LemFi

Problem Statement

How might we improve the accessibility and efficiency of international financial services to help immigrants and expatriates better manage their finances, optimize transactions, and achieve financial stability?

Problem Background

Many immigrants and expatriates face challenges in managing cross-border transactions due to fluctuating exchange rates, hidden fees, and the complexity of financial planning in multiple currencies. Traditional banking services often lack user-friendly solutions tailored to their needs, making financial management cumbersome and expensive. Since the beginning of the pandemic in 2020, digital financial services have grown rapidly, particularly in emerging markets. However, many users lack the financial literacy needed to make informed money transfer decisions. This knowledge gap results in inefficient financial choices, higher transfer costs, and missed opportunities to optimize savings. While LemFi has become a trusted platform for international money transfers, there is an opportunity to enhance user experience by providing personalized financial education directly within the platform.

Research Insights

User Pain Points

Using Discord group, we identified different categories of LemFi users and conducted over 5 user questionnaires/interviews to understand their challenges. The key pain points included:

• Lack of understanding of transfer fees, currency exchange rates, and budgeting strategies.
• Difficulty in comparing different transfer methods and their costs.
• Limited access to reliable, simple financial education tailored to their needs.

Supporting Data

• 85% of users interviewed said they were unaware of how much they actually paid in fees and exchange rate differences.
• 65% of users wanted a simple way to learn about saving and budgeting but didn’t know where to start.
• 75% of users in emerging markets expressed interest in a feature that helps them make better transfer decisions.

Feedback

Our preliminary user research to validate this problem with LemFi users in Canada and other emerging markets found that many of them rely on word of mouth or trial-and-error when making financial decisions. They expressed a strong interest in AI-driven guidance to help them maximize their transfers and improve their financial well-being.

Landing on the Solution

Based on our target users’ pain points, we knew we wanted to develop AI-powered personalized financial literacy tools that:

1. Analyze user behavior to provide tailored educational content.
2. Offer real-time insights on transfer costs, exchange rates, and budgeting strategies.
3. Use interactive, engaging formats (e.g., quizzes, AI chat guidance, and short video explainers).

Explanation of Solution

After showcasing our prototype to users, we learned that:

• Interactive learning tools (e.g., gamified quizzes and AI-driven insights) made users more likely to engage.
• Simple, digestible financial tips presented at key moments (e.g., before making a transfer) helped users feel more confident in their decisions.
• Users appreciated the trust factor of getting financial tips from the same platform they use for money transfers.

User Flows/Mockups

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Future Steps

What we learned from speaking to customers:

• Users want a seamless experience—education should feel integrated into their transfer process, not like a separate module.
• Personalized recommendations increase trust and engagement.

Possible Additional Problems to Address:

• Expanding financial literacy topics to include investment guidance, credit-building strategies, and financial goal setting.
• Integrating AI-powered budgeting tools that help users track spending and set savings goals.
• Partnering with financial institutions to offer users better financial products tailored to their needs.

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