Summary.
Funding is crucial in the Fintech sector, serving as the cornerstone of the industry and a pivotal aspect of our product experience. Our team tackled challenges in the company's funding procedures by pinpointing issues through a quantitative examination of recent inquiries.
With the rising acceptance of QR code payments in Singapore, we perceive a chance to offer our customers a swift and convenient method to finance their accounts.
This advancement streamlines the funding process, resulting in a remarkable 97% adoption rate within six months of its launch.
Syfe is a digital investment platform with a mission to empower people to build their wealth for a better future.
Role
UX Designer
- Market+Product research
- Competitive analysis
- App & Web design
- Post launch performance analysis
Timeline
1 month design sprint - ongoing refinements
Context.
Brief of the initial user’s funding journey
New Customer
Compliance need
Add fund
Onboarding
Explore
Existing
User
Interested in the products
Explore
Add fund
Engage
01. Understanding the problems
Based on 500+ queries on the CRM systems, these were the issues users faced on funding
- The fund usually takes 1-2 days to proceed
- Once the detail is missing/ wrong, deposit timeline will extend.
- The manual copy-pasting the funding details
Examples:
- Pending deposits/ Onboarding status
- Deposit visibility and education
02. Solution Ideation
After identifying the problem statements, me and my teammates have been brainstorming for the solution by:
Looking at the policies
Looking at the markets
Seeing QR funding is supported by government initiatives, growing substantially in Singapore*, This indicates that QR funding is becoming increasingly prevalent, people is building up this payment behaviour.
Examining funding methods and flows across various industries, including eCommerce, banking, and transportation app in Singapore, many of the platforms are adopting QR payment.
Hypothesis
With more and more people becoming comfortable with QR codes, we see an opportunity to provide our clients with a quick and easy way to fund their accounts. It could be used to sweeten funding experiences. Hence, increase the conversion
Challenges
- How to ensure a seamless experience when users are switching platforms to fund?
- The web funding experience might be different
03. Design solutions
Stage 1 - Quick launch for hypotheses validation
Main Goals
- Quick launch to validate whether adopting QR transaction can solve the problems
Solving:
Challenges
- Tight timeline - one sprint for design and development
↪minimising design changes on existing screens
- The funding experience on the 3rd party app is out of our control
↪providing alternative ways for funding in case users fall into unhappy path
Before
After
Result after 2 weeks
The hypothesis is validated
03. Design solutions
Stage 2 - Delve into iteration and refinement once the idea is validated
Main Goals
- Improve the funding journey by address all the feedback from users regarding the issues they face during funding.
- Minimize the obstacles in the funding process.
Solving:
Iternations
- Enhancing QR code design with brand logo and product code to provide user seamless experience during fund transfers using third-party apps
- Iterate on the presentation of the funding instruction, granting users more comfort of their funds
- Aligning the design with the new brand identity.
03. Design solutions
Stage 3 - We address the problem by rethinking the entire user journey based on data and client servicing team feedback
QR as default payment method
As it is found that 97% of users use QR to fund
Provide step-by-step guide
Instead of lengthy notes, visualize the guide to assist users in understanding the methods better.
Shorten & direct copywriting
We notice users that should read noticed do not read it, and may an effort to shorten and be direct.
04. Learnings
Continual iteration is key
Through our interactions with users, we consistently discovered areas for enhancement. Notably, since the funding process is a pivotal aspect of the application, it must seamlessly align with the prerequisites of all other ongoing projects. Embracing iteration brings us closer to refining our product significantly.
Experience is important, but other factors matter
The data confirms that the funding process has been enhanced due to its efficiency and high adoption rate. Although we have observed a rise in the number of fundings, there is no direct attribution to this increase. Market conditions, investor confidence, and innovative projects all play significant roles in shaping the funding landscape. It's crucial to maintain a holistic view, recognizing that the improved process is one of many contributing elements.