Case Study | Reimagining and Simplifying Financial Management
Overview
Financial management often feels overwhelming, with users struggling against complex tools, time-consuming processes, and a lack of transparency. In this exercise, I set out to redesign a feature or flow within financial management to make it more intuitive and efficient. My focus was to address a key pain point for a clearly defined user segment—whether individuals, freelancers, small businesses, or accounting professionals—and deliver a solution that simplifies their experience.
By deeply understanding users’ needs and challenges, I designed a streamlined, user-friendly solution that empowers them to manage their finances with clarity and confidence. This highlights my approach to creating impactful, tailored solutions that reduce complexity while enhancing efficiency.
User Research
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Methodologies
Desk Research
Identifying User Groups
User Persona
User Stories
User Interview
Desk Research
I ran the desk research to gain a knowledge of people’s current patterns and challenges in financial management, as well as the tools they use and their level of need in managing finances.
The need for online personal finance tools is increasing, with more people looking for better ways to manage their money.
Many young adults in the UK are in debt, mostly due to credit cards and student loans. Managing and reducing this debt is a big concern.
A lot of people in the UK use budgeting to control their spending and focus on saving.
Setting up emergency funds and contributing to pensions are standard practices.
Millions of UK families using credit cards and loans to pay basic bills.
Millennials turn to apps to help them get on track with their finance management.
Tools like budgeting apps and spreadsheets are commonly used to track expenses and set saving goals.
Research Questions
These questions led me to understand the key financial management challenges users face, identify the tools or methods they currently use and difficulties with them, and design features that would address their needs.
What types of users have trouble managing their finances?
How do users currently manage their finances?
What are the main problems users face in managing their finances?
What tools or software do users use for financial management?
What do users find difficult about these tools?
What features would be most helpful for users to manage their finances?
Problem Definition
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Identifying User Groups
What types of users have trouble managing their finances?
I began by identifying user groups by thinking and asking this question. I then explored various user types and documented them to better understand their specific needs. Once I had a list of diverse user types, I assumed their needs for features and added the supposed features below. To ensure a comprehensive approach, I focused on identifying common pain points and potential needs for features.
Young adults in their 20s and early 30s with limited finance knowledge
expense tracking, savings account
People with unstable or irregular income
income tracking, savings account
Individuals saving for major life events like buying first home or wedding or having kids
savings account, expense tracking
People managing multiple significant bills including student loans, insurance, utilities, and mortgages
budgeting, bill management, direct debit
People running household finances
incoming tracking, expense tracking, budgeting
Individuals on sabbatical or unemployed with a fixed budget
expense tracking, monthly report
Accounting professionals managing clients finances
tax report, invoicing, cloud archive
Small business owners and self-employed individuals managing business finances
revenue record, paying wage, business expense, tax preparation
Retirees expecting fixed income
account division, assets management, direct debit
Students working part-time while studying
expense tracking, savings account
Insight
Users have different financial needs depending on their current life situations,
and there may be overlapping needs for some certain features across the user type.
target User Segment
Individuals seeking to track personal / business finances, minimising confusion
People who are overwhelmed by managing their financial status and need a simple, intuitive tool that adapts their specific needs
People who are struggling using multiple digital tools and lacking of integration
Expected Problems & Assumptions
Using multiple tools to manage finances can be inefficient and cause frustration
Spending excessive time tracking finance and integrating information from various sources
Difficulty understanding financial needs and identifying tools and methods that fit their needs
It is important to address this challenge because people often face frustration in when there are multiple options to manage and control. Having integrated features or methods allows users to streamline their financial processes, reduce stress, and make informed decisions.
User Interview
User Persona
This is a user persona that I created based on my research and finding. I chose a freelance illustrator as an occupation as I thought it would cover diverse user groups including freelancer and contract worker, and small business owner in some ways and address balanced needs. This persona helped me stay focused on user pain points and needs while working on this exercise.
User Stories
As a freelance illustrator, she wants to manage her irregular income and expenses easily, so she can better understand her financial situation and save to start her new business.
As a freelance illustrator, she wants to separate her personal and business finances, so she can have a clearer view of her expense records and avoid confusion during tax filing.
As a freelance illustrator, she wants to easily manage invoices, so she can get paid on time and keep track of the payments.
Concept Solution
What features would be most helpful for users to manage their finances?
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Customisable Financial Management Dashboard
I selected the concept of a customisable financial management dashboard to tackle the challenge of delivering suitable features for different user groups. My approach involves asking users to select their employment type and primary interest in financial management during the onboarding process, rather than focusing on specific occupations or job types. This strategy enables the system to tailor features to each user’s unique needs, creating a solution that is both intuitive and personalised.
Key Features
Intuitive onboarding screens for personalised experience from the beginning
Recommended features based on users’ employment type and primary interest
Overview of current financial status with features in use
Customisable dashboard settings to manage features based on users’ specific needs
AI Chatbot to provide prompt response and clear information while keeping the interface simple and clean
By selecting an employment type, users can gain a clearer understanding of which financial management features are most relevant to their situation. The customisable dashboard settings further allow them to refine these features based on their personal circumstances, ensuring the interface adapts seamlessly to their changing needs. The dashboard overview combines the features in use, presenting integrated financial information in a clear and organised manner.
This concept solution simplifies financial management, reduces confusion, and empowers users to take control of their finances with confidence.
User Flow
I built a simple user flow to show how users can experience this feature. Starting from the dashboard launch, users can complete onboarding process by selecting two options, reaching the dashboard, adjusting features and keeping the dashboard simple and clean.
Interactive Prototypes
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Solution 01.
Intuitive Onboarding Screens for Personalisation to Get Start
These screens allow users to quickly set up their account by entering their employment type and primary interest,
personalising their experience from the beginning.
Solution 02.
Recommended Features Tailored to the Employment Type and Primary Interest
Features will be recommended based on the chosen options, helping them select the ones most relevant to their needs.
Solution 03.
Customisable Dashboard Settings Enabling Personalised Experience
Users can adjust the dashboard settings to fit their needs, making it easy to activate or deactivate features based on their requirements.
Reflection
I identified an important insight that people often share overlapping needs when managing their finances, but they struggle with a lack of integration between the methods they use. Solving problems for various user groups with shared frustrations and needs was truly enjoyable.
I focused on delivering what users need in one solution to address their unique challenges. I prioritised simplicity and ease of use by providing personalised features and customisable settings, allowing users to adjust the dashboard for their specific needs. I ensured that the features were practical and intuitive, without overwhelming the user with too many options upfront.
If I had more time, I would develop the mobile version to enhance accessibility and drive deeper engagement, allowing users to manage their finances in real-time, anytime, and anywhere with better control.