fintech ux case study

Minimalism in design is not about flat color palettes and non-skeuomorphic buttons—although often that helps—it’s about how information is structured and the cognitive load required to use the given features. Launch your new Fintech brand quick and easy One-day workshops Customer Journey Mapping. Checking recent transactions through an AR headset while having a picnic in the park. ... Read the case study. 19th February 2019; Case study: 2ndQuadrant and tastyworks – boosting PostgreSQL database performance by 400%. The redesigned flow minimizes unnecessary exit points and guides the users through the activity by moving cumbersome steps toward the end. In any case, it is Thanks to AI, those are more than the usual advertising. It's always a hassle to split expenses with friends, especially during online payments. To adapt this 3D interface design for 2D devices, we placed elements in front and behind the main dashboard. Vivid graphics and illustrations enhance the experience, which is important in order to make a dry subject like investing more exciting. We provide dedicated UX teams to brands worldwide. One overarching goal was to provide any user—regardless of experience—all of the information necessary to make wise investment decisions. MAKE THE ESOTERIC APPROACHABLE. Users who didn’t complete the KYC still had to provide their essential information, so it was important to make input easy and fast. How to Create Banking Super App Based on 10 Latest Tech Trends, 3. The ability to write a well-structured UX case study is also one of the basic skills that a competent UX professional should have. How We Designed the World's Most Awarded Banking App Concept, How to Create Banking Super App Based on 10 Latest Tech Trends, Banking Back-Office Transformation that Led Vendor to a Global Expansion, How to Raise the Rate of a Mobile Banking App from 2,8 to 4,7 in Google Play. hello@uxstudioteam.com +36 20 516 9779. At nearly every step of the investing process, we provided heavily-curated content in the form of tooltips that users could see or skip. In most cases, the banking dashboard will be the first screen the user will see. This cut the time to enter required data into the KYC by half…at a minimum! To reduce operating costs, improve data capture and speed time to market, Hyperion needed to digitise existing products and processes, and accelerate new product delivery. the previous tests). The Let do great product together. A study on the UX of point of sale (POS) payment services. At every step along the way, they can see what is happening, their current progress, and what’s next. Financial tools aren’t the most exciting products to use—they can feel cold, boring, and corporate. ... We did the full UX and UI design of a Mobila Application that is a centralised place for generation and storage of OTP (One-time passwords) ... VIEW CASE STUDY. Competitor analysis—apps in the fintech sector targeting the Indian audience lack polish and do not provide the inviting experience expected by the younger user base. How We Designed the World's Most Awarded Banking App Concept, 2. Although tempting when you want to display all possible information at once, this wouldn't be a great idea as it could cause cognitive overload and frustrate the user. Product Design. ... Fintech. If we look a bit further, we can see the disruptive perspective of AI that will go well beyond banking, completely transforming digital customer experience, and even providing super-powers to mankind. Tejas designs impactful digital products and works with major Indian startups, including the world's largest bank and credit card company. Users can see more account details by tapping on it. With the app’s contextual tooltips, content was written to be fun yet direct. Fintech startup case study. From the get-go, it was important to set a playful tone—colorful sign-up screens convey a distinct personality and small transition animations help increase engagement. Interesting. Thanks to its potential to engage, it attracts a lot of interest from gamers who want to enjoy lifelike, immersive experiences. Tejas designs impactful digital products and works with major Indian startups, including the world's largest bank and credit card company. Make the app more visually appealing—Fisdom is intended for anyone interested in investing, not just for commercial use. During the research phase, we found that there were a few government-approved APIs that scan for and provide essential personal information. This level of customer experience was uncommon for the client, so we delivered detailed animations as specs to the development team so they could better understand our design strategy and how they should implement our designs. By the time we started to work together, Bofin had ramped up a team of 50+ developers who were all busy overcoming the technical challenges posed by such an ambitious project. Mixed reality will be established by two types of devices─holographic and immersive. They can also swipe favorite contacts to the left to quickly find a recent one and send money instantly, or swipe the right balance bar to compare this month’s expenses with the previous month. So we moved the requirement for KYC registration to the end of the process. Fusioning Fintech and VUI — a UX case study. Let us introduce you to the first mixed-reality banking concept that includes virtual reality banking, augmented reality banking, tablet, desktop, wearable and mobile banking. In 2018, Froggipedia—an AR app designed by Tejas—won Apple’s “iPad App of the Year” award. Such budget data visualization is provided for every connected account. We started off doing a netnography to study the market, see what the competitors were doing and identify potential market gaps. This is the only way to enable the best possible service and opportunities for the user. There's no doubt that it looks impressive, but it's questionable whether it makes banking itself more convenient and user friendly. This creates a sense of trust in users. Consultancy and support from 2ndQuadrant for online trading platform boosts PostgreSQL database performance by 400%. 