Financial App: Pluto Pay

Role: UX design, UX research

Context:
Recognizing the growing demand for a more streamlined financial solution, Pluto Pay was conceived as a financial app that goes beyond basic payment services. The goal is to create an all-in-one platform where users can view their cash availability, track expenses automatically, and receive personalized insights on how to manage their finances.

Study Components:

  • User Interviews: Gaining insights into user needs and challenges in financial management.

  • User Personas: Develop profiles to represent key user groups and their needs.

  • Competitive Analysis: Assessing existing financial apps to identify market gaps and opportunities.

  • Early Prototype: Creating an initial design to visualize PlutoPay's features and user interface.

  • Usability Testing: Evaluating the prototype with users to identify usability issues and gather feedback.

  • User Error Reporting: Documenting and analyzing errors encountered during testing.

  • Revised Prototype: Refining the design based on testing outcomes to meet user’s expectations.

  • Design Iteration Plan: Establishing a roadmap for ongoing enhancements and feature development.

User Interview: What is the user’s problem and needs?

My Interview Goal

• Understand users' needs for managing their finances.
• Identify what they like or dislike about the finance apps they currently use
• Explore how Pluto Pay can address their challenges.

Age: 38, Occupation: Medical Billing, Use Zelle and Venmo

Eun young's Frustration

"I have four kids, and I often need to send small, instant payments for their school and activities. It takes too much time to switch between different payment and banking apps, and it's hard to keep track of what I’ve paid and if the account I used has enough balance. Why can't I see everything in one place?"

Eun young’s Needs

"I want an app where I can see my payment history and the available balance in all my accounts on one page. It would be great to see how much I spend on each kid each month without tracking it manually. It would also be helpful if I could automatically include recurring payments for my kids' activities in my budget."

Age: 45, Occupation: Software Engineer, Use Zelle and Fidelity

Martin’s Frustration

"I just saw a stock on my wishlist at a great price, but I need to make sure I have enough cash after covering this month’s expenses. I don’t remember all the payments I have to make each month, and I’m not sure how much I can invest right now. It’s inconvenient to check everything before making a decision."

Martin’s Needs

"I want to see my available cash with one click instead of checking multiple accounts so I can make better investment decisions. I need a tool with budget and expense tracking to make sure I invest the right amount after covering my monthly expenses."

Age: 35, Occupation: Nurse, Use Zelle, Paypal, and Venmo

Ji Hyeon’s Frustration

"Why didn’t I have any cash available when my car broke? I make a good income, but I’m always short on cash. I don’t know exactly how much I’m making each month or where all my money goes. With my busy schedule as a nurse, managing multiple bank accounts and credit cards feels overwhelming."

Ji Hyeon’s Needs

"I don’t have time to create a budget or track my expenses. I wish there was an app that could automatically track my spending. If it could help me spot unnecessary spending and show my cash flow when I need it, life would be so much easier. I also want it to motivate me to save, like how diet apps encourage healthy habits."

User Persona

MATT GRASSLEY

Age: 42
Occupation: Software Engineer
Marital Status: Married
Kids: 2 children

About Me:

• I purchased a home one year ago and my kids keep my days busy.
• I use payment apps like Zelle and Venmo frequently.
• I have multiple bank accounts and credit cards.
• I'm always on the lookout for good investment opportunities.

My Frustration:

• Managing my budget and expenses manually takes a lot of time.
• I don't have a clear picture of my cash flow because of my multiple accounts and credit cards.
• Since buying a home, I’ve been living on a tight budget.

My Goals and Needs:

• I want to know my cash availability so I can find good investment options.
• I wish I had a tool with budget and expense tracking features.
• I need a tool with strong security features that I can trust to connect to my bank accounts.

ELI TANGUMA

Age: 35
Occupation: Nurse
Marital Status: Married
Kids: 3 children

About Me:

• I earn a good income working as a high-paid nurse.
• I work extra hours to increase my earnings.
• When I work night shifts, I have to sleep until noon.
• In the afternoon, I stay busy with my kids' schedules.

My Frustration:

• I often run out of cash and carry over high-interest credit card debt.
• I forget to make payments and get charged late fees.
• I don't have time to manually organize my finances from scratch.

My Goals and Needs:

• I would like to see my income, expenses, and debts on one screen.
• I want to make all my payments from one platform.
• I want to build an emergency fund to use it when needed.

Competitive Analysis

The purpose of conducting a competitive analysis for Pluto Pay is to identify strengths, weaknesses, opportunities, and gaps in the market to create a user-focused finance app.

Cash App

Strengths: User-friendly interface, fast payment.

Weaknesses: Lacks comprehensive tools for budgeting, expense tracking, or deeper financial insights

Opportunities: Partnering with banks or other financial services could open new opportunities.

