TrackIT
Your go-to mobile app for effortlessly monitoring transactions, seamlessly consolidating expenses from multiple banks, and delivering instant budget updates with precise category balances."
Product Experience
Problem Statement
Empower financially savvy individuals to streamline budget management by automating updates after each transaction. Eliminate the tedious and nerve-racking manual spreadsheet entries, saving valuable time for a more seamless financial experience."
Problem Background
The looming post-weekend unease concerning people’s bank balances is an experience that resonates with many. This apprehension instils a sense of uneasiness when it comes to discussing or even contemplating financial matters. On one end of the spectrum, this fear has caused some to relinquish control of their financial destiny, leaving it to the arbitrary whims of chance. Conversely, there are those who take a proactive stance, diligently adhering to a budget, thereby cultivating a profound sense of financial empowerment and tranquillity in their day-to-day financial dealings.
According to research by RBC's 2023 Canadian Financial Wellbeing Survey, conducted by Ipsos, which surveyed 1,001 Canadians over the age of 18, it was found that 53% of Canadian millennials are having a difficult time sleeping due to a fear of financial stability. In addition, 59% per cent of millennials and 53% of gen-Zers reported having significantly strained relationships due to money woes, compared with a national average of 43 per cent.
Research Insights and User Pain points
To prove the problem statement, eight user interviews were conducted in order to gather more insight about the key impediments in the budgeting process
Pain Points:
- During the collection of the data, it was revealed that 62.5 % of the users had a hard time tracking their expenses. This is because of the amount of time spent tracking each expense that happens
- It was also found that the use of manual spreadsheets was overwhelming because of all the expenses that needed to be tracked
- 50% of the users had not tracked their expenses in over two weeks and they acknowledged the need for an automated budgeting tool.
The Solution
Based on the pain points discovered in the user interviews, the solution is a seamlessly integrated application that harmonises with various financial institutions. This cutting-edge app empowers users to effortlessly establish a zero-based budget, dynamically adjusting it in real-time with each financial transaction. Experience the ease of automated budget monitoring, liberating you from the hassle of manual updates and saving precious time.
User Flows/Mockups
Future Steps
I intend to proceed with the development of this product beyond the DTTP cohort, as I firmly believe it addresses a significant market need. Moreover, I am open to exploring diverse alternative product solutions, extending beyond the traditional app format, to ensure optimal market fit and scalability.
Learnings
Product Manager Learnings:
Emmanuel Adebayo
My participation in the Colab experience afforded me invaluable insights into the nuanced stages of product development. A pivotal takeaway from the program was the paramount importance placed on crafting a robust problem statement. I came to recognize that the efficacy of a product is intrinsically tied to the clarity and depth of the problem it seeks to address. The emphasis on refraining from prematurely jumping to solutions and instead investing ample effort in precisely defining the problem emerged as a critical lesson.
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.