PROJECT DETAILS
SUMMARY: Adding a “saving pots” feature to Venmo to help users to track their progress towards saving goals and encourage them to save more effectively.
MY ROLE: Product Designer
TIMELINE: 1 month / 80 hours
TOOLS: Figma (wireframe+prototype)
This is a student project and I am not affiliated with Venmo. All rights are reserved to Venmo.
VENMO: A SOCIAL WAY TO SAVE
ADDING A FEATURE INTO EXISTING MOBILE APP
OVERVIEW:
Venmo is the top P2P payments platform in the United States, enabling instant money transfers and social feed payment visibility. The UX project involves creating a savings pot feature for users to set aside money for specific goals, track progress, and enhance savings effectiveness.
Here's an overview of the research and implementation considerations for this feature:
User Research and Goal Setting:
Conduct user interviews and surveys to understand saving habits, goals, and needs.
Enable users to set specific savings goals and define purposes for each pot.
Saving Mechanism and Progress Tracking:
Implement fund allocation from Venmo balance or linked accounts.
Provide options for recurring and one-time deposits, along with round-up features.
Display progress indicators and notifications for goal tracking.
Accessibility and Security:
Ensure compliance with accessibility guidelines.
Implement robust security measures to safeguard funds and user information.
Iterative Design and Testing:
Conduct usability tests and gather feedback during development.
Refine the feature based on user input to meet evolving needs and expectations.
Integration with Venmo Experience:
Seamlessly integrate the saving pot feature within Venmo's interface.
Optimize placement for user engagement and easy access from the main dashboard.
Education and Promotion:
Develop educational materials and onboarding processes.
Create marketing campaigns to raise awareness and encourage adoption among Venmo users.
INSPIRATION BEHIND THE IDEA:
"Could you hold onto my card to help me avoid spending it? Saving money has always been a challenge for me. This led me to explore existing savings techniques and study how peers can enhance saving behaviors."
INTRODUCING “POTS” TO SAVE EASILY:
A "Pot" in Venmo is like a sub-account for saving. It helps you set money aside for specific goals, like travel or a new phone. You can deposit and withdraw funds anytime, and it earns an annual interest rate of 2.5%.
In addition to creating a Pot, we provide ongoing visibility of your Pot's balance and send reminders to add money or set a goal. All of these features are conveniently accessible through your "Pot tab," where you can find a comprehensive overview of your Pot-related information.
USER INTERVIEWS:
It is crucial to start by asking whether this feature is a “want” or a “need”. Would the implementation of Saving Pots serve a purpose within Venmo and assist its users in tracking their goals?
I conducted interviews with four long-time Venmo users ranging in age from 25 to 40. All participants indicated that they use Venmo at least three times a week.
Our conversation provided insights into the usage context, their interaction with the app, their saving habits, and the platforms they use for saving money.
RESEARCH OBJECTIVES:
The saving habits of users, including the frequency of their savings and whether they save for the long term.
The platforms they utilize for saving money.
The aspects they appreciate about the platform they currently use.
The challenges they encounter with their current saving platform.
Their preferences and expectations regarding a savings platform.
RESEARCH OUTCOMES:
Based on the research conducted, several key findings emerged, shedding light on the users’ preferences and common challenges encountered when using saving apps. The key findings include;
User-Friendly Platform
Consistency in Savings
Flexible Withdrawals
Safety and Reliability
Automatic Debit for Savings
Investment Opprtunities
Disciplined Savings
"Having the ability to create saving pots within Venmo would be fantastic. It would make managing my finances so much easier, allowing me to allocate money for different goals right from the app."
"I often use Venmo for various transactions, so having a dedicated feature to create saving pots would be really helpful. It would help me stay focused on my financial goals without needing to use multiple platforms."
USERS (Problem):
Many individuals face challenges when it comes to saving money and often struggle with finding the motivation to save. Despite the availability of existing savings methods, they may still find them inadequate or lacking in terms of motivation.
NEED (Solution):
A tool that aims to enhance motivation and facilitate effortless savings towards users’ desired goals.
TOOL (Outcome):
Assist users in maintaining motivation, streamlining the saving process, and facilitating the attainment of goals with ease.
COMPETITIVE ANALYSIS:
VENMO vs. THE COMPETITION
Lastly, a through competitive analysis of Venmo against other fintech platforms justified why a “Saving Pot” feature is a strong need rather than a want.
TAKEAWAYS FROM OUR ANALYSIS:
While PiggyVest, Cowrywise, and BoFA offer specific financial services, Venmo's unique strength lies in its existing user base, integrated platform, and potential to combine social aspects with financial goals, making it a strong contender to excel in introducing the Saving Pot feature.
HOW MIGHT WE…
UTILIZE SOCIAL ENGAGEMENT TO ENCOURAGE USERS TO DEVELOP BETTER MONEY SAVING HABITS?
Venmo’s Business Outcome:
Heightened user engagement levels.
Differentiation from competitors through social savings features.
Mitigation of a prevalent user pain point.
Alignment with target audience and expansion of user base.
User Outcome:
Effortlessly monitor and manage multiple savings goals.
Enhance savings habits and boost motivation.
