Financial Learning App
Our main goal was to implement an investment simulator application where people can train themselves with real-time data and take the right investment steps. With this risk-free method, users can both reinforce their learning and win prizes in the competitions they participate in. In order to enable users to make these risk-free investments, a certain amount of virtual money is assigned to them. All transactions are made with this virtual currency.
I reviewed the research reports of the Financial Literacy and Inclusion Association (FODER) to learn about the investing skills of potential users. The Risk Perception of Financial Products survey results show that financial consumers find investment instruments such as cryptocurrencies, forex, and stocks to be the riskiest and do not feel confident in investing.
According to FODER’s research on financial behavior models, There are 5 types of financial consumer groups. The identified financial consumer groups have been a good resource for us to clarify my target audience.
Building on a general understanding of the market and the audience I have conducted user interviews with five people representing financial behavior models and a survey with 42 participants. I was able to empathize with them and gather information about their ability and motivation to invest.
Some research questions;
1- How would you describe your level of investment knowledge?
2- How often do you decide to invest in financial instruments?
3- What is your major goal for your portfolio?
4- Which investment tools do you find less risky to invest in?
5- How often could you endure a loss in your portfolio’s value?
Affinity Map:
I have created an affinity map to better synthesize and visualize the insights I obtained from user interviews. I grouped the related insights into 5 groups.
User Insights:
In my interviews with users, I was able to empathize with them and gather information about their ability and motivation to invest. These interviews also enabled me to largely confirm the assumptions I had made.
In the initial phase, our app focuses on gamification and financial literacy, offering real-time data, finance tracking, and a virtual coin system. Award-winning features and income models are planned for future phases, adding further depth to the user experience.
After setting up the product goals and deciding what features to include, I continued building up the structure of Monisium using the application map. Based on the insights gained from the initial content audits and competitor analyses I defined the sitemap for Monisium and then evaluated it via tree tests with potential users.
With the key features and sitemap defined, I started to capture my ideas by sketching screens. Once I had a visual direction of the layout, I started the wireframing stage. Creating mid-fidelity wireframes helped me focus on visual consistency and hierarchy before applying styles. Based on various feedback from 8 other key team members, I continually iterated my design over 2 weeks.
How to invest?
We call the app's virtual money "MNS." When users log in, we give them a certain amount of MNS to invest. If users run out of MNS, they have to wait until the beginning of the next month to get the same amount of coins in their accounts. Users who don't want to wait and want to keep investing can buy extra MNS for a small fee. The app shows the current value of MNS in Turkish Lira and US Dollars. When you click "Buy MNS," it takes you to our partner Moka Payment Systems' page, where you can pay with a credit card.
How to play?
In the gamification concept, users can join public tournaments or create their own from the tournaments page. Each tournament lasts for 30 days. When users create a new tournament, they invite their friends and set a participation start fee. Everyone starts the tournament with the same amount of MNS, and at the end of the 30 days, the participant who has increased their initial MNS ratio the most becomes the 1st and wins the total MNS in the pool.
How to learn?
In the education section of the app, there are financial literacy and investment tools tests. Users determine their scores by completing these tests and can improve their weak points by accessing videos, articles, and podcasts in the education section through links that lead outside the app. Additionally, users can retake the financial tests every month, and after each completed test, they receive an extra 500 MNS.
Dashboard & Profile
Currently, users can invest in stocks, cryptocurrencies, foreign exchange, and forex tools. Users can view and track their past transactions and wallets in the encounter history section, as well as monitor their investments on the portfolio screen. Additionally, in the profile section's store, users can see the MNS coins they can spend and available spending options
The first launch of the product was within the company and it was 1-month tournament. 193 employees participated in the tournament. We gave everyone 5000 MNS in the beginning. At the end of the month, the employees who maximized these 5000 MNS with their investments and made a profit received a gift certificate worth 2000 TL (Turkish Lira) provided by the company.
This first initial tournament was a great opportunity for us to get feedback on the app. We received feedback about the product from many users and added it to our backlog to be evaluated in the next iteration. At the end of the tournament, we sent a questionnaire about the product to the participants.
According to this survey;
82% of the participants stated that they felt more comfortable about their financial investment abilities compared to the previous month.
94% of the participants found the application successful and enjoyable to use.
According to the feedback from the participants;
Participants requested more financial education content. They specifically asked for expert advice on stock market products.
Almost all of the participants wanted to participate in more than one competition at the same time and compete for different gifts.
Looking at the result, we achieved our MVP goal. We laid the foundation for creating an interactive and educational platform that can generate user engagement.
Mobile App Launch: Building on the success of the initial in-house tournament, our next phase involves releasing Monisium to a broader audience. We are thrilled to announce the upcoming launch of the Monisium mobile app, making financial education and investment simulations accessible to a wider user base. The app will be available for download on various platforms, enabling users to enjoy the gamified learning experience anytime, anywhere.
Expanded Financial Education Content: Building on the valuable feedback received from the initial tournament, our next focus is to enrich the platform with more comprehensive financial education content. Users have expressed a strong desire for expert advice on various stock market products. In response to this, we plan to collaborate with financial experts and educators to provide in-depth insights, tutorials, and analysis, empowering users with a deeper understanding of investment strategies.
Multi-Competition Feature: Responding to the overwhelming interest in participating in multiple competitions simultaneously, we are excited to introduce a multi-competition feature. Users will have the ability to engage in different investment challenges concurrently, broadening their experience and allowing for a diverse range of competition dynamics. This enhancement aims to cater to the preferences of users who are eager to explore various investment scenarios and compete for diverse prizes.
We are excited about the journey ahead and look forward to empowering more users on their financial education and investment endeavors with Monisium.
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