- In 2008, there was a global financial crisis that affected people’s financial well-being around the world. Many people lost their financial savings, which led to scars and negative attitudes towards savings. Many people lost jobs and assets. This also happened in 2020, when Covid-19 hit, which caused unprecedented losses in jobs and labor income and reduced household spending. The low to medium-income earners were heavily affected and didn't have enough savings to last them the first 3-6 months. The Canadian government spent over $105 Billion directly on individuals - According to CBC website - Dec 2020.
- According to Decision Lab Research, nearly half of all Canadians between the age of 18 and 44 don’t have enough money set aside to cover emergencies. The same research found 39% of Americans would be unable to pay an emergency expense of more than $400.
User pain point + feedback
- We conducted market research on how they feel about our savings habit and noticed two major things from the feedback:
Not knowing the importance of savings - valuing immediate returns.
High financial responsibilities compared to income.
Landing on the solution
- From the survey pictures above, many of our clients use their mobile phones for their banking and financial services.
- Based on market research and pain points - We decided to target young adults ( New graduates)—a platform to educate young adults on the importance of savings and having emergency funds.
- The team agreed to target mobile-first and then create savings tools for young North Americans.
Explanation of solution
- WalLitwise is an educational platform. Upon landing on the page, you see a savings calculator.
- You get to choose your savings goal, i.e., Investment, retirement, investment, car purchase, Emergency savings, and a big purchase.
- You can also choose contribution frequency, i.e., savings frequency.
- Years of contribution - How long do you intend to save for
- After the calculate button - you have a result page
- You can edit your contribution goal and play around with the calculator to give you an idea of how much you can save over a period of time.
- We also included a learn more screen - the purpose of this page is to take you to financial resources that will provide more education about savings.
Product Manager Learnings:
Working with cross-functional team; Importance of communication; Prioritization of features
Importance of accountability while working on each other's weaknesses encourages us to push our strengths as a team together.
Learning the intricacies of other people’s roles in the development of a new product.
Full Team Learning
Understanding that every individual working on a product may be at different skill levels and/or experience.