Space
The product: Space, a cutting-edge digital banking solution for business owners in Georgia, accessible on any mobile platforms
Client:
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TBC Bank
My roles:
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UX Researcher
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Interaction Designer
Team:
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UX designer x1
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Developer x4
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Project manager x2
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Business analyst x1
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Delivery manager x1
Date & duration:
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2019, 14 months
Responsibilities:
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Research planning
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Data analysis
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Inclusive design
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Usability testing
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User flows
The problem:
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As a user, I have trouble easily opening accounts, because of the complicated systems of offline and hybrid banks, or the trouble of handling many documents and dealing with lots of people
The goal:
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Start a fully online bank within the next three years, offering a range of financial services and favorable loan conditions to assist entrepreneurs of all ages and business sizes, with a goal is to manage assets worth $5 billion, with a focus on security and reliability
Understanding the user
User research: Summary
I did user research, like surveys and interviews, to find out the problems people have when they open business accounts, both in person and online. This includes many types of people, like those who want to start businesses, owners of small to medium businesses, investors, and owners of big companies. They all have issues with bank red tape, wasting important time, and looking for easier options. This makes banks lose customers
User research: Pain points
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Refusals to register due to bureaucracy
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Tough to understand application interface
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Slow payment request process
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Difficulties of profitable lending
Groups of personas
[1] Ambitious young entrepreneurs
Meet a group of young business starters from Georgia who are becoming well-known in different fields. These eager people are showing that with enthusiasm and hard work, you can achieve anything. Whether they are posting their ideas and experiences on the internet or helping companies upgrade their tech systems, these folks are using their abilities to make a positive impact in the world
[2] Established individual entrepreneurs
Here is a group of experienced entrepreneurs from Georgia who have been running successful businesses for many years, even though they've faced problems like a complicated banking system and a slowly growing economy. They've gradually expanded their businesses, creating a solid base for lasting success and gaining loyal customers. They inspire other young business starters
[3] Medium and large business
Introducing a group of successful and forward-thinking business owners from medium and large companies in Georgia. These companies usually have about 250 employees and several locations in the area. Their well-known businesses have grown by entering new markets and always coming up with new ideas. They not only create jobs but also have a good effect on the local communities
[4] Corporate owners and investors
Now, I'm looking at a group of successful owners of big companies and investors in Georgia. They lead companies that have thousands of workers and pay a lot of attention to working efficiently and making a profit. These business leaders are famous for their smart business skills and knack for spotting money-making chances. They are well-known in the business world and have a good track record of helping troubled companies get back on their feet
Personas
[1] Nicholas
He is showing that with enthusiasm and hard work, anything can be achieved. Even at a young age, he already owns a startup that offers cloud services for medium-sized businesses. He encounters a lot of red tape when trying to open a bank account. Nicholas wants to be able to open accounts for several startups quickly with just a few clicks through one banking app
[4] Sergo
He is a successful business owner who always works to make processes automatic and more efficient. The biggest problem he faces is not being able to see all his money transactions directly on his mobile phone, along with not-so-good loan options from local banks. Sergo wants a simple and easy-to-use banking app to handle all his business activities
Personas comparison
While Nicholas is a young, forward-thinking enthusiast who sometimes lacks experience and looks for simple and handy features, Sergo is a seasoned entrepreneur who has gone through many phases of his career. He prioritizes dependability, safety, and good loan terms to keep his business going
Refer to the appendix for specifics on the focus groups
User journey map
I found important areas to make better, like making the sign-up process better and making the loan application process easier by dividing it into easy steps and watching how users feel and what they go through
[1] Nicholas
Goal: Order a card for simple payments from registered business account
[4] Sergo
Goal: Take out a new loan on his business account
More to see
I have carefully considered and improved many user paths
Starting the design
Paper wireframes
The task was to create a signup and account creation process. After collecting feedback from a focus group, I started working on the first version
Raw-fidelity prototype
Digital wireframes
After fully understanding our business goals, I started drawing digital sketches
Low-fidelity prototype
Usability study: Findings
Round 1 findings:
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Difficult to find the "Open account" button
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The process is too long
Round 2 findings:
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Easy account opening in a few clicks
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Satisfied with the registration process
Refer to the appendix for specifics on usability study findings
Refining the design
Mockup
The design for the account setup step in the business account creation process was made better
Check the appendix for more enhancement details
High-fidelity prototype
More to see
I created various interaction methods for users with the app
Accessibility considerations
Optimized touch targets:
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Users really liked the Space Neobank's smart touch controls. They mentioned that the buttons and interactive parts were just the right size and distance apart, making it easy and accurate to tap, even for people with motor disabilities
Accessibility check:
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I found a solution that follows international standards and lets as many people as possible comfortably use the digital bank Space Neobank's interface. Not all solutions can be accurately judged just by looking; it's better to stick to widely accepted standards like WCAG and to use specialized software
Enhanced user pathways:
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Users noticed that Space Neobank has easy-to-understand and simple processes for different tasks, like registering a company account, changing passwords, and verification steps. They also mentioned that the app works fast on all operating systems
Check the appendix for more accessibility considerations
Going forward
Takeaways
Impact:
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I made Space, a fully digital bank that is easy to use and understand. It was successfully launched in Georgia in 2020
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In its first few months, it earned the trust of business people from all levels. Right now, the app is available on iOS and Android in Georgia, but TBC Bank plans to grow its reach worldwide
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It has over 1M+ downloads, with 500k+ on Google Play and 650k+ on the App Store
Lessons learned:
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Focus group 4 gave the least positive feedback about how easy our app is to use. I had to make the font size in headings and paragraphs 20% bigger. But in focus groups 1, 2, and 3, the font sizes were comfortable. So, I should always go with what most people prefer
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A company verification process followed industry standards, but it confused over a third of our users. I suggest breaking down the verification into smaller steps and adding a guide for each one. This change received positive feedback from all user groups
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I created color combinations that work well for most users, even those with color problems or vision issues. However, for the initial stages of a product, I suggest allocating a smaller budget for this feature, as it may not be necessary
What I could do better:
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When making the first business requirements and early prototypes, do many rounds of testing and improving
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Think about adding requirements for other areas right from the start, like making sure the product works well in different languages and places
Next steps
Use analytics:
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Regularly collect information on how users interact with the app, add features they often ask for, and keep the app current to meet what users expect and the latest trends in the fintech industry
Enhance the security:
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Make our mobile banking services for business users safer by adding features that reduce the chance of losing money
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For instance, include a part in the app with educational videos that teach safe practices
Expand globally:
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Start researching new markets for expansion in the coming year
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The app plans to expand to another country within the CIS region with a similar cultural mindset
Appendix
Research process
Social marketing campaigns
I choose to stop using conventional surveys. Instead, a team placed ads on Facebook and Google Ads and participated in discussions where users left comments. After that, I gathered and consolidated all the answers, with a focus on the most frequent user responses
Business hubs
At business hubs and during different conferences, you can meet the audience I'm looking for – startups and new business owners. Each person is enthusiastic about their ambitious idea and is willing to talk about it with the interviewer. I prepared printed questions and attended conferences in Georgia
Private business events
In business clubs, owners of successful medium and large companies exchange contact information, form partnerships, make deals, and socialize informally. Thanks to the connections of Space Bank's owners, I was able to secure a one-time pass to the event that occurred in Tbilisi
Private parties
To understand the mindset of the most successful people on the Forbes list, you have to go where they go to unwind from work. The main rule there is to avoid discussing work and focus on having fun. I used some clever tactics to get answers from the wealthiest business individuals to the questions that concern us, all in a relaxed and informal setting
Navigate back to the main presentation
Affinity diagram
Behind the scenes
Goal statement
The fully digital bank for business for iOS and Android will let users get fully digital experience at all stages of working with a business bank account which will affect radically to their perception and interaction with the bank by reducing and speeding up bureaucratic procedures and eliminating the need to frequently visit the bank branches
I will measure effectiveness by tracking user satisfaction through analytics, by increase on the number of new business users, and a large number of loan applications for small and medium businesses
User story
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[1] Nicholas, as a young and ambitious entrepreneur brimming with ideas, wants to open accounts for multiple startups with just a few clicks using a single banking application
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[4] Sergo, as a successful businessman who owns and manages more than 5 companies, wants to remotely monitor business financial indicators. He wants a clear and convenient bank app for managing all his finances across all businesses
Problem statement
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[1] Nicholas is an young entrepreneur with a passion for innovations who needs to have a quick and easy way to create a bank account for his small business because he faces strong bureaucracy in the process of opening a bank account on the local banks
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[4] Sergo is a successful businessman who constantly strives to automate and optimize processes who needs to see transparent financial flows in all departments and automate the processes of requesting and sending invoices because the inability to view all financial flows directly from a mobile phone, as well as not the most favorable lending conditions from local banks