2019. VR/AR has one of the highest projected growth potentials, according to tech experts. In addition, we should remember that mixed reality will not instantly replace desktop and mobile banking solutions, which is why VR/AR design solutions should be easily adaptable for online multi-channel use. VR and AR technologies will merge digital content with the real world to create one constant reality. Mastering Fintech UX – A Design Case Study Financial tools aren’t the most exciting products to use—they can feel cold, boring, and corporate. For any blank states (zero-data screens), we provided clear call-to-action buttons so users were sure about the next step. While regulatory requirements state all investors must complete the KYC, users needed time to build trust with the app first. It was obvious that the KYC was too cumbersome, and the process of completing the form needed an overhaul. How to Raise the Rate of a Mobile Banking App from 2,8 to 4,7 in Google Play. On the dashboard, the user sees a summary of his/her main account, cards connected to the account, an expenses/income bar, upcoming payable bills, favorites to whom to send money, a budget data chart, profile icon and five-section navigation bar. While regulatory obligations often require that financial apps behave in a certain way, there are opportunities to make the experience fun and hassle-free for users while still keeping it professional and easy to use. Much of this data worked perfectly for the KYC, so users could save significant time by either scanning their tax permanent account number (PAN) card or by entering the PAN manually (all Indian citizens have a PAN). Some banks and Fintechs are already trying out VR/AR features in their products. ... Then I created a concept for a Fintech app during my Professional UX/UI Design Specialization under the Final Project in Motion for Interaction. By using our website, you agree to our Cookie Policy. Let us introduce you to the world's first mixed reality banking design concept by UXDA: Video of world's first mixed reality banking design concept by UXDA in action. I By tapping on the backward bullet, the user easily switches from sending money to requesting it. UXDA stepped on the Finovate Europe 2019 stage in London beside other world's leading finance innovators and influencers to demonstrate which direction the financial industry is heading to. This included simple usability tricks like showing the number pad keyboard for number-only entry fields, using the camera to scan documents or cards where available, etc. In this mixed VR/AR banking design concept UX case study, we will not delve into a voluminous description of our financial UX design process. Users can filter content based on their lifestyle or level of expertise. Designing a mobile app for a fintech startup — A case study. We might not be able to know exactly what tomorrow holds, but we can do our best to prepare today and become the pioneers of the future. UXDA's approach is described in great detail in our previous financial UX design case studies: 1. UXDA's approach is described in great detail in our previous financial UX design case studies: 1. The elements behind are out of "depth of focus," thus creating a space volume effect. It’s five pages of a lot of personal information, all of which needs to be typed on the phone! Every day, millions of people, both offline and online, do not make their desired purchases. Alex is a passionate visionary who's capable of solving any challenge to improve the financial industry. The summary shows how much a user has spent and how much is left to reach his/her budget limit. Sales +1 512 333 1291 So, UX case studies play a very important role in UX designer's life. Investing long-term is daunting, and few of us know exactly where we want to be financially (aside from “I want to be rich”). Case study: Product Strategy, UX, Design Systems . There are hundreds of useful financial products, but the majority of bank users aren't even aware of them. This is where the new-age fintech products have an opportunity to score. Thence: Fintech UX Case Study (Golden Pie) Thence helped to craft the User Experience(UX) for India’s first online investment platform for bonds and debentures. achieving a greater engagement than the existing version (at least in It has voice processing and could serve the customer even without opening a virtual banking app. Alex has dedicated half of his life to studying human psychology, as well as business success, developing 100+ digital projects and 30+ startups. Both virtual and augmented reality should relate to the experience in the real world. The updated process has built-in suggestions based on market heuristics and can help users with their goals more accurately. Goal: We partnered with Zignaly to increase their user activation rate. ... We are Product Design Studio - we translate your business goals and objectives into insightful UX, remarkable UI and distinctive visual concepts. La Sirenita Case Study. His main goal is to impact the lives of people by creating impactful digital experiences. Get in touch. Fintech UX Case Study. By simply tapping on the payment icon in the navigation bar or swiping the screen to the left, the user is taken to the payment section where he/she can manage bills and regular payments, as well as transfer funds to his/her mates. In this mixed VR/AR banking design concept UX case study, we will not delve into a voluminous description of our financial UX design process. For example, Westpac Banking Corporation and Current provide financial data visualization and budgeting through smartphone-based augmented reality. time, what a coincidence), only for the Argentine market. If you are seeking an exceptional competitive advantage in the digital age, contact us! Properly structured VR design should reduce the painful effect of a mismatch caused by the difference