Project Overview
ASIC's MoneySmart seeks to support and empower consumers in their financial decision-making through a suite of resources, including providing innovative digital tools and apps.
ASIC has developed a new mobile app to assist consumers with the financial decisions associated with buying a car.
The MoneySmart Cars app helps people make smart choices when buying a car.
Organisation
Team
This project was managed and produced by the Financial Literacy team, in the Strategy Group, at the Australian Securities and Investments Commission.
Miles Larbey, Senior Executive Leader
Suzan Campbell, Senior Manager
Andrew Dadswell, Project Leader
Adam Golightly, Digital Lead
Marco Ramires, Lead Developer
Kaylene Rutherford, UX Designer
Benjamin Law, Content Creator
Project Brief
Produce a digital tool to help Australians make smart financial choices when buying a car.
The tool needed to be available when consumers are shopping around and gathering information online or in the car yard, and help them to understand the costs and key issues when buying a car.
The tool needed to inform of consumers so they are aware of the range of costs associated with buying and running a car, and are more confident when they're in the car yard.
Project Need
Buying a car is a major, multi-dimensional decision. But many consumers don't consider all the dimensions. The consequences of a bad decision can be paying for poor value products and can result in expensive debt.
The project also needed to complement ASIC's regulatory work in relation to consumer protection for car finance and insurance.
User Experience
ASIC's MoneySmart Cars app helps consumers work out the real cost of buying and running a car. It helps users identify hidden costs and find alternative ways to finance a car.
The app is ideal for people who are ready to buy a car. Users get an initial result of what the car will cost over 5 years based on national averages. Users can then personalise the result by inputting details of their own car and loan options.
We put the user first. This means analysing and understanding consumer behaviour when buying a car and when using apps. We took a phased-approach to development which involved research, concept testing and multiple rounds of user-testing. Each round informed the next stage of development and design to ultimately end up with an easy-to-use app.
Project Marketing
The MoneySmart Cars app is available from both the Apple Store and Google Play. The app features on ASIC's MoneySmart website.
ASIC will be informing people about the app primarily via social media.
V8 SuperCar driver Craig Lowndes explains the benefits of using the app in a series of short social media videos.
App Store: https://itunes.apple.com/au/app/moneysmart-cars/id1116023116
Google Play: https://play.google.com/store/apps/details?id=au.gov.asic.MoneySmartCars
Project Privacy
The MoneySmart Cars app is free and anyone can download it.
ASIC welcomes feedback on the app to help drive improvements for future releases and has incorporated a feedback function within the app itself.
ASIC does not collect any personal data through the MoneySmart Cars app. The inputs users put into the app are saved locally on their phones.
Digital - Government Services
The provision of timely government services has been transformed as applications and sites are developed and implemented to either replace or complement previous methods. Be it the delivery of current and up to date critical information, compliance, community support and engagement, notification and registration or providing greater accessibility to government resources.
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