Case study • The Ultimate Money Bestie

Women in the UK struggle to manage their personal finances effectively.

34%

of women have less than £500 in savings for emergencies
The BBC, 2023

Just 22%

of women feel confident
making investment decisions
The BBC, 2023

Just 36%

of women have personal investments
The Times, 2024

To help women achieve their financial goals,
Winvest Collective has created a Personal Finance App
for women. AI-powered tool that provides support at all levels: through education, personal advice, financial habits training and gamification.

The Ultimate
Money Bestie

PROJECT DETAILS
Timeline:
Dec 2023 - Sep 2024
Tools:
Figma
Photoshop
Adobe Firefly
Chat GPT
Team:
Sophia Lan - Winvest founder
Michael Li - Back End Engineer
Dami Elulade - Front End Engineer
Hazel Wright - Front End Engineer
My Role:
I led the design of the product from concept to completion, creating it entirely from scratch. This involved everything from initial research and ideation to prototyping, visual design, testing, and final implementation. I was responsible for planning the product's core features, user interface, and overall user experience.
PROJECT GOAL
To design a product that immediately captivates users through compelling aesthetics and ease of use, while also providing ongoing value, reliability, and adaptability to their evolving needs, leading to both short-term and long-term user attachment.
BUSINESS GOALS
• User Acquisition: Address market demand effectively
• Customer Retention: Enhance customer satisfaction and loyalty.
• Competitive Advantage: Develop innovative features
and experiences that differentiate the product from competitors.
• Data collection and analytics: Implement features that gather
user data to guide future business decisions.
METRICS
Daily Active Users

324

over first month
User Retention Rate

34%

over first month
Conversion Rate

22%

over first month
App Store Rating

5.0

over first month
USER RESEARCH

What’s holding women back
from managing their own finances?

Sophia, Winvest's founder and CEO, personally spoke with numerous women across the UK to gain a deeper understanding of their experiences, challenges, and perspectives when it comes to managing their money.

Raquel, 32

Lack of education

" I guess because I'm now much more aware of my financial situation, I feel like I'm losing an opportunity. It's just that I don't have the information and the security to do something different "

Rajani, 38

Lack of control

" It's not nice to make ends meet.
I don't understand why we make so much money, yet we still struggle with debt where we shouldn't be. Where is the money going? "

Kash, 42

Misinformation

" I was getting fragmented information from different people, which made it hard to understand what to do. It felt like I was trying to piece together a puzzle."

Sam, 28

Fear of risk

" I know that I'm not investing and I know that women in general are a bit risk averse and don't tend to invest as much, but it's something that I'd like to do, I know it's higher risk, but higher reward."

Catherine, 34

No habits

" Thinking about money around - feel guilt. I feel like I can’t spend any fun money because it should all go to kids. ADHD - impulsive with spending. Harder to save money. Shouldn't do that. Complex, specific things. Being mom has changed a lot. "

Agata, 31

No confidence

" I haven’t done anything else. I didn’t feel confident doing it. Takes a lot of effort to look at things."

How women’s interactions with products and services can differ from men’s ?

Understanding the differences between men and women in communication, emotional engagement, and decision-making styles is crucial for designing products that effectively meet their needs and foster long-term attachment. It involves recognizing various behavioral, emotional, and social factors. Here are some key differences:

Communication style

Women:
‍Tend to favor more collaborative and conversational styles, often seeking detailed explanations and feedback. They might engage in discussions and value social support.

Men:
Often prefer direct, concise communication and may focus on problem-solving with less emphasis on collaborative dialogue.

Emotional Engagement

Women:
Generally more emotionally engaged with products and services, seeking features that resonate with their personal values and emotions. They may prioritize products that offer emotional support or connect with their identity.

Men:
May focus more on functionality and efficiency, sometimes placing less emphasis on emotional aspects.

Decision-Making Process

Women:
Often take a more holistic approach, considering how products fit into their overall lifestyle and long-term needs. They may value recommendations from peers or community feedback.

Men:
Might prioritize speed and efficiency in decision-making, focusing on immediate benefits and technical specifications.

Preference for Detail

Women:
Typically appreciate more detailed information and context about products, including user reviews and educational resources.

Men:
May prefer straightforward, high-level information and quick comparisons.

Design Aesthetics

Women:
May place a higher value on design aesthetics, including color schemes, styling, and visual appeal, in addition to functionality.

Men:
Often focus more on the practical aspects of design, such as durability and functionality.

Motivations and Goals

Women:
Might look for products that align with personal goals such as health, family, or lifestyle improvement, and prefer features that support these goals

Men:
Often focus more on the practical aspects of design, such as durability and functionality.

Feedback and Support

Women:
May seek more extensive customer support and follow-up, including personalized assistance and community support.

Men:
May prefer straightforward support solutions and less frequent interaction with customer service.

