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data analysis
We created an affinity map by clustering similar observations to understand overarching themes.
Students need reliable information, tracking, decision guidance, alternative resources, and convenient tech for finance management.
UNDERSTANDING INFORMATION SEEKING BEHAVIORS
Students with loans feel the emotional impact more intensely, driving them to actively seek assistance and information from trusted sources.
They invest considerable time and effort into research and identifying trusted sources for guidance and support. We wanted to understand their information-seeking behaviors and the sources they rely on. We developed two personas by grouping participants with similar behaviors and goals.
Forum & Dashboard to ask questions & learn form peers.
University-verified advisors to match unique student preferences.
Appointments & Messages to ask questions, book appointments and keep a track.
Log-in through secured UMD-CAS for students & advisors.
Recommendations based on students’ current requirements
product vision
To develop a platform for students to seek financial guidance and advice from experts during challenging moments of their financial decision.
design rationale
Of all the directions we explored, we identified that most concerns arise when users seek information about their next steps and want validation for the actions they intend to take.
Recognizing that users already seek advice from trusted sources like family and friends, we aimed to replicate this trust by connecting users with financial advisors that are friendly & accessible. Similar to academic advisors for class registration, we propose a service where students can consult professionals and speak with verified peer advisors for important financial decisions. Despite credibility issues, online platforms remain the most accessed platforms for users, leading us to merge both concepts into a platform tailored for students of UMD.
User Scenario
Final problem statement
Friends and family are reliable, but they do not always have detailed information. Financial advisors from banks are reliable but less accessible for university students, leading to challenges in accessing financial advice efficiently. Online platforms offer accessible, diverse perspectives but lack personalization and credible information.
solution
A university-backed mobile platform of financial advisors and a trustworthy community forum. This solution aims to make financial advice accessible, and find a university-verified community of peers.
Through a visioning session, we brainstormed potential product concepts that leverage the trust students have in their inner circle.
collaborative ideation
We conducted a wall walk to align ourselves with the insights and synthesize “How might we...” ideas collaboratively.
We also invited our peers to participate in the wall walk session, where we generated Hot Ideas. Through them, we arrived at the following hypothesis:
By providing reliable and accessible financial information and advice to graduate students, we can enhance their financial well-being.
Establishing a framework of trust
Students prioritize trust, security and convenience. They seek guidance from others with similar experiences or experts.
A relationship model helped us establish the influence of these external sources on students, determined by the level of trust students attribute to them.
initial problem discovery
Through guerrilla interviewing of our peers and other students, we aimed to understand common financial concerns, revealing...
Graduate students lack experience in managing loans and debts, and making financial decisions independently.
Both international and domestic graduate students face challenges in accessing credible financial information in the US.
A lack of financial literacy affects their ability to make informed decisions about budgeting, saving, and managing finances during university and early career stages.
gaining insights into student financial behaviors
Upon further synthesis, we recognized that graduate students face the new responsibility of independently managing their finances.
This phase presents a valuable opportunity for them to gain essential financial knowledge that will influence their long-term financial behaviors and stability. To understand specific pain points and stressors faced by them, our research focused on understanding:
How do students currently manage their finances related to loans/debt and what challenges do they face?
What financial service/assistance is most valuable or important to students and where do they look for trustworthy information and advice?
What aspects of loans/debts concern graduate students the most and where do they seek information and advice from?
research
Contextual design methodologies as guidance to collect behavioral data points.
We conducted semi-structured interviews with graduate and PhD. students, a flexible format with open-ended questions to explore their experiences and pain points. This approach encouraged free expression and insightful discussions. Participants were identified through the snowball method and selected via a screening survey.
Participant Demographics
problem breakdown
What financial information are graduate student looking for?
Narrowing down the project’s scope, we focused on studying the financial challenges experienced by graduate students with loans and debts. We sought to identify their information needs, barriers to financial management, and specific challenges faced by students that are recent graduates, current graduates, and doctoral candidates from diverse backgrounds.
Simplifying Money for Graduate Students
TIMELINE
October - November 2022
TEAM
6 students
METHODS
Contextual inquiry, user interviews, affinity mapping, experience models, wire-framing
context
Dr. Wayne Phoel is a visiting research engineer at ISR, who has also been providing leadership in evaluating and executing financial technology research and experimentation. He is now working on product ideas to tailor behavioral nudges to help people make better financial decisions.
solution
Our study design sought to explore the behaviors and needs of graduate students with financial burdens like loans and debts. We developed a product concept to enhance their financial information-seeking patterns and ultimately their financial well-being.