Millennials in the UK are set to inherit £327bn in the next ten years, but they’re put off investing by complicated processes. And they don’t have much in savings and believe you need a lot of money to make investments.
Wombat saw a clear gap in the market for easier investing. They wanted to develop a service that would educate their customers about investing, saving and growing their money. And they wanted to do it in a super user-friendly way that wouldn’t be a time-suck for busy working people.
Wombat wanted to partner with a reactive team to develop the product and get it out to market quickly.
User group outreach
Usability bug revie
It’s no secret the UK has a savings problem. Most of us couldn’t suddenly find £500 for unexpected car repairs without getting into debt.
And almost half of millennials cite long-term finance worries as the biggest cause of stress. Yet 72% of 25–34-year-olds don’t want to invest because the process is too complicated. Wombat wanted to empower the next generation to manage, save and grow their money.
They wanted to break down the barriers that stop people from investing and make the whole process low-risk and easy to understand.
Wombat needed a platform set up quickly that could support as many users as possible. And they needed to keep their competitive advantage in the UK market, so speed to market and getting quick user sign-up was critical.
- Problem sprint
- Our team worked closely with Wombat to help raise investment and produce an MVP (minimum viable product).
- Solution sprint
- We mapped out the mobile app and admin platform. We conducted user research, outlined a feature roadmap, created UX wireframes and did a cost-benefit analysis.
- Implementation sprint
- We integrated Wombat’s new products, embedding them into existing processes. We also put in some mechanisms to measure impact.
- Analysis sprint
- Our work with Wombat is ongoing, providing support with updates and analysis for continued success.
The project came in on time and within budget. After its launch, it became the fastest-growing Fintech app in the UK. As of 2022, it has raised over £11 million in investment from Fuel Ventures and crowdfunding.
- Investment dashboard
- iOS and Android users can now track their investments, their performance and returns on the Wombat app.
- Trending funds and shares
- Users can view popular funds to invest in and track their risk and performance.
- Learning hub
- The Wombat learning hub features brief 3-minute reads to help users learn more about investing and become empowered to make smarter financial decisions.
- Users get incentive badges for positive user behaviour, reaching financial milestones and hitting investment targets.
The stats speak for themselves:
- 300% increase in downloads
- 230K app users
- 15% monthly growth in users
- 4.2 average rating on Trustpilot
- £11m in seed funding raised so more people than ever can invest