Maya Bank design challenge
Key result
Find best solutions to implement to involve in gig economy
Methods
Secondary research/ Opportunity solution tree/ Effort value matrix/ Prototyping.
The challenge
After the COVID-19 pandemic in 2019, a new work trend emerged known as the gig economy. In light of this, we can explore banking solutions that could help freelancers thrive in this environment.
Defining the problem
Since I currently reside in Indonesia, I'll focus on gathering insights through secondary research from recent articles and documents about this challenge.
Secondary research
I am exploring articles and research on the gig economy currently happening in the Philippines. After reviewing multiple sources and gathering insights, I have identified the challenges that Filipino workers are facing.
Irregular income
No consistent paycheck leads to fluctuating monthly earnings, making it difficult to budget, save, and plan for future expenses.
Limited access to benefit
No standard full-time employee benefits, such as health insurance, retirement plans, or paid leave. This lack of safety nets can result in significant financial burdens, especially during medical emergencies or periods of low work availability.
Client payment delays
Many clients may take longer than agreed to settle invoices, disrupting cash flow and making it difficult for freelancers to meet their financial obligations on time.
Tax management
Freelancers are responsible for calculating and filing their taxes, but they may lack the knowledge or resources to navigate tax regulations effectively, leading to potential penalties or missed deductions.
Scope and opportunities
Opportunity solution tree
After defining the metrics, I analyzed the problems identified in the secondary research and began exploring solutions by generating experiments and opportunities using this framework. Here are the results of this framework.
Metrics scope
To provide solutions that align with the challenge scope, I explored and selected banking metrics that will support the solutions and help achieve the challenge's goals. Here are the banking metrics I chose:
Metrics name
Rationale
Assets Under Management
A higher AUM indicates greater trust and recognition, as it suggests that more users are investing with the institution, leading to increased credibility among both customers and other financial institutions.
Monthly active users
A high MAU indicates frequent user engagement, suggesting that the app has become essential to its users and plays a significant role in their daily routines.
Net Promoter Score
Measures user satisfaction and loyalty by assessing the likelihood of users recommending an app to others. A higher NPS indicates higher user satisfaction, which can contribute to a higher retention rate and long-term customer loyalty.
Retention rate
A higher retention rate suggests that users find ongoing value in the app, which often correlates with satisfaction and long-term success.
Effort value matrix
To implement the best solution within the given time and effort, I use the Effort-Value Matrix framework to select the solutions. The rationale for each solution is defined below.
Solution
Rationale
Budgeting education
Financial education is not something most people are taught. Budgeting education can help individuals understand its importance while practicing and implementing it with their own money.
Budgeting feature
Budgeting tools can help manage cash flow. This feature can significantly assist freelancers and can be developed with low cost and effort.
Above-average interest savings product
Above-average interest savings can be a unique selling point among competitors, but it must be considered in relation to the bank’s metrics. Therefore, I categorize it as high effort.
Deposit product with healthcare benefit
An insurance benefit within a deposit product can boost users' interest in opening a deposit. While this benefit suits the user's needs, the strategy must also be considered in relation to the bank's metrics.
Payment links
While the benefit of this product can be great, the effort to build a payment links also can be huge.
Virtual account
To ensure fast and secure payments across various bank accounts, a virtual account can be a solution to overcome payment challenges. But, the effort of building this feature has to be considered.
Automated tax filling system
Automated tax filing requires high effort as its development would need to involve AI. However, it may have a low impact since it is used only once a year.
Low cost insurance product
Must be considered from the bank perspective.
Selected solutions
Based on the Effort-Value Matrix and the metrics focused on this challenge, the best solutions to develop for this problem are the Budgeting Plan and Deposit with Benefits. Here are the rationales, considering both the users' and the bank's perspectives:
Solution
User's
Bank's
Budgeting plan
Help allocate and plan for their cashflows. This will help them manage their wealth while facing irregular income problem.
Increase bank's AUM metrics. This feature help retaining users since their most of their money transaction made here.
Deposit with benefits
After implementing a budgeting habit, users can start to grow their wealth by investing in deposit account. This can help them attain future goals like retirement plan, insurance, etc.
Helped increase bank's AUM and MAU metrics.
Design and prototyping
Create budgeting plan
Interactive prototype, you can press "R" to refresh prototype
Open deposit
Interactive prototype, you can press "R" to refresh prototype