Wells Fargo Budget Watch

Project Type

Proof of concept

Myself as:

UX Designer

UX Researcher

Team

Tools

Figma

Duration

8 weeks (2023)

OVERVIEW

Empowering Users to Budget Smarter— A New Take on Financial Planning

Background: A Bankers Life

As a longtime Wells Fargo customer and former banker for a credit union, I understand the importance of budgeting and financial planning. While I appreciate many of Wells Fargo’s services, their Budget Watch tool lacks the usability and effectiveness needed to track spending efficiently.

Problem: Money Hole

Wells Fargo’s Budget Watch lacks an intuitive design and effective budgeting tools, making it difficult for users to track their spending. The desktop version is outdated and cluttered, while the mobile version frequently encounters errors, preventing users from accessing it. Despite most users primarily banking on mobile, Budget Watch remains unreliable and inaccessible on the app, limiting its overall usefulness. Reference the image for current mobile error.

Solution: Save Time, Save Money

This redesign enhances Budget Watch by improving usability, customization, and mobile accessibility. The goal is to create an intuitive, engaging, and effective budgeting experience that helps users track their finances seamlessly within Wells Fargo’s platform.

Current Mobile Error

CURRENT DESKTOP

Current Desktop View Issues

  • Outdated UI: The design feels cluttered and lacks visual hierarchy, making it difficult to navigate.

  • Limited Insights: The tool doesn’t provide a clear breakdown of spending trends, categories, or actionable insights.

  • Poor Customization: Users have minimal control over how they view or categorize their budgets, reducing personalization

  • Confusing Layout: Key information is not easily scannable, leading to frustration when trying to track expenses.

Current desktop view

COMPETITIVE ANALYSIS

Benchmarketing Budgeting Solutions Across Three Leading Banks

Competitive Analysis

To deepen my insights into the budgeting tools provided by major banks, I conducted a complrehensive competitive analysis of three prominent competitors.

USER INTERVIEW

I Interviewed Five Users to Understand Their Budgeting Habits, Challenges and Financial Goals

User Interviews

The goal of the user interviews was to:

  • Understand how users manage their finances

  • What frustrations occur with existing budgeting tools

  • What features users wished they had when budgeting

  • How can users be aware of their spending habits

FINDING & ANALYSIS

From Budgeting Struggles to Smarter Solutions: What Users Need in a Budgeting Tool

Affinity Map

Through the five user interviews, I identified key frustrations and goals users have when it comes to budgeting. I grouped the insights by topic and the following themes emerged:

  • Users struggle with rigid budgeting systems that don’t adapt to unexpected expenses or changing financial goals

  • Many users feel stressed about money and want to tools that provide reassurance and proactive guidance

  • While some budgeting tools track spending, they don’t provide meaningful suggestions to improve financial habits

I try to stick to a budget, but unexpected expenses always throw me off. I wish there was an easier way to adjust my budget without starting over.

— A.M., Participant

I know I should be saving more but it hard to balance saving with paying off debt and also making sure I have money for my child to participate in activities. I wish I had a system that helped me do both without feeling overwhelmed.

— K.K., Participant

User persona

Meet Blaze, A recent graduate stepping out into the ‘real world’. Blaze was excited about graduating with his Masters that he forgot how hard it is balancing work, bills, and his free time on a salary budget.

IDEATION & DESIGN

Navigating Financial Management with Ease

Sitemap

Diving deeper into users budgeting behavior, it has become clear that many users created bad budgeting behaviors young, which can stick to a person for a long time. Below, I created a sitemap and flows that users can navigate efficiently.

Task Flow

After gathering data, I began thinking about how I wanted the user to interact with the app and accomplish important goals — Get started with budgeting, understand budget needs, and set financial goals.

Mid Fi Wireframes

By defining the sitemap and task flow, I laid the groundwork for a redesigned app that offers a more intuitive, user experience. Below are a few screens showcasing the result.

Menu Side Panel

Users can locate the Wells Fargo Budget Watch by clicking on the menu icon and selected Financial Planning.

Get Started Page

After user select budget tools, they’ll navigate to the get start page for Budget Watch.

How can we help?

Users can select what budget goals and needs most important to them.

Expenses Monthly View

Users can view their monthly, weekly, or daily budget and a breakdown of those expenses.

Expenses Monthly View

Users can also update their monthly, weekly, or daily budget to align to their goals.

HIGH FIDELITY PROTOTYPE

Immersive High Fidelity Screens: Bringing My Visuals to Life

Using my mid-fi wireframes as a foundation, I developed interactive prototypes of key screens for usability testing. Below are the screens that were tested to refine the user experience.

Account Login and Menu

Get Started with Budget Watch

Budget Watch Monthly View

PROTOTYPE TESTING

I Tested Five Participants Ability to Complete the Task Flow in the Prototype

Testing Objective

The main objectives were to assess the discoverability of the new budget feature, evaluate the efficiency and memorability of key interactions, and understand user behavior during account setup. These insights were critical in optimizing the user experience and ensuring seamless engagement with the app.

Participants

Success rate on the task flow

of comments and questions

The progress bar for monthly savings goals is really motivating. Seeing my progress visually makes me more mindful of my spending habits.

— K.K., Participant

Can the app send me notifications when I’m approaching my budget limits in specific categories? This would help me adjust my spending in real-time.

— L.P., Participant

Would love to see a feature where I can split transactions between multiple categories. Sometimes a single purchase falls under different budget areas.

— K.T., Participant

Priority Revisions

Below are high priority screens based on feedback from testing.

Budget Goal Page and Push Notifications

Key Finding: In the initial mockup, the budget goal page didn’t stand out. Also, During user interviews, users were adamant about having notifications so they can know where they are in their budget.

Solution: Added a image that would resonate with users and separated information into sections and Added bottom sheet where users can opt into receiving notifications.

Before

After

Budget Watch Monthly View Page

Key Finding: During the usability test, users found that it would be easier to read if categories were broken up into the budget graph

Solution: Separated expenses and color coded them into the expenses graph

Before

After

NEXT STEPS & REFLECTION

Looking Forward: Next Steps and Reflection On My Journey

Next Steps and Reflection

During the redesign process, I realized the potential of incorporating features that enhance user collaboration and budgeting. One aspect I wished to include was the ability for users to split payments with friends, which I believe would be highly valuable, especially as people often share expenses with roommates or family. Additionally, I wanted to implement a feature that notifies users when they are approaching their spending limits. Unfortunately, due to time constraints, I couldn’t include these features, but I recognize their importance for enhancing user experience.

Reflecting on this project, I’ve learned a great deal about user needs and the importance of prioritizing features that truly add value. Moving forward, I plan to explore ways to incorporate collaborative budgeting tools and real-time spending alerts in future projects. I’m excited to continue learning and improving, ensuring that my designs meet user needs as effectively as possible.

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