Wellspent - The Psychology of Saving

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Wellspent is an RBC Venture that promises users a better insight into how and why of their spending. They partnered with Lazer to build out some critical new functionality to improve engagement with their users. Wanting to keep their existing team focused on support, we were able to work with Product Managers and Designers at Wellspent to determine the best way to develop and deliver these new features.

On the agenda was a major new feature allowing users to budget their spending for each month, getting insights on how well they are doing month to month, and being able to adjust as they meet or learn from their savings goals.

In addition, we helped to deliver a new onboarding experience that better communicated the product's value proposition.

Finally, we added some end to end test coverage to give them higher confidence in the stability of their releases.

Smarter Budgets to meet your saving goals

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As it stood, the main feature offered by Wellspent was reflecting on your transactions as they were imported into the app. The Product team wanted to expand upon this vision by adding a Smart Budget feature which would allow users to tap through a few screens and have a budget generated for them based on how they feel about their spending.

For example, you spend $200 a month eating out, and spend $100 a month on a hobby that you share with a loved one. The Smart Budget feature will calculate amounts based on how often you reflect positively/negatively on each transaction. In this case, it would suggest a ~$50 decrease in Takeout, which could be allocated to your new hobby instead.

These simple insights can give users more peace about their spending, as they are able to focus on the positive and negative aspects of their spending equally.

We worked with the Product team to understand the rules of this Smart Budget system, as well as the Engineering team to understand how Reflection data is stored. With this knowledge, we determined the simplest way to develop the Smart Budget feature to deliver it quickly and allow iterations based on user feedback.

Better Engagement with a new Onboarding Experience

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The Wellspent Design team had built out a new vision for the onboarding experience, but the technical backlog was too large to deliver on this vision in a timely manner.

We worked with them to quickly refactor the existing onboarding to match this new vision, as well as tackle a great deal of their technical debt by simplifying the code that composed these features. Better composition of components, reduced code duplication and clearer state management meant that we were able to deliver the new functionality while cutting the amount of code nearly in half.

It also offered opportunities for us to introduce new patterns into the Wellspent codebase which could be utilized in the future. For example, the integration between the app and api caused an excessive amount of data to be pulled when launching the app. We utilized Normalizr and Reselect to better organize the data within the app itself, allowing fewer requests to be made on launch.

Higher Confidence with Detox and Senior Support

Prior to Lazer's involvement, there was no test coverage of the Wellspent App. We aimed to provide coverage of critical features at the very least, which included Onboarding, Account Management, Transaction Management, and Reflection on spending.