Fincyclopaedia is a product that makes the process of finding resources about financial literacy easier by providing the user a variety of financial literacy resources from verified sources and simplifying the more complex components of financial literacy media. Fincyclopaedia will focus on providing the user with verified and trusted information sources specific to their region to make the process of becoming financially literate easier.
How might we make the process of becoming financially literate easier for young adults so that they can learn easily without spending too much time searching for credible and easy to use resources?
This product is for individuals who are seeking financial literacy but either do not know where to begin the search for resources or are wary of the credibility of resources found online. With the vast amount of information available both on the internet and on social media platforms, determining what information is true and what is not can be a bit challenging. The difficulty that comes with sorting through various resources to separate the reliable sources from unreliable sources was cited by 53.8% of surveyed users as one of the main challenges impacting their motivation to keep searching for financial literacy resources.
Based on user research, motivation to become financially literate stemmed from a variety of places. For the majority of users surveyed and interviewed (67%), 3 major sources of motivation were: being able to afford anything at any time, being able to provide for family and being able to make balanced decisions about money.
Lowering (and eventually removing) barriers such as those mentioned above will make the process of learning about financial literacy easier, more accessible and a lot less stressful for people.
User Pain Points
User research was performed using surveys and interviews. Information gathered from user surveys and interviews shows that the major main points experienced by target users were: difficulty finding resources that matched their learning style, difficulty understanding the meaning of certain words/phrases, and lack of verified information sources.
Based on the survey responses of 65 users and 3 user interviews, we discovered that 58.5% of users seeking financial literacy information faced challenges in finding resources that catered to their learning style. Additionally, 52.3% of users found financial literacy jargon difficult to comprehend, while 53.8% expressed concerns about the reliability of online information.
User feedback suggests that users are most interested in having access to information and resources that have been reviewed and verified by reliable sources like banks and financial experts, especially if it is information from a source they are not familiar with.
Landing on the Solution
Based on our target users’ pain points, we know we want to build a product that:
- Provides users with direct access to simplified lessons on financial topics.
- Provides users with access to external resources covering financial topics.
- Provides users with access to resources in various formats( text, video and audio) to cater to different learning styles.
- Provides users full transparency on credentials of internal and external resources recommended.
I plan to continue building this product into an MVP at COLAB 21. I would like to gain more in depth knowledge on how to be a good PM by working with a cross-functional team to flesh out the features for Fincyclopaedia.
Product Manager Learnings:
Co.Lab was a very valuable experience for me. My main takeaways from this Sprint were:
- Prioritising target users is very important when building a product. Ensure that the product and its features are things the users actually want to see and use.
- Part of prioritising target users is focusing more on the problem space while building a product. Asking more “why” and less “how” to fully understand what pain points users experience rather than jumping straight into trying to find a solution.
- Data is extremely valuable in the world of product development, and good data is even more valuable. During my time at Co.Lab, I gained insights on how to effectively ask users questions during the research phase of building a product.