Market Gaps: All-in-One Financial Management Solution

PayPal

Strengths: Accepted by millions of online merchants globally.

Weaknesses: High fees for some transactions and account freezing risks

Opportunities: Collaborating with retailers for exclusive offers and loyalty programs.

Market Gaps: User experience on the mobile app needs improvement.

Monarch

Strengths: Comprehensive financial management, including budgeting, expense tracking, and financial goal setting.

Weaknesses: Operates on a subscription-based pricing model, which might deter some users.

Opportunities: Enhanced educational resources

Market Gaps: Users are seeking free management tools.

Early Prototype

Feature #1- Adding New Accounts

This feature is essential as it helps users centralize financial management, track finances, and plan effectively while integrating seamlessly with other app functions.

'Accounts' page → Click the '+' icon → A list of account types will appear → Follow the blue buttons → A confirmation message will appear

Feature #2- Send a Payment

An instant payment feature is also essential, as it offers user convenience, enables real-time financial management, and provides a competitive advantage.

Pay and Request → Add the amount to pay → Add the recipient → Click pay →Confirmation page →Dashboard

Feature #3- Add a Financial Goal

The financial goal-setting feature is essential, as it supports user motivation, personalized financial management, and enhanced user engagement.

Goal → Goal types → Set goal amount, account, and monthly contribution →Click ‘Next’ to set the goal → New goal and a progress bar will appear

Usability Test & Results

Test Method:

  • The study was held as moderated, in-person tests.

  • The test included a short introduction, task performance with Pluto Pay conducted on a mobile app, and a post-test survey.

  • Please explore the complete test script at the link below.
    Pluto Pay Usability Test Script

Test Objectives:

  • Determine if users can easily understand and navigate the process of adding accounts, setting up financial goals, and sending payments without confusion or errors.

  • Identify any challenges or obstacles users face, such as unclear instructions, complicated steps, or technical issues.

  • Ensure that the design and functionality meet user expectations and provide a smooth, intuitive experience.

Usability Test Report and Solutions

  • The purpose of this sheet is to categorize key observations and errors by visually organizing user test results.

  • It answers questions like: How many errors do users make? How severe are these errors? To what extent does each error disrupt the ideal user flow for completing tasks?

  • After analyzing the errors, I brainstormed possible solutions to prevent them.

Refining a Design with a Test Result

Mobile onboarding screen - Proposed solution: Preference test

Outcome: This is the result of my A/B preference test. Ninety percent of participants preferred the blue screen over the white one. I appreciated their feedback: they found the blue option more visually appealing and easier to remember.

I agree that the blue screen grabs attention more effectively and offers a refreshing visual experience for users.

Account Page:

Users may not recognize the institution they want to add by looking at logos alone.

<Early design account page>

Solution: After selecting the type of account to add, users will see a list of institution logos with the institution names displayed beneath each logo. This addition helps users quickly identify the correct institution.

Pay Page:

Users prefer to select the recipient before entering the payment amount.

Users want to see a review page before sending a payment.

<Early design based on user suggestions>

Solution: I changed the payment flow so users now select or add a recipient before entering the amount. The flow starts with the main page showing linked account info and recent payment history, then moves to the recipient selection page.

After selecting the recipient, entering the amount, and adding a memo, users will see a payment review page. This allows them to confirm the payment details before completing the transaction.

<Final design with a new payment flow>

Goal Page:

Users may be unsure which type of goal is best for them.

<Early design based on user suggestions>

Solution: On the goal page, users will find a button linking to resources on goal management, along with an option to set up a call with a financial advisor. When adding a goal, each goal type will also have a brief description of its benefits.

<Final design with new resources buttons and goal descriptions>

Future Steps: User Reward Program

I designed the initial rewards page as part of the emotional design process. I plan to conduct user research to find out what rewards would be most appealing to our users. Potential rewards could include small gift cards, free financial consulting, or a complimentary tax report.

I want to find out what would motivate our users to introduce our app to their family or friends.
I plan to conduct a user survey to understand what prompts them to talk about products or services they enjoy.

Summary and Key Takeaways

  • User-Centered Design: By prioritizing user feedback from interviews and usability tests, the design of Pluto Pay evolved to meet real user needs, enhancing usability and ensuring that core features like cash flow tracking, instant payments, and budgeting are intuitive and easy to follow.

  • Iterative Improvement: Incorporating feedback led to a refined design that resonates with users, highlighting the importance of testing and revising to achieve a seamless experience.

  • Holistic Financial Management: Pluto Pay successfully integrates essential financial tools in one app, supporting users' needs for simplicity and accessibility in managing their financial goals.