Lemonwise
Simplifying How New-Grads Manage Their Finances
UofT course project [INF1602]
Role
User Interviews, Usability testing, Wireframing, Prototyping
Team
Me, Cynthia Hua, Lily Wang, Vera Zheng
Tools
Figma, Figjam
Duration
3 months
Problem
The majority of students still struggle with basic financial literacy.
Forbes research found that fewer than 15% of students answered all six financial literacy questions correctly, and less than half (46.2%) answered four correctly.
This lack of knowledge often causes anxiety for new grads, who face the challenge of managing their finances during a major life transition. Additionally, despite their growing interest in investing, many don’t know where to start.
Solution
Lemonaid is an app that helps new-grads find non-intimidating ways to invest early on, so they can build financial literacy and nurture healthy money habits for long-term success.
Interview Insights
Exploring the financial habits of new-grads
To confirm whether the problem was common, I interviewed 8 new-grads (aged 21-25) and found that...
6/8
reported challenges in maintaining tracking, which led them to abandon budgeting practices
are interested in investing but have no idea how
mentioned a desire for better data visualization
New-grads are saying…
Persona
Empathizing with Users to Address Goals and Pain Points
Focusing on new-grads and their transition into financial independence provided a clearer understanding of the target audience.
Competitive Analysis
Assessing Financial Apps for Insights and Opportunities
While many of the financial apps we explored were well-made (e.g. YNAB and Buddy), we discovered several opportunities to incorporate unique features into our product that would distinguish it from the competition using user research.
Gaps
Helpful financial analytics
Security concerns
Lack of educational features
Opportunities
Design for low-learning curve
Seamless transition towards investing
Monitor finances through visualization
Prioritization Matrix
Ranking Features for Impactful Design
After compiling user feedback based on the most frequently mentioned responses, I prioritized features using a 'Priority x Feasibility' framework. This allowed me to focus on features that were both highly requested and practical to implement, ensuring Lemonaid meets user needs effectively.
Top 3 features
Setting a financial goal
Actionable plans for investing
Clear visualization of spending data
Gathering Persona + Research Insights
Emily wants to…
💡 Solution Phase
Ideation
The 4 Pillars
Using the user persona and research insights, we came up with 4 features to address the 4 identified pain points directly.
Low-Fidelity Prototype
Designing a High-Level Task Flow
After some UI sketches, I created low-fidelity wireframes to map the user journey for returning users. Each screen displays a screen that represents each pillar.
Usability Testing
Testing the primary flow of setting up a financial goal
I conducted a "think-aloud" session and follow-up interview with 6 users, revealing 6 key themes that guided iterations on our high-fidelity prototype.
Visual Design
Friendly, Modern, Playful
The design uses bright and vibrant colors, paired with bold, modern typography and playful illustrations, including lemons and cheerful emojis, to create an engaging and approachable aesthetic.
High Fidelity Mockups
Four Pillars Overview
Homepage
A one-stop-shop for all financial overviews using widget based summaries. Each section can be clicked on to redirect them to a more extensive section.
Feature 1: Spending Analytics
Spending patterns and analytics are designed to be non-threatening and easy to understand.
Feature 2: Goal Setting
Users are guided through an intuitive onboarding process to set long-term or short- term goals effortlessly.
Feature 3: Investment Integration
Rather than assuming users understand investment terms and setup, consistent onboarding is provided for all users. Product tours and tooltips highlight unfamiliar terms and features.
Feature 4: Learning Hub
Modules that adapt and grow in complexity as users enhance their financial literacy to ensure continuous learning.
When life gives you lemons, make it work for you!
Lessons Learned
Creating innovative ideas is challenging but immensely rewarding.
Developing a unique finance concept was challenging due to a crowded market and security concerns. We frequently revised our ideas, engaging in extensive discussions to refine our approach. Ultimately, we created a distinctive feature that set our project apart. This experience reinforced the importance of flexibility in ideation and teamwork in overcoming obstacles. Moving forward, I would like to prioritize clear communication to streamline decision-making and avoid unnecessary iterations.
Next Steps
Enhance tracking customization
Add a feature to connect with financial advisors
Enhance security (MFA)
Add a reward system