Personal Finance Mobile App of the Future
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Clouto is a cross platform personal finance digital product designed for a target demographic of primarily 18-68 year old men and women within the United Kingdom. The objective is to empower users with tools to manage finances effectively through providing a platform to help users budget, save and track their investments.
We worked to bring the idea from initial concept to fully fledged product and brand through designing from beginning to end following a design-thinking design philosophy. Deliverables included mobile app and web app UI/UX design for Earshot and a brand platform in the form of a visual identity.
Overview
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Overview
Clouto was conceived as a comprehensive solution to simplify personal finance management. The platform's objective was to provide users with a single interface to budget their expenses, save money, and monitor investments. The project scope involved refining the user experience, designing a cohesive web app counterpart, and crafting a unique visual identity to establish Clouto's presence in the competitive finance technology landscape.
Our goal was to create a product and brand that stood apart from competition in the UK fintech industry and provided users with a enjoyable, gratifying and rewarding user and brand experience.
Problem
Personal finance is a topic not taught within the UK education system and as a result of this many people are uninformed about the fundamentals of good personal finance. The UK Financial Capability Survey from 2018 found some alarming statistics including 39% of adults (20.3 million) don’t feel confident managing their money, 11.5 million have less than £100 in savings and nearly nine million UK adults are in serious debt.
Another issue is a majority of the UK population has more than one bank account which can make it difficult to track spending across all accounts. UK banks also do not generally offer personal investment brokerage services which results in adults also being account holders at a multitude of different brokerage companies
Process
Our design process included research, analysis, ideation, wire-framing, high-fidelity design and prototyping in addition to rounds of usability testing, gaining feedback with actionable insights and then iterating. We ensured to maintain data-driven design decision and to clearly identity user pain points, both within existing apps and when testing the Clouto high fidelity prototype.
Visual hierarchies were established to guide users through tasks such as budget creation, expense tracking, and setting financial goals. The web app design process involved adapting the mobile app's core features for a larger screen format. Consistency in design elements and layout was maintained to ensure a seamless cross-platform experience.
Solution
We decided for the solution to be a cross platform personal finance mobile app and web app which would use open banking to connect together all of a users bank accounts and brokerage accounts in addition to allowing users to set budgets, saving targets, view all their investments and track their net worth.
Alongside these features the dashboard screen includes a 'Clouto Score' which is a AI powered assessment of the users personal finances over the previous 30 days. This would help users to be informed on how their personal finances are doing without the expensive costs of a personal financial advisor.
The dashboard screen also includes their monthly savings and spending details, investments value changes and importantly - a AI calculated value for their overall net worth. On the wallet section of the app a user can add all of their UK bank accounts and be provided with up to date details of the balances held on each alongside all the transactions sent and received.
Result
The project resulted in an intuitive and rewarding user experience which allows users to easily and efficiently foster stronger financial management habits. The UI design of Clouto provides a visually aesthetic futuristic look and feel and utilises high level visual design principles to create a product of beauty.
We ensures consistency across mobile and web platforms through responsive design and catering to users needs and requirements when using the product across different device types. The new visual identity encapsulated Clouto's mission of financial empowerment, with a harmonious and synergistic colour palette, typography choices that conveyed the transformation of modern personal finance and stunning geometric graphics which make Clouto truly stand apart.
