Fisíkóló
Client
Personal Case Study
Services
User Research UI Design
Industries
FinTech
Date
January 2023
Project File Link
Product Overview
In Nigeria, group savings suffer from trust issues, incomplete payments, and disparities, dissuading potential users. Research shows a staggering 85% encountered financial discrepancies within their savings groups, leading to declining participation. Fisíkóló addresses this with a secure platform. Users can set up and join group saving rotations, like "chamas" or "esusu," with features including quick loans and fund locking, revolutionizing communal savings."
Problem Statement
Saving can be fun considering all of its benefits, but it has its own shortcomings too, coming from theft, age difference, societal disparities, trust issues etc. Many people have lost interest in group saving rotation because of the issue of scam.
Solution
Fisíkóló addresses trust issues, incomplete payments, and disparities in group savings with a robust user verification process, automated savings, secure digital wallets, transparent tracking, interest earnings, and strong security.
The platform offers user-friendly features, investment opportunities, community engagement, and financial education. Fisíkóló is committed to financial inclusion through on-site agents in underserved areas, providing personalized support, workshops, and guidance for seamless platform use, empowering individuals for informed financial decisions.
Goals
Recognizing the critical need for a secure and transparent group savings platform, my primary goal was to create an intuitive application that would:
Simplify the process of managing and participating in group saving rotations, promoting inclusivity and collaboration.
Provide users with valuable educational resources and investment opportunities to encourage financial growth and empowerment within the community.
Establish a secure and trustworthy environment for communal savings, fostering confidence among users.
Target Audience
The primary target users for the project are business woman, business men, Investors and Working class Individuals.
User Research
To gain comprehensive insights into user preferences and pain points related to communal savings, I employed a combination of online surveys and in-depth user interviews. The online surveys were distributed across various social media platforms and online communities where group savings practices are prevalent, yielding quantitative data on user behaviors and preferences. In parallel, I conducted in-depth user interviews with a diverse sample of potential Fisikolo users, enabling me to delve deeper into their experiences, challenges, and expectations regarding communal savings and digital financial platforms.
Discoveries
Trust Concerns:
82% of survey respondents expressed concerns about the trustworthiness of existing group savings platforms, citing instances of fraudulent activities and security breaches as significant deterrents to their continued participation.
Educational Gap:
User interviews revealed a notable lack of comprehensive financial education among potential users, with 76% of interviewees expressing a desire for accessible resources and guidance on effective financial management and investment strategies.
Accessibility Challenges:
A significant proportion of users, particularly from rural and underserved communities, highlighted the lack of access to digital financial services as a primary barrier, emphasizing the critical need for personalized support and simplified onboarding processes.
Conclusion
Fisíkóló revolutionizes communal savings in Nigeria by addressing trust issues, providing financial education, and fostering inclusivity. Through streamlined group management, robust security, and on-site agents, it simplifies saving while empowering users to make informed financial decisions.
If project comes live, she shall be dedicated to a user-centric design and continuous improvement will remain steadfast, to create a meaningful impact and enable financial empowerments for all.
With Fisíkóló, we will experience a more secure, transparent, and inclusive financial future.