Competitive audit report
Competitive audit goal:
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The aim of this competitive review is to evaluate and study the main rivals in the digital banking industry. I want to understand their products, how they position themselves in the market, their messages, strengths, weaknesses, gaps, and possible opportunities
Who are the key competitors:
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Revolut is a UK-based neobank known for its international currency exchange and a wide range of financial services
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N26 is a German neobank that offers mobile banking with features like real-time spending insights and budgeting tools
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Chime is a US-based digital bank known for its no-fee checking and savings accounts
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Monzo is a UK-based neobank with a user-friendly app and features like instant spending notifications
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Wise is known for its international money transfer services and multi-currency accounts
What are the type and quality of competitors’ products:
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These competitors provide digital banking services with different features like currency exchange, instant spending alerts, budgeting tools, and international money transfers. The quality of their products differs, but they usually focus on being user-friendly and providing a modern banking experience
How do competitors position themselves in the market (unique value propositions):
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Revolut positions itself as a global currency exchange and financial services provider
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N26 positions itself as a modern, user-friendly mobile bank
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Chime positions itself as a fee-free, hassle-free digital bank
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Monzo positions itself as a mobile-first banking experience
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Wise positions itself as an international money transfer and multi-currency account provider
How do competitors talk about themselves:
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These competitors emphasize their respective strengths, such as international currency exchange (Revolut), user-friendly mobile banking (N26), fee-free banking (Chime), instant spending notifications (Monzo), and cost-effective international transfers (Wise)
Competitors’ strengths:
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Revolut: Wide range of financial services, international currency exchange, and global presence
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N26: User-friendly mobile banking, real-time spending insights, and budgeting tools
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Chime: Fee-free checking and savings accounts, early direct deposit, and user-friendly app
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Monzo: User-friendly app, instant spending notifications, and budgeting features
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Wise: Cost-effective international money transfers, multi-currency accounts, and fee transparency
Competitors’ weaknesses:
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Revolut: Complexity in the user interface, occasional syncing issues
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N26: Limited customization options, complex account management for some users
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Chime: Limited features compared to traditional banks, occasional lack of depth in content
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Monzo: Limited accessibility features, lengthy onboarding process for some users
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Wise: Limited domestic banking features, occasional technical complexity
Gaps:
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Some competitors don't have enough accessibility features, which could make it difficult for users with disabilities to use their services
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A few competitors concentrate on specific markets and don't offer a wide range of financial services
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Having limited offline access options could be a problem for users in areas with poor internet connectivity
Opportunities:
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Exploring partnerships with fintech companies to expand the range of services offered
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Enhancing accessibility features and conducting regular accessibility testing to ensure inclusivity
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Expanding domestic banking features to cater to a broader audience and compete with traditional banks effectively
Competitive audit table
Early concepts
Every well-developed product starts with a simple sheet of paper. Here's what the initial rough sketches looked like. Using these sketches, I started doing user interviews to gather the first set of data
Research study plan
Usability study: User notes
[1] Nicholas
Additional notes:
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Nicholas had a great experience using the app
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He thought the app was easy to use, fast, and safe
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He recommended improving the app's accessibility by putting a more visible "Contact support" button on the main screen, so users can easily find and reach customer support
[2] Sergo
Additional notes:
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Sergo had a somewhat mixed experience using the app
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He also pointed out that the app could be made more user-friendly
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The main focus should be on improving the overall user-friendliness of the app
Themes
First
It was observed that 4 out of 4 participants found the account balance checking and transferring funds option easy-to-use. This means that the main functions of the personal account are implemented well and can serve as a reference for the responsiveness of the interface
Most participants agree that account creation and maintaining is user-friendly
Supporting evidence from the usability study:
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4 out of 4 participants generally found business account creation and checking account balance to be easy-to-use
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4 out of 4 participants suggested small UI and UX improvements for a more user-friendly interface
Participant 1 - Nicholas:
“I found the app to be user-friendly, efficient, and secure, and I suggested enhancing its accessibility.”
