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Sprint Savings-2

   

Sprint Savings: Building financial confidence 

 

We’ve all heard about the ways we’re supposed to be saving money - save what’s leftover every month, save at every paycheck - but for people who are struggling to make ends meet, these traditional savings tactics can seem truly insurmountable and even lead to a belief that saving any amount is impossible. 

Capital One  |  Research, Strategy, UX design  |  Nov 2016 - Mar 2017

Team:
- Eric Spaulding & Chris Risdon (Design)
Emma Townley-Smith & Charles Moore (Product Management)
- Stephen Locatelli & Alex Ripley (Business Analysts)

 

 
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001 / CONTEXT


 

Challenge

We’ve all heard about the ways we’re supposed to be saving money - save what’s leftover every month, save at every paycheck - but for people who are struggling to make ends meet, these traditional savings tactics can seem truly insurmountable and even lead to a belief that saving any amount is impossible. 

 
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Goal

Understand the needs of our most vulnerable customers, and design a product that can help build financial confidence and increase financial resilience.

 
 
 
 
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Outcome

We designed a mobile experience inside the Capital One app called ‘Sprint Savings.’ This product makes it easy to participate in a unique automated savings program. Framed as fun challenge to save small dollar amounts over a short time frame, the experience also provides encouraging support along the way to help celebrate progress and build confidence in saving.

This experience was launched in a 10,000 customer pilot in October 2017.

 

002 / PROCESS


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Overview

This is a description

Framing the problem space 

Financial resilience is lacking in the United States and it's leaving many of Capital One customers vulnerable. Low resilience can force people to use dangerous financial products and we see this among our customers.

 

 

Narrowing problem statements

People who have little to no savings and are hesitant to start saving

 

In the short term, Sprint Savings is intended to help customers build confidence in their ability to save money; encourage healthier financial habits, and reduce the need to turn to dangerous financial products.

In the long term, the goal is to help increase customer savings and overall financial resilience.

 

Process


We got creative with our research tactics to understand our customers:

  • MadLibs-inspired street intercepts
  • Interviews with Lyft & Uber drivers
  • Doing card sorts about unexpected expenses with customers in the Capital One Café

In conversations about what it means to have financial resilience, being able to save enough money was always top of mind.

Product

The Sprint Savings widget came out of a broader body of exploratory research around financial resilience

We got creative with research by doing MadLibs style street intercepts, interviewing Lyft & Uber drivers, and doing card sorts about unexpected expenses with our customers in the Capital One Cafe.

In conversations about being financially resilient, being able to save enough money was always top of mind.