Savings Goals
Providing users with the ability to set funds away into a Savings Account
— Company
Branch
— Timeline
4 months
— Tools Used
Figma
Google Forms
— Project Background
As a UX Designer at Branch, I identified a significant gap in the platform’s offerings—a dedicated savings feature. Through user research, we discovered that many users, particularly 1099 and independent contractors, found managing savings in separate accounts inconvenient and frustrating. The absence of this feature in the Branch app was impacting user satisfaction and limiting Branch’s ability to meet users' financial wellness needs.
— The Solution
To solve this problem, we set out to integrate a seamless savings feature directly into the Branch digital wallet. The primary goal was to empower users to easily set aside funds, creating a more stable financial experience. The solution focused on simplicity and user-friendliness, with a separate savings balance, flexible transfers with no penalties, and the ability to set savings goals. This initial version prioritizes ease of use, with plans to expand in the future to include multiple savings goals and automated contributions, giving users even more control over their financial wellbeing.
How might we provide Branch users with a savings feature that addresses their need for financial stability and enhances their overall banking experience?
The launch of the Savings Goal feature drove strong user engagement and positive behavioral shifts. Within the first four weeks, 40% of users who clicked the “Save Funds” button proceeded to create a Savings Goal, with many setting financial targets. Among those who created a goal, 41% actively contributed funds, and 49% set a specific savings target.
The introduction of this feature also contributed to a 10% increase in monthly active users and an 8% decrease in withdrawals from primary checking accounts. These results indicate that the savings functionality not only encouraged users to build better financial habits but also deepened their engagement with the Branch app.