Growth
TD Lab - Design Challenge
Enhancing Generation Z's banking experience
ROLE
UX Designer
UX/UI Researcher
DURATION
4 Months
TEAM
Daniel Suho Lee, Hannah Elise, Joe Li.
TOOLS
Figma, Illustrator, Miro, Photoshop.
THE CHALLENGE
How might TD better establish a value-based relationship with Generation Z that is grounded in trust and reciprocity?
BACKGROUND
TD Bank's innovation team aims to change the way customers experience banking. At the time of the project, they observed a need to focus on building trust and being transparent with Generation Z to earn their loyalty. Hence, representatives from TD Lab had approached us to help them address the generational needs of students and enhance Generation Z's banking experience.
OBJECTIVES
For this project, I worked with 4 other people, all from different academic backgrounds. I was one of the UX designers. I was responsible for the design direction of this project. I collaborated with the rest of the team during the ideation stage.
Our key objectives were to create a solution that would:
1) Allow Generation Z to reach their financial goals with ease
2) Compliment, yet differentiate itself from typical, existing banking experiences
3) Motivate and educate Generation Z to reach their financial goals
RESEARCH
To understand Generation Z's financial goals and pain points, we conducted primary and secondary research. Firstly, we analyzed the existing TD Bank mobile application. Then we sent out Google Forms to 40+ people who were born between 1997 and 2012/15. Our team also conducted a literature review to collect existing information about Generation Z and their financial goals.
Important findings:
1) Generation Z is eager to invest, but 60% of respondents have no experience in investing
2) The average score for the level of financial literacy was 6.7/10.
3) Generation Z is risk-averse
4) Only 17.5% of respondents learned how to invest from their bank.
CUSTOMER JOURNEY MAP
To create our customer journey map, we first made a user flow diagram. The user flow allowed us to navigate our way through the app and understand the cognitive patterns of a potential user. We used sticky notes to make a note of the different phases a user might experience. After refining our ideas, we voted on the challenges we want to focus on most.
Data acquired from the user flow was also used to create our customer journey map. The map reveals our customers' emotional experiences while using our app across all touchpoints and channels.
We also developed a user persona to better understand the user's needs, pain points, and goals.
Overall, the user flow diagram, user persona, and customer journey map allowed us to understand our users more and improve the quality of their customer experience.
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PROTOTYPING
After empathizing with our target audience and visualizing their journey, we were able to begin sketching out different concepts for our mobile app. We started by sketching out some lo-fi designs using design sprint methods like the
Crazy 8's. The design sprint helped us flesh out our initial ideas and pick the best parts from all of them.
FINAL PROTOTYPE
Growth is a mobile app exclusive to TD customers and is aimed at Generation Z. It is a creative solution that enhances the customer's investment experience.
PERSONALIZED ONBOARDING
We have designed a quick yet comprehensive onboarding process that will give customized recommendations to each user as to which learning module they should take, which investment portfolios they should invest in, and financial goal suggestions. We did so to cater to Generation Z's unique banking habits.
Financial literacy library
To bridge the investment knowledge gap, we dedicated a section of our app to a financial literacy library. The library is composed of short articles and videos that would take no longer than 5 or 6 minutes to read and watch.
Growth advice
Through research, we found that Generation Z is risk-averse. To help mitigate the anxiety users may feel, we created a friendly pop-up feature that will encourage the user or notify them of any gains or losses. Growth advice will guide them through any concerns regarding fluctuations in returns. They simply have to press the question mark symbol on the bottom right of the screen or look out for a red notification symbol.
Simulated experience
As 60% of Generation Z do not have experience in investing, this feature allows them to learn the ins and outs of real-life investing without using real financial resources. Users can track their progress and actually begin investing once they feel more confident.
Community Engagement
To make investing a social topic and make our product unique, we have added special features. The gamification feature has a leaderboard to motivate Generation Z to take part in investing activities. The events feature will guide users to financial events happening near them to contribute to their financial literacy. Lastly, the community feature will allow users to share and chat about everything finance.
REFLECTION
Overall, our team was pleased with the outcome as the concept was well-received by TD Lab.
Some key takeaways from this project are:
1) Don't stress too much about working with non-designers. I was part of this team during the 1st year of my university program, which is why I had a preconceived notion that working with designers is the only way to produce an excellent solution. This experience was rewarding because it was my first experience working with a cross-functional team and it helped me exercise my communication skills. Also, I have learned that when people from different functional expertise work together it can be much easier to spur innovative ideas.
2) Next time I work in a group, I will suggest assigning roles. During this project, we all tried to work on everything together even though our expertise was in different fields. I think clearly defining roles and responsibilities will allow people to focus on one task.
3) Don't settle for your first idea. During the prototyping stage, our professor conducted Crazy 8's. That exercise taught me to not fall in love with my first idea, as innovative ideas usually come about when you get your initial ideas down on paper.
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