CASE STUDY

Finance power for LGTBQ+ people

A high-yield savings account that does more for the 72% of LGBTQ+ folks who have high financial stress.

INDUSTRY
Preseed Fintech
ROLE
Lead Product Designer
TEAM
Developer, Operations Manager

Overview....

Many LGBTQ+ folks are struggling to achieve long-term financial goals, the majority being Millennials and Gen Z.

From emergency funds to saving for specific milestones, users lack financial platforms that genuinely understand and address their unique challenges.
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The financial landscape lacks solutions that effectively address the unique needs and behaviors of LGBTQ+ individuals, hindering their ability to achieve long-term financial stability.

Solution....

The LGBTQ+ community faces unique financial challenges. Our solution is a high-yield savings app tailored to their specific needs.

By enabling users to categorize savings towards personalized goals, such as transition surgery, we provide a clear path to financial empowerment. Motivational tools like custom journal prompts and an aging avatar representing their future self foster perseverance. To make saving fun and rewarding, we offer digital achievements and potential APY boosts for every deposit.
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Mosaic: Track your money goals with your future self in mind. A system built by you for future you.

Profile view video Mosaic splash screen
Screenshots of the Mosaic app

Case .... Study

Product Discovery

Building an MVP the community can rally around.

Through the discovery process, the Mosaic team and I brainstormed how to improve the financial wellness of the next working generation of LGTBQ+ folks and get them to achieve their financial goals with flying colors.

But we had many questions, such as how can we expect users to adopt retirement investing when their basic needs aren't being met? If we offer a financial literacy course, which statistically improves financial wellness, is it ethical to have paywall?

We decided that our goal was to get more money in the hands of the user, with a low-barrier to entry. Now we just need the research to prioritize the solutions.

Cluster Map & Matrix Findings

Financial literacy doesn't always equate to financial peace.

Through user interviews, I discovered that many users grapple with a cycle of impulsive spending and subsequent regret, highlighting a gap between financial knowledge and actual spending behavior.

Those who effectively manage their finances often rely on structured systems and support networks. Accountability partners can significantly enhance financial knowledge, savings, and overall security.

Mosaic cluster map
Mosaic user matrix

Key Insights

Given the size of the market there is a need for the financial system to invest more resources into this audience.

72%

Of LGTBQ+ People Have High Amounts of Financial Stress

Budgeting:Don't like to budget or do it off and on. Have used budgeting apps but they don't want to track each transaction.

Saving: They don't contribute on a reoccurring basis, so they either have the money or they don't.
‍Relationship with Money:There is anxiousness around money, rooted in their upbringing of "not having enough". Or the have prolonged debt from student loans or credit card debt.

$1.4 T

LGTBQ+ Market

The fastest-growing minority in the US. Including 22.3% of Gen Z and 9.8% of Millennials identifies as LGTBQ+.

42%

Of LGTBQ+ People Have Financial Accountability

Those who have an accountability buddy have more positive feelings about money.
‍Improves financial knowledge, savings, and overall feeling of financial security.

User Journey

Diving into the user's thoughts, emotions, and actions to identify and optimize user experience.

Current State

Current state for user journey

Future State

Customer journey map with Mosaic

User Pain Points

Studies show that imagining your future self before making a financial decision helps you strategize for the long-term.

Difficulty making long-term financial decisions

Video of the steps to create an avatar

We made the user their own accountability buddy by creating an aged avatar. Having a visual of their 65-year-old self (retirement age for U.S. adults) may keep the user accountable and influence their long-term financial decisions.

Pain Point 2
Lost motivation

Why do people stop committing to their New Year's resolutions? Because they forgot their why or it wasn't motivating enough to begin with.

Writing prompts go along with each goal the user makes to address why this goal is important to them and how they will feel when they accomplish it. The user will be reminded of their responses if they attempt to change the deadline or skip transfers.

Pain Point 3
Lack of consistency

If Duolingo has taught us anything it's knowing how to reward the player for completing a task.

From completing account setup to achieving the savings goals, each task provides XP points, and with each level gained comes with a digital reward for their aged avatar or financial incentive, such as a temporary APY increase.

Reward yourself screen

Competitor Analysis

Competitors fall short in creating financial accountability and addressing the needs of the LGTBQ+ audience.

Even though the HYSA market is populated with established players like Wealthfront and Betterment, there is an opportunity for Mosaic to address these unmet needs with a focus on optimizing financial habits. Although the competitors have a budgeting feature, the user interviews conducted found that most users don't use it consistently.

Competition analysis

Takeaways

This project was an exhilarating blend of creativity and problem-solving.

Working with a passionate team to explore innovative solutions was incredibly rewarding. While we've made significant strides, there's still room for growth. Key areas for future exploration include:
‍User engagement:Determining the optimal balance of gamification and financial education to sustain user motivation.
‍Journal prompt effectiveness:Refining prompts to elicit meaningful financial insights and encourage consistent use.
‍Long-term user behavior:Understanding the long-term impact of the aged avatar on financial decision-making. Rigorous user testing will be essential to address these questions and refine the product for maximum impact.
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Jobs to be done:Build out customizable avatars.
Compare digital awards and the motivation to achieve them.

Next .... Project
ppas project image