FreeBird

Helping Users Achieve Financial Freedom Through Debt Management

FreeBird

Helping Users Achieve Financial Freedom Through Debt Management

Client

Tilicho Fintech Private Limited

Website

www.usefreebird.com

Markets

India

Company

FreeBird is a financial technology company dedicated to empowering individuals to achieve financial freedom. They believe everyone deserves to overcome debt and build a secure future. Their flagship app, FreeBird, provides a comprehensive and user-friendly platform to manage debt, optimize repayments, and gain financial literacy.

Services

  • User Research
  • Brain Storming
  • Design Thinking
  • Information Architecture
  • Interaction Design
  • Taxonomy
  • Interface Design
  • Design Systems
  • Prototyping
  • Visual Communication Design
  • Development Support

Financial Blind spots

In India, while 90% of the population utilizes various loan products, yet a staggering 95% lack complete transparency and understanding of their debt obligations.

This includes vital details like outstanding balances, interest rates, upcoming EMIs, and overall debt picture. This lack of awareness creates a cycle of financial stress and hinders individuals from achieving financial stability and pursuing their dreams.

First Things First

The audit of the existing app revealed several areas for improvement, including complex navigation, confusing user flows, and incomplete data leading to inaccurate recommendations.

The audit of the existing app revealed several areas for improvement, including complex navigation, confusing user flows, and incomplete data leading to inaccurate recommendations.

Take The Deep Dive

By analyzing support tickets and app store comments, we gained valuable insights into user sentiments and identified areas of both praise and concern. Positive reviews highlighted the app’s value proposition, while negative feedback underscored the need for improved usability and functionality.

Great app, I introduced it to my father and he found it very useful. It would be great if it can be made available in Telegu...

Awesome app but it’s a bit buggy. There seems to be a lot more bugs that when I first started using it...

After an update, this app keeps glitching/ flickering. Happens after a few minutes of use, making it unusable...

The audit and user feedback revealed valuable insights

Appreciated Value

Users recognized the app’s potential to simplify debt management.

UX Challenges

Confusion and complex navigation hindered user experience.

Inadequate User Input

Incomplete or inaccurate data led to misleading recommendations.

Visual Appeal

The app’s design lacked modern aesthetics and user-friendliness.

Redefining The
Project Requirement

Freebird had approached Invendes with the goal of enhancing the usability of their existing app. However, after conducting a thorough audit and also the review of the app feedback, it became evident that the app required a complete overhaul to address usability issues and provide a more intuitive user experience.

Understanding the Users

Persona 1

The Overwhelmed Professional

Description: Young professional juggling multiple loan payments, feeling stressed and overwhelmed by debt.

Pain Points: Lack of time to manage finances, difficulty understanding complex financial terms, confusion about repayment options.

Goals: Reduce debt quickly and efficiently, gain financial control, achieve peace of mind.

Persona 2

The Financially Savvy College Student

Description: College student with manageable debt, seeking to optimize finances and build credit responsibly.

Pain Points: Limited income, lack of financial guidance, difficulty accessing credit products.

Goals: Track spending effectively, learn about smart debt management, build a strong credit score.

Persona 3

The Debt-Weary Retiree

Description: Retired individual struggling with fixed income and high-interest debt, feeling anxious about financial security.

Pain Points: Difficulty managing living expenses on a fixed budget, limited access to new loan options, fear of financial burden on the family.

Goals: Consolidate debt for lower payments, explore debt relief options, and achieve financial stability in retirement.

Research Insights

Financial Literacy Gap:

Studies reveal a significant knowledge gap amongst Indians regarding debt management, compounding interest, and credit score implications.

Mobile-First Users:

Over 60% of Indians access the internet through smartphones, highlighting the need for a mobile-centric app design.

Preference for Visualizations:

Users respond better to data presented in graphs, charts, and infographics compared to text-heavy formats.

Gamification Boosts Engagement:

Implementing game mechanics like points, badges, and leaderboards can encourage users to actively manage their debt.

AI Chatbots Offer Personalized Support:

24/7 access to an AI virtual assistant empowers users with instant answers and personalized guidance, increasing trust and engagement.

Security and Privacy Concerns:

Emphasize data security measures and transparent privacy policies to build user trust in the app’s data handling practices.

Regional Language Support:

Catering to diverse languages spoken in India can broaden the app’s reach and cater to a wider audience.

Integration with Financial Ecosystems:

Partnering with banks and financial institutions can streamline data import and offer wider financial management options.

Community Building:

Fostering a supportive community within the app through forums or discussion boards can motivate users and share best practices.

