Mi
An investing app that encourage women to invest in cryptocurrency for the first time.
Responsibility
User research & UX/UI Design
Duration
5 weeks
Scope
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Research
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Competitor Analysis
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Survey
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Site Map
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Wireframe
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High Fidelity
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User Testing
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Design System
Mentor
Lia Fetterhoff
Business Goal
Increase cryptocurrency adoption with female investors.
Program
Interaction Design Foundation Bootcamp
July 2021 - Sept 2021
1
Coins we love
A suggestion of coins that professional traders currently own and believe. This will give new investors peace of mind before investing in a new cryptocurrency.
2
Crypto Community/ Influencers
This will help encourage women to learn from others, gets real-time updates on news and investment, and become a better trader.
3
Learn & Earn
It is straightforward, informative, and rewarding. Education is an essential component for women to be financially free.
Market Research
Only 15% of bitcoin traders are women, highlighting a massive gender imbalance in the world of cryptocurrency, according to new data from eToro. - Market Insider
From 2020 - 2021, we saw a significant spike in women who are interested in Cryptocurrency but women are still only 14% of Crypto holders in the US.
Of the 63% of adults who say they are “crypto-curious,” 53% are women. These individuals say they are interested in investing in digital assets but want to learn more first. - Yahoo
Why is it important for women to invest?
Cryptocurrency is a 21st century financial instrument with a very 20th century problem: not enough women.
Women entered retirement with 70 thousand less than men (CNBC), this gender investment gap doesn't stop with just 70 thousand but it affects women over their lifetime.
Competitors Analysis
Performing competitive analysis gives me a better understanding of which features are essential for this project and helps me identify competitors' strengths and weaknesses.
context:
User research
After doing the initial research and finding the problems within the cryptocurrency space, to better understand user needs and frustration I conducted user research through a survey.
43
sample size
Goals
1. Understand why women started to invest in cryptocurrency
2. Learn how women currently perceive cryptocurrency
3. Uncover users' pain points with existing products
4. Search for potential features that the current cryptocurrency users' find beneficial
Owns one or more crypto
Do not own any crypto
Top 3 reasons why women are not investing into cryptocurrency
12 (41.4%) I don't know enough
9 (31%) It is too volatile
3 (13.8%) Haven't had the time
74% started investing in crypto less than 12 months ago, so COVID play a big factor in adoptions
Majority (64.3% & 71.4%) said that they first learn about cryptocurrency through either family/friend or social media
Only 1 person said that they are very confident in their investing decisions
Pain points:
“ The biggest pain point is the learning curve. I think the biggest benefit is the potential growth for the future.”
“Lack of knowledge about which crypto is worth buying Lack of good&easy to read articles for education”
Translating insights into features
The problem is not about signing up but, it is about fear.
- Have coins suggestion based on professionals' recommendations.
- Have a way for women to learn while earn.
1
From the survey I conducted, 71.4% of the participants started getting into crypto because of family/friends and social media. I used this to my advantage.
- Create a community where women can come together to talk and shares their findings.
- Have a community where women who have more experience in the field give out tips and advice.
2
Annette Black
Annette is a crypto curious who wants to start but is scared of volatility, and she wants to know more about the market before she starts.
Her main goals are to earn extra income and to invest in the future.
Theresa Kim
Theresa started investing in cryptocurrency during COVID, after a year of investing she is still learning and scared to invest more.
Her main goals are to earn extra income and to invest in the future.
context:
User personas were created in order to combine all the needs and opportunities we got from user surveys.
Personas
The core features of the app became apparent after the user needs are defined. Due to the time constraints,
I decided to create 3 sets of functions that will create the most impact on the user’s experience.
Home
Portfolio
Social
Site map
Wire-frame
context:
Wireframe were created to help prioritized content, functionalities, and intended behavior before moving into high fidelity.
Design System
Design system were created to improve the project workflow, as it helps save time and keeps the whole brand design consistent.
High-fidelity
context:
Once the basic functionality and screen flow is establish, I then move on to high fidelity design. This really helped me with testing the activities and good UX.
User-testing
I conducted remote user testing with seven participants using Maze. Out of seven, five participants finished with the intended path.
The two participants who were confused stated that they are not at all interested in crypto. They did not fall into my target audience.
Activity 1: Send a friend $5. The goal of this task is to understand how participant navigate the app and how easy it could be to send money to a friend.
Based on the survey that I conducted, 64% responses said that they first learn about crypto through family and friends.
Activity 2: Find Ali Watsons crypto wallet portfolio. According to the survey that I conducted 10/14 participants said that they learn about crypto through social media. By introducing crypto influencers, the users can learn in real-time, up-to-date information and also engage with their favorite influencers.
Activity 3: Finish the "What is Decentralization?" lesson to earn 3 MI coins. I love Coinbase's reward system, and so I thought I should bring it into here as well. A lot of users like the idea of it.
User-testing summary
From the results, it is easy to differentiate who is an investor, who isn't, and who is crypto-curious.
To make the app even straightforward for users, I suggest that we should gamify the sign-up process. Give the users $5 and walk them through the process of buying and selling. After the users finished, reward the users with one random coin. This sign-up process will help to get the user getting used to the basics and, the user will feel less overwhelmed with all the new experiences.
Overall the participants likes the app, from the community forum to the simplicity of the learning process. Taking some feedbacks into consideration
Final thought
Special thank you to Lia, it was my pleasure to be your mentee.
To market the app, I would first introduce this app to communities of women who already express interests in cryptocurrency. By doing this it will help with the adoption and see what the initial reaction is.
After more real user feedback, I would circle back to researching and discovery phase to slowly find problems and improve it.
I would also love to also A/B test the traditional signup process with the gamified version.