Mission by UX/team at Swedbank
How can Swedbank assist young individuals in setting long-term financial goals in a joyful way?
Research fase
Key findings from our research indicate that 4 out of 10 young adults save up to 2000 SEK per month. There's a concerning knowledge gap regarding economics among youths, with a lack of understanding of basic economic concepts and skills prevalent among them. Many express uncertainty about managing money, investing, or even creating a budget. Despite this, there's a strong interest in saving money among these individuals.
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It's noteworthy that despite the lack of knowledge, several young adults actively seek methods, apps, or resources to enhance their saving and investment strategies. Bridging this gap in financial literacy through educational programs and initiatives could be pivotal. Schools, organizations, and community groups could contribute significantly by providing tools and resources to raise awareness about economics among young adults.
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Our studies also suggest that peer influence plays a significant role in shaping youths' financial habits and decisions. Establishing a positive environment and culture around sound financial management could be crucial in promoting healthy financial habits among them.
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Moreover, digital tools have a substantial impact on how young adults manage their finances today. Many prefer using apps and digital tools to track expenses, create budgets, and explore investment opportunities, highlighting the significance of technology in financial management for this demographic.
Research web, articles and apps
Interviews and surveys
We completed 8 interviews, the youngest was 17th and the oldest 21. Five males and three females. The survey got 42 answers and included 10 questions about the users experience, behaviour and attitude about saving money.
Analysis and results
Our analysis of the research yielded several key findings. For instance, we discovered that individuals struggle to identify with long-term saving goals. Many cited a lack of funds or motivation as reasons for postponing savings. Additionally, a significant portion expressed a perceived lack of knowledge in financial matters. Interestingly, only 4% of the surveyed individuals sought assistance from banks. As a result, the identified needs included a demand for increased financial literacy, visual budgeting tools, and the necessity for more income or job opportunities to kickstart savings.
Survey results
Persona
Targetgroup analysis
Brainstorming & Solutions
Workshop
Impact map
User story mapping
Key Solutions
One of the key solutions involved receiving a notification from one's bank after making a purchase, detailing the amount spent, the item purchased, and the total spending for the day. Another solution was the savings goal aid, an in-app tool allowing users to set specific saving targets. The user sets a desired savings goal along with the amount and time frame. The barometer fills up as the user gets closer to their goal. This creates a more tangible experience, addressing a concern voiced by some of the youths in our research. Additionally, we developed a widget that allows users to customize their homepage content, showcasing the savings goal aid as an example.
New-App solution
One of the solutions that we pitched to Swedbank was this, a quiz-based function that takes the youths on a playful skill based journey.
Web-page solution
