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Managing money is a growing challenge for Gen Z. Despite being tech-savvy, many struggle with financial planning, impulsive spending, and achieving long-term goals. This project aimed to create a solution: MiloWise, a personal finance app powered by AI. By combining intuitive design, gamification, and actionable insights, MiloWise empowers users to track expenses, set goals, and build financial discipline effortlessly.
Gen Z lacks accessible tools that make saving simple, engaging, and actionable. They often face challenges such as:
To create a user-centered solution, research focused on understanding Gen Z’s financial behaviors. Primary insights came from personal experiences and peer observations, while secondary sources included data from the World Economic Forum, NCFE, and RBI. Key conclusions:
Four personas were crafted, representing typical Gen Z users:
Milo tracks spending patterns through SMS and UPI transaction data (with user consent), categorizes expenses, and predicts upcoming costs. Milo provides:
Users can create “Pots” for specific goals like a vacation or a new gadget. These funds are kept separate from their monthly budget, encouraging disciplined saving.
Users earn Miloins, the app’s virtual currency, for consistent saving, smart spending, and achieving milestones. Miloins can be redeemed for rewards, keeping users motivated.
A detailed reports page gives users an overview of their spending habits, broken down by categories and time periods, helping them make better decisions.
Seamless UPI payment integration allows users to make payments while receiving real-time feedback on how their spending impacts their goals or budget.
Users set up their profile by:
Milo helps users create a savings plan using predefined rules (e.g., 50/30/20) or a custom plan. EMIs or other commitments are factored into the monthly budget.
The home screen provides an overview of the user’s financial health with:
Users create and manage Pots for specific goals. Notifications prompt contributions, and users can track progress visually.
Each milestone, such as meeting monthly savings or using the app’s UPI feature, rewards users with Miloins, reinforcing positive behavior.
This design focuses on the app’s core functionalities while leaving room for future enhancements, such as advanced investment options or community-driven financial challenges. With its user-first approach, MiloWise is positioned to become a trusted financial companion for Gen Z.
Draft me a quick email with your ideas or questions, and I’ll get back to you real quick!
