Victor The Advisor
VTA integrates with Monarch Money, offering a chat-based guide for budgeting using spending data and real-time insights.
Problem Statement
How might we simplify and streamline the budget setup process in Monarch Money to enhance user adoption and engagement?
Problem Background
Budgeting tools are essential for financial planning, but their effectiveness relies on ease of use and accessibility. Monarch Money aims to provide a superior budgeting experience, yet many users find the setup process cumbersome, particularly those accustomed to automated workflows in legacy tools. The absence of guided assistance leads to frustration, reducing retention rates and increasing reliance on customer support. Addressing these pain points with an intuitive, automated budget setup solution can enhance user experience, improve adoption, and drive long-term engagement.
Research Insights
User Pain Points
Analyzing Reddit conversations and Trustpilot reviews to identify key user categories, then surveyed over 10 users
Supporting Data
90% of respondents expressed dissatisfaction with the current solution.
Feedback
Our preliminary research with Monarch Money users validated these concerns, revealing that:
- They found the budget setup process difficult
- They were surprised by the lack of automation
- They experienced significant delays in customer support.
- They were frustrated with the manual budget alignment process.
Landing on the Solution
Based on our target users’ pain points, we focused on developing the following key features:
- Intuitive Onboarding: An AI-powered, guided walkthrough that simplifies setup and makes budget customization effortless.
- Adaptive Budgeting: Real-time tracking of spending patterns with automated recommendations to help users stay on track.
- Proactive Alerts & Insights: Timely notifications when spending exceeds set thresholds, along with actionable financial insights.
- Integrated Support: A hybrid AI-human support system that quickly resolves user queries, reducing wait times and improving satisfaction.
- Data-Driven Personalization: Continuous analysis of user behavior to refine recommendations, deliver tailored financial tips, and enhance future product features.
Future Steps
This is what we learned from speaking to customers:
Through user research, we identified key pain points in Monarch Money’s budgeting experience. Customers found the initial setup difficult, were surprised by the lack of automation, and faced delays in customer support. Many were frustrated with the manual budget alignment process, leading to disengagement.
Possible additional problems to address:
Beyond the core issues, other potential challenges include:
- User Retention Risks: Frustration with setup could lead to higher churn rates.
- Limited Customization: Users may require more personalized budgeting features.
- Cross-Platform Consistency: Ensuring a seamless experience between mobile and web applications.
- Educational Gaps: Some users may need guidance on financial literacy to maximize the tool’s benefits.
By addressing these challenges, we can further refine Monarch Money’s features to create a smoother, more engaging experience.
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Learnings
Product Manager Learnings:
Nnamdi Ozurigbo
Co.Lab was a fascinating experience for me because I learned how to create user personas, develop use cases, prioritize them using various frameworks, and, most importantly, leverage low-code/no-code tools.
Designer Learnings:
Designer Learnings:
Jo Sturdivant
- Adapting to an Established Team: Joining the team in week 6 of 8 was challenging, as I had to quickly adapt to existing workflows, dynamics, and goals. This mirrors real-world situations where you often integrate into teams mid-project, and flexibility is essential.
- Work-Blocking for Efficiency: With only two weeks to complete the project, I learned the importance of a structured work-blocking system. This approach allowed me to manage my time effectively and meet deadlines under pressure.
- Making Data-Driven Design Decisions: Unlike my past projects, I had to rely on research conducted by others. This was a valuable experience in using pre-existing data to guide design decisions, helping me focus on the core insights without starting from scratch.
Developer Learnings:
Developer Learnings:
Vanady Beard
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As the back-end developer, I learned how important it is to create efficient and reliable systems that support the entire application. This experience also taught me the importance of optimising the database and ensuring the backend is scalable and easy to maintain.
Developer Learnings:
Stephen Asiedu
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As a back-end developer, I've come to understand the importance of being familiar with various database systems and modules. This knowledge enables me to build diverse applications and maintain versatility in my work. I've also learned that the responsibility for making the right choices rests on my shoulders, guided by my best judgement.
Developer Learnings:
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Developer Learnings:
Maurquise Williams
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- Process of Creating an MVP: Developing a Minimum Viable Product (MVP) taught me how to focus on delivering core functionalities balancing between essential features and avoiding scope creep.
- Collaboration in a Real-World Tech Setting: This experience taught me how to collaborate efficiently in a fast-paced tech environment, keeping the team aligned and productive, even while working remotely across time zones.
- Sharpening Critical Thinking and Problem-Solving Skills: This experience honed my ability to think critically and solve problems efficiently. By tackling challenges and finding quick solutions, I sharpened my decision-making and troubleshooting skills in a dynamic, real-world setting.
Developer Learnings:
Jeremiah Williams
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All in all this experience was very awesome I learned that in coding with others being transparent is key
Developers Learnings:
Justin Farley
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I learned how important communication is when working with a team. Communication provides understanding, advice, ideas, and much more. While working with the product team, I’ve found that communication keeps everything flowing smoothly. Working with a team also showed me that every member brings something different to the table and we all have to work together in order to align and meet our end goal.