Back
BRYDE FINANCE
Be in-charge of your money always
Back
bryde finance
Be in-charge of your money always
My Bryde is a flexible controlled fintech app primarily created for users on tight budget with little or no discipline on how to spend and manage their money. It helps people successfully manage and utilized their money for fixed recurrent expenses which are core needs to their existence and survival.
My Bryde is a flexible controlled fintech app primarily created for users on tight budget with little or no discipline on how to spend and manage their money. It helps people successfully manage and utilized their money for fixed recurrent expenses which are core needs to their existence and survival.
Bryde Finance designed the most intuitive flexible control budgeting features that work with individual psychology on what they spend their money on and not against it. The apps was structured contextually to suited every expenses cadre so that users can create good plan for their money.
The goal of everyone is financial stability and control. But this can only be achieve when you are in control of your financial life. With intuitive core features designed with the spending account, financial discipline is no longer force on anyone, it becomes a lifestyle because the system was designed to take users through progressive journey from being financial indiscipline to being discipline then to become a “natural saver” which is the utmost goal.
This could be achieve by leveraging on motivation through psychology and gamification to build core feature that helps users go through this process.
The goal of everyone is financial stability and control. But this can only be achieve when you are in control of your financial life. With intuitive core features designed with the spending account, financial discipline is no longer force on anyone, it becomes a lifestyle because the system was designed to take users through progressive journey from being financial indiscipline to being discipline then to become a “natural saver” which is the utmost goal.
This could be achieve by leveraging on motivation through psychology and gamification to build core feature that helps users go through this process.
Service Rendered
Service Rendered
Research, Design, Branding, Strategy
Research, Design, Branding, Strategy
Problem Statement
Problem Statement
Problem Statement
Imagine waking up feeling happy and ready to take over the world in your little corner or workplace then suddenly you remember that you don’t have money to go to work. But you just got paid salary few weeks ago ☹️☹️.
Couple of question comes to mind like; How do I get to work?? Do I have to borrow to survive again?? For how long will I keep living on loan?
A day that started with happiness suddenly goes sad gradually. This is the life of people who have tight budget due to average of low income. They can’t seems to manage their income properly, most who are earning enough to survive, but still can’t manage the funds for fixed recurrent expenses like feeding and logistics because they finished before speculated time.
From randomly talking to several people, We discover it a problem working people with tight budget face regularly.
Imagine waking up feeling happy and ready to take over the world in your little corner or workplace then suddenly you remember that you don’t have money to go to work. But you just got paid salary few weeks ago ☹️☹️.
Couple of question comes to mind like; How do I get to work?? Do I have to borrow to survive again?? For how long will I keep living on loan?
A day that started with happiness suddenly goes sad gradually. This is the life of people who have tight budget due to average of low income. They can’t seems to manage their income properly, most who are earning enough to survive, but still can’t manage the funds for fixed recurrent expenses like feeding and logistics because they finished before speculated time.
From randomly talking to several people, We discover it a problem working people with tight budget face regularly.
goals
goals
goals
It has been the ultimate goal of human to be in control of what they have and in terms of finance, Byrde has made it their purpose to design a product that give users the autonomy to create control financial accounts that suit the way they spend money. The users will be the one to set the restrictions and limit on how the want to access the money.
It has been the ultimate goal of human to be in control of what they have and in terms of finance, Byrde has made it their purpose to design a product that give users the autonomy to create control financial accounts that suit the way they spend money. The users will be the one to set the restrictions and limit on how the want to access the money.
RESEARCH: EXPLORING OUR CURIOSITY
RESEARCH: EXPLORING OUR CURIOSITY
RESEARCH: EXPLORING OUR CURIOSITY
As team curious about this problem, we conduct a generative research (online) about the problem, ranging from understanding problem at large, how people spending habit works with their psychology, how people dealt with such issues, psychology of spending money, impulse spending and it effects and how budgeting or budgeting app work.
From this research I was able to understand:
Psychology of spending money revolves around personal values and goals.
Most people use budgeting as system to regulate and track how they spend.
Most budgeting app does not work. Budgeting is effective for a one-time thing.
When people have the option to either save or spend people lean towards spending based on present bias.
People have always wanted to be in controlled of what they have. People have always wanted to be disciplined about money that’s why people save, used budgeting as a guide and track their expenses but in most cases, reverse is the case.
One of the best way to mitigate unnecessary spending is automation. That’s is not give people the option to either spend or save because they will choose to spend, keeping the money away from them before having to choose works properly. That’s why automated saving works till now.
