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My approach was identifying needs in  personal digital banking through competitive analysis, user research and interviews to analyze FXpress banking needs.

What user preferences can FXpress leverage to attract and retain customers in digital banking?

This case study is a fictional project created to demonstrate the process of designing an end-to-end mobile application in the fintech sector.

Focus

Fintech

Role

UX/UI

iOS Mobile

Platform

Project Type

End-to-End App

Sep 2023

Date

Project Summary

Challenger banks are digital-only banks specializing in under-served areas, focusing on accessibility, customer satisfaction, and financial literacy. Despite their millennial-friendly features like real-time notifications, analytics, and customization, their current currency conversion processes often lack user-friendliness, missing out on users who prefer ease of use.

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In this project, I redesigned the currency conversion feature of a mobile fintech app to better accommodate the needs of bank users who travel and require foreign exchange, sophisticated and new investors, and users with varying levels of tech literacy, thereby driving increased usage and traffic through enhanced engagement and financial incentives.

Evaluating mobile banking habits and frequency of usage

For the redesign of FXpress's currency conversion feature, I focused on evaluating user habits and analyzing competitors. By interviewing mobile banking users, I gained insights into how they convert and send foreign currencies, revealing that Wise, Revolut, Chase, and Western Union are the most popular platforms. I explored these applications to observe user interactions, identifying key features and experiences that appeal to consumers.

Context

PROBLEM

The current landscape is cumbersome with the duration it takes for foreign currencies to be sent to sending/receiving parties.

SOLUTION

Create an app that motivates and helps busy individuals to quickly convert foreign monies and send internationally in comprehensive mobile banking.

Discover

RESEARCH

GOAL

Identify how mobile banking users go about converting and sending foreign currency monies. 

OBJECTIVES

  • Develop a seamless FX conversion feature for banking interfaces

  • Interview mobile banking users for insights

  • Identify and benchmark popular platforms (Wise, Revolut, Chase, Western Union)

  • Analyze user interactions on these platforms

  • Identify appealing features and user experiences

  • Enhance the user experience for FX conversion

  • Increase engagement and usage of the FXpress app

METHODS

  • Secondary Research

  • Competitive Analysis

  • User Interviews

USER SURVEYS

Click on the below for market survey details

LOGISTICS

  • 4 research participants

  • 20 ~ 40 year olds

  • All frequent mobile bank users

  • Remote interviews

SURVEY INSIGHTS

Common themes:

  • Users value clear, real-time exchange rates

  • Low fees are a crucial factor for users

  • Streamlined transaction processes enhance user experience

  • Addressing key preferences and pain points is essential for attracting and retaining users

  • Prioritizing these features positions FXpress as a user-centric solution for international money transfers

"I wish the mobile banking app did more than just transfers – it would be awesome if it could help me with finances while traveling."

Define

POV Statements

What is the problem?

Users need a mobile banking app that provides quick and real-time currency conversion to facilitate immediate transfers and transactions.

I would like to explore ways for FXpress customers to send FX monies because international transfers can be timely.

USER I TASK FLOWS

I designed this user flow to enhance the currency conversion experience within the app. By enabling users to easily select source and target currencies, enter the conversion amount, and view the converted result, I aim to streamline the process and provide a user-friendly solution that meets their need

User Flow

Design

WIREFRAMES

MID-FI WIREFRAMES

Based on the feedback from my low-fidelity wireframes, I refined the most successful designs into mid-fidelity prototypes. This process solidified my vision for the website, enabling me to focus on both its visual appeal and user interaction.

HI-FI WIREFRAMES

Incorporating features that make it easier for me to view FX charts and toggle screen options in the FXpress app has greatly improved my experience. The intuitive navigation, clear data visualization, and customization options make the app user-friendly and adaptable. These enhancements encourage me to use the app more and boost my overall satisfaction.

FXpress combines trust, security, and accessibility to create a comfortable user experience. By prioritizing secure digital asset handling, FXpress ensures users feel confident and informed. The brand's transparency and regulatory compliance further enhance trust.