Based on our research, the typical user likely to engage with the app is female, between 20 and 45 years old. She tends to be open to new experiences, with a strong desire for personal growth and financial improvement. She is educated and often faces stress related to managing finances and life decisions. Her motivation to seek financial guidance stems from the emotional, behavioral, and physical toll financial stress can take, such as low energy, reduced decision-making ability, and anxiety about her financial future.
DESIGN PROCESS: SETTING THE FOUNDATIONS

How Do These Findings Translate into Actionable Design Strategies ?

Focusing on women's financial challenges and interactive behaviours, we defined User-Centric activities and tasks that guide them through different types of actions, ranging from educational steps, practical training, to interactive, goal-oriented tasks.

Our team got together for a brainstorm session to define the app goals and main areas of user engagement.
We all came from different backgrounds - Design, Engineering, Finance, Marketing, so it was great to hear everyone’s perspective on key activities.
‍
We identified our target user personas, which included young professionals, mothers balancing household finances, and women interested in long-term financial planning.
This laid the foundation for a user-centered design that would focus on education, training and empowerment.

By the end of the session, we had a clear vision that would guide us through the next steps.
The app should be:
FUNCTIONAL
• Streamline tracking of income, expenses, investments, and savings
• Provide AI-powered personal financial advice and insights tailored to user behavior
• Seamless banking integration and goal-setting features with reminders for bills and milestones
USABLE
• Intuitive, easy-to-navigate user interface
• Simplify complex financial data and support voice/text search
• Include a comprehensive library of financial products (e.g., loans, insurance, investments) with detailed comparisons and recommendations
ENGAGING
• Integrate AI-powered financial advisor to offer personalized tips, nudges, and recommendations
• Include gamification and community features to motivate users
• Foster engagement through tracking financial goals progress
HIGH QUALITY
• Guarantee accurate data, fast performance, and secure, encrypted connections.
• Regular updates based on user feedback and performance
Engagement Categories
EDUCATION
• Provide financial literacy content - Financial Products Library and Tips tailored tailored to common life situations
• Offer personalized learning paths based on user goals
• Include push notifications with tips, relevant financial news, or personalized tips
FINANCE TRACKING
• Real-time tracking of income, expenses, savings, and investments
• Allow users to set and monitor financial goals (e.g., debt reduction, savings targets)
• Provide personalized support for setting the goals and tips for spending, budgeting, and investing.
GAMIFICATION
• Integrate AI-powered financial advisor to offer personalized tips, nudges, and recommendations
• Include gamification and community features to motivate users
• Offer leaderboard or peer comparisons to foster healthy competition and accountability
AI-POWERED CHAT
• AI-powered financial advisor that gives personalized advice and recommendations
• Offer real-time support for budgeting, investment planning, and financial decision-making
• Respond to user queries and offer suggestions based on transaction history and spending patterns
USER FLOWS AND WIREFRAMING
AI-Powered Personal Support for Education, Training, and Empowerment
The user's activities are centered around three core areas of engagement: Education, Finance Tracking, and an interactive Financial Game, all seamlessly connected by an AI-powered personal financial advisor.

This AI support plays a crucial role in guiding users through every step, whether they are learning financial concepts, managing their finances, or navigating life scenarios in the game.

Beyond its technical function, the AI also acts as an emotional guide, providing personalized advice, motivational prompts, and reassurance at key decision points. This ensures users feel confident, supported, and more engaged in their financial journey.
Each area of engagement plays a crucial role in guiding users through their financial journey, offering interactive experiences.
By mapping out the user’s interaction with these features,
I created a smooth, engaging flow:
The user flow formed the foundation of the mobile app's navigation by organizing key activities into easily accessible sections:
Transforming the structure into wireframes - a clear visual guide for the app's layout
Wireframes brings user flows to life by showing where key elements will be placed,
making the navigation logical and intuitive. It helps bridge the gap between planning and design,
laying the groundwork for the final user interface and experience.
VISUAL DESIGN
Creating enjoyable user Experience
with Vibrant Visuals and a Friendly Tone
When creating the visuals, I aimed to add an emotional layer to the interaction.
I used vibrant colors and collage-style images to convey energy, positivity, and fun, making the overall experience feel welcoming and enjoyable. My goal was to evoke feelings of trust and motivation, encouraging users to engage more deeply and feel inspired throughout their journey

In addition to the bold visuals, we adopted a friendly, informal tone in the copy to make the guidance feel more personal. By blending visual elements with conversational writing, I aimed to create a holistic experience where users feel connected, understood, motivated, and confident in taking steps toward their financial goals.

We also trained our AI's tone of voice to provide friendly and supportive assistance, so it can respond to users' questions and needs in a warm and approachable way.
Just like having a helpful companion by your side as you navigate your finances.

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