As team curious about this problem, we conduct a generative research (online) about the problem, ranging from understanding problem at large, how people spending habit works with their psychology, how people dealt with such issues, psychology of spending money, impulse spending and it effects and how budgeting or budgeting app work.
From this research I was able to understand:
Psychology of spending money revolves around personal values and goals.
Most people use budgeting as system to regulate and track how they spend.
Most budgeting app does not work. Budgeting is effective for a one-time thing.
When people have the option to either save or spend people lean towards spending based on present bias.
People have always wanted to be in controlled of what they have. People have always wanted to be disciplined about money that’s why people save, used budgeting as a guide and track their expenses but in most cases, reverse is the case.
One of the best way to mitigate unnecessary spending is automation. That’s is not give people the option to either spend or save because they will choose to spend, keeping the money away from them before having to choose works properly. That’s why automated saving works till now.
Feed forward question
Feed forward question
Feed forward question
Does that mean we have to create hundreds of contextual structure accounts to fit in every ones needs, because in reality, all account do not behave the same way.
In our quest to understand the question above we got to realize that:
Everyone want to survive and cater for their surviving needs first before thinking on goal actualization among other things people want to do. so no matter what you consider important, you must survive first.
In order to achieve a cohesive solution, The psychology theory of Maslow “Maslow's hierarchy of needs” was used to back up our assertion. (This took a while to figure out but it feels good to nail it after lots of work 😊)
Maslow Hierarchy of Need
Maslow (1943) initially stated that individuals must satisfy lower level deficit needs before progressing on to meet higher level growth needs.
Does that mean we have to create hundreds of contextual structure accounts to fit in every ones needs, because in reality, all account do not behave the same way.
In our quest to understand the question above we got to realize that:
Everyone want to survive and cater for their surviving needs first before thinking on goal actualization among other things people want to do. so no matter what you consider important, you must survive first.
In order to achieve a cohesive solution, The psychology theory of Maslow “Maslow's hierarchy of needs” was used to back up our assertion. (This took a while to figure out but it feels good to nail it after lots of work 😊)
Maslow Hierarchy of Need
Maslow (1943) initially stated that individuals must satisfy lower level deficit needs before progressing on to meet higher level growth needs.
From the statement above people have other things they love to spend their money on, but they have to satisfy core needs (safety, air, water, food among others) before moving to other needs like skill acquisitions.
Tailoring it down to financial aspect, it becomes very hard and difficult for people save or invest their money because they have not been able to fully utilize it to cater for their core needs.
From the statement above people have other things they love to spend their money on, but they have to satisfy core needs (safety, air, water, food among others) before moving to other needs like skill acquisitions.
Tailoring it down to financial aspect, it becomes very hard and difficult for people save or invest their money because they have not been able to fully utilize it to cater for their core needs.
Survey Analysis & Interview
Survey Analysis & Interview
Survey Analysis & Interview
A series of question was conducted to understand if this assumed problem was a real problem and also to gain insight on how people spending money, manage money, how impulse spending affect their saving habit. Importantly to gather a quantitative data.
Insight generated
From the survey most people employ the use of budget to track and manage their income and using scale of preference in their spending.
66.7% plan for their needs while 46.4% do not follow the plan successfully, 25% do not follow the plan at all, while 28.6 follows the plan. 46:4% do not stick to their budget was a pointer to understand why they don’t. Which I was able to unravel in my interview research (more explanation on it later).
Majority of the people have spent their allocated monthly money for fixed expenses on another thing. Mostly after spending, they have to borrow or take loan to cater for their needs.
People most times spent the allocated money to their recurrent monthly expenses on other things which they find difficult to balance their account later, because they have to borrow to meet up with their needs.
Everyone has a miscellaneous account for unexpected and other expenses, and most impulse is been served from this account. People engaged in impulse spending but they still want to be able to be in control of their impulse, that’s why most people reduce it to cut expenses.
Aside from spending on their recurrent monthly expenses, people also love to enjoy themselves, like hanging out with friends, sending money to friends and family, buying things they love like clothes.
They all feel that a system that can help to control and create a learnable money disciple will help a lots of people from over spending and help them build a good financial life.
A series of question was conducted to understand if this assumed problem was a real problem and also to gain insight on how people spending money, manage money, how impulse spending affect their saving habit. Importantly to gather a quantitative data.
Insight generated
From the survey most people employ the use of budget to track and manage their income and using scale of preference in their spending.
66.7% plan for their needs while 46.4% do not follow the plan successfully, 25% do not follow the plan at all, while 28.6 follows the plan. 46:4% do not stick to their budget was a pointer to understand why they don’t. Which I was able to unravel in my interview research (more explanation on it later).
