OPPORTUNITIES FOR Increasing Financial Literacy in Millennials using Artificial Intelligence Chendon Gratie MDes Studio 2 Chen, Brendon, Gray, Katie April 2018
Where We Left Off Financial Literacy = + Knowledge Behavior
EVALUATIVE RESEARCH Secondary Research - Behavioral Economics
EVALUATIVE RESEARCH Expert Interview Interview with Emily Elwell, UX Designer at Fidelity
EXPERT INTERVIEW Insights Validation Transparency Ethics Designing effectively It’s important to explain The AI’s utility must for AI requires testing how an algorithm or justify its presence in a with real people and artificial intelligence user’s life (otherwise it real data arrived at a conclusion becomes invasive)
EVALUATIVE RESEARCH Bodystorming
BODYSTORMING Insights Quality Timing Quantity Participants felt Item selection and Information regarding overwhelmed when decision to purchase are purchases is not receiving budget and effected by many different particularly helpful at reframing information factors, not just price the Point of Sale
EVALUATIVE RESEARCH Speed Dating
SPEED DATING Insights Timing Simulation Visualization Participants liked the Participants preferred to Participants saw idea of “seeing” their receive important and value in the ability to long-term information in financial situation in “try out” financial their homes a more relaxed setting choices without risk
(MORE) GENERATIVE RESEARCH Mental Modeling Prompt: Imagine that you have a visualization of your overall financial situation in your home. This representation is intended to be aspirational. What would this financial “landscape” look like?
Visualization of the self Act of building “Stepping stones” to a secure financial future, perceived “path” forward and upward Lush / green imagery for a healthy financial future
SPEED DATING Insights Growth & Security Debt is an Obstacle Visual Metaphors Everyone had different People tended to associate Respondents often conceptions of their financial wellness with visualized debt as some finances and they tended growth/plants and security form of an obstacle or to be highly symbolic and with some form of shelter. barrier to growth. sometimes poetic.
Updated Guiding Principles Support customization and personal engagement Empower users by promoting confidence and autonomy Enable visualization of far horizons Design for failure Design with sensitivity towards timing and tone
Moving Forward Terra empowers users to build and maintain their own financial “landscape” while providing instruction, guidance, and support via Artificial Intelligence.
Use Cases for Student Loans 1 Before college 2 During college 3 Graduated from college • Tracking disbursed loans • Help picking a Help picking a student loan repayment plan • Managing debt payment • Managing debt payment
Learning Goal - Motivated to Change Given that the environment (TERRA) is supportive and encouraging: To Build Positive Expectancy: Efficacy Expectancy High Break big task down into smaller, achievable parts Award small achievements to Evading Motivated build up a sense of competence Don’t See See Value Provide timely, targeted feedback Value Rejecting Fragile Provide flexibility Efficacy Expectancy Low
Choose the terrain you envision as debt
EVALUATIVE RESEARCH User Testing
USER TESTING Insights Reward Evolution Progress Participants saw value in Participants connected Participants were drawn to strongly with the idea of the concept that the a system of incremental seeing their progress landscape would evolve rewards, especially small visualized as well as the and grow over time based surprises along the way potential to learn from on their ongoing behavior past success
Thank You!
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