Many young people do not have a strong understanding of the best investment options for their retirement. This lack of knowledge often leads to uncertainty and reluctance to engage with traditional investment platforms.

The preference for instant gratification can hinder long-term financial growth. Young investors may be tempted to withdraw their savings prematurely or invest in risky stocks and cryptocurrencies, exposing them to unnecessary risks.

Traditional investment platforms can be intimidating and unattractive to younger users, contributing to their disengagement from retirement savings and investment activities.

The desk research focused on understanding the financial habits and preferences of Gen Z and Millennials, the current state of retirement savings, and the appeal of gamification in financial apps. Various articles, reports, and studies were analyzed to gain insights into how younger generations approach saving and investing, the challenges they face, and the potential of gamification to drive engagement and understanding of personal finance. This research not only provided valuable context but also informed the app's features and design, ensuring it would resonate with the target audience.

Check out the Desk Research

In addition to the desk research, a competitive analysis was conducted to evaluate the current landscape of investment apps, with a focus on their features, benefits, and drawbacks. Popular apps, such as Robinhood, Acorns, and Stash, as well as lesser-known alternatives, were analyzed. The competitive analysis provided insight into the strengths and weaknesses of these apps, allowing for the identification of areas where LATO could differentiate itself and capitalize on untapped opportunities within the market. This informed the app's unique game-like approach to retirement savings and investment, setting it apart from the competition.

Check out the Competitive Analysis

Based on the findings from the exploratory user research interviews, three personas were created to represent the target audience. These personas represented a diverse range of backgrounds, ages, and tech proficiencies, enabling a better understanding of the various needs and challenges of potential users.

User stories were crafted for each persona, exploring their experiences with saving and investing, with a particular focus on the challenges they faced in retirement savings. These user stories served as a valuable resource to empathize with users' needs and preferences, informing the design process to create a more user-centric app.

To further understand the user experience and explore how the app could resolve the issues and blocks that young potential investors face in the current market landscape, customer journey maps were created for each persona. These maps illustrated the different stages of the user's journey, from initial awareness and engagement with the app to achieving their financial goals.

The customer journey maps played a significant role in the design process, helping to identify areas where the app could provide support, education, and motivation for users. They also allowed pinpointing potential pain points and challenges that users might encounter, enabling the design of solutions that enhance the overall user experience and encourage long-term engagement with the app.

The name LATO encapsulates several key aspects of the app. As a play on the word "Later," it highlights the app's focus on long-term retirement investing. Furthermore, Lato means summer in Polish, a nod to my own cultural background, which symbolizes the summer-like sense of warmth and security that the app aims to facilitate for users in their old age.

The app's visual design is characterized by a nostalgic, maximalist approach that embraces skeuomorphism and vibrant colors. This style was chosen to align with the preferences of Gen Z users, who appreciate designs that challenge the status quo and celebrate the spirit of rebellion against the contemporary minimalist flat design trends. Today, the appeal of skeuomorphism is not about the usability created by familiar imagery for which it was originally designed but rather about evoking a sense of playfulness from the past.

In designing the app, I drew inspiration from games popular with the Gen Z audience, such as Roblox and Fortnite. Both games feature bright colors, engaging interactions, and a sense of exploration and fun that resonates with younger users. By incorporating elements from these games, I aimed to create a visually appealing and immersive experience that would attract and retain the target audience.

Some specific design choices influenced by these games include the use of 3D orthographic islands, which create a sense of depth and space, and the inclusion of animated color gradients and micro-interactions that enhance the user experience. Additionally, the app's gameplay centers around creating a personal virtual retirement retreat island, a concept that aligns with the exploratory and interactive nature of popular Gen Z games.

The design process began with the Crazy 8's exercise, rapidly iterating on multiple design concepts to spark creativity and innovation. This exercise laid the foundation for more detailed sketching, exploring different layout options and interface elements. After affinity mapping research findings and assumptions, the key features necessary for the app were identified.

With a clear understanding of the app's core features and layout, user flows were created to outline the various paths users would take within the app. These user flows informed the development of wireframes, which served as a visual representation of the app's layout and functionality. Once the wireframes were established, low-fidelity prototypes were developed, incorporating interactivity to test the app's core user experience.

Taking the low-fidelity prototypes as a foundation, the transformation process into high-fidelity designs incorporated game-inspired elements to create a visually compelling and interactive user experience. The goal was to make the app inviting, intuitive, and engaging, while keeping user needs at the forefront.

In the design process, accessibility was a key consideration. Font sizes, contrast levels, and color choices were carefully selected to ensure a user-friendly experience for individuals with visual impairments. The app's interface was designed to comply with established heuristics, ensuring ease of use and promoting smooth navigation.

To enhance the app's dynamic visual appeal, numerous animation effects were integrated, such as animated color gradients and lively transitions. Micro-interactions were also included to provide real-time feedback for users, reinforcing the sense of a responsive and immersive environment.

Throughout the design process, human factors were kept in mind to ensure the app addressed user needs effectively. The high-fidelity designs took into account cognitive load, learnability, and the potential for user error, as well as ensuring that the app was aesthetically appealing and engaging. By considering these factors, the high-fidelity designs were finalized, ready to proceed to usability testing and further refinement.

The usability testing process for LATO would involve a diverse group of participants within the target audience. Multiple rounds of testing would be conducted, allowing for the identification and resolution of potential pain points, as well as the opportunity to iterate and improve the app's design and functionality. Various testing methods, such as task-based scenarios, think-aloud protocols, and post-test interviews, would be employed to gather valuable insights into the user experience.

Following the usability testing process, the feedback received from users would be used to refine the app's design and functionality. This process would include the identification of areas for improvement, the implementation of design changes based on user feedback, and the subsequent evaluation of the app's effectiveness in meeting users' needs. Through iterative refinement, LATO can be optimized for the best possible user experience and its potential impact maximized.

Tackling challenges such as understanding the target audience's unique preferences, balancing gamification with financial education, and ensuring an accessible user experience required a deep dive into desk research, user-centered design principles, and iterative design methodologies. Overcoming these obstacles allowed for the creation of a product that resonates with its intended users.

The potential impact of LATO on younger generations' approach to retirement savings is significant, as the app engages, educates, and empowers users to develop healthy financial habits. Through its innovative approach, LATO can help users achieve their retirement goals with confidence and ease.

The LATO project served as an invaluable learning experience, emphasizing the importance of empathy, research, and collaboration in designing a successful product. The journey from initial concept to final product demonstrates the power of user-centered design and continuous improvement in transforming financial education and retirement savings for younger generations.

Future directions for LATO include further refinement of the app based on user feedback, collaborating with a game designer to expand and enhance the game elements, and exploring potential partnerships with fin-tech companies to bring the product to market. Securing a partnership would be crucial for transforming the LATO prototype into a market-ready app, ultimately benefiting users and helping them take control of their financial future.