Product Experience
Problem Space
Problem Statement
Gig workers require flexible, user-friendly retirement planning tools that accommodate fluctuating incomes and provide educational resources to enhance their understanding of retirement savings
Problem Background
Customer: Gig workers (freelance professionals, rideshare drivers, influencers, content creators) facing challenges in retirement planning due to income variability and lack of awareness.
Why Now: With the gig economy expanding annually, estimated to double from $455B by 2030. There is an increasing need for a solution that addresses the unique retirement planning challenges faced by gig workers as shown from user research.
What We Know: Gig workers exhibit low confidence (80%) in their retirement savings plans, indicating a pressing need for enhanced financial planning and education within this demographic. Additionally, while 60% allocate a portion of their income for retirement, the allocation amount suggested irregular allocations of 10-20%, suggesting a potential gap in long-term financial preparedness. The diversity in retirement savings vehicles, split evenly between TFSAs, Roth IRAs, RRSPs, or none, signals an opportunity for a solution that offers a more comprehensive and adaptable approach for improved security.
Landing on the Solution
Explanation of Solution
Fundsy introduces "Vault," a centralized retirement planning ecosystem designed to empower gig workers with personalized financial strategies. Utilizing an AI-driven questionnaire, Vault assesses users' retirement goals, crafting tailored savings plans while educating users on their current financial status. Users can seamlessly synchronize existing accounts or leverage the tool to establish new ones. Present capabilities include automated direct deposits backed by intelligent fund distribution, while forthcoming enhancements will focus on the seamless integration of users' bank accounts
User Flows/Mockups
Home page - my Vault
Mock ups:
Future Steps
Next Steps include addressing privacy and data security, syncing with multiple financial institutions, building AI algorithms and testing the MVP.
Images
Find high res image here
Learnings
Product Manager Learnings:
Zion Maynard
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.