USPS Banking
UX/UI & Research
Team Members: Kaitlin Noonan, Chantal Lesley, Lizy Ainsworth, Mikayla Magee.
Research: All Team Members
UX/UI: Kaitlin Noonan & Lizy Ainsworth
Iconography: Lizy Ainsworth
Photo Credits: Unsplash.com & Pexels.com
Problem
Those without a bank account, due to fees and other expenses, need a way to have an easy and affordable banking experience in order to develop financial security and knowledge.
Solution
With the USPS, affordable and trustworthy banking is possible. With this app, the unbanked can experience mobile banking with minimal fees, microloan options, and financial education. This system provides an alternative to traditional banking and other predatory financial services.
Research Summary
The Unbanked & Underbanked
The unbanked are households that do not have a bank or credit union, while the underbanked are households that have bank accounts but also use AFS services.
6% of people do not have a checking or savings account (unbanked), and two-fifths of these people
rely on AFS, Alternative Financial Services. (as of May 2019)16% of people are underbanked and also utilize AFS products. (as of May 2019)
Reasons for not having a bank account
Don’t have enough money to meet the minimum balance: 48.9%
Don’t trust banks: 36%
Bank account fees are too high: 34%
Personal identification, credit, or former bank account problems: 20.5%
Bank locations are inconvenient: 14.1%
Their Challenges
Their bank accounts are considered “money-losing” to huge banks, so they create bogus charges and fees to make up for that.
Can lead to a cycle of debt with a really high APR (payday loans specifically).
Lack of financial protection; banks are federally insured.
Time; need to physically visit a location to access their money.
Goals
Provide the underbanked a stepping stone to a bank.
Give them the means to save money and pay bills.
Give them access to their money digitally to save time.
What We Learned.
The underbanked need to physically cash a check, buy a money order, or send funds overseas. That means traveling to the location during business hours, standing in line, and paying a fee for almost every payment they make or receive.
Provide the underbanked with a way to experience mobile banking.
Provide the underbanked with a checking account without fees to help give them financial independence.
The underbanked lack tools to build emergency funds, pay down debt, and save for long-term goals like retirement, or education.
Provide the underbanked with a savings account without fees.
Provide the underbanked with options of secure micro-loans.
Provide the underbanked with financial education.
Journey Mapping
Jane’s workplaces do not provide direct deposit so she has to cash a check instead.
Conclusion: This journey map helped us create the solution and ability to deposit paychecks and cash through the USPS banking system.
Jane can’t afford to pay her bills and applies for a payday loan.
Conclusion: This helped us find the solution of the USPS having small loans with little to no interest.
User Flow
