Achieving debt freedom and enhancing financial well-being
The goal of this project is to build a product that aids individuals in achieving debt freedom while also improving financial literacy.
I lead Product Design efforts to develop a mobile application centered on behavioral techniques for cultivating healthier financial habits.
Challenges in debt spiraling.
Individuals are facing challenges in paying-off their debts and experiencing difficulties in managing their financial well-being.
It’s important to know the following…
3 in 5 Americans (61%) are in credit card debt, 23% go deeper into credit card debt every month, and 14% missed payments in 2023.
28% of Americans believe they will pay off their debt within 5 years, 11% believe they will pay off their debt within 10 years, and 6% believe they will never pay it off.
47% of Americans have not been debt-free since 2018 to 2022, 14% have not been debt-free since 2013 to 2017, and 11% have not been debt-free since before 2018.
• 40% of Americans have been in debt for more than 5 years.
Conducted user interviews with 14 individuals looking to improve their financial wellness and secondary research to better understand:
What tools are currently being used, and what are the pain points borrowers are experiencing?
The goal of these interviews was to delve into individuals’ financial toolkits, assess their effectiveness, and leverage behavioral techniques to design a motivating and educational product aimed at achieving financial stability.
On average we found people downloaded around 2–3 financial apps on their devices but 80% were only actively using 0–1 of those apps.
Additional fees discouraged users; financial apps lacked excitement and needed more motivation, as well as better progress tracking.
Individuals seek improved interest rates, reduced APR, and a stronger financial base to achieve their goals.
How might we create financial freedom products that help borrowers build positive behavioral habits to achieve their financial goals and ditch their debt once and for all?
People are overwhelmed by financial apps, and are struggling to stay on track in their debt repayment journey.
Develop a habit-forming and educational experience centered on financial wellness, that is supported by industry experts.
Borrowers feel unmotivated and discouraged during their debt repayment journey.
Establish a gamified rewards system to keep borrowers motivated throughout their journey and create a community centered on fostering trust and support amongst Debbie users.
Individuals aim for better interest rates, lower APR, and a more stable financial foundation to reach their goals.
Develop a solution that identifies the optimal offers for users and tailors the experience to align with their current circumstances.
The app waitlist grew from 500 to 25k+in less than 2 years, since it’s launch in 2022.
Debbie is currently available in the Apple & Android app store and has been onboarding thousands of new users off the waitlist. Since launch, this app has helped people save around $200k+ and paid-off around a total net debt of $500k+.
Won Best of Show at FinnovateFall 2022 and 2023 tech conference, highlighting exceptional innovation in design and idea implementation.
Won the 2024 Fintech Breakthrough Award, honoring outstanding achievements in fintech innovation.
So far the lessons are Debsational. I absolutely love this app to Deb. Carpe de Debs. The extra incentives I receive for using this app make the Debian in me so Debonair!!!
