Financial planning made easy
2019 - 2021
MyMoneySense
In 2019, I worked with the Ministry of Manpower to create MyMoneySense, a digital financial planning service. It is an initiative under MoneySense, overseen by the MoneySense Council and co-chaired by the Monetary Authority of Singapore (MAS).
My role in this project includes research, product design (ideation to prototyping), and content strategy.
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Case Study
Improving the drop-off rate at MyMoneySense onboarding
In 2021, I led a research project focused on identifying key issues in the onboarding process that were leading to user drop-offs. The conversion rate of MyMoneySense was at stake due to the persistent high drop-off rate.
Find out how the onboarding experience is like for users
Find out why users drop-out
Find out other reasons (apart from onboarding) that might be causing users to drop-out
🚀 Research objectives
The research project was done in 2 phases:
Phase 1: Quantitative Survey
Survey with 200+ participants
Participants were people who have visited or are still using MyMoneySense.
Phase 2: Qualitative Interview
6 interview sessions
Interviewees were shortlisted from the quantitative survey
✍️ Research methodologies
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Key Insight
Asking for too much information during onboarding puts people off.
People were turned off by the input fields they had to fill in during onboarding. Additionally, most of the fields had to be filled in manually. Since they hadn't experienced the product's value yet, they lacked motivation to complete the lengthy and tedious onboarding process.
How might we motivate people to complete the onboarding?
How might we improve the experience of inputting their financial information?
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Key Insight
Financial consolidation is incomplete without investment and insurance.
MyMoneySense initially focused on making financial consolidation easy by integrating users' bank and government data through SGFinDex. While investment and insurance were secondary, we quickly realized that without these elements, users couldn't gain a complete view of their financial situation.
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Ideation
Following the research, I facilitated an ideation workshop with the team to explore potential opportunities related to the identified problems.
After identifying common themes, we started ideating with low-fi design.
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Outcome
Experiencing the product firsthand helps users understand the importance of completing the onboarding process.
To better understand motivation, we explored game design principles, particularly how "leveling up" encourages progress and unlocking new features.
Inspired by this, we moved the dashboard to the forefront, showcasing MyMoneySense's core value. By giving users immediate hands-on experience with the product's capabilities, they can easily see its benefits. This interactive approach helps users understand the purpose behind collecting specific information, motivating them to complete the onboarding process and access the full range of features.
