Canadians are in record levels of debt, most of which has been generated as a result of overusing traditional credit cards. Lured by rewards programs, they're over utilizing credit that they can't afford to pay back. Credit and debit cards are Canadians primary payment type. However, both have their own set of limitations and problems which Mogo can solve to help improve the financial health of its members.
MogoSpend allows members to control spending and set spending goals with real-time balance alerts to keep them in check every time they use their MogoCard. By adding features to reflect on transactions, members were able to identify saving opportunities and better achieve spending goals.
#1– OVERSPENDING HABITS
Credit cards are designed for overspending habits.
#2 – ZERO REWARDS
Debit cards have no rewards.
#3 – NO SPENDING CONTROL
Credit and debit cards have next to no spending control features.
MISSION
Give members the ability to spend their own money and get unrivalled spending control while earning unlimited cashback. Deliver a product to help members keep spending in control and reward them for spending their own money. Increase net new members and monthly average spend or NPS score.
AUDIENCE
Millennials interested to control spending and get out of credit card debt.
MY ROLE
Lead Product Designer
3 designers
PROCESS
SOLUTION
#1– CASHBACK & SPENDING INSIGHTS
Make it easy for members to stay on top of their finances as well as giving members the ability to spend their own money and get unlimited cashback. Provide insights to help them optimize spending and reach financial goals, such as paying down debt, or putting more money into savings and investments to increase overall net worth.
#2– AUTO–TRANSFER
Allow members to easily schedule auto-transfers weekly, bi-weekly, or monthly from a bank account to MogoSpend. Ensuring members maintain a regular balance, adoption of the MogoCard is quicker, usage rate is improved, and churn is significantly reduced.