between the eyes’ tracked movement in virtual reality and the feeling we perceive from physical reality through our other senses. For example, if we are in a virtual or augmented reality session, do we need to exit out to check a few transactions or send money to relatives using mobile phones? Tejas Bhatt. Customers can easily detect the situation with expenses by exact categories and compare it to budget limits. Koru UX Design Inc., 7600 Chevy Chase Drive, Suite 300, Austin, Texas, 78752, USA. As complex tools with tons of functionality and customization, most provide insufficient training and education—and don’t even get me started on documentation. Redington had determined a use-case to create a digital, centrally accessible way to document the investment fund review process for their main client. The potential of VR/AR's power to create an exceptional user experience is still undiscovered, which is why’ UXDA took on the challenge to demonstrate how this kind of future banking would work. Please note that this case study was written in 2016 and lots of things have ... Redesigning the UB Smart Bus app — UX case study. The first mixed-reality banking concept that includes virtual reality banking, augmented reality banking, tablet, desktop, wearable and mobile banking by UXDA. 5 key insurance applications fully automated in 5 months. Their money, safe in escrow, would be refunded if the form wasn’t submitted. However, in UX, these limitations can be a blessing and provide a structure for designers to work with. Viewing favorites payments through an AR headset to quickly split the bill between friends right after you had a wonderful dinner by the seaside. SHARE. type of problems and solutions was quite similar to this case of user, Checking the banking account list through AR headset while relaxing in a boat on a picturesque vacation. although in our case we work more from the concept of emotional design, Unfortunately, financial services is no exception. Holographic devices place digital objects into the real world as if they are really there. UX Case Studies. Case study: Citizens Bank – fintech friendly. UX Case Study: A SpaceUX Shuttle in Global Transaction Banking. In the future, a bank that strives to ensure easy and smooth flow for its users should be easily accessible inside a VR/AR experience. DBS is shaping up to be a fintech innovator when it comes to both external customer facing digitisation as well as using tech to provide operational efficiency. The investment process in India requires that investors complete a one-time Know Your Customer (KYC) form. The user can switch accounts from a card view to a list view just by tapping the switcher in the upper left corner. * To comply with my non-disclosure agreement, I have omitted, modified, and obfuscated confidential information in this case study. The client’s concern was that a significant percentage of users would use Fisdom to make their first-ever investment, so it was critical to educate first-timers about the process without making the experience “too novice” for everyone else. Lean project: Toone. Creating a quality fintech user experience for apps like Venmo is extremely challenging. Choosing a strong color scheme helped lay the foundation for the use of images for visualizing various investment strategies (illustrations courtesy of Freepik). If the user opens this section, he/she can ask anything and see recent personalized offers and insights prepared just for them. The main question is: how will everyday services work in the new environment, especially banking? In the case of the VR/AR experience, the main sections are located around the user, who can rotate them simply by swiping or by turning your head. A battle for small business Most people won’t notice which brand of payment terminal they’re tapping their card onto when they buy a latte, because from their perspective, they’re all the same. Those requirements also provide an opportunity to educate within the product in a fun and informative way. But, true mixed reality potential lies far beyond games; it's a new digital platform that provides a revolutionary user experience. ... We worked closely with both the CEO and Head of Product to completely redesign both the UX and UI. To establish that trust, we turned the process inside-out: Allow users to try the app, make their investment decisions, and when ready to invest, complete the KYC form. He spent 10 years researching UX and finance to create UXDA's methodology. In the Indian market, this design shift was risky; Fisdom was one of the first stylized personal finance tools, and other companies have only recently begun focusing on UX. FINTECH SAAS PLATFORM. Fintech startup Payment Courier set out to eradicate this pain by developing a payment plugin that can be integrated into … UXDA's team of expert financial UX architects and designers introduces you to the first mixed-reality banking concept that includes VR and AR banking design, tablet, wearable, desktop and mobile banking UI / UX. With Fisdom and several other apps like Wealthy and Sqrrl, fintech apps in India are improving thanks to a user-centered design approach. This investing method removes the complexity of choosing individual investments (though users can still invest in whatever they’d like), which makes it critical that the app builds trust with the user every step of the way. Overviewing the financial product marketplace through AR headset right from the office to get additional funding for the business. Fintech Case Study: 10 Tech Trends That Will Completely Change Our Banking Experience Published on August 11, ... UX design case study of how online banking user interface should work. The virtual bank ecosystem of the future should provide not only its own products but also third-party services. Starbucks Case Study. Analyzing spendings and setting up budgeting through an AR headset while enjoying hot cocoa on the winter holidays in the countryside. In this app, the process is reversed. It is possible to swipe