J.P. Morgan Chase
Adding a goals setting and automated savings features to J.P. Morgan Chase's mobile app
CLIENT
ROLE
TIMELINE
TOOLS
J.P. Morgan Chase
(Solo Spec Project)
UX Researcher
UX & UI Designer
Feb 2021 - Mar 2021
80+ Hours
Figma
Miro
Background
J.P. Morgan Chase* is one of the largest banks in the U.S. and they serve over half of America’s household. While they do have a mobile app, it is very basic in functionality. As mobile bank usage increases, Chase recognizes the importance of going above and beyond in providing tools to help their customers manage their money better. I was tasked with desigining a personal management finance feature to embed in their mobile banking app.
*Throughout this case study, J.P. Morgan Chase will be referred to as Chase or Chase Bank for short
THE PROBLEM
How might we help users gain confidence and peace of mind in tackling their financial goals?
The Solution
A goal setting and savings feature where users can set goals and get personalized recommendations based on their income and spending habits.
Here’s a look at some of the new features for the Chase Bank mobile app. For a more in-depth understanding of my design process, scroll down!
Setting financial goals
Whether it's building an emergency fund or saving for a trip, users can set specific financial goals, the target amount and date they'd like to achieve their goals by.
Smart contribution recommendations
Chase recommends contribution amounts based on the user's income and spending habits. As their income and/or spending habits change (because life happens), so do the recommendations. This ensures that users are able to hit their goals without going above their means.
Savings Rules
Users can apply savings rules to automate their savings. These rules take the stress out of savings because everything is happening in the back-end.
Now, let's talk process!
Initial Assumptions
To kick off my design process, I listed out my initial assumptions on people's personal finance habits and philosophy. This allowed me to have a clear starting point on what I wanted to learn during my research.
ASSUMPTION 01
People want to be in control of their finances
by knowing exactly how much they make, where it's going, and how much to spend/save
ASSUMPTION 02
Money is a means to an end
Money is used to reach certain goals
ASSUMPTION 03
Millennials & Gen Z use finance apps more
than those from previous generations out of convenience.
Secondary Research
Through my secondary research, I wanted a broad overview of what the banking industry is comprised of, who the financial disruptors are, and the affect of COVID-19 on this understand what the banking industry is comprised of, what the disruptors are, and the impact of COVID-19 on this industry. Below is a summary of my findings.
Photo by ANC of Chase's Flagship Branch in NYC
What are the current disruptors in the industry?
- Fintech - works faster than traditional banks & address a wide variety of customer pain points
- Blockchain - reduced payment costs, instant clearance and settlement of transactions
- Artificial intelligence (AI) - makes risk assessment and fraud detection easier
How did COVID-19 affect the banking industry?
- The pandemic served as a litmus test for banks’ digital infrastructure
- Increases in contactless tech & digital experiences
Competitive Analysis
Afterwards, I scoped out the competition to see how other banks and FinTech companies were helping their customers manage their finances and achieve their money goals.
Bank of America
STRENGTHS
- Wide variety of financial services
- Round up savings & cash back programs
WEAKNESSES
- Poor interest rates
- Most accounts come with high interest rates
Cash App
STRENGTHS
- Fast & immediate peer-to-peer payments
- Opportunities to invest in stocks & bitcoin
- Alternative to a traditional bank account
WEAKNESSES
- No FDIC insurance
- ATM fees
- No interest earned on balance
Mint
STRENGTHS
- Hollistic view of finances by connecting with most financial orgs
- Automatically categorizes transactions
- Allows users to set & plan different financial goals
WEAKNESSES
- Tons of ads
- Have to re-grant Mint permission to display certain account info
Competitive Analysis Insights
INSIGHT 01
Increase awareness on Chase app's personal management features so users are fully utlizing the tools Chase provides
INSIGHT 02
Set money goals and connect it with a specific checkings/savings account. This will helps users track their progress and adjust their contributions when needed
INSIGHT 03
Visual expense breakdown to further inform users of their spending habits
User Interviews & Surveys
To round out my research, I conducted user interviews and surveys to learn what people's money goals are and how they managed their finances. I interviewed 3 participants between the ages 24 - 52, and received 15 survey responses from people between the ages of 22-40.