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The clean, modern design features a trust-inspiring blue color, readable typography, and ample white space, making navigation easy. Visual elements and a mobile-responsive layout ensure a user-friendly experience across devices, keeping users comfortable and engaged.

BRANDING

Test

USABILITY TESTING

GOAL

I wanted to know whether or not users could successfully complete the two key task flows using the app.

TASKS

Task Flow 1: Convert USD to EUR and Send

  • Select 'FX' icon on menu

  • Select USD / EUR currencies

  • Select 'Calculator' icon; input USD $ 25.75

  • Send to Country, S.Korea

  • Press Continue and send to existing Recipient

  • Select 'Family Support'

  • Confirm Payment and Continue

  • Select Bank

Task Flow 2: View FX Charts and Save Alerts

  • Select 'FX' icon on bottom menu

  • Click on the 3-dot more menu

  • Select 'View FX charts'

  • Press 'Create Alert'

  • Select 'Save Alert'

Overall summary specs of user participants for..

Asked user participants their experience testing

USABILITY DEBRIEF

Task Flow 2: View FX Charts and Save Alerts

Task Flow 1: Convert USD to EUR and Send

Final Design

REFLECTION

KEY INSIGHTS

PROTOTYPE

Final Prototype Design

  • Many of the users were in agreement that the placement of the Profile and Settings should be simplified to one location instead of both in Navigation Bar and on upper right of screens

  • No testers were able to complete successfully Viewing FX Charts and Saving Alerts; difficult to locate the settings for this feature

  • Making sure the View FX Charts is in an accessible location is important as majority of users who convert currencies will always check for the best rates

FINDINGS

SECONDARY RESEARCH

COMPETITIVE ANALYSIS

  • Traditional banks like Chase offer FX services but lag behind digital challengers in terms of agility and cost.

  • Prioritize a seamless, intuitive user experience to enhance market competitiveness.

Successful mobile banking apps have:

  • Checking account balances and transaction history

  • Transferring money between accounts

  • Paying bills and managing recurring payments

  • Depositing checks using mobile deposit

  • Sending monies internationally

  • Setting up and receiving real-time notifications and alerts

USER INTERVIEWS

AFFINITY MAP INSIGHTS

Common themes:

  • Simplicity and intuitive navigation are essential

  • Infrequent currency conversion, mainly for travel or occasional transfers

  • Importance of convenience, cost-effectiveness, security, and service integration

  • Valued features: real-time rates, fee transparency, rate comparisons

  • Crucial to provide accurate exchange rates, often verified externally

  • Need for better fee display and clearer navigation

Empathy Map I Journey Map

Developing the user personas

Both Alex and Sadie's personas showcase the varied needs of users when it comes to currency conversion and international money transfers. By catering to adventurous travelers like Alex and family-focused individuals like Sadie, FXpress can create a versatile, user-friendly app that serves everyone’s needs.

IDEATION

SKETCHES

Currency Conversion Flow

To provide shoppers with more insight on product effects and customer experience, the option to 'rate products' was integrated into the redesign

Retrieve Exchange Rate Quote

Updating FX Converter Settings

Adding New Recipient and Bank Account

PROTOTYPE

I tested the following prototype to ensure the design fits my needs, preferences, and expectations as a mobile banking user. Through this testing, I identified usability problems and bottlenecks that could hinder me from achieving my goals efficiently. I provided feedback during the prototype testing to help gauge satisfaction and make necessary adjustments to improve the overall user experience.

CURRENCY CONVERSION WITH SEND

Integrating currency conversion as well as the feature to send easily to family and friends through the ease of a bottom navigation bar with clear icons and instructions

PROFILE SET UP

The settings are detailed, allowing customization for various mobile banking features, including FX conversion. Here, I can adjust how I interact with currency conversions, from setting decimal places and display options to timing for rate quote updates.

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