Betterment is a financial services company that helps people invest their money and save for their future. In addition to traditional retirement savings plans like 401(k)s, Betterment also offers a variety of workplace benefits that help employees save for other important goals, such as education.

Problem

In order to increase sales of workplace benefits, Betterment is introducing a new product offering: 529 Savings Plans.

goal

Design an enrollment experience that helps users find and fund a 529 plan.

1. Discover

What is a 529?

A 529 is a state-sponsored tax-advantaged investment plan that helps people to save money for education expenses. Typically, these are set up by parents looking to fund their children’s higher-education costs. However, people may choose to set up a 529 for their own future education expenses, or for people other than their children, such as relatives and friends. 529 plans are offered by states, but anyone can contribute to any 529 plan, regardless of where they live or where the beneficiary attends school.

Competitive Analysis

I started by understanding the needs of people looking to open a new 529 account. I conducted a comparative analysis of various 529 plan enrollments, interviewed people who said they were interested in saving for future education costs, and collaborated with Ascensus, a third-party broker of 529s. This research helped me to identify the pain points that users experience when enrolling in a 529 plan.

QUALITATIVE interviews

I recruited five research participants who said they were interested in opening a new 529 plan. I conducted qualitative interviews with them to gain a deeper understanding of their experience of trying to open a new 529 plan. I prototyped a fake 529 plan for them to enroll in, allowing me to observe their pain points and get feedback on how the enrollment process could be improved.

Findings

1. 529s are complicated
   529s are less understood than other financial products like 401k plans. Long forms with complicated questions also made enrolling in 529s difficult for these participants.

2. Many didn’t expect to compare 529s
   People didn’t know they could select 529 plans from states that they don’t live in or plan to go to school in.

3. Difficulty with selecting investments
   Some users want a streamlined investment experience, others preferred having more control over their investment strategy.

4. When people did compare, they looked at fees and benefits
   After learning they could enroll in any 529 plan, people evaluated 529 plans primarily by fees and tax benefits.

Journey Mapping

After interviewing the participants and synthesizing their feedback, I created a customer journey map to better identify pain-points in the 529 enrollment experience, and opportunities to improve upon. This helped visualize the enrollment experience for the broader team, allowing stakeholders to align on improvement opportunities.

2. Design

I used the insights from my research to create a series of sketches that explored ways to simplify the enrollment experience and empower users to make informed decisions. I wanted to create a signup flow that was easy to understand and follow, even for users who were not familiar with 529 plans. I also wanted to provide users with clear and concise information about the different plans and options available to them.

Concept Sketches

Feedback

Many of the ideas I proposed were well received, such as preselecting portfolios, progress trackers, and a bifurcated portfolio experience. These ideas were considered to be feasible and would add value to the user experience. However, some of the ideas I proposed were either considered risky, out of scope, or needed further development.

Iteration

Taking the feedback into account, I collaborated cross-functionally with other stakeholders and subject matter experts to further iterate on my designs. Over the next few weeks, I was able to create a streamlined 529 enrollment experience that was both informative, and user-friendly.

Test

I conducted user acceptance testing (UAT) on the 529 experience and was responsible for identifying, reporting, and prioritizing bugs to be fixed. Following UAT, we began alpha testing the experience internally. The response was overwhelmingly positive. Many employees reported that the experience was a delight and easier than expected.

I also conducted usability testing with a small group of users to get feedback on the design. The feedback was positive overall, with users reporting that the design was easy to understand and use. However, there were a few areas where I could improve the design, such as making it more clear which plans are opted in and out and surfacing more information about the underlying assets.

3. Deliver

After months of development, we were ready to prototype and test the user flow. We created an internal tool to prototype a signup experience that accurately reflected all the different scenarios a user might encounter.. These interactive demos were also used as sales materials to pitch to prospective clients.

delivered prototype

Journey map

Individual Screens

Launch

The sales team began incorporating 529s in their pitch materials on May 23rd. Since then, there has been an increase in workplace benefit packages directly as a result of introducing 529s. The 529 enrollment experience has been well-received by employees and employers alike. Employees appreciate the ease of use and the tax benefits that 529 plans offer. Employers appreciate the ability to offer a valuable benefit to their employees that can help them save for their children's education.

Learnings

This project has taught me a lot as a designer. I learned the importance of tight collaboration with stakeholders and subject matter experts. I also learned the importance of user testing and iterating on designs based on feedback. If given the chance to do it again, I would have spent more time testing throughout the development of the experience, not just at the beginning and end of the project.

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