Six Ideas to Think About When Innovating for Financial Wellbeing
Jones Oviawe.

by Jones Oviawe, co-founder of Money Story.

By focusing on these we can come up with new ways to help people actualise through challenging seasons and optimise in more settled seasons.

Information Overload
More data isn’t always the answer from a people perspective. Not everyone wants to open the bonnet to see the engine, some just want a trusted party to get them from A to B. Reconsider the assumption that by giving people more analytics on spending, you are empowering them. Perhaps the opposite is true.

Perceived Complexity
Many people find navigating financial matters challenging, rooted in perception and an association with maths. To assist with financial wellbeing, consider addressing that perception to kick-start forward momentum. Consider reframing the finance conversation for engagement whilst ensuring this is reinforced by your customer experience.

Making Sense of Small Steps
The financially anxious struggle to appreciate the impact of small incremental steps due to real pressures and concerns. As such, a seemingly small step; normally the first step forward, can be dismissed as being of no value. How can you help customers connect small steps to their life goals?

Long and Short Term Thinking
Simple personality tests reveal our tendency to act in either short or long term focus. For the financially anxious, there may be a dissonance between the two, further increasing anxiety. Think about supporting customers in both dimensions helping to connect the two in the process.

Guided Scenario Planning
The idea of the unexpected or unknown future can plague the minds of the financially anxious compromising financial wellbeing. Tact is required so as not to overwhelm customers when dealing with this but tools such as retrospective reviews and stories can encourage forward thinking and commitment to budgeting.

Negative Money Identity
Identity driven decision making is a significant player in the financial wellbeing puzzle. If this ‘financial identity’ is negative our capacity to be proactive about our financial futures is compromised. Think about how you could re orientate the people first before attempting to affect their transactions. For long term change, this can’t be ignored.

Founded in 2019 by Jones Oviawe and FrantiĊĦek Nushart who met on the Launchpad programme, Money Story is a financial well-being app.

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