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Published on

8:00 am Tuesdays

A Ra Cho
Daisey Blakney
Eun Hye Lee
Min Seon Park
Valerie Moloney

Published in: Design
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  1. 1. Money Management iReceipt Daisy Blakney, Valerie Moloney, A Ra Cho, Min Seon Park, Eun Hye Lee
  2. 2. What’s Missing? <ul><li>Easy way to track spending </li></ul><ul><li>Visual Tool </li></ul><ul><li>Seamless interaction with spending, tracking, and managing </li></ul><ul><li>money with a smart phone </li></ul><ul><li>Way to utilize receipts </li></ul>
  3. 3. Research Objectives <ul><li>We want to know how consumers (specifically New Yorkers) currently track their money, what they spend it on, and how they feel about their ability to manage their money. </li></ul>
  4. 4. Research Methodology <ul><li>Conduct one on one interviews with twenty 20-30 year olds </li></ul><ul><li>Keep a journal and track where we spend, how much, on what, the method </li></ul><ul><li>we use to pay, and how we manage our receipts </li></ul><ul><li>Observe people’s immediate action after receiving/not receiving a receipt </li></ul><ul><li>Gain insight into what sort of application is missing in people’s financial lives </li></ul><ul><li>Explore already existing money management tools </li></ul>
  5. 5. Interview Questions <ul><li>Is there a way to study people’s interaction with money without asking </li></ul><ul><li>them directly? Could we gain information by just observing people at </li></ul><ul><li>registers? </li></ul><ul><li>How can we create a visual that is easy to read but gives you the information </li></ul><ul><li>you need to manage your money? </li></ul><ul><li>How do people already manage their money? </li></ul><ul><li>What percent of users uses online banking? How often? </li></ul><ul><li>How do people manage their money now? </li></ul><ul><li>Do people over spend often because they are not sure how much they </li></ul><ul><li>currently have? </li></ul><ul><li>What are most people buying? </li></ul><ul><li>How do most people pay for things? </li></ul><ul><li>Do people save receipts? </li></ul><ul><li>Do people budget monthly? Allowance? </li></ul>
  6. 6. Results from Interview <ul><li>How do people already manage their money? </li></ul><ul><ul><li>Online Banking 65% </li></ul></ul><ul><ul><li>Keep Receipts/Check Book 10% </li></ul></ul><ul><ul><li>Mental 25% </li></ul></ul><ul><li>How often do users check online bank accounts? </li></ul><ul><ul><li>Daily 15% </li></ul></ul><ul><ul><li>Every few day 45% </li></ul></ul><ul><ul><li>Weekly 40% </li></ul></ul><ul><li>How do you budget? </li></ul><ul><ul><li>Income 10% </li></ul></ul><ul><ul><li>Parental Allowance 75% </li></ul></ul><ul><ul><li>Both 15% </li></ul></ul><ul><li>Do people over spend or over draft often? </li></ul><ul><ul><li>Never 20 % </li></ul></ul><ul><ul><li>Only Once 70% </li></ul></ul><ul><ul><li>Monthly 10% </li></ul></ul><ul><li>What are most people buying? </li></ul><ul><ul><li>Food 45% </li></ul></ul><ul><ul><li>Travel 20% </li></ul></ul><ul><ul><li>Clothes 25% </li></ul></ul><ul><ul><li>Bills 10% </li></ul></ul><ul><ul><li>Gas X </li></ul></ul><ul><li>How do most people pay for things? </li></ul><ul><ul><li>Credit 10% </li></ul></ul><ul><ul><li>Debit 70% </li></ul></ul><ul><ul><li>Cash 20% </li></ul></ul><ul><ul><li>Check X </li></ul></ul><ul><li>Do people save receipts? </li></ul><ul><ul><li>Yes, always 40% </li></ul></ul><ul><ul><li>Yes, but I never look at them 45% </li></ul></ul><ul><ul><li>No 15 % </li></ul></ul>OUT OF 20 PEOPLE
  7. 7. Conclusions from Research <ul><li>Most of our target doesn't monitor their money on a daily basis. </li></ul><ul><li>When people use cash they don’t think of it as spending, because its already out of their account. </li></ul><ul><li>Online banking is very popular, but people don’t use it to control their spending. Its more of a safety check once the money is already spent. </li></ul><ul><li>90% of the time receipts are given after purchase. </li></ul><ul><li>Most of our target feels the necessity of managing their finances because they are soon-to-be earning their own income (currently they receive aid from parents) </li></ul><ul><li>Our target wants something that makes the concept of managing money with a monthly allowance easier to understand. </li></ul>
  8. 8. Conclusions from Journal Keep a journal for 2 weeks and track where we spend, how much, on what, the method we use to pay, and how we manage our receipts <ul><li>Habit of throwing away receipts: </li></ul><ul><ul><li>Clutter </li></ul></ul><ul><ul><li>Waste </li></ul></ul><ul><ul><li>Unorganized </li></ul></ul><ul><li>Tangible proof purchase is necessary for </li></ul><ul><li>exchange and returns </li></ul><ul><li>Efficient tool needed to record and manage </li></ul><ul><li>money expenditure </li></ul>
  9. 9. Conclusions from Observations <ul><li>Takes receipt after purchase </li></ul><ul><li>Throw away later or keep it in bag /wallet without looking </li></ul><ul><li>How can we maximize the lifecycle of a receipt and use on the information on it? </li></ul>
  10. 10. Solution: iReceipt
  11. 11. WHY SCAN? <ul><li>Through interview, we found our target only checks the available </li></ul><ul><li>balance through online/mobile banking. </li></ul><ul><li>How to make our target to: </li></ul><ul><ul><li>Read their statement </li></ul></ul><ul><ul><li>Set their budget by incorporating technology </li></ul></ul><ul><li>SOLUTION </li></ul><ul><li>Giving them a little burden by scanning the receipts with their </li></ul><ul><li>mobile phone, which eventually will make them aware how much </li></ul><ul><li>they spend </li></ul><ul><li>Using technology decreases the burden </li></ul>
  12. 12. iReceipt APP Features <ul><li>Scan your receipt </li></ul><ul><li>Translate relevant data into simple text by scanning </li></ul><ul><li>Breaks down spending information into category visually </li></ul><ul><li>History of expenditure by daily, monthly, and yearly </li></ul>
  13. 13. Questions?