Coinnect

Helping young adults take control of their finances through smart, social, and intuitive money management.

Overview

Coinnect was an academic project ideated during my time at NJIT, focusing on helping young adults better manage their personal finances. Over the course of two to three months, my team and I conceptualized Coinnect as a mobile application that would offer accessible financial education and easy-to-use tools for budgeting, savings, and expense tracking. The project was never fully developed but served as a deep dive into UX/UI ideation, business modeling, and user persona creation.

View Prototype

BACKGROUND

Many young adults face significant challenges in managing their finances effectively. Whether it’s a lack of financial literacy or difficulty navigating personal budgeting tools, young people often struggle to establish healthy financial habits. The goal of Coinnect was to empower this demographic by providing an intuitive and accessible platform to learn and manage personal finances.

Role

UX/UI, Research

Timeline

2-3 months

Tools

Figma, Figjam, Google Meets, Trello

Team Size

GOALS

The primary objective was to ideate a solution that simplified financial literacy for young adults and gave them tools to track and improve their spending, savings, and budgeting habits. We aimed to:

Educate users on personal finance topics
Provide an intuitive interface for budgeting and expense tracking
Foster better financial decision-making through personalized advice

Research

During our research phase, we uncovered several critical findings that helped shape Coinnect’s design:

Overspending Among Young Adults: Young adults are more likely to overspend, particularly when using mobile payment systems. A University of Illinois study found that mobile payments increase spending by 23.5%, particularly on non-essential items.
Social Finance Pressures: 30% of app users report being repeatedly asked for small payments by friends or family, contributing to poor financial decision-making. This "Venmo Vultures" phenomenon mirrors the dangers of easy credit use, where users dissociate from the financial impact of these transactions.
Desire for Social Engagement: Financial apps that integrate social components—like sharing, tracking progress, or competing with peers—are increasingly popular, especially among younger generations.

COMPETITIVE ANALYSIS

To create a product that addresses both user needs and market gaps, we conducted a thorough comparative analysis of existing apps like Venmo, Cash App, and other social finance platforms. We focused on areas such as usability, social features, and financial literacy tools. This analysis informed our design decisions, particularly in adding educational components and personalized advice.

Mint by Intuit

Strengths:

Established User Base: Mint has a large user base and a strong reputation for financial management
Financial Tracking: Offers budgeting, expense tracking, and credit score monitoring

Weaknesses:

Complexity: Might be overwhelming for young adults new to financial management
Lack of Educational Resources: Limited educational content to empower users with financial knowledge

Acorns

Strengths:

Micro-Investing: Encourages users to invest small amounts of money
Automated Savings: Rounds up purchases to invest spare change

Weaknesses:

Subscription Fee: Users must pay a monthly fee, which may deter budget-conscious young adults
Limited Financial Education: Focuses more on investment than providing comprehensive financial literacy resources

PERSONA

Peter Parker is an 18-year-old recent high school graduate who is embarking on his first year of college. Eager to manage his finances better, Peter aims to save money for a down payment on a new car while building up his credit score. He enjoys dining out but struggles to stick to a budget and lacks knowledge about personal finance, making him seek education and guidance. With a part-time job to cover his expenses, Peter is determined to learn how to save on daily costs and connect with friends and family to discuss financial goals and progress. An app that offers personalized financial guidance, expense tracking, and money-saving tips would be invaluable for Peter as he navigates this new chapter in his life.

Conceptualization

Our design focused on a mobile-first approach, given the target demographic’s preference for mobile devices. We sketched early wireframes to ensure a smooth, intuitive user experience, emphasizing simplicity and social engagement.

UNIQUE VALUE PROPOSITION

Coinnect is redefining financial management by merging social interaction with financial literacy. The app provides a comprehensive platform that goes beyond simple money transfers, offering education, advice, and social engagement, creating a community of financially responsible users.

HOW COINNECT CAN BENEFIT USERS

Standard Money Transfers: Secure and fast transactions between peers.
Socializing Through Finance: Users can connect with friends and family while discussing financial goals and habits.
Behavioral Insights: Gain valuable insights into personal spending patterns and be guided on how to improve financial habits.
Education on Investments: Learn about investment strategies and retirement planning early on, fostering long-term financial security.

WHAT SETS COINNECT APART

Optimized User Experience: Coinnect’s interface is designed for simplicity and ease, making financial management less intimidating.
Social + Financial: Coinnect isn’t just a finance app—it’s a social platform that fosters community, knowledge-sharing, and responsible behavior.
Social Credit System: Users are rewarded with higher social credit scores for responsible behavior, which opens access to financial perks.
Personalized Advice: Receive customized advice based on past spending behavior, helping users improve their financial health.

CHALLENGES & CONSIDERATIONS

With a focus on desktop-first design, there were several key challenges to consider:

Understanding User Needs: Complexities in identifying specific financial management needs of young adults
Team Collaboration: Navigating communication issues and aligning the team’s vision for Coinnect
Time Constraints: Pressure to complete research, design, and ideation within a limited 2-3 month timeframe

Testing

While we did not conduct formal user testing during the project, had we progressed to this phase, the plan would have involved the following:

Usability Testing: Testing the wireframes with college students and recent graduates to identify any pain points or confusing elements in the user interface.
A/B Testing: Experimenting with different onboarding flows and interface layouts to determine what resonates best with users. We would test whether users preferred starting with the financial literacy modules or going straight to the budgeting tools.
User Feedback: Ongoing collection of user feedback through surveys and interviews to continuously refine the product.

Though we didn’t reach the testing phase, these steps would have been crucial to ensuring Coinnect was both functional and engaging for users.

Outcome

While Coinnect was never developed into a fully functional app, the project successfully demonstrated the potential of a financial management tool tailored to young adults. Through user personas, sketches, and a structured business model, we showcased how Coinnect could bridge the gap between financial literacy and everyday money management.

PROJECT TAKEAWAYS

Had the project continued, future iterations would have involved:

I learned to effectively balance user needs, market demands, and product feasibility, which became an essential skill for future projects.
This project helped refine my UX/UI design skills, allowing me to create intuitive and engaging user experiences.
Coinnect provided a strong foundation for future projects, span where I worked closely with end-users during development, enhancing my approach to user research and testing.

NEXT STEPS

Had the project continued, future iterations would have involved:

High-fidelity prototypes to better visualize the user experience.
Usability testing with potential users like college students and recent graduates.
Collaboration with financial advisors to ensure the educational content was accurate and helpful.