Understanding and studying the financial management scenario in India

Created a survey for validating doubts from general research

Generated Insights 

1. Research

Defined the application's functions based on the gathered data

Create an application user flow

Sketch wireframe and ideate various interfaces on paper

Project Plan

#My Approach

2. Ideating 

Interface & Experience

Finalise the wireframe digitally

Select a design language for the application and determine its visual identity

Logo design and branding the application

3. Prototyping

Create final visual design of the applicatiion and make it ready for prototyping

Are you Financially Literate?

Financially literacy is a term coined for ability to understand how to make sound financial choices so you can confidently manage and grow your money. This concept is not very widely discussed, but is one of the most crucial and essential life skill for a population of a developing country like India at large.

76%

Percentage of Indian Population is Financially illiterate

​

Financial resources are one of the most essential resources for humans, yet most of the people fail to understand the importance of managing this crucial resource of their life.

53%

51%

85%

59%

Percentage of Indian population that does not know how to access credit facilities

Percentage of urban indian population that does not have a financial plan for their future

Percentage of Indian population that is unaware of their credit score

Percentage of earnings spent on current expenses by the Urban Indian population

What is Personal Financial Ecosystem?

Now that we are aware that financial resources are a key life saving aspect in current times. And these resources come with their own responsibilities and liabilities. They form a part of our everyday life and look after our day to day functioning. Hence, just like a natural ecosystem, these resources also function like a pattern wherein, every individual earns money which is either spent or invested. Thus, to perform all these functions there is a protocol which needs to be maintained for a steady and stable management of these resources. This complete process has its own boundaries and limitations. and when it all comes together, it forms an ecosystem of financial recourse which i prefer to call a Financial Ecosystem, that involves every individual with personal needs and demands.

User Profiles

Synthesizing Insights

The Worried one

The Smart one

"I am constantly worried about my finances and if they will be sufficient for my family"

"I am very much aware about my goals and I have planned my finances accordingly"

Risk Appetite

Very Low

"I am prefer to save my money through

traditional means like fixed deposits, Gold, etc. I do not know have much financial knowledge, hence i do not like to experiment"

Risk Appetite

Moderate

"I am very well equipped about investment options, and I like to take calculated risks. I often keep aligning my financial investment with my goal through professional guidance"

Tracking

resources

Returns of Investment

Familiarity

Management

Lack of options

Time

Knowledge

Emotions

Security

The Lazy one

"I have sufficient financial resources, I dont really bother much about managing them"

Risk Appetite

Very High

"I earn money from my business in Cash form, I do worry much about financial options, I simply invest them in real estates, Gold and other business. I believe you cannot make money unless you take enough risk."

Secured management of data and tracking of resources while keeping privacy intact.

Exploring and gaining financial knowledge in minimum time.

Approachable financial options which can be accessed with ease, thereby creating a sense of familiarity for the user.

Fi-Eco converts user needs into functions

which will help the user redefine and create their own financial ecosystem.

Monitor. all at one place

Control.

your Finances

Explore.

financial opportunities

Customise.

 your financial wellbeing

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Technical Wireframe.

The Logo Story.

As Fi-eco is an application which acts as a platform for all the financial needs and demands, I decided to have a very bold base which would resemble a platform. I decided on circular shape because it portrays the idea of motion and movement in a procedural pattern thereby conveying that the platform is about elements that are in constant motion and interaction around the user. Hence, the user is denoted strong distinct color to reflect the user centric principles of the application.

Enter your PAN Number.

As soon as you launch the application, you need to enter your pan number which will help the application identify you and will help collect your financial data.

Verify your Details.

Once the pan number is approved, the application will ask you to register your authentication detail so that your data can be fully protected and accessed only by you.

Control your Finances from one place.

This is the home page which is equipped with a special dashboard and its unique way to toggle between content. The idea was to incorporate a fun fidgeting element in the dashboard that urges users to interact in playful way and retains their curiosity to explore the content in a different way

" Interactive interface to enjoy financial management "

Joystick Interface

The Joystick interface was thoughtfully designed to give users a fun gaming experience, to balance that seriousness of the content. I feel that balancing heavy content with interactive and intuitive elements and features can make the application more engaging and sometimes, even less intimidating. The interface is directly inspired from a gaming controller with a joystick, wherein the center wheel has to be held and moved towards the function you want to access

Notification Icon

The notification bar alerts the user everytime there is an update in any functions of the application. A red icon denotes that the update is not acknowledged or checked. All new and prior notifications can also be accessed from here.

Navigation Bar

This is Fi-eco's own customised navigation bar that has four main functions: profile, home, pay and calculator; which can be accessed anytime directly from this navigation bar.

News

This icon gives you access to all the relevant financial news and keeps to updated with all the.... policies for you to explore

Expenses

Since, all the financial data and bank accounts are linked to your PAN card, this icon enabls you to review all the digital transactions and expenditure and keeps a track of your expenses

Investment

This Icon is for accessing and exploring all your existing investments linked to your Pan card, as well as search for new options to invest in.

Taxes

This section allows you file and review taxes, as well as lets you connect with a tax consultant or an advisor.

Pay.     Monitor.     Invest.

Pay. Conveniently

This application is also equipped with its own Unified payment interface that allows the user to pay directly and conveniently from the application.

Monitor. Your Spendings

Fi-eco is also allows you to monitor your expenditure, every spending made by the user is categorised and a monthly budget set by the user is also displayed which allows the user to see if he has not exceeded the budget and how much money is still left so that he can plan his spendings accordingly.

Stay updated with News.

News. to explore

Whether the markets are bullish or bearish, the user can access all the information from one place. The application will also filter and show the relevant financial news as well as brief the users on all the active schemes and financial credit facilities. It would also guide the user in setting or achieving financial goals through interesting blogs and articles.

Click. or Swipe.

To make the homepage more intuitive, I decided to plug calculator and profile in the same layout that can be swiped and accessed. The user can simply swipe the dashboard right or left to access his profile or calculator respectively. The same functions can also be accessed from the navigation bar, I felt it was crucial to to have an in-built calculator in the application because when it comes to finances we often need to make certain calculations and it becomes very difficult to switch application just to access calculator.