Empowering Financial Literacy: Our Journey at the Athena Hackathon 2023
A mobile app designed to help young people to become financially literate. This project won the Athena Virtual Hackathon 2023.
By Molly, Maryan, Emma, Linda and Rosanna
Introduction
In May 2023, our team—Molly, Maryan, Emma, Linda, and Rosanna—set out on the exciting journey of participating in the Athena Hackathon 2023. Motivated by a shared passion for enhancing financial literacy among young adults, we set out to create CashSmart, a mobile app designed to empower the next generation with crucial financial skills.
The Problem and Inspiration
Faced with the alarming statistic that 59% of young adults are considered financially illiterate, we saw a compelling opportunity to make a difference. Our vision for CashSmart was shaped by a desire to transform daunting financial concepts into engaging, manageable learning experiences.
The Development Process
🗣 We began by conducting user research with 5 individuals who fit our audience criteria. In these interviews, we were able to understand and uncover the motivations, frustrations, and potential business and design opportunities from the participants.
🖌 Based on our research insights, we conducted an affinity mapping exercise to identify key themes and brainstorm solutions to address the identified problems.
💭Next, we brainstormed the brand image, deciding on the colors, shapes, and logos that would enhance the user experience. Additionally, we mapped out the user flow through the app to ensure that each feature was integrated in an intuitive and accessible manner.
🎨 To ensure a consistent app experience, we developed a comprehensive design system that encompassed typography, colors, icons, and buttons in various states. Our design approach aimed to evoke a genuine, professional, supportive, and inclusive feel throughout the app. By incorporating these elements, we aimed to create an environment that fosters trust, encourages collaboration, and empowers users in their financial journey.
👩🏻💻 Following our brainstorming session, we began the design process by wireframing our ideas in Figma. We started with low-fidelity wireframes to establish the overall structure and layout. As we progressed, we iteratively refined the wireframes and transitioned to high-fidelity designs. To expedite the development process and save time, we decided to prioritize the creation of clickable interactions directly on the high-fidelity prototype. This approach allowed us to swiftly validate and iterate on the user experience while maintaining a consistent and polished design throughout.
Challenges We Ran Into
- All five of us joined the hackathon virtually, so there was a learning curve with figuring out our workflow at the beginning.
- For most of the team it was their first time participating in a hackathon, and although that is a challenge, it is one we gladly took on to create something we are passionate about!
- A few of us were well-versed in Figma, and for some, it was their first time. We overcame this challenge by helping each other out when we ran into roadblocks and learning along the way.
Accomplishments That We're Proud Of
- User Research with 5 individuals
- Creating a robust design system
- App Concept
- Clickable Prototype
- Completing the 48-hour hackathon
What We Learned
Throughout our development of CashSmart, we learned how to create an app from the ground up using Figma. Our user interviews highlighted a significant demand for a platform that supports young people’s financial literacy in a personalized way. We found that many mainstream solutions were not meeting this need effectively due to a lack of inclusivity. In response, we developed CashSmart to offer a customizable experience where users can choose learning paths specifically tailored to their individual needs. Our application features straightforward videos that demystify complex financial concepts, accompanied by quizzes that help reinforce and apply what users learn. These elements are designed not only to educate but also to empower young people, enhancing their financial literacy and promoting inclusivity within the financial education space.
What's Next for CashSmart
- Collaborating with developers to bring CashSmart to life, ensuring the implementation of key features and functionality.
- Focusing on business goals to drive user conversion and retention, utilizing strategies to attract and engage a wider user base.
- Expanding CashSmart's features to establish genuine financial confidence and independence, such as incorporating goal tracking, personalized budgeting techniques, and interactive reminders.
- Continuously refining and enhancing CashSmart based on user feedback, aiming to provide the best possible experience and value for our users' financial journeys.
Built With
Figma