Vaulti
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Interaction Design/Product Design
Designer(s)
Sophie Zhao
Duration
12 Weeks
Recognitions
Overview
As millennials become more aware of the consequences of financial illiteracy, especially amongst the growth in financial interests during the pandemic, one question became more obvious: why isn’t personal finance a mandatory teaching in school? Nonetheless, with this growing realization, millennials have taken steps into their own hands to strengthen their financial knowledge during the pandemic. According to data from App Annie, average weekly app downloads for personal finance apps jumped 20 per cent in March of 2020 since Q4 2019 amidst the coronavirus surge. However even with the increase in interest of financial literacy, there are some fundamental flaws in most budgeting or tracking apps that make it difficult to uphold retention thus make it difficult to stay on track. On top of this, there is that notable gap we mentioned earlier between millennials and even gen-z'ers still and financial education that needs to be addressed.
Addressing the Issue
Budgeting and tracking apps on the market require the user to plan goals themselves. Without the right knowledge, it can be difficult for them to set the right ones for themselves. It is often tedious and unrewarding when you accomplish your goals, making it undesirable to regularly check the app and create new ones. So the app becomes easily ignorable and your efforts seem increasingly redundant. Other than showing numbers and graphs of their financial history, there is no encouragement on actually growing their net worth. And finally, It is up to the users themselves to stay up-to-date on new financial opportunities, as well as to learn about investing, taxes, budgeting, retirement planning, insurance, mortgages, trading, and banking— which is a whole lot.
Vaulti — Visual lessons for making smarter financial decisions
To address the most important problem: which is the gap of proper financial education and millennials, Vaulti offers curated lessons and goals based on your current financial situation, so you don’t have to do the digging on your own. But not only will you have lessons/goals, you will also be able to track the growth of your net worth all within Vaulti. Every lesson shows a case-by-case graph of where your financial decisions can take you in the future. So not only do you learn, but you also see your potential return, which really puts forth the value, thus encouragement, of staying on top of your finances. There’s also a never-ending journey of lessons in the app, so you can work your way up to financial literacy while never having to worry about running out of new knowledge to learn.
Vaulti — A dip into cryptocurrency
Vaulti introduces a fresh take on rewards in goal and budgeting apps, by rewarding its users with Bitcoin. With this, Vaulti provides a unique opportunity for users to partake in one of the world’s fastest-growing sectors, projected to grow from $754 million in 2019 to $1,758 million (USD) by 2027 — that’s a whopping 11.2% CAGR (Compound annual growth rate). Users get instant gratification when they learn and complete goals since they get real equity with monetary value, constantly encouraging them to continue their financial literacy journey. An integrated wallet comes with every account so users can monitor their Bitcoin portfolio, live in the app. Unlike other bitcoin reward apps, users have the freedom to cash out via Interac or transfer between other wallets— whenever they want, however much they want, so nothing is locked away from you! For more details on this case study, visit https://sophii.co !
