For this project we fleshed out a small service concept, built an information page, smooth onboarding process and a special account overview. The project is a case study for comdirect and was developed in close collaboration with David Brandau in the class “Minimal Banking – The Future of Money” of Prof. Dr. Frank Heidmann.
We used an interative process and some user-centric methodologies to stay on track. Some street interviews helped us to get a glimpse of what young urban people think about stock trading. The people we asked were generally interested in stock market. Nevertheless none of them was trading any stocks themselves. Mostly because they did not feel to know enough about it or felt lost when trying to learn more about it. Unexpectedly most of our interviewees did not trust the banks to help them and support them correctly. Later comdirect provided us with additional information about people who want to get started with stock trading.
Despite being a relatively small project David and myself worked on a lot of different topics. After coming up with the main concept to connect saving along with stock trading – nothing new, or too fancy – we had to come up with ideas on how to comunicate the service well, make a proper onboarding experience and give useful information about your money and the stockmarket. Our overall process was characterised by a very iterative process.
How it works
Everytime you pay with credit card a small sum is rounded up and added to your savings account. The saved money will be invested in a low-risk exchange-traded fund (ETF). You can add different cards and accounts to the system and change the amount that is rounded up with each payment from 1 € to 2 € or 5 €. To not invest to much money each month you can limit the saved amount.
Explaining what nebenbeisparen is all about
For the splash page we decided to display the product out of different perspective to build trust and help understand how the system works and how you can benefit from it.
The page starts with a warm, welcoming opener, shows testimonials of users and illustrations which explain the saving and automatic trading process. Considering that you are already logged in a simulation with your own data can be examined, of how you can benefit from the service. Furthermore the homepage shows videos that explain details and other tutorials that can be accessed when using the service.
Get on board as quickly and easily as possible
The crux of this project was designing the on-boarding process. For nebenbeisparen three things need to be declared. At first you need to connect at least one of your credit cards or saving accounts. As second you have to pick an amount to which the money is rounded up. And the third is to pick a limit until which money is saved up each month. Some checkmarks for legal stuff are to be set as well.
A first, quick draft looked something like this:
Our first ideas were to make a wizard which leads you step by step through the onboarding process. With a wizard we were able to explain each decision that had to be made by the user. With that we wanted to display transparency and help understand what consequences each decision has. Nevertheless this wizard process took a whole lot of time and clicks to finally subscribe to the service. We aimed for a quicker and lighter solution and tried the opposite way.
The final approach resulted in writing each question in a short, understandable sentence. To carry this to extremes, all decisions were placed on one page. So if you agree to the presets you are in with one scroll and click the activation button.
Understand what happens with yo money
Besides just displaying the current account balances we aimed for two topics on the account page. a) we had to show deeper information of how the stocks influence the account balance and b) since people showed interest about stocks we wanted to include a possibility to learn more about stocks and stock exchange.
The relation of stocks and real money is shown in three different levels with increasing information. At a first glance you see how much money you saved and how much is currently invested in stocks. On a second layer you can review how much of the saved money you really saved and how the stocktrading actually influences the balance. And as a third option you see the funds stock price and your invests on a timeline.
To help learning more about stocks we included a special section on the page that can be filled dynamically with additional information, quizzes and such.