Project brief: Play the role of Product Manager. Conduct business research to generate an objective you're looking to achieve.
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I started of by auditing the app alot to get familiar with it and to validate some of the assumption that I might have on were the problem might be. I also got feedbacks from users 1-1 audit session of the app, I found out that most people don’t use the emergency plan but majorly the saving plan, so I decided to know why.
My role was to act as a product manager and was tasked to conduct business research so that I can generate some objectives for the business. The first thing I did was to come up with a business objectives that would guide me through the journey and process of this project. I did a number of research by looking at their social media page, blog and website to know where they are as a company.
During this process I remembered that I signed up to cowrywise but never used it, I wanted to understand why. I reach out to some of my friends about 15 of them to ask about Cowrywise platform.
One of the biggest trends that came up was that they also signed up but never really used it, which gave me an insight to the buisness objective which is to improved the member retention rate and convert dormant users to active users. My focus for this project as you have noticed is existing users.
Once I came up with the business objectives I decided to fully immerse myself in this problem (retaining users and converting dormant users). The first step I took was to come up with a research goals, to find out why user were dormant and in active on the platform and I wanted to figure out ways the buiness can use to retain our existing users.
1. To understand the frustrations that existing users might be facing.
2. Understand why users are signing up and not using the product
3. To identify solutions that could improve the product experience.
Here are the methodologies I used to achieve this goals
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To achieve the goals, I needed to do more elaborate user research to get viable feedback, so I check up cowrywise instagram & twitter (to get users comment on the product) and I carried out 1-1 interview with 4 participant.
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In other to get the best from all the insight, I converted all of my recorded user interviews and secondary research results into digital sticky notes using FigmaJam. After dropping all of my data onto sticky notes, I organized the information in search of repeated behaviours, pain points and similar trends.
One common trends from the findings is that sometimes due to emergency needs user require access to their locked fund but they don’t understand how to redraw fund on Cowrywise when they have emergencies and thats a big thing because all the trends i got were related to this. This users end up being dormant user because they got frustrated when they had an emergency.
I converted the trends into problem statement.
Users are aware of the discipline to lock their fund until maturity date but due to emergencies they require access to their savings.
Framing the problem statement into ideas. I came up with several solutions, then I priotize my solutions by voting on the idea that has more impact on the problem am trying to solve.
I then convert my ideas to low fidelity wireframes to explore solutions and tested each with users to get viable feedback.
Solution 1: Was to add the option of saving for 10 or 30days above.
After the first usability testing with users for the first solution, the trends from the user were inbetween positive and negative. They were fine with the ideas to save money from 10 days saving plan above but some participant prefer to save for a long period of time but were concerned with the fact that in case of emergency they may not have access to their savings.
Though they were aware of the emergency plan (that give access to save and withdraw fund when you need it), most users said “the emergency saving is just like saving in their native bank, the reason they save on Cowrywise is to have no access to their savings for the period of time they choosed”.
Solution 2: The Cowrywise loan - Giving users have the privilege to loan money from thier saving when they are in a state of emergency.
I got viable feedbacks from the participant about the laon solution but some user were not really okay with the Cowrywise fee but like the loan idea especially for user’s that save for a long period of time.
Participant were also concerned with adding more option for ‘what is the money needed for’ and also they don’t want it to be limited to certain cases.
Solution 2: The Cowrywise loan - Users have the privilege to loan money from thier saving when they are in a state of emergency.
I think the loan idea is good From the trends,
Coming up with the loan ideas was kind of very difficult for me because I was stuck between decided if the what was best for the business and the users. Taking the business into consideration I decided that the laon ideas was not so bad and the both users and business can benefit from the solution.
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