Research Methods & App Design
Connecting People to Trusted Financial Advisors on our platform, Fince.
In fall 2021, we ideated an effective solution to bridge the gap between Financial Advisors and Common People. In 3 months, we researched, brainstormed, ideated, and developed an MVP that could possibly solve a problem faced by 68.7% of the target audience.”
In 2021, we found that Financial Advisors weren’t being consulted for their core strengths.
In India, the number of financial advisors are increasing at a significant rate of around 15% annually. On evaluating the happiness index of the majority of these advisors, it was easily seen that the advisors aren’t being consulted for their core strengths, but just hired to do the nitty gritty.
We practically observed the number of people in today’s date, who consult a financial advisor for their finances. Observations revealed a marked disparity in the number of individuals seeking advice from financial advisors. People were either unaware of the benefits of consulting a Financial Advisor or, majorly relying on family and friends for any advice related to finances.
We wrote our hypothesis based on common understandings and assumptions.
Hypothesis 1
The user journey of connecting with a financial advisor was complicated and unexplored.
Hypothesis 2
People did not know how to connect to a Financial Advisor without getting help.
Hypothesis 3
People did not know the benefits of consulting a Financial Advisor. The convention of doing certain things may change and evolve for the good.
Calculated the Market Size for our Target Audience.
To collect actual data and strengthen our case, we started understanding the financial market a bit deeper. We created two User Personas—financial Advisors and Users—and calculated their TAM, SAM, and SOM. Later, we understood competitors and their SWOT data.
Eventually connected with direct people via virtual meets/surveys to understand their perspective and pain points.
Performed Qualitative Research via Interviews/Surveys to get real-world insights.
To conduct our quick user interviews, we went about creating an interview guide, and mapping out how our target users feel about the Financial Advisory experience. The aim was to have a quick sanity check before we proceeded with brainstorming the solution.
Started with making a list of advisors and a separate list of common people around us. Sent them formal meeting invites to connect with us and talk about Financial Advisory. Though we didn’t get many people for the user interviews, the results we reviewed for the surveys we conducted were more than enough to synthesize user patterns.
Connect to see the list of interview participants and their interview results
Empathy Mapping to understand User Behaviour
To conduct our quick user Interviews, we went about creating an interview guide and mapped out how our target users feel about the Financial Advisory experience with brainstorming the solution.
Competitive Analysis to understand bottlenecks in market applications.
For competitive analysis, we identified competitors that aimed at solving the same problem. We then analyzed the steps taken to complete the primary tasks, understood the navigation structures, and went through customer feedback to identify points and areas of improvement. Our target brands were Fiverr, FundsIndia, Scripbox, and Quickconsult. We performed a SWOT analysis to understand their application’s key weaknesses and later included those weakness in our app’s strengths.
Connect to see the detailed Competitive Analysis Document
Synthesized Key Findings from Research Analysis
- Out of 98.7% of people who want Financial Advisory,
- 68.7% rely on friends and family.
- Only 30% consult a Financial Advisor
- 44.2% People need an easy way to connect with Financial Advisor
User Journey Flow diagram to map user emotions in the Financial Advisory Journey.
I created a user journey map that highlights how users feel at various stages of their journey toward finding financial help. This map provides valuable insights into where to begin addressing key issues and where to conclude improvements. By pinpointing the actual bottlenecks in the process, it allows us to focus on solving the real problems while identifying areas that are functioning well and don’t require adjustments.
Deduced the Problem Statement
There is a significant communication gap between certified financial experts and common people, making it difficult for users to access genuine advice tailored to their financial needs. Users face challenges such as understanding complex financial concepts, managing personal finances, and staying updated with market trends. They require a user-friendly medium that connects them with trusted advisors for personalized guidance, addressing seasonal financial needs like tax filing, investing, and portfolio management. Fince aims to bridge this gap by providing an accessible and effective platform that simplifies the process of connecting users to certified financial professionals.
