To design investment recommendation options for RBC NOMI app users who save on an average of $225 a month using its existing features NOMI budget and NOMI find & save.
NOMI-RBC mobile banking app helps users manage their everyday finances by providing timely personalized overviews to budget and save money using artificial intelligence technology.
To design investment recommendation options for RBC NOMI app users who save on an average of $225 a month using its existing features NOMI budget and NOMI find & save.
NOMI-RBC mobile banking app helps users manage their everyday finances by providing timely personalized overviews to budget and save money using artificial intelligence technology.
RBC mobile banking app launched an AI-powered digital assistance service called NOMI and designed to help clients budget and save money. But it does not suggest the next step, how to maximize earnings from saved funds to accomplish user’s goals.
A suitable investment feature integrated into RBC’s NOMI app to advise users after saving enough money.
To save money for down payments on the house or education or vacation funds.
To increase user client engagement with RBC mobile banking app along with attracting new investors.
Feature Design
I wanted to understand how users make decisions around their cash flows and investments.
To further understand user behaviours and habits regarding financial goals. I collected research data from the following:
RBC Nomi app user comment sources for reference:
Research shows that 50% of Canadians don’t have an investment saving plan, which is shocking. Everyone needs to make a financial plan – regardless of their age, income, or employment status. Investment isn’t the same thing as a budget.
About two-thirds of Canadians (66%) are planning some type of significant purchase or expenditure within the next three years, such as
Research source for more details:
User interview’s
I conducted a 30-minute contextual users interview with the age group of 20 to 45 years old. In addition, I pulled out RBC Nomi app user’s discussion data from Reddit r/personalfinance online forum.
I prepared interview questions based on the following three parts:
1. Family
2.Single
I created the journey map based on the users’ interviews about how the family persona makes its financial decision based on their needs. I learned their most common priorities are to save for home improvement, retirement and kid’s education funds.
Unlike family persons, single people make their financial decision quite differently. I got the following insight:
I’m 22/yo, and I have $15,000 saved up with no debt. I feel like letting my money sit in my bank account is wasteful. I worked hard for my money and want to grow my money with as little risk as possible. I do not need to get rich; I want a safe investment option. However, I have no clue where to start. What do you guys think I should begin researching/ do with my money? I am willing to put up to $8-10k of it into something. What would be a good and little to no risk investment option with a $15,000 savings for a 22/yo?
User interview’s
Based on the contextual interviews and users forum discussions. I got the following key insights:
Based on research findings, I designed a series of task scenario within user task flow to access a new investment feature called myGoals. After turning on the MyGoal feature, a persona can decide to interact with the tool at any stage of their journey while exploring the mobile banking app.
I after sketching few alternative solution assumptions, I designed low-fidelity wireframe to address the following HMW statements based on research findings :
I replicated brand colours, illustrations & Icon style and typography based on the existing RBC mobile app design system. In addition, I used SF family fonts native to the iOS app.
I created high-fidelity based on the design system. I designed icons and illustrations using SF symbols and undraw.co an open-source platform.
click to view Figma prototype
Lastly, I recruited users to test my solution assumptions. Although the user testing was positive, it identified a few areas that needed tweaking with the prototype. Followings are the insights and iterations:
Following are the key takeaways after working on the RBC NOMI app feature design project:
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