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Welcome! This wiki is home to research, design, and planning documentation efforts for the Digital Money Tools project for the Consumer Financial Projection Bureau (CFPB).

Problem Statement

CFPB's “Your Money, Your Goals” (YMYG) initiative supports consumers as they analyze their financial situation and improve their credit history through paper book, pamphlet bundles, and PDF-based toolkits. It is challenging for consumers to get a true financial picture of their current situation without doing considerable calculations. CFPB has contracted Raft LLC to re-envision the current paper-based toolkits as cost-effective, accessible, “mobile-first” digital tools. The goal is to improve consumers' financial posture, literacy, and money management skills.

Tool 1: My Money Calendar
Tool 2: True Cost of Credit Tool
Tool 3: Read your Credit Score

Overall Approach

We follow user-centered design and agile development practices to develop the tool. The product backlog, milestone and sprint planning will be managed in GitHub and we will use remote collaboration tools including Mural, Figma, Mattermost, OneDrive to perform work and prepare deliverables.

Cadence

Milestone planning and retro: Every 6 weeks. Milestone planning is relative, defines the milestone goal, and puts the user story/issues in three upcoming sprints. Milestone retro refines the relativeness.
Sprint planning: Every 2 weeks. Sprint planning defines sprint goal, evaluates user stories tagged in current sprint to form team consensus to ensure that they can be completed, and reviews to ensure each story has a description, acceptance criteria, and definition of done. Sprint planning meeting ends with everyone in the team confirming:

• work assigned to them
• work can be completed in that sprint

Sprint Demo: Every week to demo any progress
Sprint Retro: Every 2 weeks to discuss what worked and what could be done better
Daily Scrums: Held every day to discuss any roadblocks and coordination across the research, design, and development team.

Progress

• We are tracking the work on the CFPB Enterprise GitHub Project board.

Success and KPIs

Project Vision

• Create and support production suite of mobile-first applications that are available off-line, platform independent, and help consumers analyze their financial situation, provide resources to enable them to accomplish financial goals, and improve their credit history.
• Develop and continuously refine cash flow tool (myMoneyCalendar) that is available off-line, platform independent, and tracks weekly income and expenses and proposes personal financial strategies to ensure consumers have enough to make it from week to week
• Develop and continuously refine cost of credit tool that is available off-line, platform independent, and calculates how much a purchase will eventually cost when consumers use various financing options to pay for goods and provides alternative purchase options
• Develop and continuously refine a consumer application that is available off-line, platform independent, and analyses consumers credit report based on the entered information and identifies areas of concerns and proposes plan of action and content recommendation

KPIs for myMoneyCalendar

• Adoption, Utilization and Retention
  • Number of YMYG PDF toolkit users that the use tool
  • Number of users that are using personalized strategies
  • Number of users that return the same month to update weekly financial situation
  • Number of users that return after 90 days to further build their calendar and track their financial growth
  • Number of users using ‘emergency savings’ feature to save for future
• Processing Time
  • Load time when app is online and offline
  • Unique and Recurring Page views
  • Screen where the users spent most of the time and the least amount of time
  • Users arriving via search engines or consumerfinance.gov page(s)

KPIs for True Cost of Credit Tool

• Adoption, Utilization and Retention
  • Number of users that are using alternative purchase recommendations
  • Number of users that return to use the tool for next purchase
  • Users arriving via search engines or consumerfinance.gov page
• Processing Time
  • Tool usage during federal, state, other holidays when special financing deals are offered
  • Load time when app is online and offline
  • Unique and Recurring Page views
  • Screen where the users spent most of the time and the least amount of time

KPIs for Read your Credit Score

• Adoption, Utilization and Retention
  • Number of users that use the app to create a plan of action to improve credit and dispute errors
  • Number of users that return to use the tool
  • How often are users retuning to use the tool
  • Users arriving via search engines or consumerfinance.gov page

• Processing Time
  • Tool usage during federal, state, other holidays when special financing deals are offered
  • Load time when app is online and offline
  • Page views
  • Screen where the users spent most of the time and the least amount of time