Expert Financial Guidance For Immigrants, By Immigrants
Role
Product Strategist
UX Designer
Researcher
Timeline
15 weeks
Team
Nikita Deshpande
Anamika Gopi
Valentina Palacios
Skills
UI/UX Design
Interaction Design
Social Good
Overview
Impower is a non-profit platform that provides this audience with expert-designed financial plans, delivered in an easy-to-follow, step-by-step format by a mentor within the user’s own community. Our purpose is to empower our users to meet their financial goals and develop financial dignity and independence. We also offer multi-lingual educational content, peer-reviewed services, and chat forums to support our mission. Impower could potentially help 11 million people in the US access financial guidance that is easy, accessible, trustworthy, and understandable.
Click here to see the final designs
Problem
Out of 45 million immigrants in the US, 53% are not fully proficient in English, and 23% are illegal or undocumented.
These factors, combined with residing in lower-income neighborhoods and earning in cash, make it difficult to establish creditworthiness and generate wealth over time.
This situation is worsened by the lack of access to big banks that face red tape in innovating to offer tailored services for immigrants (especially low-income and/or limited English proficiency).
23% are undocumented
53% speak English proficiently
11.3 million people still need financial guidance that is easy, accessible, trustworthy and understandable.
*Pew Research Center, 2020
Barriers to Banking
Lack of trust and understanding of the US banking system
#1
#2
Lack of documentation
#3
Fear of legal issues
Language barriers
#4
Misconception of needing higher incomes, being charged high fees
#5
Lower accessibility of bank branches and ATMs in immigrant neighborhoods
#6
*2021 FDIC National Survey of Unbanked and Underbanked Households
Studies conducted by the Consumer Finance Protection Bureau (CFPB)
Solution
Impower is an impact-driven non-profit platform dedicated to empowering immigrants in the United States by offering expert-designed financial plans.
To provide accessible and personalized financial guidance, facilitated by a network of dedicated community mentors.
Access to multi-lingual educational content
Directory of peer-reviewed services near you
Process
4
Testing Activities
41
Participants & Respondents
3
Product Iterations
Click here to read the initial research on financial inclusion
Location & Audience
With our team’s proximity to the Jackson Heights community in Queens, New York, our ability to engage with residents in their native languages and the community’s apparent need for immigrant empowerment services, it seemed an ideal ground for Impower’s product testing and user engagement.
Our product also specifically targets South Asians and South American audiences, a majority in the Jackson Heights area.
<$50k per annum
Professional, Skilled Trades, Service Industry, Unemployed, Retired
Indian, Pakistani, Bangladeshi, Sri Lankan, Nepali, Peruvian, Colombian, Ecuadorian, Bolivian, Chilean, Other
Hindi, Urdu, Bengali, Tamil, Punjabi, Gujarati, Spanish, Portuguese, English
Income
Occupation
Ethnicity
Language
Jackson
Heights
Product Evolution
Iteration 1
Iteration 2
Iteration 3
Iteration 1
❌ Goal 1: To observe user experiences through onboarding and key touchpoints
❌Goal 2: To test the visual and verbal identity and resonance of messaging with users
✅ Goal 3: Sustain user engagement and activity
Assumptions tested
-
Users feel comfortable sharing their data on the app
-
Users value peer-mentorship
-
Users are willing to pay for expert advising
Actionable Insights
1. A revised visual identity that conveys trust and reliability and highlights real people over illustrations.
Our revised identity uses blue and orange as complementary colours. Blue is often associated with calmness, professionalism, and authority, which conveys a sense of trustworthiness to users. Orange, however, represents warmth, energy, and creativity, which brings our platform’s community-focused mission to life.
2. Peer mentors may not be able to address the more advanced financial needs of the users.
3. Creating opportunities for users to engage with their community in person
4. Considering how to assist users who cannot read and write .
Iteration 2
✅ Goal 1: To gauge advisors’ willingness to volunteer their time and expertise
✅Goal 2: To gauge audience interest in sign-up and understand most valued offerings
Assumptions tested
-
Advisors are interested in volunteering with Impower
-
Advisors are willing to contribute without compensation for their time and advice
-
Users are willing to sign-up and find value in continued engagement with Impower’s platform
Actionable Insights
1. Users felt comfortable receiving guidance from community members
2. Most advisors are willing to contribute for free in our platform
Final Product
How It Works
Collect
Chat-based assessment
Personalized plan
Create
Connect
Community
With mentors and track progress
Community forums, events, services
Collect
The first step is Collect. We begin by engaging with our users through a chat-based assessment, designed to gather essential information about their financial situation and goals.
Additionally, Immi helps users select a suitable mentor from our dedicated network, who will guide them towards their financial goals.
Chat onboarding
Mentor Selection
Create
During the Create stage, we delve into understanding our users' needs by assessing key areas such as
Emotional temperament
Goals
Financial situation
Income volatility
With this understanding, we proceed to measure relevant metrics at Impower to ensure each individual's financial plan is tailored to their specific needs and goals. Our team of expert advisors then utilizes their knowledge and expertise to create personalized financial plans, specifically designed to help users achieve their goals.
Connect
After the creation of the financial plan, we move on to Connect. Our users' financial plans are transformed into actionable tasks, empowering them to take control of their financial journey. Our community mentors play a vital role in this stage, guiding and supporting users as they navigate their financial plans and offering their own valuable experiences.
Mentor Engagement
Progress Tracker
Community
Finally, Impower values community collaboration and understands the importance of fostering a sense of belonging for each user. Our platform provides a vibrant community page, offering chat forums that cover a wide range of issue-specific and community-specific topics. In addition, users can access peer-reviewed immigrant and finance services, as well as participate in community events.
In-person Events
Peer-Reviewed Services
Collaborative forum
How does Impower meet users where they are?
Build trust and increase accessibility
Lack of trust
Fear of legal issues
Mentors from immigrant communities
Independent entity, not linked to a bank or government entity
Misconceptions
Educating and guiding through expert designed financial plans
Competitive Landscape
We reviewed 30+ competitors and complementary services that helped us define the area of intervention
Business Structure
Free. All the services are offered at no cost to users.
3 income sources: advertising, affiliate links, donations & grants, initial funding capital
Mentors are paid, advisors (designers of plans) are volunteers
