ireceipt
DESCRIPTION
8:00 am TuesdaysiReceiptA Ra ChoDaisey BlakneyEun Hye LeeMin Seon ParkValerie MoloneyTRANSCRIPT
Money ManagementMoney Management
iReceipt
Daisy Blakney, Valerie Moloney, A Ra Cho, Min Seon Park, Eun Hye Lee Daisy Blakney, Valerie Moloney, A Ra Cho, Min Seon Park, Eun Hye Lee
What’s Missing? Easy way to track spending
Visual Tool
Seamless interaction with spending, tracking, and managing money with a smart phone
Way to utilize receipts
Research Objectives We want to know how consumers (specifically New Yorkers) currently track their money, what they spend it on, and how they feel about their ability to manage their money.
Research Methodology Conduct one on one interviews with twenty 20-30 year olds
Keep a journal and track where we spend, how much, on what, the method we use to pay, and how we manage our receipts
Observe people’s immediate action after receiving/not receiving a receipt
Gain insight into what sort of application is missing in people’s financial lives
Explore already existing money management tools
Interview Questions Is there a way to study people’s interaction with money without asking them directly? Could we gain information by just observing people at registers? How can we create a visual that is easy to read but gives you the information you need to manage your money? How do people already manage their money? What percent of users uses online banking? How often? How do people manage their money now? Do people over spend often because they are not sure how much they currently have? What are most people buying? How do most people pay for things? Do people save receipts? Do people budget monthly? Allowance?
Results from Interview How do people already manage their money?
Online Banking 65% Keep Receipts/Check Book 10% Mental 25%
How often do users check online bank accounts? Daily 15% Every few day 45% Weekly 40%
How do you budget? Income 10% Parental Allowance 75% Both 15%
Do people over spend or over draft often? Never 20 % Only Once 70% Monthly 10%
What are most people buying? Food 45% Travel 20% Clothes 25% Bills 10% Gas X
How do most people pay for things? Credit 10% Debit 70% Cash 20% Check X
Do people save receipts? Yes, always 40% Yes, but I never look at them 45% No 15 %
OUT OF 20 PEOPLE
Conclusions from Research 1. Most of our target doesn't monitor their money on a daily
basis.2. When people use cash they don’t think of it as spending,
because its already out of their account.
3. Online banking is very popular, but people don’t use it to control their spending. Its more of a safety check once the money is already spent.
4. 90% of the time receipts are given after purchase. 5. Most of our target feels the necessity of managing
their finances because they are soon-to-be earning their own income (currently they receive aid from parents)
1. Our target wants something that makes the concept of managing money with a monthly allowance easier to understand.
Conclusions from JournalKeep a journal for 2 weeks and track where we spend, how much, on what, the method we use to pay, and how we manage our receipts
Habit of throwing away receipts: o Cluttero Wasteo Unorganized
Tangible proof purchase is necessary for exchange and returns Efficient tool needed to record and manage money expenditure
Conclusions from Observations
Takes receipt after purchase
Throw away later or keep it in bag /wallet without looking
How can we maximize the lifecycle of a receipt and use on the information on it?
Solution: iReceipt
WHY SCAN? Through interview, we found our target only checks the available balance through online/mobile banking.
How to make our target to:o Read their statement o Set their budget by incorporating technology
SOLUTION Giving them a little burden by scanning the receipts with their mobile phone, which eventually will make them aware how much they spend
Using technology decreases the burden
iReceipt APP Features
Scan your receipt
Translate relevant data into simple text by scanning
Breaks down spending information into category visually
History of expenditure by daily, monthly, and yearly
Questions?