or tap every element on the screen, just like in the physical world. This is not an attempt to make some precision forecast. Virtual reality (VR) and augmented reality (AR) are nothing new for passionate gamers, but, in other industries, especially banking, it could cause a revolution. To create mixed-reality banking solutions, we need to develop technology that's behind VR/AR, but the main success factor is still all about the user experience. This way, users could read up on anything they didn’t understand and skip everything else. You can find previous UX concepts of future digital banking here. You just ask your voice assistant or choose from the app list to open a banking app and get automatically authorized to log in. This will provide a scrollable accounts list convenient for multiple account owners. With the power of Financial UX Design, we can help you turn your business into a loved financial brand that has a strong emotional connection with your clients, resulting in success, demand, and long-term customer loyalty. Resolve the high dropout rate that occurred before users started making investments. Activating the banking AI advisor through an AR headset to schedule financial tasks while on an adventurous mountain hike. In an exclusive case study we uncover the TOP insights of creating an exceptional UX for a corporate banking product by iGTB that consists of … The app’s user flow was designed with constant feedback and clear actions for users to take, guiding them along which creates trust in the app. Financial apps are seemingly at a disadvantage because of regulatory and legal requirements. Yet because of the wealth of alternatives, the initiative to make the app fun and engaging had to be taken into consideration throughout the entire process. Banking Back-Office Transformation that Led Vendor to a Global Expansion, 4. ... Design The MVP is an incremental roll-out design approach aligned by user research and concept validation and usability studies. A simple misunderstanding of even basic features could theoretically lose users a lot of money! The search bar in the payment section is for searching previously made transactions, as well as creating new ones. How … Compared to the desktop or mobile experience, VR/AR design is not limited by the screen size. The form is five pages and requires a lot of information. We believe that, in the future, this will be a rarely used function because, thanks to open banking connections and global digitalization, the majority of recipients could be easily found since they will already be connected to the user account. When people move roles or leave the business, hard-won experience and knowledge is lost. Earlier this year, as part of Codal’s UX Case Study series with Usability Geek, I analysed the interface and user experience of the robo-investor Acorns, a popular fintech app. One of the largest challenges of VR/AR banking design is user interface transition from two-dimensional (2D) to three-dimensional (3D) interactions. This VR/AR banking case study demonstrates UXDA's vision of the future of banking. SG New Tech. This article is a User Experience (UX) Case Study of the Venmo app. Mastering Fintech UX – A Design Case Study. When learning anything new, being bombarded with information can be overwhelming, which makes most users leave before they begin. Over the last decade, Tejas has designed products for the top startup in India and some of the world's largest financial institutes. The user can easily swipe account cards to see the balances of his/her other accounts. Sometimes it’s because they like the company, sometimes because they think it’ll do well, or perhaps because a financial expert recommended it. Case Study: How Moving to HubSpot CMS Revolutionised UX, Sales & Marketing for Tradeguider Published by Maria Milea on June 30, 2020 under HubSpot As a digital growth agency for the Financial Services industry, we get a lot of requests for website rebuilds, redesigns and CMS migrations. This made the choice easier to understand. Read more about the possibilities of AI in banking in this Mobile Banking Super App UX Case Study. In this way, users were given the opportunity to build rapport with the app. I got tired of seeing things that need to be fixed... so I became a UX Designer. The only way to be ready for the revolutionary switch to VR/AR digital reality is to start generating ideas and concepts today. Investing is challenging enough, so we focused on clear labeling to indicate when and where users were required to provide input or move forward. With a small amount of extra effort and thought, creating clear and simple experiences is actually made easier when requirements like regulations need to be followed. ... Our case studies are derived across the breadth of our experience in solving pertinent challenges for our clientele across industry verticals. By identifying their users and tailoring the experience towards a niche, the legal restrictions and requirements are a challenge to design for rather than a problem to circumvent. Usability is an essential requirement in the fintech space so once the framework for the backend was in place, they engaged with us to start work on the user experience of the mobile app. This still left a significant challenge: Actually filling out the KYC is a ridiculous process. The onboarding wizard provides a clear message: This app is a simple, fun investment app to help you achieve your financial goals. From being a relatively early adopter of AI chatbots within its mobile banking app it is now adapting to the era of open banking with an API platform. This design approach helped to learn and solve major pain points and user needs. We even went one step further and gave three days for users to complete the KYC after making their investment decision. This allows the user to “feel” his finances in a completely different way and discover a revolutionary, previously unseen virtual banking environment. From there, the app suggests various options (using historical