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Aimset
Hackathon : SaveUp
9 min read
Aimset is an organization that connects innovative tech ideas with remote contributors to push the boundaries of what's possible. They aim to empower individuals to unlock their full potential and make a positive impact. Aimset believes in the power of collaboration and innovation, and strives to foster a culture that embraces these values by connecting people with meaningful projects. This case study documents the efforts of a 12-member team in launching SaveUp during a 4-week hackathon where they achieved a second place overall finish.
What was the Problem ?
Many young adults struggle to plan for their future financial well-being because balancing monthly expenses with long-term savings is challenging. They often lack the necessary skills to evaluate the financial impact of lifestyle choices and common financial decisions, such as student loans, car loans, and credit card debt, on their long-term financial stability.
What was the Proposed Solution?
A proposed incentive-based app aimed to empower young adults to develop financial planning skills through goal setting and skill-building challenges. By leveraging familiar concepts like budgeting and saving, the app helped users develop beneficial habits in less familiar areas such as investing and retirement planning. Incentives came in the form of badges and encouraging graphics, adding an element of joy to financial management. The app featured automated budgeting and a user-friendly goal-setting interface, making financial planning engaging and accessible.
50% of respondents feel most comfortable with budgeting and saving.
Who Were Target Personas?
The insights from the research were articulated in the form of customer personas. This helped digest the research further and provide a clearer narrative for the problem at hand.
Who was the Competition ?
A Competitive analysis was conducted followed by a SWOT analysis to better understand other products in the market and opportunities for SaveUp to capitalize on. Both direct and indirect competitors were reviewed and their strengths and weaknesses were mapped.
What was Built?
A Minimum Viable Product (MVP) was proposed to capture the key aspects of the solution, such as goal setting and challenges. The MVP was prototyped and tested through user interviews, with feedback used to refine it. Initially a desktop web app, the MVP collected usage data to drive improvements. The development stack included MongoDB, React, and Django.
What was the Impact?
The SavUp app aimed to revolutionize financial budgeting by integrating gamification into a single, user-friendly platform. It targeted young college students, providing essential financial management skills to improve long-term financial health. By empowering students to manage their finances, the app sought to pave the way for a more stable financial future.