Lloyds Bank
Overview
As part of our master’s coursework for the UX Design and Development module, I conducted a UX analysis of the current Lloyds Bank mobile app and develop solutions to encourage Gen Z and millennials to have savings, planning for retirement, and considering health insurance.
My goal was to create an intuitive and more user-friendly app that meets the needs of our users.
My Role
UX/UI Designer, UX Researcher
Company
Lloyds Bank
Tools
Figma
Duration
3 Weeks
Problem
The current app does not fully address the financial needs of Millennials and Generation Z in terms of savings, pensions, and insurance.
The app lacks essential features and resources to support them.
User Interface and Design has a complex and outdated interface. Millennials and Gen Z prefer intuitive and aesthetically pleasing app designs.
Gen Z and millennials often prioritise mobile banking experiences. If the app is slow and lacks responsiveness.
Project Goals
Retirement Product(s): encouraging the target demographic to initiate a retire product.
Saving Vault: encouraging young savers to save.
Planning for Saving Goals (Millennial Saving).
Book Health insurance.
Market Research
Savings statistics 2024: Average savings in the UK
Gen Z and millennials have a lack of savings aged 18 to 24 have just £3,636 in savings, and 25- to 34-year-olds do not have much more than their younger counterparts, with an average of £3,748.
Generation Z are likely to spend on experiences rather than prioritising saving for retirement.
Millennials might face difficulties ahead, as data from the Department for Work and Pensions displays that 38% of the working population in the UK, amounting to 12.5 million people, are not saving enough for retirement.
Design Thinking with Double Diamond
I applied the Double Diamond model to identify users and personas and develop UI/UX designs that meet the project requirements.
User research & Target Demographic
Target demographic: Millennial/ Gen Z
According to Beresford research (2024),Individuals belonging to Gen Z, born between 1997 and 2012, Millennials, born roughly between 1981 and 1996.
Both Gen Z and Millennials are good with technology, however Gen Z grew up with it from the start, so they have been seen as more naturally comfortable with digital tools. While Millennials adapted to technology as it evolved and helped make it a normal part of everyday life.
Considering that the majority of users in mobile banking are 18 years old and above, the focus will be on individuals within the age range of 18 to 35.
Gender of consumers in the uk
Statista’s 2024 report displays that in the UK, about 50% of mobile banking users are females, and 50% are males. This means both genders use mobile banking equally.
Consumer’s level of education in the UK
Statista’s 2024 report shows that in the UK, the highest number of mobile banking users have a bachelor degree or equivalent at 31%, This means that people with further education are probably more likely to use online banking in the UK.
There are mobile banking users throughout all income brackets
This finding reveals that income does not limit access to digital banking services, indicating that mobile banking is widely accessible for people from various income levels to manage their finances in the UK.
User Interviews
I conducted user interviews with the aim of comprehending users’ concerns, needs, and preferences regarding the features related to savings, retirement, and insurance within a mobile banking application.
The questionnaires
1. How do you save money ?
2. Are there specific things you wish a mobile banking app could help you with your savings ?
3. What challenges do you face when trying to save money ?
4. How do you plan for retirement ?
5. What concerns you the most about retirement ?
6. What features in a mobile banking app would you find most helpful for retirement planning ?
7. Have you had any difficulties with insurance using a mobile banking app ?
8. What improvements or features would make managing insurance through a mobile app easier for you ?
9. What types of insurance are important to you?
User personas
Developing the user personas for each generation
Personas help to understand our target audience needs and behaviours, guide product design and development and Improve user experience based on evolving needs.
Persona 1 (Millennial)
Persona 2 (Gen Z)
Empathy maps
Empathy maps help to understand users deeply, identifying opportunities for improvement, supporting personas development and inspiring innovation and ideation.
User flow diagram
User flow diagrams are useful for visualising and understanding the steps users take in a process, guiding design decisions, and identifying areas for improvement.
Paper wireframes
Analyzing and Iterating through Sketching
Low fidelity wireframes
Wireframes are essential in the process of designing screens and prototypes as they outline the product’s appearance, functionality, and user interactions. Here are some wireframes of the app.
Design solution
Staying updated with the most recent graphical user interface (GUI) trends.
In 2024, gradients are making a notable resurgence, adding a dynamic touch to designs.They bring a cool effect by smoothly blending one colour into another, making designs pop with depth and vibrancy.
This design has features that would attract the attention of Gen Z and millennials.
Solutions to implement in the app to achieve four goals and features the app will have
Solution 1 saving vaults
I created tools to help users personalise insights of user spending activities and identify potential saving opportunities to encourage them to save money. Users can fill out their salary, their loan if they have and their bill in case they use multiple banks so that we can help them analyse possible savings more accurately. Analyse Call to action, can help them to analyse after paying all the bills how much they can use and how much they can save.
Users can create separate vaults such as saving vaults for long term goal, short term goal, emergency vault.
Solution 2 Retirement
I created a retirement planning tool that educates users on finance options. They can explore different retirement plans, allocate funds using a calculator, and choose between safe interest rates or riskier stock market investments. This empowers users to make informed decisions aligned with their financial goals and risk tolerance.
Solution 3 Book health insurance
I’ve developed a quiz function focused on insurance to assist users to understand their risk level and what kind of insurance they should take.
Solution 4 Planning for Saving Goals (Millennial Saving).
My solution emphasizes short-term savings with a personal touch. Users can create and personalize their background goals, whether it’s saving up for a furry friend like a dog. They can add custom pictures to make their goals more visually engaging and meaningful