UX Challenge: A Concept for Lloyd's Bank App Targeting Young Users and Savings

Brief Overview

As part of our master’s coursework for the UX Design and Development module, we were tasked with conducting a UX analysis of the current Lloyds Bank app and developing solutions to encourage millennials and Gen Z to save, plan for retirement, and consider health insurance.

Our goal was to create a more user-friendly and effective app that meets the saving needs of these younger demographics.

My Role
UX/UI Designer, UX Researcher

Tools
Figma

Company
Lloyds Bank


Duration
3 Weeks

Market Research

Many young UK adults lack savings, pension awareness, and health insurance coverage

Over one-fifth (21%) of employed 18-34 year olds were unaware of the value of their pension, while nearly one-quarter (24%) had no concept of the amount required for a comfortable retirement (Wealth at Work, 2022).

Nearly half (49%) of adults aged 22 to 29 in the UK had no savings or investments in the year prior to the survey, and only 28% reported having savings or investments of £5,000 or more (UK's Office for National Statistics, 2021).

Approximately 11% of UK adults aged 18 to 24 did not have health insurance coverage, which was higher than the overall rate for all UK adults (UK government's Department of Health and Social Care, 2020).

Current app doesn’t really meet millennials' and Gen Z's financial needs in savings, pension and insurance.

The Problem

  • Current Lloyds Bank app doesn't meet the financial needs and goals of millennials and Gen Z in saving, retirement, and insurance.

  • These age groups face financial challenges like lack of pension value awareness and low savings/investment rates.

  • The app lacks adequate features and resources to support them, including insufficient insurance options.

Laying the foundation for Design Thinking with Double Diamond

Design Thinking Model

For this case study, I applied the Double Diamond model to identify the users and personas, and to develop appropriate UI/UX design solutions that meet the brief requirements.

Secondary User Research

Identifying the users

Age Group

For this particular project, I narrowed the target audience based on the brief's goals, which are Gen Z and Millennials. According to Beresford Research (2023), Gen Z comprises individuals born between 1997 and 2012, while Millennials were born between 1981 and 1996. This age group is likely to be early adopters of new technology and trends, making them a crucial target audience for mobile banking services.
Given that most mobile banking users are typically 18 years and above, the focus will be on individuals between the ages of 18 and 35.

Gender

Statista's 2022 report reveals that in the UK, mobile banking usage is fairly split between genders, with females constituting 53% of the users and males comprising 47% of the users. This data suggests that mobile banking is equally utilized by both genders in the UK.

Education

According to the 2022 Statista report, a significant number of online banking users in the UK have attained higher education. This finding suggests that individuals with further education may be more likely to use online banking services in the UK.

Location

The report also indicates that the majority of online banking users in the UK reside in medium-sized towns and large cities. This data highlights the correlation between population density and the prevalence of online banking usage, suggesting that urban centers may have a higher demand for digital banking services.

Income

In the UK, mobile banking usage is relatively evenly distributed among individuals from low, middle, and high- income groups. This finding indicates that access to digital banking services is not limited by income level, and that mobile banking is a widely accessible means of financial management for people across different income brackets in the UK.

User Interviews

Exploring user concerns and needs for a mobile banking app through interviews

After identifying the demographic of the target audiences, I conducted a small user interviews to understand the users' concerns, needs, and wants regarding savings, retirement, and insurance through a mobile banking app.

The Questionnaires

  1. How do you save money and decide where to save it?

  2. How do you plan for retirement and your financial needs in the future?

  3. Do you have any insurance policies and what factors influence your choice?

  4. How do you use mobile banking apps and which features matter most to you?

  5. How do you manage your finances day-to-day and do you use any tools to help?

  6. Have you used a mobile banking app for saving, retirement, or insurance? If not, why?

  7. How do you typically make financial decisions?

User Personas

Developing the user personas for each generation

I was then able to create two personas that represent the Gen Z and Millennial generations based on the feedback I received.

Empathy Maps

Empathy mapping to understand user perspectives and pain points

To further create UX solutions that truly resonate with the personas, I illustrated empathy maps to assess their thoughts and behaviours regarding savings, retirement and insurance.