Majority of the people have spent their allocated monthly money for fixed expenses on another thing. Mostly after spending, they have to borrow or take loan to cater for their needs.
People most times spent the allocated money to their recurrent monthly expenses on other things which they find difficult to balance their account later, because they have to borrow to meet up with their needs.
Everyone has a miscellaneous account for unexpected and other expenses, and most impulse is been served from this account. People engaged in impulse spending but they still want to be able to be in control of their impulse, that’s why most people reduce it to cut expenses.
Aside from spending on their recurrent monthly expenses, people also love to enjoy themselves, like hanging out with friends, sending money to friends and family, buying things they love like clothes.
They all feel that a system that can help to control and create a learnable money disciple will help a lots of people from over spending and help them build a good financial life.
One of the statement from one of the interviewed was:
“I spent the money allocated for my weekly transport for work to purchase a pair of shoe that I like (impulse spending), then move the money for electricity bill to transport, then ran away from his house for one week because the landlord and electricity company were disturbing him to pay up his debt. I was able to pay up when I go my next month salary”
One of the statement from one of the interviewed was:
“I spent the money allocated for my weekly transport for work to purchase a pair of shoe that I like (impulse spending), then move the money for electricity bill to transport, then ran away from his house for one week because the landlord and electricity company were disturbing him to pay up his debt. I was able to pay up when I go my next month salary”
Another statement was:
“I can’t even save because there is no money left to save. I use the money I have to settle debt resulting from deficit”
Another statement was:
“I can’t even save because there is no money left to save. I use the money I have to settle debt resulting from deficit”
One new insight on why they have not been able to stick to their budget is “inflation”.
In most cases, they can’t stick to their budget because of high increase in price that is constantly going high everyday.
I was able to understand that in most cases they are aware that they is going to be inflation, but they don’t have enough money to purchase what they need before the price goes up. And in most cases, their earning does not increase to correspond with the inflation.
One new insight on why they have not been able to stick to their budget is “inflation”.
In most cases, they can’t stick to their budget because of high increase in price that is constantly going high everyday.
I was able to understand that in most cases they are aware that they is going to be inflation, but they don’t have enough money to purchase what they need before the price goes up. And in most cases, their earning does not increase to correspond with the inflation.
Competitors analysis
Competitors analysis
Competitors analysis
We discovered most if not all the saving and budgeting apps tackle the issues of money discipline from the “money perspective” rather focusing on the users psychology how this they spend and utilized their money. For instance, budgeting only track or keep record of how users spending their money. Based on my research, people have always had a budgeting system(manually), the issues people faced is the ability to control how they spend their money.
The saving apps have been able to use automation to inculcate a bit of discipline in people, by automatically removing the money from users account, but there have been lots of cases that we got to know through research that some people have their money lock in an account through automation but when they are need of money, but they can’t access it. Then they borrow, and when they unlock their money, they paid back their loan, sometime with interest with the money they thought they were saving by locking it away. Funny scenario. (I’ve been in that situation too😄).
Some saving app have feature like save in groups, thrift among other. But in reality, You can only save what you have or have left. Indirectly, this system only favour those that have been able to discipline themselves about money, but there are millions of people struggling with money management. what can be done about this people 🤔
Most financial application out there is trying to save the money not the owner of the money😫.
We discovered most if not all the saving and budgeting apps tackle the issues of money discipline from the “money perspective” rather focusing on the users psychology how this they spend and utilized their money. For instance, budgeting only track or keep record of how users spending their money. Based on my research, people have always had a budgeting system(manually), the issues people faced is the ability to control how they spend their money.
The saving apps have been able to use automation to inculcate a bit of discipline in people, by automatically removing the money from users account, but there have been lots of cases that we got to know through research that some people have their money lock in an account through automation but when they are need of money, but they can’t access it. Then they borrow, and when they unlock their money, they paid back their loan, sometime with interest with the money they thought they were saving by locking it away. Funny scenario. (I’ve been in that situation too😄).
Some saving app have feature like save in groups, thrift among other. But in reality, You can only save what you have or have left. Indirectly, this system only favour those that have been able to discipline themselves about money, but there are millions of people struggling with money management. what can be done about this people 🤔
Most financial application out there is trying to save the money not the owner of the money😫.
Empathy map
Empathy map
Empathy map
personas
personas
personas
USER JOURNEY: bECOMING NATURAL SAVER
USER JOURNEY: bECOMING NATURAL SAVER
USER JOURNEY: bECOMING NATURAL SAVER
Conceptualizing product features
Conceptualizing product features
Conceptualizing product features
Flexible controlled Spending and Recurring budget account
Mini pocket within budget for easy management and tracking of funds
Saving account which most of the money comes from rewards, left over from spending account.
