skipped/did not read tutorial
6/8- wanted the option to sign up on the tutorial screen instead of waiting until the end of tutorial
5/8- were confused by having to enter certain personal information
3/8- stopped the on-boarding after being prompted to enter their Social Security number
2/8- thought there were too many screens overall
6/8- thought there were a lot of screens, but they were necessary
6/8- wanted more information overall, especially about “Smart Savings”
One prominent issue kept getting brought up:
Trust
Users were apprehensive submitting personal financial information for an app on their phone
How do you build trust in a brand with an application you only have access to from your phone?
This is an issue we were not able to address due to time during our 2 week sprint, we will continue looking into brand trust for our next steps
Based on synthesis from interviews, Qoins target audience, and user testing, we developed our persona
Kristin Bradshaw
Kristin recently graduated from the Wellstar Program at Kennesaw State University with a Bachelor of Science in Nursing. Upon graduating, she landed a job at Emory in Midtown.
While in school, Kristin accumulated student loan debt. She and her fiancé want to get married in the next 3-5 years, and want to be debt free before they marry. After marriage, they want to buy a house together and need a good credit score for a loan.
Goals
Reduce monthly interest fees
Pay off and be debt free
Get married and buy a house
Build good credit
Pain Points
High interest rates
Minimum payments delaying paying off debt
Paying on time
Debt collectors
Iterations
Based on our users’ needs, we eliminated and consolidated certain screen, with optional on-boarding tutorial, and were able to streamline the on-boarding experience
- We added the option to sign up right on the first screen
- Tutorial screens are optional, with a sign up button on every tutorial page
- Personal information and telephone number are combined into one page
- Date of birth page is removed as it is redundant since users have to enter the last 4 digits of their social security number
- A progress bar is added to “Let’s Make a Payment” indicating how far along users are in the process of signing up
- Additional information is added to “Smart Savings” and “Round Up” page
Changes per screen
Next Steps
Conduct additional usability testing
Add/Subtract feature based on users’ needs
How to build trust in a brand?
