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Serene
Solving financial vulnerability
Financial vulnerability is a huge problem in society with many people having little savings and in debt. Serene was set out to solve this. And they realised that financial behaviour was the cause of the problem. And therefore, the solution would also have to be behavioural. However, building a behaviourally optimal software for companies before the problem even started was a challenge. They brought me to help.
The Challenge
Analyse
The first step was the evaluate the current product and plan for its behavioural capacity and ability to help users overcome the urge from engaging in the behaviour which creates the problem in the first place.
I conducted research into the key variables of financial vulnerability and the behavioural reasons causing them. From this, I developed a flowchart of problems and solutions to build the product on.
Research
Implement
We tested various methods of combining the research with technical feasibility into an easy-to-use product that companies could quickly integrate into their systems and support their users in avoiding falling into financial vulnerability.
We managed to release the first version of the working product to our clients. They were able to provide better support to their users by catching the problem early and stopping it from spiralling out of control. As a result, their customers highlighted greater satisfaction and financial wellbeing.
Evaluate
Summarise
The next steps for Serene were to acquire more clients to test the product and note down changes rot design and usability which would allow them to improve their ability to provide great service to their customers. Overall, this project showed the value of combining traditional and behavioural research methods in the financial sector.
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