Motivation: Rewards/Incentives and Cashback/ Discounts,
Gamification of reward system
Create a credit overdraft facility so that users can purchase things they need ahead, incase of inflation. this will helps to reduce deficit and borrowing to cater for recurrent monthly expenses.
Flexible controlled Spending and Recurring budget account
Mini pocket within budget for easy management and tracking of funds
Saving account which most of the money comes from rewards, left over from spending account.
Motivation: Rewards/Incentives and Cashback/ Discounts,
Gamification of reward system
Create a credit overdraft facility so that users can purchase things they need ahead, incase of inflation. this will helps to reduce deficit and borrowing to cater for recurrent monthly expenses.
design phase
design phase
design phase
Sketches
Sketches
Sketches
Flexible Controlled Account
Flexible Controlled Account
Flexible Controlled Account
There are two categories under this account; spending and budget account. Insights from research shows that, asides from budgeting, people like hanging out with friends, sending money to friends and family etc. That’s why a spending control account was designed to help them manage this expenses asides their recurring expenses (budget account).
There are two categories under this account; spending and budget account. Insights from research shows that, asides from budgeting, people like hanging out with friends, sending money to friends and family etc. That’s why a spending control account was designed to help them manage this expenses asides their recurring expenses (budget account).
Spending Account: Insight from research make us to understand that, impulse spending occurs frequently in this account. To solve this problem, a flexible controlled spending account as designed; users set the time they want the money to be available daily and spending limit. Once the spending time has passed or limit reached, this account is inactive till the next day.
The reason for a flexible controlled account is that, users like to be in control, so instead of controlling it for them, let them create the control that fit into their psychology or behavior themselves.
Spending Account: Insight from research make us to understand that, impulse spending occurs frequently in this account. To solve this problem, a flexible controlled spending account as designed; users set the time they want the money to be available daily and spending limit. Once the spending time has passed or limit reached, this account is inactive till the next day.
The reason for a flexible controlled account is that, users like to be in control, so instead of controlling it for them, let them create the control that fit into their psychology or behavior themselves.
Budget Account: Account used to budget for recurring expenses. To make it more efficient, users can create multiple pocket within a budget which makes it easier to track, analyze and manage. For instance “Monthly Budget” can have feeding pocket, transport pocket etc...
User set time frame; the different between recurring budget and one time budget is that, when it is time to allocate money to the budget, the money will allocated on that date set on the recurring budget every month, but in the one time budget is just for that month.
Budget Account: Account used to budget for recurring expenses. To make it more efficient, users can create multiple pocket within a budget which makes it easier to track, analyze and manage. For instance “Monthly Budget” can have feeding pocket, transport pocket etc...
User set time frame; the different between recurring budget and one time budget is that, when it is time to allocate money to the budget, the money will allocated on that date set on the recurring budget every month, but in the one time budget is just for that month.
Creating Pocket: to manage each money allocated within a control budget
Creating Pocket: to manage each money allocated within a control budget
Creating Pocket: to manage each money allocated within a control budget
A contextual onboarding process was used for first time users. Once a budget is created, the users can immediately create a pocket within the budget.
From research we discovered that: majority of people if not all, split their monthly budget into weeks (we have 4 weeks in a month) and sub divide into days or or they can customize pocket.
A contextual onboarding process was used for first time users. Once a budget is created, the users can immediately create a pocket within the budget.
From research we discovered that: majority of people if not all, split their monthly budget into weeks (we have 4 weeks in a month) and sub divide into days or or they can customize pocket.
Since this a controlled budget app, the user can only pick maximum of 2-3 days of withdrawal within a week for better discipline
Since this a controlled budget app, the user can only pick maximum of 2-3 days of withdrawal within a week for better discipline
This system is mostly suitable for people that budget for instance transportation or logistics for work, they won’t be able to spend their Friday transport fare on Wednesday on something else. This meet the psychology hierarchy of Maslow need which is the base guide in this product.
This system is mostly suitable for people that budget for instance transportation or logistics for work, they won’t be able to spend their Friday transport fare on Wednesday on something else. This meet the psychology hierarchy of Maslow need which is the base guide in this product.
When users customize, they get to set particular dates within the month they want the money to dispense automatically.
When users customize, they get to set particular dates within the month they want the money to dispense automatically.
Motivation through Reward and Gamification
Motivation through Reward and Gamification
Motivation through Reward and Gamification
Reward System: Creating a motivation in form of reward for users will improve financial management. We designed a reward for action taken which is a “default saving system” from there spending account. The idea is automatically moving unspent money into a savings account. This will significantly benefit users looking to improve their financial habits. It combines automatic savings with spending control, which can enhance both saving discipline and overall financial management.
