My RSP is a new subsection of Tangerine's online banking service which allows customers to monitor and grow their Retirement Savings while taking care of present needs.
Senior UX Design Course Project
March - April 2019
PLEASE UNMUTE THE VIDEO FOR THE BEST EXPERIENCE
SPECIAL THANKS TO ASHLYN CURRIE FOR THE VOICE-OVER
For a senior user experience design course (IAT 438), we had to propose a hypothetical solution for a client in order to address their business problem or design opportunity. We chose to design for Tangerine, however, this project is not affiliated with Tangerine Bank in any way.
Many young adults who are newly employed believe it is not yet their time to start saving for retirement. Due to student debt and pressing needs - such as purchasing a car or a house - they push off retirement planning, viewing it as a later step in life.
02 DIFFICULTY UNDERSTANDING
Retirement planning is a complicated process which often requires a financial advisor. Clients who already have limited financial knowledge don't feel motivated enough to explore products related to retirement due to the cognitive overhead of overcoming financial jargon.
TANGERINE SURVEY - JANUARY 19, 2016
“Of those millennials not yet saving for retirement, many (62%) say it's because of their low salary or not having enough money, and another 23% said it's because they are saving for a big ticket item like a house, a wedding, or travel.”
By conducting research on the topic of retirement planning and retirement savings plans (RSPs) in general, I received a thorough understanding of how they worked and how people could benefit from them. A portion of my research came from browsing subreddits dedicated to financial advice and planning. These subreddits were composed of millennials for the most part who wanted to share their advice and wisdom regarding RSPs. YouTube channels that specialized in educating people on retirement plans were also a staple. I relayed the information I found to my team, and identified the two domain problems mentioned above.
Tangerine is a Canadian direct bank that is unique positioned to appeal to young adults who are earning independently and are becoming more savings-aware. Unlike traditional banks that have branches, Tangerine relies mainly on their digital touchpoints to provide financial advice and sell products.
Currently, Tangerine's retirement products are fragmented across various sections and require research into layers of related information, such as taxes, investment strategies, and employment benefits, to understand. Tangerine has an opportunity to stay ahead of their competition by offering clients a seamless way to start their retirement planning online. This would contribute to Tangerine becoming the leading brand for retirement planning by millennials.
SHVETA HARIHARAN, MEMBER OF TANGERINE'S WRITTEN SERVICES TEAM
“Studies show the majority (85%) of millennials would like to improve their financial knowledge, and trustworthy financial service providers are the most popular choice to provide this education.”
01 REMOVE MISCONCEPTION
A Retirement Savings Plan provides additional benefits that can help you achieve more recent goals. The amount of income tax you pay is reduced and first-time home-buyers are able to withdraw up to $25,000, among other perks.
02 PROVIDE UNDERSTANDING
If Tangerine aggregates the necessary retirement planning tools under one section and used entry points to onboard using familiar language, they could better connect customers to their retirement services by targeting present goals.
The target audience for this product are 25 to 35 year old adults with limited financial knowledge who are earning independently and have stable incomes. These individuals are concerned with addressing current goals, such as paying off their student debt and buying a house, before moving on to longer-term goals like retirement.
To understand our target audience better and recognize their goals, needs, and pain points, I created a user persona for The Introductory Planner based on the online user research I had completed. This helped us validate our design decisions moving forward, having something to look back on to make sure we were always on track.
EXISTING APP + WEBSITE JOURNEY
The user is looking for a new Tangerine plan that will help them maximize their savings, but they aren't sure if retirement planning is the right thing to pursue at this stage.
Our chosen areas of intervention are in the Browse and Discover phase because
This is where the majority of Tangerine users felt confused or lost regarding which product or plan to opt for next
There is an opportunity for introducing the Retirement Savings Plan as a beneficial tool for young professionals through insight banners
How might we encourage Tangerine’s clients to start planning their retirement earlier by bringing their aspired lifestyle into perspective?
How might we inform clients about the additional benefits of saving early for retirement?
Our first direction for Tangerine's new retirement section included a goal-setting feature which would allow clients to begin planning towards their aspired post-retirement life. By saving towards goals such as buying a farmhouse or running their own coffee shop, we believed clients' perception of retirement would shift from something boring to something exciting. We addressed the first frame with this solution, aiming to deliver the aspirational value that's often missing from Retirement Savings Plans.
