Frictionless Savings Product for Women
Mission
Our mission is to ensure frictionless savings for every woman in India. We are committed to providing secure and convenient financial tools that empower women to save effectively, helping them achieve their financial aspirations with ease.
Increased
Efficiency
Enhanced
Collaboration
Introduction
Universal access to bank accounts is now fairly ubiquitous thanks to the PMJDY scheme’s success. However, usage still remains a challenge, particularly among women in India. Women are much more likely to save through informal local savings groups. For example, available data indicates that 45% of women who save used these methods compared to 27% of men. However, saving in a bank account still poses a clear gender gap, with 41% of men using a bank account to save or store money while only 28% of women do so. Issues could range from distance from a financial institution, lack of trust in banks or lack of appropriate channels relevant to women.
Project Phase
Research and Analysis Phase:
Conducting a comprehensive analysis of the savings landscape for women in India, including barriers, challenges, and existing saving practices. Identifying the specific needs and preferences of women regarding savings.
Design and Development Phase:
Creating an intuitive and visually appealing Frictionless Savings App with goal tracking, and personalized features.
Testing Phase:
Conducting extensive testing of the Frictionless Savings App, including functionality, usability, performance, and security.
Rollout Phase:
Preparing for the launch by finalising branding and collaboration with stakeholders.
Scale-up Phase:
Identifying opportunities for scaling the app's reach, explore partnerships, and develop a sustainability plan for long-term viability.
Problem Statement
In India, women often face barriers to saving money due to various reasons such as lack of financial literacy, limited access to banking services, and complex user interfaces of existing savings applications. These challenges make it difficult for women to save money effectively and efficiently.
Solution
We propose the implementation of an improved UI/UX for the Frictionless Savings App. Our primary objective is to create a user-friendly and intuitive interface tailored to the specific savings needs and preferences of women. By simplifying the savings process and incorporating features that promote financial literacy and empowerment, we aim to encourage regular saving habits among women.
The Frictionless Savings Product for Women project strives to impact and enhance women’s individual saving practices in India. By designing an intuitive and women friendly user experience, we aim to provide women a technological means to take more control over their own financial futures and help them achieve their family’s long-term financial goals.