Bridge
A mobile application designed to empower young professionals to manage and achieve financial milestones. By providing a user-friendly platform, Bridge aims to address the issue of young individuals neglecting their financial planning, with a primary focus on retirement planning, savings, and debt repayment.
Product Experience
Problem Space
Problem Statement
How can we make financial planning and goal setting stress-free?
Problem Background
The financial planning industry is facing a transformative period, marked by profound changes and challenges. Personal finances are a significant concern for Canadians, especially the younger demographic, comprising millennials and Gen Z, who encounter distinct financial hurdles. A considerable portion of financial planners are nearing retirement, just as these young individuals require essential financial guidance. The focus of established financial planners on high-net-worth clients neglects those in the early stages of their careers, grappling with issues like unaffordable housing, limited access to benefits, substantial student debt, and a turbulent economy.
Despite these challenges, the opportunity within this demographic is immense, given the anticipated "great wealth transfer” of resources from older parents and family members. However, existing research indicates a gap between the expectations of millennials and the capability of financial advisors to cater to their needs. A shift is needed in the financial planning profession to embrace this new generation and provide personalized advice and true partnership on the journey to financial well-being and goal setting. The ideal time has come for the profession to adapt to digital disruption and prioritize accessibility and value for millennials and Gen Z.
Research Insights
User Pain Points
I surveyed participants to obtain initial user data concerning financial goals and milestones. To address this problem effectively, the questions were focused on experience in achieving financial goals.
My research findings confirmed that 65% of participants still need to set clear milestones to track their financial progress. Participants explained that this was “too daunting”, “too much work”, and had “no idea how”. Other participants responded by saying “Financial planning is needed”.
Supporting Data
88% of participants confirmed they have not consulted a financial planner to help with their financial goals. Participants explained that “cost”, “not earning a high enough income”, and being “uninformed” were the main deterrents for seeking out financial planning services.
The user interview provided additional validation as the participant stated that they “wished they started financial planning a decade later”. Their financial planning journey was mainly self-taught, however, they highly recommend starting financial planning early.
The findings validated my assumptions of minimal financial planning among young professionals. Furthermore, the need for a cost-effective, user-friendly financial planning product was identified as a result.
Feedback
My preliminary user research among young professionals in Canada found that participants mainly focused on paying off debt and saving for temporary events neglecting investing and financial planning. The main pain points are summarized as the difficulty and stress of obtaining financial planning.
Landing on the Solution
The goal of Bridge is to help young professionals set and achieve financial goals while beginning their financial planning journey. The aim is that if young professionals had a resource or tool that simplifies financial planning, then this would help shorten the time it takes young professionals to start prioritizing their financial future. Bridge will also allow users to create suggested goals geared toward financial planning.
Images
Learnings
Product Manager Learnings:
Michael Owusu
Co.Lab was a very interesting experience for me and I had 3 main takeaways.
User Interviews
Speaking with Users can give you the most insights into your target problem.
Build in Public
Sharing my learnings openly is great for accountability and building an audience.
Keep it Simple
Focusing on solving one user's pain point well is a win.
Designer Learnings:
Designer Learnings:
Jo Sturdivant
- Adapting to an Established Team: Joining the team in week 6 of 8 was challenging, as I had to quickly adapt to existing workflows, dynamics, and goals. This mirrors real-world situations where you often integrate into teams mid-project, and flexibility is essential.
- Work-Blocking for Efficiency: With only two weeks to complete the project, I learned the importance of a structured work-blocking system. This approach allowed me to manage my time effectively and meet deadlines under pressure.
- Making Data-Driven Design Decisions: Unlike my past projects, I had to rely on research conducted by others. This was a valuable experience in using pre-existing data to guide design decisions, helping me focus on the core insights without starting from scratch.
Developer Learnings:
Developer Learnings:
Vanady Beard
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As the back-end developer, I learned how important it is to create efficient and reliable systems that support the entire application. This experience also taught me the importance of optimising the database and ensuring the backend is scalable and easy to maintain.
Developer Learnings:
Stephen Asiedu
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As a back-end developer, I've come to understand the importance of being familiar with various database systems and modules. This knowledge enables me to build diverse applications and maintain versatility in my work. I've also learned that the responsibility for making the right choices rests on my shoulders, guided by my best judgement.
Developer Learnings:
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Developer Learnings:
Maurquise Williams
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- Process of Creating an MVP: Developing a Minimum Viable Product (MVP) taught me how to focus on delivering core functionalities balancing between essential features and avoiding scope creep.
- Collaboration in a Real-World Tech Setting: This experience taught me how to collaborate efficiently in a fast-paced tech environment, keeping the team aligned and productive, even while working remotely across time zones.
- Sharpening Critical Thinking and Problem-Solving Skills: This experience honed my ability to think critically and solve problems efficiently. By tackling challenges and finding quick solutions, I sharpened my decision-making and troubleshooting skills in a dynamic, real-world setting.
Developer Learnings:
Jeremiah Williams
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All in all this experience was very awesome I learned that in coding with others being transparent is key
Developers Learnings:
Justin Farley
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I learned how important communication is when working with a team. Communication provides understanding, advice, ideas, and much more. While working with the product team, I’ve found that communication keeps everything flowing smoothly. Working with a team also showed me that every member brings something different to the table and we all have to work together in order to align and meet our end goal.