data and machine learning) and users can invest towards that goal with monthly deposits. Financial tools aren’t the most exciting products to use—they can feel cold, boring, and corporate. UI Design Best Practices and Common Mistakes, Empty States – The Most Overlooked Aspect of UX, Simplicity Is Key – Exploring Minimal Web Design, Heuristic Principles for Mobile Interfaces, Designing for Readability – A Guide to Web Typography, In the Spotlight: the Principles of Dark UI Design, Coliving Trends for the Remote Work Lifestyle, Information Architecture Principles for Mobile (with Infographic), Evolving UX – Experimental Product Design with a CXO, Paving the Path to Purchase – eCommerce UX Best Practices. USA. Case Studies. Immersive devices create an immersive experience by hiding the physical world and replacing it with virtual reality. First, we need to explore VR/AR features to understand how it affects user expectations, needs and behavior in mixed reality. By providing visual associations with goals and clear financial targets, users can understand and see the expected outcome of their investment. DCU Fintech Case Study. The last section, and the heart of virtual banking, is a banking AI-based advisor. The app breaks the process of gathering all the essential information into bite-sized, distinct steps—making the system smooth and simple. By continuing to use this site you agree to our. In addition to traditional financial products, such as new accounts, cards, loans, insurance, investment, or business-related banking services, there could also be a funding platform on which the user can create crowdfunding for his/her project or help other projects. Fintech Innovation Studio. How we solved user drop-offs: A FinTech mobile app case study. As a side benefit, visualizations also provide a way for users to learn about those options and make better-informed decisions for investing their money. With Fisdom—an investment app designed to make investing easy for people without an education in the Indian stock exchange, the client has three main goals: Fisdom operates differently than most investment apps or services. Investing is hard enough, so we made a conscious effort to keep things simple, both for process and interaction. As complex tools with tons of functionality and customization, most provide insufficient training and education—and don’t even get … Most still lack the clean interface design and refined user experiences that have become commonplace in other types of apps, but the change has already begun, and more apps and services are creating better defined, smarter experiences that address user needs. Let's say “hello” to the future and dive into how this kind of banking service could look in VR/AR and how we would be able to use it. Fintech Case Study: UI/UX Design Concept of Mobile Banking App for Neobank - YouTube. By blending the physical and the virtual world with augmented reality, mixed-reality banking overcomes the limitations of a physical screen, bringing finances closer to the user. The 13th largest bank in the US pivots for digital era. In considering the transition from 2D screens to a 3D VR/AR platform, we have rethought the app interface from a 3D perspective by adding depth. A helping hand for entreprenuers. We tried to avoid the potential of users getting stuck because they were confused about the next step. We assume that login screens will not be needed in the VR/AR future. Originally, the KYC was a prerequisite for users to make an investment, but in our usability testing, we found a significant dropout rate during the process. In the case of VR/AR banking design, we especially need to remember that the main criterion for quality is simplicity. Delightful banking 3D dashboard overview through smart glasses while enjoying the sunset on the beach. This wasn’t just for clarity and keeping the app light-hearted; it was specifically to make sure users always had a path forward in order to complete a task, or go back, or read more about the feature. Users see all the upcoming bills but can switch to their list of favorite recipients list that works as a carousel menu so they can see the latest paid bills, requests and automatic payments. The knowledge base was organized to reflect various user personas (student, married, retired, homemaker, etc.) A New Way To Delegate And Split Expenses: Fintech UX Case Study. There is a lot to like about Acorns from a usability perspective, but one of their savvier design choices was intentionally making some of their processes harder to complete. This sharpened our focus on building trust through visual appeal and ease-of-use. So, let's explore in detail how UXDA's mixed-reality banking could enrich the future banking experience. Multi-step processes were also made apparent by indicating progress with steps remaining, options to skip (when possible), and clearly showing a redirect, as seen below. Managing the bill payments through smart glasses while waiting for a transfer between flights. Subsequently, the visual design turned out wildly different compared to other fintech tools. After opening a list of particular account transactions, users can use the menu on the right to search for specific transactions, change the history time range or filter transactions by type, beneficiaries or categories. For example, a user sees a blurry recent transactions list in the background and can move it to the front by just clicking on it or swiping up the payment list. AI analyzes the customer’s financial context and provides insights on how to become more effective and improve their financial life. just made exactly the same type of site (I am delivering assets at this UX Case Study: World's First Mixed Reality VR / AR Banking Design Concept. During the competitive analysis of other apps in the fintech space, it was clear most of them had bland color palettes and uninviting experiences. Solutions. Keystone - UX redesign for a higher education platform.

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