However, we felt this was the wrong approach since it did not deliver tangible value to the customer. Young adults who think retirement planning is not yet their priority often aren't aware of the advantages and the necessity of starting to save early.
How might we decrease the intimidation of starting to save into RSPs for the first time?
How might we use the additional benefits an RSP plan offers to encourage young clients to start saving for retirement?
We shifted our focus instead to deliver an exploratory experience which would inform Tangerine's clients of RSP's many benefits and how they can be applied to present needs along with future planning. We decided to focus more on bringing the current benefits of RSPs to Tangerine's clients by making them more visible. In order to do this, we created a section called 'My RSPs' which was solely dedicated to RSP products and eased the user into how to use and benefit from them.
PLEASE UNMUTE THE VIDEO FOR THE BEST EXPERIENCE
SPECIAL THANKS TO ASHLYN CURRIE FOR THE VOICE-OVER
'My RSP' empowers clients by making them in charge of their own finances. By avoiding financial jargon and onboarding the customer using informative and engaging language, Tangerine could turn everyday customers into lifelong clients. We break down complexity of retirement into a few simple steps and offer clients quick and easy way to start saving and keep track of the progress they've made towards their current financial goals. This way, they're preparing and saving for retirement without even having to think about it!
We noticed Tangerine employing some of these techniques in their content strategy. We liked how they often provided the customer with the choice to make their own decisions and wanted to employ this for 'My RSP' as well. Additionally, I wanted to present the information in as simpler terms as possible and in a way that would not overwhelm the client but would also not leave them with little to no information. If they wanted to know more, they should always have the option.
Using Tangerine's existing insight banners as the main entry point, we give clients a glimpse at how much they can save on taxes with an RSP.
ONBOARDING WITH BENEFITS
Onboarding clients with the special benefits RSP offers, such as deferred income tax and the first-time home buyer plan, can motivate them to start planning for retirement.
Using conversational language, we present benefits in a way that is relatable and memorable. We also don't overwhelm the client with information and only offer it as an option if they desire.
After onboarding, the client can choose to start an Retirement Savings Plan (RSP), which leads them through the 4-step setup process. The client's ideal retirement age and budget are some of the details required to calculate the total estimated expenses curate the perfect plan for them.
We did not want to present a view of RSPs through rose-coloured glasses. We inform the client of the RSP contribution limit and only proceed further upon making sure they understand and agree.
After completing setting up their account, clients are led directly to 'My RSP', where they can add and edit different contribution sources to their RSP account.
The landing page displays your current RSP Savings and encourages you to opt for savings challenges by providing various beginner options.
EDITING INCOME CONTRIBUTION
When editing "Income", clients can set a percentage of their monthly income as an automatic transfer so they can contribute regularly and consistently towards their retirement savings plan.
A quick overview of RSP benefits is displayed on cards which are easy to access. On certain cards, clients can directly activate the benefit to start tracking progress towards the goal amount.
The three benefit cards included are:
First-Time Home Buyers' Plan
Lifelong Learning Plan
Once a goal is complete, a notification, both on the phone and in-app, congratulates the client on reaching the benefit's maximum value.
We measure the success of our design solution for Tangerine by identifying the tangible, intangible, and aspirational value it brought for both the client and the company. One thing I learned from this course is that for a project to be successful, the overall value should outmeasure the cognitive overhead.
By removing the communication barrier that existed between customer and client in terms of financial language and streamlining the retirement savings process for younger audiences, we believe 'My RSP' delivered on its value.
REFLECTION + FUTURE DEVELOPMENT
As designers, we must always be accustomed to become experts in a given field within a week, or even a day. With Tangerine, my team and I had to learn as much as we could about finances, investing, RSPs, RIFs, and more. The level of knowledge you are able to acquire on a topic with thorough research and genuine passion for learning is reflected on the quality and empathy of work you produce for a given audience. As co-copywriter on this project, it was often a struggle to phrase terms correctly and come up with the right choice of words to describe financial terms to a lay audience.
During week 2 of our process, I was in conversation with a few employees at Tangerine's Vancouver office and they were very enthusiastic to hear about our project and wholeheartedly supported our initiative to get more young adults to start saving for their retirement. Moving forward, I would probably pitch our final proposal to them and fill in an financial gaps we may have and try to understand what other benefits an RSP may provide to users.
One element we were not able to tie into our project due to a shortage of time was investment products. In future development, I would want to explore Tangerine's investment offerings and find ways to integrate them into retirement savings more seamlessly.