Oportun is an A.I.-driven, digital financial services company that has a smarts feature that links the user's bank account to learn spending habits, set savings goals, and determine how much money to transfer into the savings goals over time.
The mission is to commit to helping the users make effortless progress toward their money goals and strive to make them feel confident about their financial journey.
Oportun is a good tool, especially for people who don't know how to get started with their savings journey or don't want to spend the time and energy figuring out how much to set aside.
Service Background
While Oportun provides different services that guide users to save, borrow, budget, and invest, the smart savings feature focuses primarily on a single user.
Problem
Round out smart savings by adding a feature where users can collaborate to save together for their personalized saving goals.
Problem focus
To make users' savings journey more fun and rewarding, creating savings goals with like-minded friends to keep one another accountable can help overcome some money-saving challenges and reach goals effortlessly.
Solution
Step 1: Link your bank account so Oportun can learn your spending habits.
Step 2: Create your personalized savings goals.
Step 3: Set money-savings Rules.
Step 4: Invite collaborators to save & meet savings goals together.
Step 5: Oportun will work with smart transfers over time to meet your goals date!
How it works:
Design Thinking &
User-Centered Design Framework
Through identifying current market’s competitors, an insight was made to evaluate strengths and weaknesses to determine Oportun’s competitive advantage feature to improve for better product service to existing and potential users.
Competitive Analysis
The learning goal is to understand the challenges people face when saving money. Through Google Forms, I created a survey and got 20 responses from participants to get direct answers to the questionnaire below.
Quantitive Research
By asking the below questions, I was able to get a better understanding of potential user’s attitudes, beliefs, and motivations toward saving money.
Qualitative Research
Questions & Responses:
“I like the monthly emails that Mint mobile sends when I have saved towards a goal that I had set in the app.”
What support systems or resources help you stay motivated and accountable when it comes to saving money?
“Thinking about what I can buy in the future or visual representations of my spending.”
“My daughter. The house we just bought. My family’s future.”
How do you balance enjoying your present life and experiences with the need to save money for the future?
“Always saving a percent from my paycheck each time that I am paid from my employer.”
“I have separate accounts for my long-term savings versus my short-term savings.”
“I usually split my money into two categories: Saving and non-saving.”
What are some lessons you've learned from past financial mistakes that have influenced your approach to saving money?
“Do not miss deadlines, be on top of things, be prepared, and don't be forgetful.””
“Always keep tabs on all of your accounts. As much as you hate looking at it sometimes. The more you know, the better you’ll be.”
“Don't make your long-term savings account easily available for daily expenses.”
User personas were created from a detailed analysis of the target audience’s wants and needs. After synthesizing research, having personas with contrasting backgrounds with varying motivations and expectations made sense: Married couples vs single individuals.
User Personas
Key Findings
Single vs. Married couples (with baby/kids) have contrasting views and values when it comes to finance.
One’s upbringing and family seem to be the most influential factors when it comes to financial literacy.
None of the participants ever sought professional advice to overcome the challenges of saving money (spending money on hiring an expert or guidance seems to be counter-intuitive to most people).
Participants separate short-term and long-term
savings accounts.
Monitoring and keeping organized savings accounts seem to work for a good number of people.
A lack of knowledge about personal finance and investment options hinders people’s decision-making about saving and growing their money.
A visual path of how the user moves through the application to create a new savings goal with a collaborator.
User Flow
Wireframes & Prototype Testing
Usability Testing Results
The product underwent evaluation, and the results revealed a remarkable 100% success rate among 7 participants. The interface proved highly intuitive, with users quickly grasping the layout and functionalities. Clear and concise task instructions guided users through each step, contributing to the overall success of the testing.
Observations about task flow
One notable aspect of the testing was the absence of significant errors or confusion reported by any participant. The lack of stumbling blocks and obstacles during user interactions demonstrated the robustness of the product's design and its alignment with user expectations.
Problems experienced
Feedback collected from participants consistently highlighted the user-friendly nature of the interface. Users appreciated the logical organization of features, making it easy for them to locate and utilize different elements within the product. This positive sentiment extended to the overall user experience, indicating a seamless and enjoyable interaction with the product.
Comments & Recommendations
The 100% success rate achieved in the usability testing not only underscores the effectiveness of the product's design but also suggests that it successfully caters to a diverse user base. The results validate the efforts put into creating an interface that is not only functional but also aligns with the users' mental models, ultimately enhancing the overall satisfaction and usability of the product.
Reflection
Make progress together
without thinking about it.
Set up specific savings goals with your collaborator so you can contribute together and motivate one another. Oportun will help you set aside money regularly to help you reach your future goals effortlessly.
Step 1
Select and link your bank account so
Oportun can learn your spending habits.
Step 2
Create your savings goal.
Step 3
Save or set your own goal.
Step 4
Invite your collaborator.
Step 5
Choose money-savings rules.
Step 6
Set up your rule and start
funding towards your goal!
Reach your goals
effortlessly with Oportun.
A visual map of user’s journey created after collecting research and observation when the user interacted with the prototype.
Customer Journey Map
Saving money with a collaborator, whether it's a friend, family member, or business partner, can offer several benefits.
That sums it up.
Collaborators can work towards common financial goals, such as a down payment on a house, starting a business, or going on a vacation. Sharing these goals can provide motivation and a sense of accountability.
Shared Financial Goals
Combining financial resources allows for a larger pool of funds to be saved. This can speed up the achievement of savings goals that might take longer if attempted individually.
Increased Saving Capacity
Collaborators bring different perspectives and financial strategies to the table. This can lead to better decision-making and potentially uncover more effective ways to save money.
Ideas and Strategies
Collaborating with someone who has different financial habits and knowledge can provide learning opportunities. You might pick up useful financial tips and strategies from your collaborator.
Learning Opportunities