Companies
A start-up that is at the pre-seed stage
A Bit of Background
Over the past year, studies have been conducted on the nature of systemic racism in the United States to address the issue of historic inequities. Across the research, financial services consistently show up as the least trusted sector in its perceived ability to address systemic racism.
My Contribution
Research — Generative design research, value proposition building, product roadmap, go-to-market strategy, user testing
Design — Concept designs, wireframes, mid and high-fidelity prototypes
The Problem
Communities of colour have continuously reported systemic bias regardless of their personal financial situation. Financial institutions should act as an instrument for shepherding nation’s financial health. But, this particular area of addressing needs of BIPOC community represents a missed opportunity.
The Solution
Empower young adults from historically excluded communities to build sustainable and holistic financial practices through an inclusive financial education platform.
The Impact
In May 2023, the start-up moved from the pre-seed stage to the early stage, where the MVP is being pitched to the investors for fundraising.
Equity360: Financial empowerment for BIPOC community
How might we empower young adults from historically excluded communities to build sustainable and
holistic financial practices?
Welcome to
Get to know yourself financially
Build a personalized financial profile to help us understand where you are in terms of your financial experience and personal values.
Learn from culturally relevant courses
Our app offers a selection of courses that are tailor-made to the needs of low-income, BIPOC communities.
Flexible learning
Courses are designed to fit seamlessly into your busy life, so you can learn on the go and take control of your finances whenever you choose.
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Generative Design Research
Secondary Research Insights
“My personal finances would be better off if financial services companies treated people in my racial / ethnic community fairly."
57% of Black Americans agree with the statement vs 31% of the general public
Black and Latinx households are around 5 times as likely to be unbanked as White households.
49% of the Latinx population and 40% of the Black population report needing to change their behavior or appearance to interact with banks.
Low
High
I am the first person in my family to attend college. After a few years of working as a teacher, I have a high-paying job as a tax accountant. With my newfound income, I am able to support her family financially.
User Persona
Traits
Thinks about finances
Occasionally
Everyday
Financial Knowledge
Low
High
Financial Confidence
Hello, I'm Jess! 👋
I tried working with a financial advisor, but I walked away feeling ashamed and misunderstood because they didn’t understand why I was giving my parents money instead of saving for retirement.
Current sources of financial advice
Online sources
Trial & error
Peer discussion
Market Size & Opportunities
Total Addressable Market (TAM)
Serviceable Addressable Market (SAM)
Serviceable Obtainable Market (SOM)
$26.5B
2022 Size of North America Software & Content EdTech Market,
13.6% CAGR 2023-2030
$2B
Narrowed down to Gen Z
67.8M Gen Z, $30/customer
$10.1M
30% of GenZ come from low-income backgrounds = 20 million consumers
Assuming only 0.5% of market share
User Research & Key Insights
Conducted in-depth interviews with 25 members of the BIPOC community belonging to low-income families. These interviews informed the current financial behaviour, expectations and pain points of the users.
User Need #1: Empowerment
"I need personal finance for dummies, without making me feel like a dummy."
User Need #2: Knowledge
"I feel like I know a little, not enough. But, I want to grow and learn."
User Need #3: Community
"I want support from people who understand where I'm coming from."
Current Financial Service Landscape
Fringe Financial Services
Pawnshops, Check Cashers, Payday Lenders, Rent-to-Own Shops, Title Lenders, BHPH Auto Lenders, Financial Lenders, Sub-Prime Lenders
Capital Markets
Banks, Credit Unions, Savings and Loan Companies, Federal Home Bank Loan Boards, Mutual Funds, Pensions, Stocks, Bonds, Mortgage-Backed Securities
Mainstream Financial Services
Prime Mortgages, Savings & Checking Accounts, Home Equity Loans, Lines of Credit, Certificates of Deposit, Prime Auto Loans
Lower-Income Communities & Communities of Color
Middle/Upper-Income and Predominantly White Communities
Opportunity area
More money
Less money
Product Offering & Business Strategy
How might we empower and equip young adults from historically excluded BIPOC communities to build sustainable and holistic financial practices?
Design Roadmap
Selected features to execute
Business Model
Equity360 will partner with personal finance experts and content creators belonging to the BIPOC community to develop the initial course offerings on the platform.
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Provide a formal platform to financial advisors and content creators and a regular source of income from course creation
Bring existing audience and expertise to reach a wider audience and drive traffic to the platform
Personal Finance Experts & Content Creators from the BIPOC community
Prototyping
Site Map
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Prototype
1
Welcome Page: context setting
2
Personal Information Page: demographics
2
3
4
5
6
3
Onboarding Quiz Part I: 5 questions
4
Qualitative Self-scaling metric
5
Onboarding Quiz Part II
6
Course Suggestions Page
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8
9
10
11
12
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8
9
10
11
12
Course Description Page
Key course information snapshot
Course instructor bio
List of learning outcomes
Detailed curriculum overview
Reviews of graduated course takers
1
13
14
15
16
13
Enrollment Page
14
Course Timeline
15
Course Curriculum Page
16
Course Video Page
Usability Testing
Moderated, task-based usability testing with 15 potential users helped in gauging the effectiveness of the prototype with respect to usability, gathering feedback, validating design decisions, and identifying areas for improvement.
Welcome Page worked for users to help set the initial expectations.
Onboarding personality quiz was found engaging and relevant.
Users expected to know the results of the quiz before course recommendations.
Provide a personality summary of the user in the form of persona before course recommendations
Successes
Issues
User preferred to go through the details of the course, course creator's bio, learning outcomes and reviews.
Those features helped in enhancing relatability and trust on the course.
Users felt that the curriculum breakdown was very overwhelming and time-consuming to go through.
Remove the text under every video thumbnail in order to make the curriculum section concise yet informative.
User appreciated the flexibility with respect to time commitment.
The video thumbnail lacked relatability and would like realistic imagery and human touchpoint.
Change the video thumbnails and make content creators as the face in order to enhance relatability.
Final Prototype
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Illuminating Pathways, Empowering Lives - Unleashing Sustainable Financial Practices for Historically Excluded Communities
01
Unveil your financial profile
Build a personalized financial profile to help us understand where you are in terms of your financial experience and personal values.
02
Culturally relevant courses
Courses are designed to target specialized needs and are created by financial experts of the BIPOC community.
03
Flexible learning opportunity
Courses are structured in a way to fit your work schedule seamlessly and give the flexibility to learn at your own comfortable pace.
Impact
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"We are very under-represented in society and I feel this app is like hope."
"I like that it highlights the human aspect. Normalize these things to lessen my anxiety."
"I feel this has been designed for second-generation Americans and my type of people."
"It makes me feel that I can be smart with finances and support my family while learning in a simple way."
"Bringing us together and addressing our backgrounds and needs."
testimonials from the community
Be part of something big - a vision that will leave a mark!
Personal Takeaways
Power of Prioritization during the Design Process
This project helped in gaining experience with respect to prioritization allowing for informed decision-making and successful project outcomes. Prioritization is the cornerstone of effective design research, enabling focus on key objectives.
Crucial Role of Business Strategy in Design
I learnt that by integrating design into the overall business strategy, designers can effectively contribute to the success and growth of the company. Understanding the business strategy is essential in order to align design decisions with organizational goals, enhance user experiences, and drive competitive advantage.