Flex Those Money Muscles
For the up and coming generations, debt is accepted as a standard money management practice. The team at Douugh lead by Andy Taylor, the startup's founder and CEO, is on a mission to change that.
We joined them to design an app and help young people manage their credit card burdens.
Designing a path to financial wellness
A new player on the Australian financial technology scene, Douugh is a next-generation startup that aims to take personal finance management to new heights. Aimed at millennials and doing it's best to help an entire generation afflicted by debt make better saving and spending decisions, it sets itself apart by intending to disrupt the online banking market.
In the competitive world of fintech, what they needed were smarter design solutions.
Our goal was to present personal finances in a fun way, even though we all know one's finances are no laughing matter. The most challenging part of the design was how to visually simplify what is considered a complex subject for an average user, such as tax deductibles and interest rates.
The design had to be aligned with the way the app acts as an authority - it's more of a mentor than a simple personal assistant.
The platform requires insight into your spending habits and, in turn, gives you personalized saving suggestions.
By connecting your bank account and credit card information to the platform, it gives you personalized insight into your spending habits, as well as matching saving suggestions. The user's incoming and outgoing cash flow is broken into daily weekly and monthly spending. The AI system shows you where to cut costs and identifies your exact pain points - what you're spending on most and what needs to be paid off regularly and in full. We're looking at you, student loans!
Safe to spend
The product needed to have a look and feel of a credit card even though there's no need for one. It's color-coded because separate aspects of your account are separated with colors.
The app is divided into three accounts - checking, savings, and rainy day fund, which everyone who worked on the app likes to call a squirrel fund. Everybody needs a safety net, and Douugh is here to tailor the perfect one for its users.