Executive Summary:
Engaged in consulting on a student loan portal initiative, I collaborated with an entrepreneur to reshape the UX/UI design, connecting it to the genuine struggles of student loan debt. Our three-month endeavor marked a significant paradigm shift from a conventional portal to a gamified app tailored to a needy community. Insights into the appeal of money-saving coaches and the power of gamified approaches formed the backbone of our strategy. By leveraging my background in gamification, analyzing competitors, and conducting user-centric interviews, we translated these insights into a tangible, community-driven solution. The result transcended a mere app; it embodied a meaningful response to a widespread financial challenge, reinforcing the potential of thoughtful UX research and agile strategy in creating authentic change.
Background:
I was asked to consult on a student loan portal initiative. The entrepreneur, driven by a personal connection to student loan debt and backed by substantial data, envisioned a one-stop solution to refinancing loans. Over a fruitful three-month collaboration, I guided a significant shift in the UX/UI design, connecting it with the authentic experiences of individuals dealing with student loans.
1. Understanding the Money-Saving Coach Persona:
I delved into the role of money-saving coaches, exploring their appeal, motivation, and the unique solutions they offered. This provided a framework for connecting with our target audience.
2. Community Engagement Insights:
By observing online communities where people shared their struggles with debt, a key insight emerged: gamified approaches were already in play, turning debt reduction into a cooperative, visible, and more enjoyable process.
3. The Power of Location-Based Games:
Literature research pointed to the potential impact of location-based mobile games (LGMGs) like Foursquare on financial well-being. This finding shaped our gamified approach to boosting student loan repayment.
Read "Can gamification improve financial behavior? The moderating role of app expertise."
4. Applying Gamification Strategies:
Leveraging my background in gamification, I outlined the core principles to enhance financial motivation. From rewards to leaderboards, the goal was to transform an often tedious task into an engaging, community-driven activity.
5. Research plan
51. Market and Competitive Analysis
Tools: Market research databases, competitor apps, SWOT analysis.
Methodology: Analyzing competitors' strengths and weaknesses and identifying market trends to understand where the app fits in the landscape.
52. User Persona Development
Tools: Interviews, Surveys.
Methodology: Identifying target user groups and developing detailed personas based on demographics, pain points, motivations, and behaviors.
53. Usability Studies - not implemented (pre-mature)
Tools: Prototyping tools like Figma, InVision; Usability testing software like UserTesting.
Methodology: Creating low-fidelity prototypes of the gamified app and conducting usability tests to identify potential design and functionality issues.
54. Ethnographic Research
Tools: Observational study, Contextual Inquiry.
Methodology: Studying users in their natural environment, understanding how they manage their student loans, their attitudes towards gamification, and the challenges they face.
Research Implementation
51. Market and Competitive Analysis
Analyzing competitors such as Mint revealed that our approach aligned with emerging trends in the industry, reinforcing our chosen path.
52. Debt-Free target audience
54. User-Centric Interviews:
Conducting interviews with the target audience helped shape and validate our premise: a gamified approach could alleviate the burden of debt and accelerate the journey to debt-free.
Reflections:
On this project, I delved into the core of strategic UX research and design, aligning closely with an entrepreneur familiar with the struggles of student loans. Together, we aimed to create tangible change, and I managed to evangelize a paradigm shift - Our mission went beyond mere app design; we engaged with the community, understood their financial needs, and sculpted a solution that harnesses motivational psychology and real market solutions. This iterative collaboration, anchored in academic research, my discoveries, and our responsiveness to user feedback, allowed us to create a product proposition tailored to an actual gamified approach already proven to cope with student loans.
The process was rewarding for the successful outcome and the collaborative spirit and commitment to making a difference in a crucial area of many people's lives. This project is a testament to the power of thoughtful UX research and agile strategy in creating meaningful solutions.