Cache
Studies show that Gen Z’s financial literacy is the lowest amongst all generations. The study seeks to understand the habits and needs of Gen Z when it comes to budgeting and learning how to effectively manage their finances. Cache presents an innovative digital platform that enables this generation to easily manage their financial life, increases their financial literacy, allows them to make informed decisions, and plan their future through budgeting, stocks, and investments.
Scope // Masters Capstone Project
Role in Team // Concept, Research, Design
Duration // Two Semesters
Tools // Adobe Illustrator, Adobe XD, Google Forms
CONTEXT
BACKGROUND // Gen Z's financial literacy is the lowest among all generations. However, the current economic situation has motivated them to increase their financial literacy. They are investing in the stock market without completely understanding how it works and mostly consume financial information online through TikTok, Reddit, and YouTube. Those who are not investing report that they do not know where to start.
PROJECT GOALS // The project aims to achieve two main goals. Firstly, it seeks to gain a deep understanding of Gen Z's habits and needs concerning managing finances effectively. Secondly, the project aims to identify innovative solutions that increase financial literacy among the younger generation, enabling them to make informed decisions and plan their future.
To meet these goals, we proposed a mobile app called Cache, which provides a one-stop-shop platform that offers a secure and intuitive interface for managing finances. The app enables Gen Z to access and manage all their accounts, budget, track expenses, plan, save, and invest. Additionally, the app also provides financial news, tips and advice, for various topics of interest to enhance users' financial knowledge.
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METHODOLOGY
We analyzed existing financial and social media applications to identify gaps in the market and conducted interviews and diary studies with Gen Z to uncover their financial habits, goals, frustrations, and learning preferences. Affinity mapping and thematic analysis were used to organize and interpret qualitative data. Three main groups of learners were identified, and four major themes emerged from data analysis: efficiency, knowledge, customization, and security. These insights helped the team generate three different personas and create storyboards to propose and design solutions that meet the needs, behaviors, and expectations of Gen Z.
PROTOTYPING
The development of the information architecture, task analysis, and interface and interaction design principles lead to the design of the Cache application. We followed design principles such as aesthetics, minimalism, and familiarity in creating low-fidelity prototypes. The UI theme guidelines were chosen to include colors and typography, and high-fidelity prototypes were developed for budgeting, explore, and investing features. The user can access a screen showing their recent transactions and available balances for budgeting and use a game-like system to learn about various topics for exploration. The investing feature allows users to buy and sell shares of stock.
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EVALUATION
Cache underwent usability testing during the product testing phase in order to evaluate how easily users could learn to use the app, whether the system provided correct functionality for users, how efficient and effective it was in carrying out tasks, how memorable it was, and how safe it was to use. A mix of qualitative and quantitative methods were used during the testing to understand user thinking, identify design features that were easy or hard to use, and offer an indirect assessment of usability. Results showed issues related to information visualization, cognition, reasoning, personal preferences, and digital accessibility. After conducting user testing, several features of the application were improved for a better user experience. These changes were made to enhance the user experience, improve accessibility, and support personal preferences. The design SUS score was 76.88, indicating a good and acceptable design, but more testing was needed.
PROTOTYPING
Cache is a unique platform that simplifies financial management and knowledge enhancement within one platform. The results of usability testing indicate that the product is easy to learn and use, supports users in completing tasks with no additional efforts, and provides the correct functionality for users. The recommendations for future work involve continued iterations of the platform, implementing remaining features and adding accounts, utilizing in-person testing, and prioritizing accessibility and informed decision-making.
Cache
Studies show that Gen Z’s financial literacy is the lowest amongst all generations. The study seeks to understand the habits and needs of Gen Z when it comes to budgeting and learning how to effectively manage their finances. Cache presents an innovative digital platform that enables this generation to easily manage their financial life, increases their financial literacy, allows them to make informed decisions, and plan their future through budgeting, stocks, and investments.
Scope // Masters Capstone Project
Role in Team // Concept, Research, Design
Duration // Two Semesters
Tools // Adobe Illustrator, Adobe XD, Google Forms
CONTEXT
BACKGROUND // Gen Z's financial literacy is the lowest among all generations. However, the current economic situation has motivated them to increase their financial literacy. They are investing in the stock market without completely understanding how it works and mostly consume financial information online through TikTok, Reddit, and YouTube. Those who are not investing report that they do not know where to start.
PROJECT GOALS // The project aims to achieve two main goals. Firstly, it seeks to gain a deep understanding of Gen Z's habits and needs concerning managing finances effectively. Secondly, the project aims to identify innovative solutions that increase financial literacy among the younger generation, enabling them to make informed decisions and plan their future.
To meet these goals, we proposed a mobile app called Cache, which provides a one-stop-shop platform that offers a secure and intuitive interface for managing finances. The app enables Gen Z to access and manage all their accounts, budget, track expenses, plan, save, and invest. Additionally, the app also provides financial news, tips and advice, for various topics of interest to enhance users' financial knowledge.
METHODOLOGY
We analyzed existing financial and social media applications to identify gaps in the market and conducted interviews and diary studies with Gen Z to uncover their financial habits, goals, frustrations, and learning preferences. Affinity mapping and thematic analysis were used to organize and interpret qualitative data. Three main groups of learners were identified, and four major themes emerged from data analysis: efficiency, knowledge, customization, and security. These insights helped the team generate three different personas and create storyboards to propose and design solutions that meet the needs, behaviors, and expectations of Gen Z.
PROTOTYPE
The development of the information architecture, task analysis, and interface and interaction design principles lead to the design of the Cache application. We followed design principles such as aesthetics, minimalism, and familiarity in creating low-fidelity prototypes. The UI theme guidelines were chosen to include colors and typography, and high-fidelity prototypes were developed for budgeting, explore, and investing features. The user can access a screen showing their recent transactions and available balances for budgeting and use a game-like system to learn about various topics for exploration. The investing feature allows users to buy and sell shares of stock.
EVALUATION
Cache underwent usability testing during the product testing phase in order to evaluate how easily users could learn to use the app, whether the system provided correct functionality for users, how efficient and effective it was in carrying out tasks, how memorable it was, and how safe it was to use. A mix of qualitative and quantitative methods were used during the testing to understand user thinking, identify design features that were easy or hard to use, and offer an indirect assessment of usability. Results showed issues related to information visualization, cognition, reasoning, personal preferences, and digital accessibility. After conducting user testing, several features of the application were improved for a better user experience. These changes were made to enhance the user experience, improve accessibility, and support personal preferences. The design SUS score was 76.88, indicating a good and acceptable design, but more testing was needed.
CONCLUSION
Cache is a unique platform that simplifies financial management and knowledge enhancement within one platform. The results of usability testing indicate that the product is easy to learn and use, supports users in completing tasks with no additional efforts, and provides the correct functionality for users. The recommendations for future work involve continued iterations of the platform, implementing remaining features and adding accounts, utilizing in-person testing, and prioritizing accessibility and informed decision-making.