User Flow

How solutions can be achieved within the app

Below is a simple user flow that I've created to illustrate how the solutions will function within the app. The user flow outlines the steps that the user will take to complete specific tasks, from the initial onboarding stage to the final step of achieving their desired outcome.

Design Solution

Keeping up with the latest GUI trends

To make the app more visually appealing to younger users, while still preserving its simplicity, the new design will incorporate a modern and sleek look through the use of the current branding color palette and a similar font. The background uses the brand’s primary colour with a touch of gradient to keep up with the latest GUI trend. According to Fabian (2023), gradients have gained popularity in UI design for several years and are expected to remain in use in some form in the upcoming year.

Feature Solutions

I created four solutions to address the challenges related to savings, retirement, and insurance for Gen Z and Millennials

Solution 1

Offers users the ability to create and manage separate vaults within their savings account, allowing them to allocate funds for specific goals or expenses. By utilising savings vaults, users can effectively organise and track their savings progress while maintaining a clear overview of their financial objectives.

Easy access to Saving Vaults from the homepage

Seamless Saving Vault creation

Solution 2

Encouraging savings by providing users with personalised insights into their spending activities and identifies potential saving opportunities. By leveraging advanced data analysis and machine learning algorithms, users gain a deeper understanding of their financial habits, enabling them to make informed decisions to optimise their savings and achieve their financial goals.

Spending and budgeting insights to help users understand their financial habit and initiate savings

Solution 3

A retirement calculator tool that provides estimated retirement income based on users' unique financial habits. This solution aims to encourage the user to proactively plan for their retirement by creating a retirement vault where they can start saving and securing their financial future.

Users can see the amount they need to save each month to achieve their retirement goal

Solution 4

An insurance quiz function designed to assist users in assessing their risk level and obtaining tailored recommendations for insurance coverage. This solution aims to enable them to make informed decisions and select the most suitable insurance options.

User can take a quiz to decide on which coverage they should take

R E F L E C T I O N

What can be done better next time

One significant aspect that I missed during the design process was conducting usability testing with the users. I acknowledge that usability testing plays a crucial role in uncovering potential usability issues and gathering direct user feedback. Unfortunately, due to time limitations, I was unable to include this important step in the design process.

In future iterations or similar projects, I will allocate adequate time and resources to conduct usability testing with the users. By doing so, I can gather direct feedback, identify areas for improvement, and enhance the user experience to better align with their specific needs and preferences.

  • Beresford research (2022). Age Range by Generation. [online] Beresford Research. Available at: https://www.beresfordresearch.com/age-range-by-generation/.‌

    Fabian A. (2022). UI Trends 2023: Top 10 Trends Users Will Love - UX studio. [online] Available at: https://uxstudioteam.com/ux-blog/ui-trends-2019/.

    GOV.UK. (2020). DHSC annual report and accounts: 2020 to 2021. [online] Available at: https://www.gov.uk/government/publications/dhsc-annual-report-and-accounts-2020-to-2021.‌

    Office for National Statistics (2021). Early indicator estimates from the Wealth and Assets Survey: Attitudes towards saving for retirement - [online] Available at: https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/datasets/earlyindicatorestimatesfromthewealthandassetssurveyattitudestowardssavingforretirement.‌

    Statista. (2022). Target group: Mobile banking users in the United Kingdom. [online] Available at: https://www.statista.com/study/119046/mobile-banking-users-in-the-united-kingdom/?locale=en ‌

    UK Finance (2021). Digital banking experience trends for 2022 | UK Finance. [online] Available at: https://www.ukfinance.org.uk/news-and-insight/blogs/digital-banking-experience-trends-2022.‌

    WEALTH at work. (2022). Half of young adults have reduced or stopped regular saving as a result of the cost of living crisis. [online] Available at: https://www.wealthatwork.co.uk/corporate/2022/09/05/half-of-young-adults-have-reduced-or-stopped-regular-saving-as-a-result-of-the-cost-of-living-crisis/.