Financial well-being canvas: Tool for designing holistic financial service for all life stages

Abstract

The paper introduces a design tool, ‘Financial Well-being Canvas’ that is developed to help conceptualize, evaluate, and identify opportunities to create holistic financial well-being service offerings for various ‘life stages’ of users. The paper includes a survey and value mapping of existing product offerings and finance and fintech offers with a focus on interaction style, user approach, and role/character of the service. Taking these insights, the Canvas is designed with the concept of financial well-being at the forefront, specifically in understanding how banks can be present at certain life moments for users to achieve it. The Canvas touches upon three dimensions: modality, degree of service and timing (life moments). The paper exemplifies usefulness of the Canvas through two examples: as an evaluation tool of existing offerings, and as an ideation tool of new holistic services.