Reduce instances of overspending.
PROVISIONAL PERSONAS:
SPENDING IS FUN AND SAVING IS STRESSFUL WITH VENMO POTS
These provisional personas provide a glimpse into the potential users of Venmo's Saving Pot feature, highlighting their goals, behaviors, needs, and pain points. Understanding these personas can help shape the development and marketing strategies for the feature to cater to the diverse user base effectively.
Persona 1: Busy Brian
Demographics:
Age: 35
Occupation: Software Developer
Income: High
Tech-Savviness: Moderate
Goals and Behaviors:
Goal: Save for a family vacation.
Behavior: Frequently forgets to allocate funds for savings due to a busy work schedule.
Needs and Pain Points:
Needs: An automated savings solution that requires minimal effort and reminds him to save regularly.
Pain Points: Difficulty in finding time to actively manage and monitor savings progress.
Persona 2: Savvy Sarah
Demographics:
Age: 28
Occupation: Marketing Manager
Income: Moderate
Tech-Savviness: High
Goals and Behaviors:
Goal: Save for a down payment on a house.
Behavior: Regularly saves a portion of her income but struggles with staying motivated and organized.
Needs and Pain Points:
Needs: A simple and efficient way to track and manage her savings for the down payment.
Pain Points: Lack of motivation and difficulty in staying on top of multiple savings goals.
Persona 3: Novice Theo
Demographics:
Age: 22
Occupation: College Student
Income: Limited
Tech-Savviness: Low
Goals and Behaviors:
Goal: Build an emergency fund.
Behavior: New to personal finance and seeks a user-friendly savings solution.
Needs and Pain Points:
Needs: A straightforward and intuitive platform that guides her through the savings process.
Pain Points: Overwhelmed by financial jargon and complex savings options.
FEATUREMAP:
DEFINING POTENTIAL FEATURES
In a product roadmap, I listed out potential features that would be impactful towards the common goals between business and user goals.
INFORMATION ARCHITECTURE:
THE FUNCTIONAL PATHWAYS OF THE FEATURES:
A demonstration of user flow highlights the functionality of how users can complete two different tasks and provide clarity on the process.
ANALYZING VENMO:
To me, this was the most important part of the design process behind the research phase. Throughout the whole process, I constantly image-searched for examples of each screen on the Venmo app. I gathered some screenshots of the main navigation screens from Venmo app. These screens were vital for my design decisions in order to stay consistent with the current UI of the Venmo app.
WIREFRAMES/ Visualizing the features:
Based on the task flows, I sketched the main pages of how I'd visualize the features by following Venmi's structure and then designed wireframes to show how the features could integrate seamlessly into Venmo's current app.
HIGH-FIDELITY MOCK-UPS:
RESPECTING THE VISUAL CONSTRAINTS & INTEGRATING THE FUNCTIONALITY
A significant challenge in this project involves adhering to the brand's existing design system, where my primary focus must be on honoring Venmo's branding and aligning the new feature's designs with Venmo rather than my own preferences. By working within their established design framework, I've been able to maintain consistency in my high-fidelity wireframes, incorporating their color choices, typography, and UI guidelines. I created mobile screens that integrated the features into Venmo's mobile app while adhering to the limitations of their established design system.
LOW-FI WIREFRAMES:
USABILITY TESTING:
APPROVING DESIGN DECISIONS
To conduct usability testing, I enlisted the help of 5 Venmo users to assess my initial prototype. The aim was to measure how well users could complete tasks and evaluate their overall experience with the feature.
The feedback gathered during usability testing serves as a critical factor in shaping the direction of the next design iteration. It serves to confirm the validity of existing design decisions and endorse future adjustments aimed at enhancing the user experience.
USABILITY TESTING AND ITERATIONS
4 out of 5 users were able to complete the tasks without any confusion.
100% of the users were satisfied with the redesign, notably enjoying the idea of the social features and its integration into Venmo’s design system; however, some visual tweaks could be made to improve user experience.
The following components received feedback based on visual design choices:
UI changes at Pot Creation Pages
UI changes at Pot Section at Home Page
Here's how I iterated on this feedback:
Flow I:
Creating a new savings pot
Flow II:
Withdrawing from existing savings pot
CLOSING THOUGHTS AND FUTURE STEPS:
The "saving pots" feature for Venmo represents an exciting opportunity to enhance the financial well-being of users. By combining user experience and user interface design, this project has the potential to make a meaningful impact.
In the future, it's essential to:
Conduct user testing: Gather feedback from real users to identify areas for improvement and fine-tune the design based on their needs and preferences.
Continuously iterate: Be prepared to adapt and refine the feature as user behavior and financial trends evolve. This project should remain dynamic to stay relevant.
Collaborate with financial experts: Involve financial professionals to ensure the feature is designed to promote effective saving practices and provide valuable insights.
Implement security measures: As this feature deals with users' financial data, stringent security measures must be in place to protect user information and transactions.
Educate users: Develop resources and guides to help users make the most of the "saving pots" feature and understand its benefits.
By staying committed to these future steps and maintaining a focus on user-centric design, this project can truly revolutionize the way users manage their finances and work towards their saving goals within Venmo.
