rewardFuse

Product Experience

Problem Statement 

How can we simplify the process of choosing the best credit card for a purchase, allowing users to optimize their rewards effortlessly?

Summary 

rewardFuse is your go-to solution for unlocking the full potential of credit card rewards. We simplify your choices, maximize your benefits, and help you take charge of your financial journey effortlessly. Because financial literacy belongs to everyone.

Problem Background 

In today's cashless society, credit cards have become a prevalent payment method for various reasons, including credit building, rewards, and purchase protection. However, managing and optimizing rewards can be a challenge. 

Through combined analysis of qualitative and quantitative research, approximately 80% of the users interviewed encountered difficulty in confidently identifying the credit card that offered optimal reward benefits within specific spending categories. A prevalent behavior observed among these users involved creating personal documentation, such as Google Docs or notes within mobile applications, detailing the preferred credit card choices for various purchases. These users would then refer to these notes before utilizing their credit cards. However, for the remaining cohort, this process appeared excessively time-consuming, leading them to select a credit card based on intuition or convenience.

This trend underscores a noteworthy consumer challenge where a significant portion of credit card users grapple with the complexity of reward structures. Although existing platforms aid in selecting suitable credit cards based on individual goals, a significant gap exists in a more streamlined approach for users in making informed decisions once they've obtained their credit card. 

Goals 

rewardFuse aims to create a more user-friendly and efficient system that simplifies the credit card choice process to optimize rewards, enabling users to make more informed financial decisions by earning the best reward return across diverse spending categorie. 

Our platform aims to achieve the following goals:

• Streamlining the decision process: Simplifying the process of selecting the most rewarding credit card across various spending categories.

• Optimizing financial rewards: Maximize reward returns in every spending category, ensuring users unlock the best deals from their credit cards.

• Encouraging financial literacy: Simple comprehension of the reward structures linked to their credit cards. This educational initiative aligns with our commitment to fostering financial literacy.

• Enhancing consumer confidence: Simplify the complexities of rewards programs, so that users can feel more assured in their choices and achieve a greater sense of financial well-being.

Navigating credit card rewards is complex with intricate earning structures, bonus promotions, changing categories, expiration, multiple redemptions and complex terms. We are here to simplify your experience.

User Stories 

• As a user who utilizes their credit card for all purchaes, I want to effortlessly identify the credit card with the highest reward rate for each category, so that I make informed choices and get the most reward value for my purchases.

• As a user navigating a busy lifestyle,  I want to seamlessly add my credit card to the platform's wallet, ensuring that the associated reward structures are automatically uploaded so that I can easily access and review the rewards linked to my credit card without the need for manual input.

• As a user with multiple credit cards, I want a way to access my credit card rewards structure, so that I can easily refer to the reward structures without relying on memory or intuition.

• As a user with multiple credit cards, I want the flexibility of having a second choice for the best deal so that I can choose an alternative in situations where the first credit card suggestion may not be applicable.

Proposed Solution 

The solution proposed is an application platform designed to provide users with clear, comparative analyses of credit card rewards, allowing for an easy decision of getting the best reward return for their purchases.

Users can select from a catalog of existing credit cards within Canada and add their currently owned cards to the application, creating a personalized digital wallet within the platform to streamline the comparison process. 

Scenarios ‍

Scenario #1

As a user who utilizes their credit card for all purchases, I want to effortlessly identify the credit card with the highest rewards rate for each category, so that I make informed choices and get the most reward value for my purchases.

Situation: A user currently owns three different credit cards. They would like to sign up for a streaming service with a yearly cost using their credit card.

Acceptance Criteria

• The user opens rewardFuse on their mobile application
• The user selects the “Hub” tab on the bottom of the screen
• The user searches the category and suggestions pop up while they are typing
• The user selects “Streaming Services”
• The user is suggested with the credit card that offers the best reward return
  

Scenario #2

As a user navigating a busy lifestyle,  I want to seamlessly add my credit card to the platform's wallet, ensuring that the associated reward structures are automatically uploaded so that I can easily access and review the rewards linked to my credit card without the need for manual input.

Situation: A user receives a new credit card and would like to add it to their digital wallet.

Acceptance Criteria

• The user opens rewardFuse on their mobile application
• The user selects the “Wallet” tab on the bottom of the screen
• The user selects the circle on the top right of the screen (above the credit cards)
• The user has the option to either scan their new credit card or manually add it
• The user scans their new credit card

• The credit card is added to the digital wallet and the reward structure is automatically started
• The user can view the reward structure when selecting the card

Scenario #3

As a user with multiple credit cards, I want a way to access my credit card rewards structure, so that I can easily refer to the reward structures without relying on memory or intuition.

Situation: A user receives their 5th credit card and is unable to keep track of all their reward structures

Acceptance Criteria

• The user opens rewardFuse on their mobile application
• The user selects the “Wallet” tab on the bottom of the screen
• Given that the user has added the new card to their wallet 
• The user can view the reward structure when selecting the card

Scenario #4

As a user with multiple credit cards, I want the flexibility of having a second choice for the best deal so that I can choose an alternative in situations where the first credit card suggestion may not be applicable.

Situation: rewardFuse recommends the best credit card for the purchase however, the credit card is not accepted at the store

Acceptance Criteria

• The user selects the category from their “Recent Searches”
• The user selects the “Next Best Deal” button
• rewardFuse informs the user of the next best reward return for the purchase

Design Prototype

Design Considerations

Prioritize simplicity in design to minimize cognitive load for users, allowing for quick searches and easy decision-making.

An intuitive and straightforward navigation system, enabling users to effortlessly explore and understand the app's features.

Future Features

Dependant on customer feedback, market and data analysis - here are possible future features of rewardFuse.

Digital Wallet

• Add card - scan or manual
• Reward Structure linked to the credit card
• Select from catalogue of current credit cards in Canada to add to the digital wallet

Search Hub

• Search for categories by shop, by categories, Favorites 
• Categories and shops can be favorited for easy access
• Recent Searches

Personal Account

• Profile with date of birth and name 
• Referral Code

Potential ideas

• Track cash back rewards 
• Gamefication form?
• Credit score check - competitors exist
• Credit card suggestions - competitors exist

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