Sama: Community-based saving
The Challenge
How can we empower middle-aged women in India to make better decisions around money habits with the support of their communities?
The Solution
Sama financially empowers middle-aged women with their local communities through shared money-pooling and goal-setting.
My Contribution
My role in this project spanned research and strategy, concept development and visual design.
Our Product
- Encourages group accountability through common financial saving goals.
- Turn-based pooling, lending, and borrowing based on the "kitty party" social concept in India.
- Provides options to wisely invest saved money, thereby improving financial literacy in the long run.
My team and I share something incredibly special: the stories of our mothers.
They all come from emerging economies, and they struggle with taking charge of their finances.
While the desire to gain financial independence is huge, there are cultural and social barriers that limit their access to adequate financial education.
Talking to other mothers made us realize:
This scenario is not unique.
So, how can we empower middle-aged women in India to make better decisions around money habits with the support of their communities?
Market Trends
Peer-to-Peer Lending
According to a forecast report by IndustryARC:
The India P2P lending market is forecast to reach $10.5 billion by 2026
Barriers to traditional banking systems make the peer-to-peer model an optimum alternative for women in India
2×2 Competitive Analysis
There is an untapped potential for community-based financial learning. Sama bridges this gap.
Sama leverages the power of local and urban communities to provide a solution that builds individual financial empowerment for every woman.
Existing Mental Models
The mental model of peer-to-peer lending can be observed in "Kitty Parties"
Hosting "Kitty Parties" in India resembles a practice of group borrowing and lending where a group of women pool in money, and one person per month receives the total pooled fund.
Lending and borrowing within the community is common in emerging economies.
But there is still a large cultural stigma around conversations about money and finances
Introducing Sama
Join local groups with common saving goals
- View your existing groups and join new ones
- Send invites to close friends and family
- Members are rated based on their trust, validity, and saving performance
Set your goal intentions and preferences
- Be intentional with why you are saving
- Select your preferred month to receive the pooled funds
- Customize & personalize your experience
Turn on Lender Protection for extra security
- Toggling Lender Protection ensures that your pooled money is safe and your ROI is guaranteed
- 2% of the savings you pool is collected as a service fee if enabled
View group progress and next month's turn
- Progress bar to see percentage of completion towards the goal
- Show number of days left to the end of the month
- Turns can be viewed on a month-by-month basis
Celebrate your success!
- You can celebrate your success after receiving your funds
- Next, you can withdraw the money for personal use or explore smart alternatives
Learn ways to use your money wisely
- Find smart ways to use your new funds such as buying gold or stocks for investment.
- You can also use the funds to build a safety net
- Or treat yourself through sponsored local businesses
Concept Validation
Potential customers expressed excitement about Sama
Customers validated our proof-of-concept during user testing where they positively expressed their feelings about the features we offer.
Product Roadmap
Now, Next, Future
Reflections
As I look back after 14 weeks of research, testing, and multiple pivots, I learned…
Be clear on why I took on this project
I learned the value of fully committing to a project, gaining an appreciation for the dedication required. This commitment is vital for staying motivated and leads to a profound sense of pride and accomplishment upon completion.
Be obsessed with the problem, not the solution.
Working to solve the underlying problem is key to a good product/service. It is important not to get caught up with "cool features" that don't add value to solving your problem.
Pivot with confidence
My team and I researched tirelessly, and when it was time to work on the solution, we quickly knew when our concept wasn't right. Each time we pivoted, we pivoted with confidence because we had all our research and testing to back it up. This led us to a solution that we and our potential customers are satisfied with, and we plan to continue to improve.