TrackIT
Your go-to mobile app for effortlessly monitoring transactions, seamlessly consolidating expenses from multiple banks, and delivering instant budget updates with precise category balances."
Product Experience
Problem Statement
Empower financially savvy individuals to streamline budget management by automating updates after each transaction. Eliminate the tedious and nerve-racking manual spreadsheet entries, saving valuable time for a more seamless financial experience."
Problem Background
The looming post-weekend unease concerning people’s bank balances is an experience that resonates with many. This apprehension instils a sense of uneasiness when it comes to discussing or even contemplating financial matters. On one end of the spectrum, this fear has caused some to relinquish control of their financial destiny, leaving it to the arbitrary whims of chance. Conversely, there are those who take a proactive stance, diligently adhering to a budget, thereby cultivating a profound sense of financial empowerment and tranquillity in their day-to-day financial dealings.
According to research by RBC's 2023 Canadian Financial Wellbeing Survey, conducted by Ipsos, which surveyed 1,001 Canadians over the age of 18, it was found that 53% of Canadian millennials are having a difficult time sleeping due to a fear of financial stability. In addition, 59% per cent of millennials and 53% of gen-Zers reported having significantly strained relationships due to money woes, compared with a national average of 43 per cent.
Research Insights and User Pain points
To prove the problem statement, eight user interviews were conducted in order to gather more insight about the key impediments in the budgeting process
Pain Points:
- During the collection of the data, it was revealed that 62.5 % of the users had a hard time tracking their expenses. This is because of the amount of time spent tracking each expense that happens
- It was also found that the use of manual spreadsheets was overwhelming because of all the expenses that needed to be tracked
- 50% of the users had not tracked their expenses in over two weeks and they acknowledged the need for an automated budgeting tool.
The Solution
Based on the pain points discovered in the user interviews, the solution is a seamlessly integrated application that harmonises with various financial institutions. This cutting-edge app empowers users to effortlessly establish a zero-based budget, dynamically adjusting it in real-time with each financial transaction. Experience the ease of automated budget monitoring, liberating you from the hassle of manual updates and saving precious time.
User Flows/Mockups
Future Steps
I intend to proceed with the development of this product beyond the DTTP cohort, as I firmly believe it addresses a significant market need. Moreover, I am open to exploring diverse alternative product solutions, extending beyond the traditional app format, to ensure optimal market fit and scalability.
Learnings
Product Manager Learnings:
Emmanuel Adebayo
My participation in the Colab experience afforded me invaluable insights into the nuanced stages of product development. A pivotal takeaway from the program was the paramount importance placed on crafting a robust problem statement. I came to recognize that the efficacy of a product is intrinsically tied to the clarity and depth of the problem it seeks to address. The emphasis on refraining from prematurely jumping to solutions and instead investing ample effort in precisely defining the problem emerged as a critical lesson.
Designer Learnings:
Developer Learnings:
Developers Learnings:
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