The Innovation Lab at TD Bank
Streamlining Subscription Management to
Empower Users in Their Financial Decisions
Context
"Welcome to the Innovation Lab - currently, we're exploring subscription management."
At TD Bank's Innovation Lab, projects move rapidly in agile teams, leveraging design thinking to test ideas early and ensure their alignment with user and business needs. I joined the team in the ideation phase, with the only defined focus being on exploring subscription management. As part of a small, cross-functional team —comprising a Product Owner, Product Manager, Senior UX Designer, Engineer, and Business Analyst— I took on multiple roles as a UX Designer, UX Researcher, and Design Thinking Facilitator, all under the title of a User Experience Design Intern.
High-Level Contributions & Impact
I played a key role in redirecting the project through understanding the problem space and designing an MVP, significantly influencing the product's ongoing development:
Impact Part 1: Re-directing the Project
With our team lacking a researcher, I took on a lot of initiative in conducting UX research.
Impact Part 2: Designing the Product
I contributed to designing the product MVP alongside the Senior UX Designer.
How it All Started: Exploring Subscription Management
With the rising popularity of subscription-based services —from streaming platforms and SaaS products to recurring deliveries of goods— the TD Innovation Lab set out to investigate whether subscription management presented a valuable opportunity for exploration.
Conducting User Research and Identifying Key Problems
The target audience was initially defined as Gen Z with the rationale that students and recent grads may have difficulty managing their finances, extending to subscriptions. However, after conducting user interviews with 5 Gen Z students, we found that they were not a relevant target user group; all Gen Z participants had approximately 3 or fewer subscriptions. If they had more, they were shared with family where they did not pay out of their own pocket. Due to the low number of subscriptions, handling their recurring payments did not come across as a pressing problem space for this demographic.
In contrast, through analysing 20 online forums and conducting 10 user interviews with millennials, it was evident that subscription management was a valid problem space.
Using the insights gathered from conducing user research, I carried out thematic analysis through affinity mapping, which highlighted subscription management as a key problem area for millennials.
General Theme
Users often don't realise the challenges and frustrations they face with their subscriptions until they think/talk about them. This lack of awareness leads to unconscious spending, driven either by the sheer number of subscriptions (complexity) or the rising costs (financial security concerns).
These triggers give rise to several key problems:
There is an unmet need (rather than a pain point) in that users don’t realise the headaches around subscriptions.
Key Problems
Subscription Management
Users find it challenging to manage the number of subscriptions they have, often relying on multiple disconnected tools, which results in forgetfulness, avoidable costs, and a lack of effective organisation.
Subscription Value
Users often have difficulty determining whether their subscriptions are delivering enough value to justify the cost, making it hard to decide if they should keep or cancel them.
Negotiation / Cancellation
Users are aware they could save money by negotiating or canceling subscriptions, but they find the process—whether online or by phone—deliberately complex and tedious to navigate.
Product Ideation & Solutioning: Facilitating Design Thinking Workshops
To foster ideation, I led design thinking workshops in front of Product Managers, Designers, and Engineers, which led to redefining the problem statement and developing a prioritisation matrix for 14 key features. Of those, 3 contributed to new patents, strengthening TD's IP portfolio, and 7 design concepts emerged as potential solutions.
Re-defining the Problem Statement
The original problem statement was created at the start of the project.
By refining it to focus on unconscious spending instead of cash flow management, we were able to better target the root cause of subscription-related financial decisions.
The Solution
Building on the features we ideated as a team, I contributed to designing 6 design concepts that formed the foundation of our MVP. These were refined through 10 rounds of user testing and iteration. Below, I showcase 3 of these design concepts—feel free to reach out using my contact details to learn more.
Addressing Problem 1 (Subscription Management) through Awareness: The Overview provides an all-in-one view of subscriptions (a view of total monthly spend, all active and inactive subscriptions, and payment methods, benefits, and subscription-associated payments), simplifying the management process and eliminating the need for multiple tools.
Example use case: A user managing subscriptions across multiple payment cards can easily see their total monthly subscription spend and swipe through each card to view the subscriptions linked to it, offering a seamless way to stay on top of their finances.
Addressing Problem 2 (Subscription Value) through Decision-Making: The Visualiser enables users to view their subscription spending and usage from different perspectives (by category, price over time, and usage over time), aiding in better decision-making regarding the value of their subscriptions.
Example use case: A user managing multiple subscriptions may notice that their usage of a particular service has decreased over the past few weeks. This insight helps inform their decision-making, allowing them to quickly assess whether it's worth keeping or canceling the subscription.
Addressing Problem 3 (Negotiation / Cancellation) Through Action: The Negotiator addresses the challenge of difficult negotiation and cancellation processes by allowing users to easily access their subscription details. It suggests more cost-effective plan options and enables quick modifications, pauses, or cancellations.
Example use case: A user who realizes their subscription costs are higher than expected can explore more affordable plans, find better deals, or cancel unwanted services. Additionally, if they foresee a period of inactivity, they can pause specific subscriptions for a set time, giving them greater control over their spending and usage.
Reflection
During my time at TD, I once again recognised the crucial role design thinking plays in crafting innovative and effective user experiences. From conducting background research and engaging directly with users to collaborating with a cross-functional team, I gained valuable insights into how this process fosters well-rounded, user-centric solutions that not only improve customer satisfaction and loyalty but also contribute significantly to overall business success.
This project is still in progress, and I’m excited to see where it leads upon launch 🚀
Thank you so much to the TD team for providing me with the most welcoming and supportive environment to learn and grow!
