Case Study:
BudgetBuddy
A Millennial Banking Innovation
During an upskilling Product Management course we were tasked to create an innovative product to help millennials. My team worked collaboratively to work through the entire product management lifecycle.
Project Overview
The
Process
01
Project Problem Statement
-
Identification of millennials' financial challenges
-
Context within millennial banking landscape
-
Identifying issues with current banking solutions
-
Highlighting security concerns and adoption issues
03
Solution Discovery
-
Introduction of BudgetBuddy™
-
Outline of features: financial habit control, budget management, smart speaker integration
-
Goal to increase market share among millennials
-
Product feature development
-
Value propositions: financial control, goal achievement, debt reduction
-
Roadmap for solution's development
-
User Stories
02
Problem Discovery
-
Market research on US millennial population
-
Current market share and millennial challenges
-
Uncovering customer pain points
-
Development of user personas
-
Understanding goals, jobs to be done, and demographics
-
User Journeys
04
Success Metrics and Go-to-Market (G2M) Plan
-
Metrics: Acquisition, Adoption, Retention, Revenue, App Reviews
-
Detailed metric targets
-
Overview of Go-to-Market (G2M) Launch Plan
01
Project Problem Statements
"The 2008 crisis has led millennials not trusting the banks or the banks current solutions"
Problem 1: The Missing Customer Problems
-
Existing IoT banking apps lacked a clear understanding of the customer problems they aimed to solve.
Problem 2: Security Concerns
-
Major security concerns were a roadblock to user adoption.
Problem 3: Lack of User Demand
-
There was insufficient proof that millennials wanted to access their banking information through these apps.
Problem 4: Systemic Adoption Issue
-
All of the above challenges converged to create a systemic adoption problem.
02
Problem Discovery
User Journey
Understanding the user journey within the BudgetBuddy™ app was a crucial part of problem discovery:
-
Understanding Current Spend: Users can review their spending history, set monthly goals, and configure notifications.
-
Setting Up Spend Goals: Users can set budget targets by categories.
-
Configuring Notifications: Users can customize notification settings.
-
Monitoring Finances: Access to real-time financial data, analysis, and educational resources.
Market Opportunity
We also discuss the immense market opportunity that these challenges presented:
-
The US millennial population stands at a staggering 72 million.
-
Currently, we hold a mere 0.5% market share.
-
Our goal is to capture 3% by Year 3, translating to approximately 2 million additional millennial customers.
-
This could potentially bring in approximately $20 billion in new funds to manage.
03
Solution Discovery
Solution
This section outlines the comprehensive solution offered by BudgetBuddy™:
-
Promoting better financial habits through spending control and monitoring.
-
A user-friendly and appealing interface to manage budgets.
-
Integration with smart speakers, embracing technological advancements.
Personas
To better understand our target users, we have defined two personas:
User Stories
-
As Partying Patrick, I want to have a simple and intuitive interface to monitor my spending and set financial goals.
-
As Married Michelle, I want to securely save for my children's future while managing our household budget.
-
As a tech-savvy millennial, I want to integrate BudgetBuddy™ with my smart speaker for easy voice-controlled access.
Mockups
Mockups illustrate key app screens, including the home page, budget page, forecast page, and notifications page.
Roadmap
The roadmap outlines the planned phases and milestones for BudgetBuddy™:
-
MVP launch in 6 months.
-
v2.0 planned within a year.
Strategic Positioning
BudgetBuddy™ positions itself as a market leader by empowering millennials to take control of their financial future through seamless integration into their banking experience.
Competitive Landscape
In a retail banking landscape where personal finance features are underutilized, BudgetBuddy™ enjoys a blue ocean advantage. With a strong commitment to digital innovation, we address the unique needs of our personas, Partying Patrick and Married Michelle.
04
Go-To Market and Success Metrics
Success Metrics (AARRR Model)
-
Acquisition: 100k new millennial leads, Cost per lead < $200.
-
Adoption: Onboard 8000 signups, 2000 weekly active users.
-
Retention: Monthly customer retention rate of 95%, 4000 enabled notifications.
-
Revenue: 50,000 new millennial banking accounts, with the potential for cross-selling other products.
-
Retention: Achieve 1000 positive app reviews.
​
Go-To-Market (G2M) Plan
The G2M plan involves a mix of paid, earned, and owned marketing strategies, including banner and video ads, influencer partnerships, website banners, SEO-focused content, and email campaigns.
Conclusion
BudgetBuddy™ represents a game-changing innovation in millennial banking, addressing key challenges, capturing market share, and empowering users to secure their financial futures. With a strategic roadmap, comprehensive user journey, and solid marketing plan, BudgetBuddy™ is poised to revolutionize the digital banking experience for millennials.