Cash Conscious


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Design at the Edge Cash Conscious project

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Cash Conscious

  1. 1. $$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$
  2. 2. $$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$Design at the Edge | Cash Conscious | Chantra M-P, Betsy R, Maryia S, Ian D
  3. 3. Introduction 1-2Methodology | Subject Matter 2-4 Findings 4-5 Problematic 5-6 Concepts 7-10 Credits 11-12 Cash Conscious
  4. 4. Introduction Our project, Cash Conscious, studied Generation Y/ Millennium and their interaction with money. We approached our research with the following questions in mind: Does our target group want to save? Or, do they care to save at all? Either way, we wanted to learn from our research what drives our target to spend, what drives them to save, and what (if anything) incentivizes them to save. Given the nature of the project to recognize a problem with the current money system and a particular niche and suggest a solution, we also wanted to find what medium communicates with our target most effectively.1
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  6. 6. Methodology | Subject Matter The disclosure of one’s financial status is, for most, a very Age: private and often uncomfortable matter, therefore, we deduced Occupation: we could gather the most valuable and informative research through conversation - asking not formal Q&A, but engaging How many hours do you work and/or go to school per in a form of storytelling. This personal “interviewing” method week? allowed us to obtain detailed information of the lives of the Where do you live? interviewees and their financial situations. Every member of Cash Conscious conducted several one-on-one interviews with our Marital Status: target age group 18-30, who are either college students or young professionals living in or near urban areas; each interview lasting How many people do you live with? 20 or so minutes. This group has accumulated debt from student Annual Income: loans, daily spending and/or credit card purchases. Although we did not format our interviews to be too structured we made sure Why did you choose to live where you do now? to get answers for the following questions during the interviews. What is your favorite day of the week? Why?3
  7. 7. Explain your perfect day:What do you spend most of your money on?Groceries UtilitiesRestaurants DrinksClothes/Shoes,etc other…SchoolRentDo you keep track of your money/expenses?If so, How?Online Banking PhoneEmail Other…TextAre there any large investments you hope tomake in the future? If so, what?Tell us a story about the worst and/or best experience youhave ever had with money? 4
  8. 8. Findings Lorem ipsum dolor sit less forthright when asked direct We find people are amet, consectetur adipiscing elit. Donec dictum sapien eget money, therefore the framing of questions about leo dictum eu adipiscing velit vulputate. the questions focused on the interviewee’s lifestyle; Aliquam tellus est, mattis vel aliquam quis, sollicitudin non eros. questions about their actual interaction with money was Fusce vitae eros vitae augue pharetra varius. Ut mollis velit et metus lobortis commodo.what activities fringilla elementum. secondary. We asked Nulla dignissim they are involved Donec convallis find most importantMorbi auctor elementum in, what they sollicitudin accumsan. in life, and more dui sed vestibulum. Vestibulum cursus, tellus sitday of the playful questions like what their favorite amet pharetra week is. Their answers allowed us to see their overall pellentesque, dolor elit adipiscing odio, id pretium lorem elit in risus. Sed toward money. justo pellentesque a sagittis erat attitude commodo arcu et gravida. In nec ipsum lorem. Quisque justo urna, pulvinar ut ultrices id, dictum id purus. Praesent hendrerit molestie libero, a To our surprise, we found that savings is not much of et placerat quam facilisis nec. Fusce pharetra, our interviewees priority for our target group. A lot of enim ac condimentum dapibus, tellus metus congue mi, their day-to-day financial cared simply about meeting non feugiat orci ligula in justo. needs. Some said that they spend money on “silly5 things” and “don’t save at all but maybe will in the Naliquam We realized that sempergenerally faucibus, justo future.” nam venenatis, mi there accumsan lacks an libero pretiumsave in at lacinia dui justo non nunc.of the ambition to mauris, this age group and most Quisque vitae loremspent on everyday necessities and small money is et arcu tempor posuere. Cum sociis natoque “silly” things. Our target group has a fairly shortsighted penatibus et magnis dis parturient montes, nascetur ridiculus mus. Pellentesquemoney, focusing on its power as netus et perspective on habitant morbi tristique senectus et a liquid malesuada famesbe consumed leo a diam pharetra asset that can ac turpis egestas. Proin varius. Donec dignissim libero ultricies.
