SavvyBe
Transforming how young adults master financial skills through a dynamic platform offering personalized education, gamified experiences, and a supportive community.
Background
SavvyBe is a financial education platform developed to address the pressing need for financial literacy among young adults aged 20-30. Recognizing the gap in financial knowledge and the impact of poor financial decisions on this demographic, SavvyBe was created to provide tailored guidance, interactive learning, and curated resources. The goal is to empower users to make informed financial decisions and achieve long-term financial stability.
Problem: Young adults frequently struggle with financial literacy, leading to poor decisions driven by factors such as impulse spending and procrastination. The overwhelming amount of unreliable financial information available online complicates their ability to discern credible advice. This, combined with the financial stress from economic instability and job insecurity, highlights the need for a reliable, user-friendly platform that provides practical financial education and support.
Research and Validation
To ensure SavvyBe effectively addresses user needs, extensive research and validation were conducted:
- Interviews and Feedback Sessions: Tunwase, the product manager, conducted 12 in-depth interviews and feedback sessions.
- Unmanned Usability Tests: Six usability tests were conducted to observe how users interacted with the platform.
- Surveys: A survey was distributed to 41 respondents to gather insights into user needs and preferences(Feedback).
- Initial Interviews: Seven preliminary interviews were held, using design thinking exercises to explore potential solutions.
These activities helped validate the problem and refine the solution, ensuring that SavvyBe is aligned with the needs of its target audience.
User Pain Points
- Financial Confusion: Users often feel overwhelmed by the abundance of financial information online, much of which is unreliable.
- Impulse Spending: Psychological factors like stress and emotional spending lead to poor financial decisions.
- Procrastination in Saving: Many users struggle with prioritizing long-term financial goals over immediate gratification.
- Financial Stress: Economic uncertainty and job insecurity exacerbate users' financial anxiety, making it difficult to focus on long-term planning.
Feedback
Feedback from interviews, usability tests, and surveys revealed that users value personalized financial guidance and reliable, curated information. However, they expressed concerns about the complexity of existing financial tools and the overwhelming nature of financial planning. This feedback guided the development of SavvyBe, ensuring it was user-friendly and tailored to their specific needs.
Execution
SavvyBe's development process involved a significant pivot:
- Technology Pivot: The decision to use React Native for building a mobile app was made to ensure cross-platform compatibility and a seamless user experience.
- Web Presence: A landing webpage was created to allow users to sign up for a waiting list and subscribe to a newsletter for updates on product development.
These strategic decisions were crucial in positioning SavvyBe as a user-centric and accessible platform.
Landing on a Solution
Through the research and validation process, the team identified the need for a comprehensive, yet accessible financial education platform. SavvyBe was designed to offer interactive learning experiences, personalized guidance, and curated resources, addressing the core pain points identified during user research.
The Solution
SavvyBe is a mobile-first platform that provides young adults with the tools they need to achieve financial literacy and stability.
Key features include:
- Personalized Financial Guidance: Tailored advice based on user goals and financial situations.
- Interactive Learning Modules: Educational content covering budgeting, saving, investing, and more.
- Curated Financial Resources: A selection of reputable and trustworthy references to guide users.
- Gamified Learning Experiences: Quizzes, challenges, and rewards to make financial education engaging.
- Stress Reduction Tools: Emotional support and practical solutions for managing financial stress.
Learnings:
- User-Centric Design: The importance of feedback-driven development was reinforced, ensuring that the platform remains aligned with user needs.
- Collaboration: The value of teamwork in refining the product and pivoting effectively when needed.
- Behavioral Finance Integration: Understanding user behavior was key to designing features that address psychological barriers to financial literacy.
Launch Strategy:
- MVP Release: Launch the mobile app with core features, focusing on user acquisition and feedback collection.
- Community Building: Use the landing page and newsletter to build anticipation and a community around SavvyBe.
- Partnerships: Explore partnerships with financial influencers and educators to expand reach.
Achievements:
- Successful pivot to React Native for a mobile-first approach.
- Creation of a functional landing page with a growing waiting list and newsletter subscribers.
- Positive feedback from usability tests and surveys, validating the platform's direction.
What’s Next?
- Feature Expansion: Integrate additional financial tools and resources based on user feedback.
- User Growth: Focus on expanding the user base through targeted marketing and partnerships.
- Continuous Improvement: Iterate on the platform based on ongoing user feedback and data analysis to enhance the user experience.
SavvyBe is poised to make a significant impact in the financial lives of young adults, helping them navigate the complexities of personal finance with confidence and clarity.
Learnings
Product Manager Learnings:
Omotunwase Osinaike
Designer Learnings:
Mary Fowler
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:
Da'Von Manuel
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:
Christopher Nicki
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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.