User Interviews Insights
Budgeting & spending are centered around specific money goals
With multiple goals, people will prioritize based on their current financial situation
People are looking out for their future selves & want peace of mind via financial security
Survey Insights
66.67%
of participants stated that they're current money goal is to build an emergency fund
86.67%
of participants utilize multiple methods & apps to accomplish their money goals
66.67%
of participants utilize their banking app to manage their income
Persona
Based on my research, my user persona encompasses someone who lost their job during the pandemic and has to pivot to stay afloat during these stressful and uncertain times. Meet Casey, a recently unemployed millennial from Los Angeles, CA. While taking time to figure out her next career move, she's prioritizing building up her emergency fund to cover 3-6 months worth of expenses. Understanding who Casey is and what gives her peace of mind allowed me to design a solution she'd actually use.
Ideation
I did a Crazy 8’s sketch exercise to brainstorm ways to help people save towards their money goals. When choosing which solution(s) to move forward with, I evaluated each based on how well it balances the approachability and practicality of saving. If the solution was too confusing or took to many steps, it was no longer a contender. I went with sketches #3, #4, and #5 and sketched out what the flow might look like.
User Flow
Afterwards, I created a user flow to show the multiple ways users can set financial goals and apply the different savings rules. It was important to show how they can also play around with numbers and what the outcome would be so users feel confident with their contribution amount and a plan to achieve their goals.
Wireframing
Next, I began building out mid-fidelity wireframes of my detailed sketches and adding different interactive elements that are representative of the look and feel of the Chase app.
MID-FI WIREFRAMES
Visual Design
Since Chase's visual design is already established, it was extremely important to maintain that style when designing my features. I built upon their existing design system and the UI Kit I used primarly contains current design elements from their mobile app.
Usability Testing
I conducted remote usability tests via Zoom with 3 individuals in the 19-26 age range. All participants have have experience with mobile banking. During the usability tests, I asked each participant to create an emergency fund savings goal and add savings rules to that goal. While completing each task, participants were asked to talk me through the feelings and thought process.
Usability Test Findings
SUCCESSES
- 100% of participants were successful in creating an Emergency Fund savings goal
- 100% of participants found the goals setting feature helpful
- The standout feature was the addition of different Savings Rules.
PAIN POINTS
- Finding the goal setting feature was tricky and not obvious
- Whenever numbers were displayed, participants wanted to know how the numbers were calculated and how it impacts their current finances
Iterations
Based on the feedback I received from my usability test, I made the following changes to the prototype.
Dedicated section to manage all financial goals
In V1: Users associated the "Set a goal" section with goal creation. They didn't know it was the goal setting & management center.
In V2: I created the "Goal Getter" section to indicate that this houses everything related to their financial goals.
Distinct UI for goals page
In V1: Since the UI between the goals page and checkings/savings account page were nearly identical, users were confused by where to access the goals setting features.
In V2: Changing the UI of the goals page allowed users to learn that there are different places to access your goals and that it functions differently from other pages.
A breakdown of Chase's recommendations
In V1: Users were unsure of how numbers were calculated and how they impacted their current finances
In V2: An "i" icon was added wherever numbers were displayed with a breakdown of how each amount was calculated.
FINAL PROTOTYPE
Learning & Next Steps
Break it down now!
When designing the automated savings feature, I thought showing the amount users should save sufficed. However, through my usability tests, I learned that that wasn't the case at all. When users were presented with any kind of numbers, they wanted to clearly see the how the numbers were calculated and make the final call themselves. It never hurts to break things down further because users will get all the information they need which will in turn help them make the best decision for themselves.
If I had more time...
I would build out a flow that shows how the app can help when users can't consistently contribute to their financial goals. While my prototype illustrates the most ideal situation, it's equally important to show that life happens and that the app is equipped to help get users back on track without hurting their current financial situation.