Adding a Feature
Background
Problem:
Venmo, while widely used for peer-to-peer transactions, lacks features that support users in building long-term financial health. With growing demand for effortless financial management, Venmo does not currently offer tools for passive saving, leaving a gap in its functionality for users seeking integrated financial solutions.
Solution:
Introduce an Automatic Savings Goals feature that allows users to set custom savings targets (e.g., vacation, emergency fund) and round up payments to allocate spare change into dedicated savings funds. This feature provides a seamless way for users to passively save money, track progress, and foster positive financial habits, enhancing Venmo's value as a comprehensive financial management app.
UX Research
Understand the needs, behaviors, and frustrations of Venmo users when it comes to managing their finances and saving money passively. Additionally, explore how integrating an Automatic Savings Goals feature can encourage financial well-being and provide a seamless, user-friendly experience within the app.
Research Objectives
Identify pain points and challenges users face when trying to save money or set financial goals.
Understand user attitudes toward saving money passively through financial apps.
Explore how users currently manage savings and how a round-up feature could fit into their routines.
Methodology - User Interview
Participants:
Interviewed 5 participants, aged 25 to 40, to gather diverse perspectives from individuals in this demographic who have experience in saving money and using financial apps.
Some participants feel existing financial apps lack genuine encouragement for saving and view their primary role as managing transactions.
Gamification or reward systems could motivate users to save consistently.
Younger participants with limited income rely on family support and are just starting to think about saving, while mid-career individuals focus on long-term savings like retirement and emergency funds.
Social activities, dining out, dating, and unexpected expenses like medical bills or car repairs are common challenges to saving.
Many participants value tools that show detailed spending breakdowns, comparisons of expenses over time, and historical data to guide financial decisions.
Visual dashboards tracking savings progress, spending trends, and rewards for milestones are appealing to participants.
Methodology - Competitive Analysis
To better understand the market, I analyzed key competitors like Zelle, Chime, Qapital, and Digit. Each platform offers useful financial tools such as peer-to-peer transfers, automated savings, and spending management. However, they often lack a seamless integration of personalized insights and gamified features to motivate users in achieving their savings goals. This analysis revealed an opportunity to stand out by creating an app that combines financial tracking with engaging, goal-oriented experiences to foster long-term saving habits.
Persona #1
Persona #2
Problem Statement
POV: I'd like to explore ways to help users save more consistently by offering automated savings tools that work passively, so they don't rely solely on self-discipline.
HMW: How might we design automated savings tools that encourage users to save more consistently without requiring active effort on their part?
POV: I'd like to explore ways to encourage users to engage with the rounding-up feature by allowing them to choose higher increments, making it feel more impactful for their savings goals.
HMW: How might we motivate users to actively engage with the rounding-up feature by giving them the flexibility to select higher increments that align with their savings goals?
POV: I'd like to explore ways to provide users with better budgeting tools that help them track their spending and savings in real-time, addressing their struggles with self-discipline and financial planning.
HMW: How might we create user-friendly budgeting tools that allow users to monitor their spending and savings in real-time, helping them overcome challenges with self-discipline and improve their financial planning?
Project Goals
User Flow #1
Venmo send money to a friend (with automatic savings feature turned on)
User Flow #2
Adding a feature (Set up automatic savings goals)
User Flow #3
Check savings balance and review recent contributions
Mid-Fidelity Wireframes
Setting
Automatic savings page
Me page
Home screen
Automatic savings page - Round-up
Mid-Fidelity Wireframes (Cont)
Select friend page
Enter amount page
Enter amount page (cont)
Pay page
Goals tracking
Hi-Fidelity Wireframes
Home screen
Me page
Setting
Automatic savings page
Automatic savings page - Round-up
Hi-Fidelity Wireframes (Cont)
Select friend page
Enter amount page
Enter amount page (cont)
Pay page
Goals tracking
Usability Test Results
Success Metrics
Task Completion Rate: 100%
Time on Each Task: Less than one minute.
Ease of Use Rating (1 = difficult, 5 = easy): 4.5 on average.
Most people think this could be a useful feature for Venmo.
All participants think that the design is intuitive and simple, and is easy to navigate.
The design is easy to use, but it could be better. Like, the setting icon can be in every page, and when selecting a friend, the friend’s icon can be included in the clicking range too.
One person also said it’d be great if he can access the settings from the home page.
Another person mentioned that it’d be great if she can access the settings from more than one place, and the settings icon could be bolder.
It’d be great to have a payment confirmation page.
Four participants would use this feature on Venmo because this feature even allows them to adjust round-up methods to help them save more. One said he wouldn’t because he doesn’t see Venmo as a money saving app, he would use it if there's a savings incentive.
Should allow the users to choose when to round up, maybe only when payments above 60 cents or 70 cents.
After sending money to Saman, the round-up amount doesn’t show in the “recent contributions” section.
In the Automatic Savings settings, the other round-up options have lengthy descriptions, and they could be simplified.
Iterations
The round-up amount needs to show in the “recent contributions” section.
Could simplify the descriptions of the other round-up options in the Automatic Savings settings.
Iterations Comparison
Before
After
Before
After
Final Design
Home screen
Me page
Select friend page
Setting
Enter amount page
Goals tracking
Automatic savings page
Enter amount page (cont)
Automatic savings page - Round-up
Pay page
Challenges and Key Learnings
Challenges
Recruiting Participants for Research: Conducting user interviews was difficult due to the challenge of finding participants on short notice and their reluctance to participate after a long day of work.
Balancing Simplicity and Customization: Deciding between offering more customization options and maintaining a simple interface was a significant trade-off during the design process.
Key Learnings
User Feedback is Crucial: User interviews and usability testing were instrumental in identifying user needs and ensuring the design aligned with their expectations.
Prioritizing Simplicity Enhances Usability: Simplifying the "Automatic Savings Goals" feature made it more accessible and intuitive for users, reinforcing the importance of clear and user-friendly design.