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OVERVIEW
IDFC FIRST Bank aimed to develop a Financial Literacy PWA for customers and their children, focusing on teaching finance basics through rewards and certifications. The first phase targeted only IDFC customers, serving as a pilot to assess effectiveness. Based on the results, the bank planned to refine the app and potentially release it to a broader audience, extending its impact on financial literacy.
CLIENT
PROBLEM STATEMENT
The goal is to design a Financial Literacy PWA that educates users and their children on finance basics through rewards and certifications. The challenge is to create an engaging pilot experience that can be refined and scaled for broader impact.
ABOUT THE CLIENT
IDFC FIRST Bank was priming to build a financial literacy PWA for IDFC First Bank customers and their children, to teach the basics of finance, leveraging rewards & certification as motivators. ZEUX conducted the research and created the initial concepts in a POC as requested by IDFC FIRST, based on which this project was taken forward.
IDFC First Bank came to us to validate their idea for a Financial Literacy Learning Platform with a Proof of Concept, which needed to be
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Fun
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New-Age
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Youthful
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Bite sized content
PROJECT BRIEF
Create a Financial Literacy Progressive Web App (PWA) tailored for IDFC First Bank customers and their children, designed to educate them on fundamental financial concepts. The app will utilise rewards and certifications to engage users and incentivize learning, making the process both educational and motivating.
THE PROCESS
Research & Define
Conceptualise
Design & Prototyping
Final Delivery
RESEARCH
Competitive research and analysis were conducted for the POC prepared by ZEUX prior to this project. This entailed looking into the current trends and strategies being used by similar learning platforms to reach the users in an effective and successful way. Using this as a strong foundation we proceeded towards the mainframe and UX Design of the platform.
Fig 1: Competitive research and benchmarking for references
Why build a Financial Literacy App in the first place?
Fig 2: Studies proving the need for financial literacy in India
And is the problem getting any better or worse?
Fig 3 : Current conditions in terms of financial literacy in the nation
INITIAL PROOF OF CONCEPT
The initial proof of concept presented to IDFC was focused more towards teenagers from 12 to 17 years old. We introduced a mascot named ‘Fili’ and had a default dark mode visual styling with neon green accent colour that resonates with GenZ. The idea was to understand the user needs, provide bite-sized content that is easy to consume, and incentivise the curriculum effectively.
Fig 4 : Initial Proof of Concept
POC FEEDBACK
As per the final brief and the feedback received for the POC, we redirected towards
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Rethinking the colour palette
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Realigning the information architecture to align to the basics of finance
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Including both types of learning approach (sequential or non-sequential)
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Reimagining the points system and currency
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Creating a gamification ladder for effective incentive.
OUR FOCUS
The project focused majorly on the following keys to achieve the necessary outcome:
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Creating universally accessible content
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Cater to all age groups
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Solving for shorter attention span
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Making content delivery for financial literacy more interesting/ engaging
INITAL CONCEPTS
POC Design
Traditional + Slightly Disruptive
Traditional + New Age
DIVISION OF TYPES OF CONTENT
We identified five effective ways for educational content to be consumed easily by all age groups and designed the curriculum using these methods of learning.
Fig 5 : Division of content in terms of different types of learning mediums
LANDING SCREEN
The landing page aims towards inviting the user to a holistic learning environment while informing them of the varied learning formats and styles available on this platform and introducing the incentive for the user to utilise this platform early on
Solving for: Boosting conversion & Making content delivery for financial literacy more interesting
LEARN
We designed around multiple formats of learning being available as per user preference and the curriculum was designed with due consideration to different styles of learning for different users- Sequential, Non-Sequential & Interactive quizzes
Solving for: Shorter attention span & Making content delivery for financial literacy more interesting
EARN
Giving the user a sense of accomplishment by allowing them to earn redeemable ‘FinCoins’ for learning and acing the quizzes available after completion of every module and course
Solving for: Gamified experience to boost morale & Making content delivery for financial literacy more interesting
REDEEM
Keeping the user motivated and engaged by giving them authentic and relevant rewards in exchange for their ‘FinCoins’. This also gives them a reason to continue their learning journey.
Solving for: Boosting motivation and engagement
A LEARNING PLATFORM FOR ALL
The platform provides different learning styles for easy content consumption- Sequential and Non-Sequential, which are designed for kids and adults, respectively.
Solving for: Catering to all age groups
THE OUTCOME
The final prototypes of the IDFC FIRSTAcademy incorporate user feedback to enhance usability and operational efficiency. Key improvements include
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Holistic and personalised learning experience that catered to both kids and adults.
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Scalable design to accommodate future growth and scalability.
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Content delivered through multiple formats for a deep and immersive learning experience.
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Strategic incorporation of brand association to widen customer base.
IDFC FIRST BANK: FINANCIAL LITERACY APP
ROLE & DURATION
Senior UX Designer
Team of 2
Stakeholder visioning, Concept generation, UX Design, Visual and UI Design, Animations, Project-Product-People Management
June - Sept 2023
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