Fincyclopaedia

Problem Space 

Problem Statement  

How might we make the process of becoming financially literate easier for young adults so that they can learn easily without spending too much time searching for credible and easy to use resources?

Problem Background 

This product is for individuals who are seeking financial literacy but either do not know where to begin the search for resources or are wary of the credibility of resources found online. With the vast amount of information available both on the internet and on social media platforms, determining what information is true and what is not can be a bit challenging. The difficulty that comes with sorting through various resources to separate the reliable sources from unreliable sources was cited by 53.8% of surveyed users as one of the main challenges impacting their motivation to keep searching for financial literacy resources. 

Based on user research, motivation to become financially literate stemmed from a variety of places. For the majority of users surveyed and interviewed (67%), 3 major sources of motivation were: being able to afford anything at any time, being able to provide for family and being able to make balanced decisions about money. 

Lowering (and eventually removing) barriers such as those mentioned above will make the process of learning about financial literacy easier, more accessible and a lot less stressful for people.

Research Insights

User Pain Points

User research was performed using surveys and interviews. Information gathered from user surveys and interviews shows that the major main points experienced by target users were: difficulty finding resources that matched their learning style, difficulty understanding the meaning of certain words/phrases, and lack of verified information sources. 

Supporting Data

Based on the survey responses of 65 users and 3 user interviews, we discovered that 58.5% of users seeking financial literacy information faced challenges in finding resources that catered to their learning style. Additionally, 52.3% of users found financial literacy jargon difficult to comprehend, while 53.8% expressed concerns about the reliability of online information.

‍Feedback

User feedback suggests that users are most interested in having access to information and resources that have been reviewed and verified by reliable sources like banks and financial experts, especially if it is information from a source they are not familiar with.

Landing on the Solution

Based on our target users’ pain points, we know we want to build a product that:

• Provides users with direct access to simplified lessons on financial topics.
• Provides users with access to external resources covering financial topics.
• Provides  users with access to resources in various formats( text, video and audio) to cater to different learning styles. 
• Provides users full transparency on credentials of internal and external resources recommended.

Future steps

I plan to continue building this product into an MVP at COLAB 21. I would like to gain more in depth knowledge on how to be a good PM by working with a cross-functional team to flesh out the features for Fincyclopaedia.