Emotional Impact and Financial Wellness:

Focus not just on debt reduction but also on the emotional well-being associated with achieving financial freedom.

Design Objectives

Your debt has increased by 15%

Clear this first

And then this

And then this

1.

Empower users with debt awareness: Provide clear visualizations and insights.

2.

Offer personalized debt reduction options: Suggest lower-interest alternatives.

3.

Guide users with structured repayment plans: Create systematic strategies for debt elimination.

Design Objectives

Your debt has increased by 15%

1.

Empower users with debt awareness: Provide clear visualizations and insights.

2.

Offer personalized debt reduction options: Suggest lower-interest alternatives.

Clear this first

And then this

And then this

3.

Guide users with structured repayment plans: Create systematic strategies for debt elimination.

Behavioral Change

Freebird aims to transform how users manage debt

Shift from: Paying multiple high-interest bills without a clear plan as to how to become debt free

To: Actively managing total debt, seeking lower rates, and achieving financial discipline

Emotional Design Considerations

1. Quick Value Demonstration:

Immediately showcase savings potential upon entering basic debt information (e.g., credit card details). Use interactive charts and animations for visual impact.

2. Easy Data Input:

Integrate AI-powered data extraction from bank statements, credit card scans, and photos or by AI powered voice input. Implement intuitive forms and auto-fill suggestions.

3. Gamification:

Introduce reward systems and progress bars to motivate data input and goal achievement. Use badges and milestones to celebrate progress.

4. Faster Learning Curve:

Create a sample user persona with realistic debt scenarios and pre-populated data. Offer an interactive tutorial explaining key features and functionalities.

5. AI Chatbot Support:

Offer a 24/7 virtual assistant to answer questions, provide insights, and simulate "what-if" scenarios.

Data Aggregation:

Utilize machine learning algorithms to gather and analyze data from various sources (bank statements, credit reports, etc.) to provide a holistic view of the user’s financial situation.

Debt Visualization:

Utilize data visualization tools to present users with clear overviews of their debt portfolio. Utilize data visualization tools to present users with clear overviews of their debt portfolio.

Financial Forecasting:

Leverage predictive modeling to forecast future debt scenarios, recommend repayment strategies, and simulate “what-if” situations based on user actions.

Recommendation Engine:

Employ personalized recommendation algorithms to suggest lower-interest loan options, budgeting tools, and investment opportunities based on user profiles and financial goals.

Chatbot Intelligence:

Train the AI chatbot with natural language processing and financial knowledge to answer user queries accurately, offer personalized advice, and guide them through complex financial decisions.

Gamification Engine:

Implement algorithms that track user progress, award points and badges, and personalize challenges based on individual engagement levels to maintain motivation.

Algorithms At Work

Algorithms At Work

Solutioning...
Initial Thoughts

Create a mobile app that provides users with a comprehensive overview of their loan products, including outstanding balances, interest rates, and upcoming EMIs.

Implement a dashboard feature in the app that visually represents the user’s overall debt picture, allowing them to easily track their progress and make informed financial decisions.

Integrate a notification system in the app that sends reminders to users about upcoming EMIs, helping them stay on top of their debt obligations.

Develop a chatbot feature in the app that can answer user queries related to their loan products, providing them with instant assistance and clarification.

Offer personalized financial advice and tips within the app, based on the user’s loan products and financial goals, to help them manage their debt effectively.

Enable users to compare different loan products and their terms within the app, empowering them to make informed decisions and choose the most suitable option for their needs.

Implement a budgeting tool within the app that allows users to set financial goals, track their expenses, and allocate funds towards debt repayment.

Provide educational resources within the app, such as articles and videos, to improve users’ understanding of loan products and financial concepts.

Enable users to securely link their bank accounts to the app, allowing for automatic updates of loan balances and transaction information.

Offer a feature in the app that allows users to request loan refinancing or restructuring options, helping them find better terms and reduce their financial burden.

Conceptual
Sketches

Wires and Flows

UI Designs
& Systems

Track All Borrowers

Add borrowers, money lent, and other details in one place to keep business hassle-free.

Set Automatic Reminders

Remind borrowers of due dates and loan repayments automatically and save time contacting them.

Schedule Loan Repayments

Plan, schedule, and share timelines in advance to ensure clarity & prevent defaulters.

Set Automatic Reminders

Remind borrowers of due dates and loan repayments automatically and save time contacting them.

Results
& Conclusion

The redesign of the Freebird app aims to revolutionize debt management by empowering users with knowledge, tools, and support to achieve financial freedom. Through user-centric design, innovative features, and advanced algorithms, Freebird is poised to make a meaningful impact on the lives of individuals striving to become debt-free.

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