ENHANCING USER ENGAGEMENT OF FINANCIAL APPLICATION DESIGNED FOR YOUNG INDIANS BY SOCIAL MEDIA INTEGRATION AND GAMIFICATION

Abstract

There is a scope for the intervention of digital product design and innovation in improvising the financial habit of the younger generation through saving. The purpose of this research is to investigate the current financial behaviour of young Indians and identify the challenges they face in managing their finances. The study then proposes a design solution that leverages social features to motivate and encourage users to save money and improve their financial well-being. The domain of financial wellness is an important and relevant area of study, particularly in the context of young Indians. Effective financial management is critical for individuals and families to achieve financial stability, security, and long-term financial goals. Unfortunately, many young Indians face challenges in managing their finances and saving money due to a lack of financial education, limited income, and peer pressure to spend. The specific focus of this thesis is on designing a social-first financial wellness application. The decision to focus on social features is based on the growing popularity of social media and the potential for social connections and peer influence to impact financial behaviour. By leveraging social features such as social savings goals and challenges, the application aims to motivate and encourage users to save money and improve their financial well-being. The design of the application involves multiple domains, including user experience design, financial management, and technology development. User experience design is critical to ensure that the application is intuitive, user-friendly, and engaging for young users. Financial management expertise is necessary to develop effective saving strategies and personalised financial advice for users. Technology development is essential to create a functional and reliable application that can be easily accessed by users on their smartphones.