Industry
Fintech
Completion
August 2024
Tools
Figma
Notion
My Responsibility
UX Research
App Design
Product Design
FEATURES
Main Features
Space Rent
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Save consistently towards rent.
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Earn daily interest.
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Access to 30% loan after saving 70% of the rent consistently.
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Automated savings.
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Space Deposit
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Save consistently towards a saving target.
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Lock Money over a period of time.
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Earn daily interest.
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Automated savings.
BACKSTORY
The Old System
As the ui/ux designer at rentspace, I had the opportunity to play a vital role in transforming the platform and addressing the issues it faced. RentSpace was struggling with an identity crisis, which led to difficulties in product adoption and growth, despite our efforts in marketing and offering various services. While the core mission of RentSpace was to enhance the saving habits of its target audience, the availability of multiple spending options made it difficult for users to develop a consistent savings habit.
RESEARCH & DISCOVERY
Adopting the Piggy Bank Method & Instilling Discipline
I began by researching other platforms that provide savings services to users. Platforms like PiggyVest, Cowrywise, and Bamboo all prioritize keeping funds within the app and making withdrawals challenging, which appears to be effective for them. Inspired by their success, we decided to implement a similar approach.
INTERVIEWS
User Interviews to Enhance Savings Experience
To validate the assumptions I made from my initial research, I decided to interview people who were trying to build a savings habit or save in general. The interview goals were simple:
1. Understand Users' Needs: I wanted to gain insights into users' savings goals, preferences, and pain points to better tailor the platform to their specific needs.
2. Collect Feedback: It was important to gather user feedback to validate my assumptions, prioritize features, and improve the overall user experience.
3. Identify Pain Points: I aimed to uncover and address any obstacles or concerns users might face when trying to save.
4. Prioritize Features: The goal was to determine which features and functionalities were most important to users, ensuring the platform's development aligned with their priorities.
5. Build Trust and Empathy: By valuing their input, I aimed to establish trust with users and create an empathetic, user-centered design that would enhance satisfaction and usability.
Interview Questions
PERSONAS
INSIGHTS
Key Insights we gathered for Building a User-Centric Savings Platform
The interview feedback reveals that potential users have diverse preferences and priorities. From the insights gathered, we narrowed down to three key pain points:
1. Limiting access to user’s money to promote financial discipline
2. Setting clear savings goals
3. Offering attractive incentives
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These insights highlight the need for a savings platform with straightforward, user-friendly interface and tailored features to meet the unique & diverse savings needs of users.
WAY FORWARD
Rentspace V2
The goal for v2 was to deliver an effective user experience with a clean, minimal visual design. After discussions with the Marketing team and stakeholders, we prioritized the following features:
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Spacerent
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Space Deposit
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Once a month withdrawal
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Space Points for airtime purchases
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During the design process for the Rentspace saving platform, selecting a color scheme was particularly challenging due to the dull brand colors. To enhance the platform’s aesthetic, I opted for bright, vibrant colors for elements like cards, modals, errors, and notifications. This approach allowed me to create a visually appealing interface that balanced motivation and safety while maintaining a sense of trust.
Space Rent
This feature enables users to save consistently for their rent.
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Space Deposit
This feature provides users the option to either lock their funds or save towards a specific goal.
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Once a month withdrawal & Space points
As noted earlier, we restricted users' ability to withdraw from the app to foster financial discipline. To balance any potential negative impact, we've introduced a rewards system where users earn Space Points for completing various activities. These points can be redeemed for airtime purchases.
Dark Mode
New Onboarding
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NEW PROBLEM
Interest on Space Rent
During early testing, I noticed that limiting users to just one withdrawal per month from their wallet raised concerns, as there was initially no interest offered on the locked funds. After discussing with the finance and marketing teams, we concluded that since both the Space Deposit and Space Rent wallets offered interest, it would be fair to add an interest feature to the main wallet as well, providing users with an incentive to keep their money in the wallet.
USABILITY TESTING
Key Findings from Usability Testing of RentSave Platform
Usability testing is a critical phase in the development of the rentspave savings platform. During this phase, we conducted thorough testing with users to evaluate the platform's user interface and overall user experience. Here are some key findings from our usability testing:
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Positive Feedback on Simplicity: Users appreciated the platform's simplicity and user-friendly design, especially in the basic saving interface. This aligns with our goal of catering to both novice and experienced users.
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Saving goals: Users liked that they were able to set a specific saving goal.
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Alignment with User Goals: Users found that the platform met their savings goals effectively.
COMPONENTS
Some Components Created in the Style Guide
TAKEAWAYS
Key Insights Shaping the Development of the RentSpace Savings Platform
From our usability testing and the development of the Rentspace saving platform, we've identified several key takeaways:​
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User-Centric Design is Effective: Focusing on simplicity and a user-centered approach has led to a positive user experience, attracting both beginner and seasoned savers.
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Striking a Balance Between Simplicity and Advanced Features: Offering a simple savings experience alongside advanced features has become a key competitive advantage. It caters to a broad audience and meets the diverse savings needs of users.
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Feedback is Essential: Usability testing and user feedback have played a vital role in shaping the platform's evolution. Ongoing user engagement is critical for continuous improvement.
FINAL THOUGHTS & NEXT STEPS
A Journey of Discovery, Redesign, and Growth
Designing and developing the Rentspace savings platform has been an incredibly rewarding experience. From the start, our aim was to create a platform that fosters a savings mindset, balancing simplicity for everyday users with advanced features for those seeking more discipline. Our dedication to user-centric design has helped establish Rentspace as a stand out player in the fintech industry.
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Next Steps
As we move forward, system maintenance and continuous iterations will remain a top priority to ensure Rentspace operates seamlessly for all users. Regular updates will be made to improve functionality, address any issues, and enhance the overall user experience. We will also closely monitor user feedback, using it as a foundation for refining existing features and introducing new ones.
Our focus is now shifting to the development of our next feature, Space Xchange, which will enable users to save in foreign currencies. This feature is designed to provide more flexibility and financial options for users, whether they are looking to diversify their savings or accommodate international needs. The addition of Space Xchange will reflect our commitment to innovation and to providing users with tools that adapt to an increasingly global financial landscape
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In conclusion, the Rentspace Savings Platform is a reflection of our commitment to putting users first, staying adaptable, and always striving to improve. We're excited about what lies ahead and the meaningful impact it will have on helping people reach their savings goals.
For more work inquiries, or to grab a coffee, do email me at Favallifav@gmail.com
Thank you for reading!
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