  9. 9. “So depending on the month, I can spend a bigger chunk of my income onsomething that is clothes or shoes or some sort of device. But usually agood chunk of it is rent and food.”“I use my credit card because I don’t have money in the bank.”“Um, just like silly things. Clothes, just going out, dinner, going out withfriends or whatever.”“In the future sometime when I’m more mature about how to spend mymoney, yes. In the meantime, no.” (Referring to getting another Credit Card) # 6“Food, that’s one thing – like I’m not a greedy person, but I loverestaurants. So, I feel like as long as I can pay rent and eat at restaurantspretty consistently I’m like really happy.”
  10. 10. Concept A | Tracklet The Tracklet is used in conjunction with the user’s bank. To within the Tracklet, that will then access the user’s bank activate the Tracklet, the user will receive a new debit card account and deduce the amount spent from the balance. issued by the bank containing a new addition to the standard When the account has reached the certain amount the black magnetic stripe located on the back of the card. The user wishes to be notified of, the Tracklet will either heat magnetic stripe has three tracks, The magnetic stripe has three up or light up using LED lights. tracks, but only the first two are most commonly used and contain information related to the cardholder such as name, primary account number, expiration date, country code, and To track spending on a particular card, the Tracklet sends Radio Frequency other discretionary data. The remaining track, track three, is a Identification (RFID) signals like Ben read/write track that includes an encrypted PIN, country code, Greene’s Digitial Matchmaker. currency units, and amount authorized. The way a debit card works is after it is swiped through a reader, the EDC software at the point of sale (POS) terminal dials a7 stored telephone number via a modem to call an acquirer. An acquirer is an organization that collects credit authentication requests from merchants and provides a payment guarantee to the merchant. When the authentication request is finalized by the acquirer company a small sensor on track three will send the amount A small sensor on track three will send the amount, authorized authorized information and encrypted PIN to a sensor located information, and the encrypted PIN to a sensor located within the Tracklet.
  11. 11. 8#
  12. 12. Concept B | Pity Bank Pity Bank makes money more tangible through imaginary methods. Money is imbued with an emotional value when concerning your Pity Bank monetar. The user feels more personally invested- he/she is no longer saving solely for themselves, but for the livelihood of their digital companion. The user will adopt the monetar they relate to best. Feeding the monetar is equivalent to transferring a certain amount of your money in your savings account. The more money the user moves to their savings account, the more emotionally rewarded they become through their monetar. If you don’t feed your monetar within a certain amount of time, his/her health will deteriorate. Typically, feeding your monetar once a week should do the trick.9 We’re approaching a serious matter and making it more fun and approachable. Pity Bank reveals the simplicity of saving. The user chooses the Monetar that they best relate to. The cuter they think they are the more likely they are going to want to take care of them.
  13. 13. Pity Bank Pick your monetar. Requires love & care. 10 #
  14. 14. Photo CreditsDigital matchmaker | Vanko Design,r:1,s:0Elixir coffee,r:0,s:0Merchant Services | Credit Card,r:2,s:0Bills,r:4,s:63&biw=1230&bih=829Silhouette interview,r:0,s:0
  15. 15. Coins,r:12,s:0Cocktails | Girls,r:0,s:0Freda Scott | Silhouette,r:0,s:0&tx=107&ty=33Credit Card with Chip,r:0,s:0Music Credits“Everyday I Think of Money”Stereophonics | Just Enough Education to Perform | Track 8 | 3:25
  16. 16. $$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$$$ $$$