A financial management and market place solution for college students
UX & Interface design
Budchat
A Financial Management and Marketplace Solution for Students
New Entrance in IIT Bombay Campus
Students have a lot of new expenses that they have to independently manage when start their hostel life. Design an digital platform that helps students understand the different types of finances they may need to thinks about and a simple and effective way to mange them month on month.
Understanding target user
we aim to design for
Twelve curated questions were posed to four student groups and four individuals, focusing on financial management awareness, resources, goals, challenges, and needs.
Students shared their methods for managing finances, highlighted expenses, and discussed challenges.
They mentioned using apps, setting spending limits, and prioritizing expenses, with savings and income sources differing across individuals.
Empathy mapping
An empathy map was created to understand what students say, think, do, and feel about financial management. Based on this, user personas were developed to represent typical users.
Persona
An empathy map was created to understand what students say, think, do, and feel about financial management. Based on this, user personas were developed to represent typical users.
Problem Statement
How may we help Arun who avoids impulsive expenditure but eventually does it and needs a way to save enough money for his badminton kit and tournaments fess involuntarily even though he lacks financial literacy.
Limited source of income
Unable to control on spendings
Lack basic understanding of finance management
Existing solution isn’t catering to the basic finance requirements
Ideation
Idea 1
The AI analyses data based on factors such as the day, time, and user needs to generate various expense budgets. Users can select a budget that suits them best and adjust it through the Planner tool.
Idea 2
A marketplace that can function independently, even without the budget planning feature.
It has the potential to promote shared economies, encourage thrifting, financial pooling.
It also provides an opportunity to save money, which can be directed towards other expenses or savings.
The "Reward" system compares product prices across markets, offering real-time benefits without requiring bank account connections.
Information architecture
Interface design
An empathy map was created to understand what students say, think, do, and feel about financial management. Based on this, user personas were developed to represent typical users.
Renting UI Flow
Thrifting and renting are more effective modes of resource sharing in colleges, as students aim to minimize their expenses and address short-term needs.
