Project Overview
Sprout is a conceptual product designed to democratize financial planning by providing a goal-based, holistic tool for users to manage their finances. Unlike traditional spreadsheets or expensive financial advisors, Sprout empowers individuals with actionable insights, visual tools, and personalized strategies to plan for goals like retirement, buying a home, or debt reduction.
UX Designer — Research, Wire-framing, Prototyping, Interaction Design.
3 months, Self Initiated Concept (Hoping to take it ahead soon, currently workin on it in my free time)
Homepage - Comprehensive overview of your financial plan
Assets and Liabilities
Asset Allocation Strategy
Manage monthly budgets and track SIP investments based on financial goals.
Find Advisors
Inaccessible Financial Planning
In India, professional financial planning is accessible only to the wealthy, leaving middle-class individuals with fragmented tools like spreadsheets and calculators. Sprout bridges this gap by offering a lightweight, customizable, and visually intuitive platform for younger users (20-35 years old). It aims to simplify financial planning without requiring professional advisors or significant upfront costs.
PROBLEM STATEMENT
CHALLENGES AND GOALS
Comprehensive Financial Management
Provide an all-in-one platform for financial goal setting, expense tracking, and wealth planning.
Real-World Adjustments
Account for real-world factors like inflation and step-up SIPs (Systematic Investment Plans).
Accessibility for All
Make financial planning accessible for users unfamiliar with advanced tools. Especially for Gen Z and millennials who avoid spreadsheets.
Design Complexity
Creating an interconnected system for budgeting, debt planning, goal setting, and taxation required extensive domain knowledge.
Customizable Strategies
Allowing users to customize goals, assets, liabilities, and strategies to fit their unique needs without direct investment or advisory responsibilities.
Primary Research
To gain deep insights into the needs and preferences of financial planners, I conducted a comprehensive research study. This included qualitative interviews with industry professionals and a quantitative survey of 97 respondents from diverse demographic backgrounds.
Cross tabulating data collected to derive deeper insights
Used pivot tables to correlate metrics like income, financial goals, and saving habits which were derived from the survey.
Competitor Analysis
Studied existing tools and spreadsheets to identify gaps, limitations, and opportunities for innovation.
Insights
The insights gleaned from the research were synthesized to formulate key "How Might We" questions. These questions guided the design process and led to the development of innovative solutions.
Designs
Comprehensive Financial Management
Provide an all-in-one platform for financial goal setting, expense tracking, and wealth planning.
Overview of a holistic financial plan
Real-World Adjustments
Account for real-world factors like inflation and step-up SIPs (Systematic Investment Plans).
Design Complexity
Creating an interconnected system for budgeting, debt planning, goal setting, and taxation required extensive domain knowledge.
Creating a Goal
Users can create financial goals which requires integration with other product features.
Interconnected Inputs: Goal creation communicates with:
- Asset allocation strategy
- Available monthly budget
Asset Setup: Users must define assets they intend to invest in.
Real-World Adjustments: Factors like SIP step-ups and estimated inflation are incorporated.
Outputs Provided:
- Future amount required
- Recommended SIP allocation
- Strategy vs. current allocation comparison
- Timeline view showing increasing monthly SIP amounts over time
Asset Details
Fund/Asset Tracking: Users can view detailed information about any specific fund or asset, including:
- Duration of investment
- Current value
- Expected vs. actual returns
- Amount invested
Updates and Adjustments:
- Add unexpected lump sums or withdrawals
- Record SIP updates to track if investments align with the plan
Visual Tracking:
- Monitor progress vs. plan using visual charts
- See asset allocation for multi-asset funds
- Investment History: Easily review past transactions and actions.
Customizable Strategies
Allowing users to customize goals, assets, liabilities, and strategies to fit their unique needs without direct investment or advisory responsibilities.
Asset allocation informs Goals and Final SIP amounts
Customize Asset Allocation: Users can set their own asset allocation strategy. For goal-based investing, Sprout provides personalized SIP allocation recommendations based on the investment horizon.
Custom Asset Class
Users can ensure a comprehensive financial plan by creating custom asset classes not currently available on the platform like NFTs, collectibles etc.
Balancing Complexity and Simplicity:
Creating a detailed yet accessible experience for non-expert users was key. Designing financial tools required bridging the gap between complex concepts and simple interfaces.
Scalability and Cost Optimization:
Features were strategically chosen and designed to ensure ease of development and minimize costs, keeping a startup-friendly approach in mind.
Importance of Flexibility:
Allowing customization for unique financial strategies while accounting for real-world factors improved usability.
Strategic Visualization:
Simplifying complex data through visual elements enhanced comprehension and engagement.