The automatic savings feature is also tied to user-defined savings goals to enhance motivation.
Reward System: Creating a motivation in form of reward for users will improve financial management. We designed a reward for action taken which is a “default saving system” from there spending account. The idea is automatically moving unspent money into a savings account. This will significantly benefit users looking to improve their financial habits. It combines automatic savings with spending control, which can enhance both saving discipline and overall financial management.
The automatic savings feature is also tied to user-defined savings goals to enhance motivation.
User flexibility: Allow users to adjust the percentage of unspent funds that are automatically saved. This provides customization and control. Countdown timer is also provided so user can track their reward date properly
User flexibility: Allow users to adjust the percentage of unspent funds that are automatically saved. This provides customization and control. Countdown timer is also provided so user can track their reward date properly
Gamification: To motivate the users more we designed a gamified system that reward user who spend least of money in their spending account. It a contest between people that have the same of money in their spending account; user who spend less wins the badge and it benefits.
Gamification: To motivate the users more we designed a gamified system that reward user who spend least of money in their spending account. It a contest between people that have the same of money in their spending account; user who spend less wins the badge and it benefits.
When users win the contest or get rewarded.
When users win the contest or get rewarded.
Saving screen designed with gradient colours to show enthusiasm and positivism
Saving screen designed with gradient colours to show enthusiasm and positivism
Utility payment
Utility payment
Utility payment
The utility feature section was built in context to fit into how people pay for this bills in Nigeria.
CABLE TV AND INTERNET
Cable TV and Internet payment are mostly done once a month here in Nigeria, so users can set the date whey want to pay every month.
The utility feature section was built in context to fit into how people pay for this bills in Nigeria.
CABLE TV AND INTERNET
Cable TV and Internet payment are mostly done once a month here in Nigeria, so users can set the date whey want to pay every month.
ELECTRICITY AND WATER
Utility like electricity are paid or purchased as many times as possible. i.e we pay for water more than once a month, we buy electricity like 3 times or more a month depending how many units you want to buy at once.
ELECTRICITY AND WATER
Utility like electricity are paid or purchased as many times as possible. i.e we pay for water more than once a month, we buy electricity like 3 times or more a month depending how many units you want to buy at once.
More screens from the design
More screens from the design
More screens from the design
You cannot fully control how people spend their money, and if the system is too rigid they buyout it, if it is too simple, it won’t be effective, that why in this project, Users are giving the control to set their money on the level of discipline that resonate with their spending behaviour and psychology
Success Metrics
Success Metrics
Success Metrics
Core adherence to monthly expenses budge from users, will indicate that users are discipline in the way they spend which is one of the core problem we are solving.
Having leftover miscellaneous money, means users have been able to reduce their over spending on impulse needs, which can be diverted into saving.
Core adherence to monthly expenses budge from users, will indicate that users are discipline in the way they spend which is one of the core problem we are solving.
Having leftover miscellaneous money, means users have been able to reduce their over spending on impulse needs, which can be diverted into saving.
Challenges
Challenges
Challenges
One of the challenges what getting to understand how nested accounts work in real world and how I can use the technology to solve this problem, but I was able to get it done.
Another challenge we faced was how to narrow down monthly expenses to something that resonate with everyone. Because people have different monthly differs from each other and it will be difficult to create contextual experience for all these expenses. The best option in this project was to use the Maslow Hierarchy of need theory to capture all these needs. And it worked ☺️.. Took a while to get it to that point though.
One of the challenges what getting to understand how nested accounts work in real world and how I can use the technology to solve this problem, but I was able to get it done.
Another challenge we faced was how to narrow down monthly expenses to something that resonate with everyone. Because people have different monthly differs from each other and it will be difficult to create contextual experience for all these expenses. The best option in this project was to use the Maslow Hierarchy of need theory to capture all these needs. And it worked ☺️.. Took a while to get it to that point though.
Takeaway
Takeaway
Takeaway
Understand the best technology to use in the industry you are trying to solve the problem
Lots of user behaviour revolves around psychology and most times, it’s a context dependent situation. Every user sees things differently.
Drawing a good insightful similar pattern from behaviour helps you build a product that is inclusive and works for lots of people.
Thank you for reading
Understand the best technology to use in the industry you are trying to solve the problem
Lots of user behaviour revolves around psychology and most times, it’s a context dependent situation. Every user sees things differently.
Drawing a good insightful similar pattern from behaviour helps you build a product that is inclusive and works for lots of people.
Thank you for reading
Back
BRYDE FINANCE
Be in-charge of your money always