Audrey Li

Improving GenZ's financial well-being with TD MySpend

Product StrategyCase Competition

Re-envisioning TD's MySpend app to provide long-term financial goal support by allowing Gen Z users to create, manage, and engage with short-term tactical tools.

Timeline

March 2025

Role

Product Manager & Designer

Tools/Skills

Figma, Prototyping, Visual Design, User Research, Product Design, Product Management

CONTEXT

Tackling the first product case competition

Hosted by Ivey Product Society, ProdX is the first product case competition at Ivey. I was excited to put my knowledge and skills in product design, strategy, and management, by taking on a real-world product issue.

PROBLEM

GenZ needs tailored short-term financial tools

In today’s economy, GenZ is budgeting at record rates. However, there’s a lack of accessible financial tools that are clear, transparent, and personalized.

SOLUTION

The TD MySpend Dashboard

OUTCOMES

Presenting to product leaders and placing 2nd Place

HOW IT STARTED

TD Bank is seeking to enhance its mobile banking application with a new feature specifically designed for Gen Z users. As one of North America's leading financial institutions, TD recognizes that Gen Z users have unique financial behaviors and expectations that differ significantly from previous generations.

The TD MySpend app allows users to oversee their saving and spending habits, tracking regular cash flow, setting savings goals, and gathering personalized financial insights. Directly linked to the user's Personal Banking account, this app provides a seamless experience in managing finances and monitoring progress towards financial goals.

EXPLORING THE PROBLEM

Canadians spend an average of 15 hours per week worrying about money. There are multiple steps in how people manage their finances. We broke the process into 3 main steps.

USER RESEARCH

We began by defining the average Gen Z user. They are someone who is young and is transitioning from spontaneous spending to responsible financial management. They are looking for clear, simple, and accessible tools that help them understand their finances.

From here, we started conducting user research.

Gen Z users face growing anxiety when dealing with their finances. They need accessible tools that are personalized to their lives from trusted sources, such as TD, a leading financial institution.

PAIN POINTS

BUDGET FATIGUE

Users feel overwhelmed from manually inputting information for budgets.

FINANCIAL MISDIRECTION

There is a lack of clear guidance when viewing financial insights. Users are unsure what to do to improve/maintain their financial well-being.

DULL FINANCIAL TOOLS

The current options for financial management are outdated and static, demotivating users from proactively managing their finances.

TD's current platform lacks key budgeting features and fails to meet users' need for effortless financial management.

AND SO, WE ASKED:

How might we enable Gen Z users to keep up with their financial well-being on a regular basis?

The MySpend Dashboard empowers users with actionable financial insights through intuitive digital tools, addressing the gaps in traditional money management. By providing short-term spending insights, this solution offers a holistic view of financial well-being, helping users make informed decisions.

The TD MySpend app now has a dashboard that has a switch for 3 different views: a budget, a calendar view, and a MySpend recap. The user is able to set a budget for the different categories that are already within the MySpend app. Within each category, there are more items and the user is able to allocate a budget to those as well. The user's bills will also display here and they can be entered in manually or analyzed from reoccurring payments.

The calendar shows a high-level view of the user's cash inflows and outflows as well as any bills that have been paid and bills that need to be paid. This serves as a visual for how the user can plan their savings/money throughout the month and ensure they are staying within their budgets.

The MySpend recap is similar to Spotify or BeReal recap where it displays calculated metrics based on the user's savings and acheived goals. These can be shared to friends and family to promote friendly competition and entice more users to be aware of the MySpend app or try the app themselves.