Flowchart for developing the Ideal Flow.
The flowchart outlines a streamlined process for the Fince project, enabling users to seamlessly connect with financial advisors. Starting from the home screen, users can explore promotional services, search for specific services, view all services, or directly access advisor profiles. The journey progresses through service selection, slot booking, and payment of consultation fees, culminating in confirmation receipts sent to users via email or phone. Simultaneously, advisors receive notifications and access their dashboards to manage bookings. This structured flow prioritizes simplicity and efficiency, addressing the communication gap between users and advisors while ensuring a user-centric experience.
Product Thinking to decide minimum working flows to include in the MVP.
To define the minimum viable product (MVP) for Fince, we utilized the Impact Effort Matrix and the MoSCoW Approach. The Impact Effort Matrix helped prioritize features by focusing on "Quick Wins" like account creation, booking slots, and generating offline meeting links, which deliver high impact with low effort. Simultaneously, the MoSCoW framework categorized features into Must-Have, Should-Have, Could-Have, and Won’t-Have. For example, essential elements like information visibility, accessibility, and a responsive user interface were marked as Must-Haves, ensuring they form the backbone of the MVP. This structured approach ensures a lean yet impactful product launch, addressing critical user needs while optimizing development efforts.
Wireframed the Application Blueprint.
Before jumping into wireframing the concept I had a couple of meetings with the developers to understand the constraints and capabilities of the team, so that we all work in the same page to ensure features and functionalities I design would be incorporated in time and with ease.For this, I first divided the different app functionalities into Big bets, Quick wins, High Effort, and Low Efforts. post which we used the MoSCow approach to categorize them further.I used the Moscow method to discuss and prioritize what to have in the MVP and what to leave out. It helps in making clear decisions, especially when faced with constraints such as time, budget, or resources.
After analysis and careful judgment, I created a flowchart using miro, for the primary user journey to create screens for, in future and test the MVP.
and, eventually designed an MVP with some essential key features of the Solution.
Personalized Experience to cater different User Personas.
Fince allows the user to personalize the application for a better experience. Choose what which domain you want help from and the application will put offerings from that domain up front and make it the primary area of focus.
Knowledge is Key.
Our expert Financial Advisors, fill the knowledge bank with articles on upcoming trends and their views on it. Users in their free time might give it a quick read to get some valuable information to discuss with the advisor later.
User-Centric Design oriented prorotype to demo to potential investors.
An app that caters to user’s needs in each phase and helps them take decisions quickly. Following Hick’s law and progressive disclosure, the app’s information architecture was kept standard and how most of the applications function in today’s date to reduce the learning curve.
Performed Usability testing to measure possible Impact.
In order to conduct a successful usability test, one must be prepped and what really helps is having a Usability Testing Guide. The point of the guide is to use scenarios your users would eventually perform on the app if it were a real one.
The idea was to see how well our app had succeeded in answering the problem(s) it’s trying to solve and how seamlessly a user is able to progress through them. Some usability takeaways which were insightful and would not have seen otherwise.
Personal Learnings and Takeaways.
This project spanned several months and consumed a significant portion of my time. In addition to outlining the design process, I embarked on a continuous learning journey, exploring diverse approaches to task completion. Despite encountering challenges throughout, we remained steadfast in our commitment to the overarching goal. What initially began as a research endeavor evolved into a realized application as I recognized its potential.
Navigating the unfamiliar territory of connecting with advisors and comprehending their perspectives posed a challenge. Despite my prior experience with a Fintech product, taking the lead in sourcing participants, conducting interviews, and extracting valuable insights from feedback proved to be a demanding task.
Managing multiple tasks tested my adaptability, leading me to question the boundaries of my ability to deliver quality work. In reflection, a successful project hinges on a strong core team. We approached team formation with deliberate care, ensuring each member remained motivated and true to their respective roles throughout the project.
