Team WalLitWise
Leading people to the right financial resources.
Background
- In 2008, there was a global financial crisis that affected people’s financial well-being around the world. Many people lost their financial savings, which led to scars and negative attitudes towards savings. Many people lost jobs and assets. This also happened in 2020, when Covid-19 hit, which caused unprecedented losses in jobs and labor income and reduced household spending. The low to medium-income earners were heavily affected and didn't have enough savings to last them the first 3-6 months. The Canadian government spent over $105 Billion directly on individuals - According to CBC website - Dec 2020.
- According to Decision Lab Research, nearly half of all Canadians between the age of 18 and 44 don’t have enough money set aside to cover emergencies. The same research found 39% of Americans would be unable to pay an emergency expense of more than $400.
User pain point + feedback
- We conducted market research on how they feel about our savings habit and noticed two major things from the feedback:
Not knowing the importance of savings - valuing immediate returns.
High financial responsibilities compared to income.
Landing on the solution
- From the survey pictures above, many of our clients use their mobile phones for their banking and financial services.
- Based on market research and pain points - We decided to target young adults ( New graduates)—a platform to educate young adults on the importance of savings and having emergency funds.
- The team agreed to target mobile-first and then create savings tools for young North Americans.
Explanation of solution
- WalLitwise is an educational platform. Upon landing on the page, you see a savings calculator.
- You get to choose your savings goal, i.e., Investment, retirement, investment, car purchase, Emergency savings, and a big purchase.
- You can also choose contribution frequency, i.e., savings frequency.
- Years of contribution - How long do you intend to save for
- After the calculate button - you have a result page
- You can edit your contribution goal and play around with the calculator to give you an idea of how much you can save over a period of time.
- We also included a learn more screen - the purpose of this page is to take you to financial resources that will provide more education about savings.
Lo-Fi Mockup
Hi-Fi Mockup
Learnings
Product Manager Learnings:
Femi Oduwole
Working with cross-functional team; Importance of communication; Prioritization of features
Designer Learnings:
Jose
Importance of accountability while working on each other's weaknesses encourages us to push our strengths as a team together.
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:
Chris
Learning the intricacies of other people’s roles in the development of a new product.
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.
Full Team Learning
Understanding that every individual working on a product may be at different skill levels and/or experience.