Introduction of a dynamic QR code for funding

Improving the funding ​process to enhance the ​conversion journey.

Market Research, A/B Test, UI/UX Design

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 Designe​r

  • Market+Prod​uct research
  • Competit​ive analysis
  • App ​& Web design
  • Post launch performanc​e 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

Dizzy Expression Mark Doodle

Manually copying and pasting ​funding details into third-party ​apps for online transfers.

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.
Dizzy Expression Mark Doodle
transparent pink circle
  • The manual copy-pasting the funding details
Unhappy woman feel depressed overthinking
Hand drawn curved line shape. Curved line icon
Hand drawn curved line shape. Curved line icon

Examples:

  • Pending deposits/ Onboarding status
  • Deposit visibility and education
Hand drawn curved line shape. Curved line icon

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.

Smiling Woman with Lightbulb Develop Business Idea

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

Person Thinking Illustration

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

Stars
  • 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

Guiding users with steps

Providing alternative funding ​methods in case it’s not working

After

Result after 2 weeks

down circle

New Customer

+

8

%

First funding confirmation

on onboarding

Key Figures

Result after 2 weeks

Existing User

50%

Feature Adoption

5.1k/10.2k users who funded

Smiling Woman with Lightbulb Develop Business Idea

The hypothesis is validated

Overall

76

-

%

Manual verifications

The requirement for manual verifications ​has reduced with QR funding addressing ​missing information input in the previous ​copy-paste funding process.

03. Design solutions

Stage 2 - Delve into iteration and refinement once the idea is validated

Stars

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.

v1

v2

v3

Current version

Key Figures

Result after 6 months

97%

Feature Adoption

97% of users utilize QR codes ​for funding, while the remaining ​2% opt for PayNow UEN for ​transactions.

Person changing time on clock

+36%

Funding efficiency

We now receive around 8 ​unmapped funds daily, a notable ​improvement from the previous 22 ​received through the old funding ​methods before the QR release.

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

Colleagues brainstorm using sticky notes on board

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.

Office workers are discussing marketing performance company looking at display with business charts

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.

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