Savings Journey​
Designing TD Bank's savings goals experience for TD mobile​
The ask: Discovery and design vision of a feature for TD Mobile App to engage retail customers with savings accounts through goals for purchases and long term investing.
Business goal: Engage customers to open and invest in Savings accounts
​Role: UX designer, collaborating with UX leadership and research
Design process
This is the process I followed on this project, where I spent an equal amount of time exploring the problem statement, researching and ideating before starting the design assets. I transitioned to another project after delivering the design assets, so I didn't have the opportunity to measure the success of the feature.
Research and ideation
Research questions
-
How do retail customers would initiate their savings process. What's their motivation to save?
-
Validate out hypothesis that users think differently about long term and short-term goals
-
How would customers contact advisors, what's their motivation and barriers?
-
How customers would continue to save money regularly and what would be their motivations and barriers?
​
Hypothesis
-
All goals in one place (savings hub)
-
Insights (awareness and education)
-
Reward on milestones (celebrate)
-
Simulate and go (Show and tell)
-
Customers have 2 mental models for short and long term goals
-
Customers would be more motivated to save if they have visibility of their cash flow and spending habits
One of the ideation boards
Design Principles
Empathetic​
Simple
Modular
Positive & celebratory
Conversational
​
Defining success metrics
-
Adoption (new users/active users)
-
Engagement (goals created, savings accounts open)
-
Retention (are customers coming back?)
-
Customer satisfaction (product metric)
-
Issues logged/fixed
-
In-app surveys for customer feedback
-
App store anecdotes and reviews
Concepts to validate with research
​Design hypothesis to validate:
-
Customers expect to see/access savings goals summary on mobile dashboard
-
Customers expect ro see a hub containing all their savings goals, get recommendations and advice
-
Customers expect to create simple savings goals on their own but may rely on advisor for other types of investments (e.g. long term)
-
Customers expect to recognize a transaction representing a contribution to a saving goal
-
Customers expect to view progress and modify their goals
-
Customers expect to release funds allocated to savings goals at any point
Initial design explorations
Use cases & flows
-
Discover and Onboarding
-
Basic experience
-
Getting help
-
Setting up a short term goal
-
Setting up a long term goal
-
Track and modify goals
-
Group savings
-
Get rewarded on milestones
-
Completing a goal
Prototype and flows for research
Creating group goals
​
Creating a savings goal through an insight (Based on intent to buy a trip on Expedia)
​
Simulating a savings goal
​
Ingresses to existing and creating a goal
Concept evaluation
We collected qualitative data
Highlighting the strategy
Savings as a hub, with options to visualize differently long term and short term goals to follow customers mental models.
​
Resources, advisors and cash flow forecast are always available to support decision making
Long term goals provide in-depth and high level overview of progress and also simulation of scenarios.
Insights to promote adoption, including from existing partnership with Expedia.
Celebrating progress, every step of the way, and never punishing the customer for not contributing more. Gentle reminders are good enough.
Opportunities
Group savings
Concepts for innovation
We proposed a new use case for customers with inconsistent earnings, and combined with crowdsourcing ideas. How about customers with multiple jobs, shared expenses? Account tagging used across multiple products would potentially enable an end-to-end user journey for group collection. This idea would allow customers to get founding to their savings goals without having to do transfers, their clients and contributors would fund them automatically, for instance a student that walk dogs to save money for a trip could get their transfers right into that goal.