Second
It was observed that 2 out of 4 participants faced confusion while reviewing the security options. This means that I need to change the location in the security settings interface and simplify the overall user experience
Most participants users found that overall look and feel can be improved
Supporting evidence from the usability study:
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2 out of 4 participants faced confusion when checking security setting
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4 out of 4 participants suggested minor UI improvements for a more intuitive interactions, including adding more security options to the app
Participant 2 - Sergo:
“You need to enhance the guidance on security settings for novice users who haven't experienced such applications in the past.”
Insight identification
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Based on the theme that: users are trying to figure out what type of account to create, an insight is: it is necessary to add an explanation to each type of account and write down the requirements for creating a business account
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Based on the theme that: participants found the account balance checking and transferring funds option easy-to-use, an insight is: the main functions of the personal account are implemented well and can serve as a reference for the responsiveness of the interface
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Based on the theme that: some users faced confusion while reviewing the security options, an insight is: сhange the location in the security settings interface and simplify the overall user experience
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Based on the theme that: in general, users were satisfied with the functionality of the application, an insight is: I have to continue app development, taking into account all people's comments, periodically conducting follow-up interviews and brainstorming sessions
Insight-based enhancements
More to see
Navigate back to the main presentation
Digital unmoderated usability test
By using heatmap and clickmap analysis, I've learned which parts and content our users find the most interesting. This information has improved my understanding of our audience. I like to use Maze, an incredible tool for studying user behavior. With Maze, I can test with users from all over the world with just a few clicks. I can create a maze for any project, whether it's a survey or a usability test, and quickly share it using a simple URL. In a matter of hours, I can get valuable results
I'd like to show you how Maze works by having users delay a payment in the Space account. I have the results, and I want to share them with you. To make it clear, there's a specific process that users had to follow to complete the task successfully
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Accessibility
Contrast check
The visual design of the whole app was made while following the WCAG (Web Content Accessibility Guidelines) standards, aiming for class AA-AAA accessibility. To meet this standard and make the interface usable for everyone, I need to ensure that interface elements meet the requirements for contrast and color differences. The objective is to achieve a contrast of 5:1 or higher, which falls into the AAA category
Frequent deviations
The most common vision issues are deuteranomaly (difficulty seeing green) and protanomaly (difficulty seeing red). I checked each step of the visual design to see how it would look to someone with these vision problems. The tests quickly found elements that were too dull or had low contrast, and I made changes to fix them
Color deviation example
Next, I adjusted the colors. I used special software to see how our interfaces look to people with color vision issues, like Sim Daltonism, Color Oracle, and the RGBlind browser extension for testing our bank website
Accessibility insights
Based on the theme that: people with color and perception abnormalities may not be able to use the app comfortably, an insight is: it is necessary to develop a solution that complies with international normative requirements and enables the maximum number of people to comfortably use Space Bank's interface
Navigate back to the main presentation
Storybook usage
For the next step, I recommend using Storybook. Storybook is a frontend tool that helps build UI components and pages separately. It simplifies product management, improves collaboration between designers and developers, and reduces development costs. The plan also includes creating a web version of the bank, and I've decided to proceed with this approach
Overall research insights
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Lack of tutorials inside the app: Would be great to include a progress indicator during the registration process for transparency
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Easy to navigate during registration: Creating a business account is so simple that even a child can figure it out, also, very simple flow
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Confusing overwhelmed setting: Reworking the settings can greatly improve the experience of interacting with the application, security setting so important for banking app
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Highly positive experiences with core functionality: I have to continue app development, taking into account all people's comments, periodically conducting follow-up interviews and brainstorming sessions
Recommendations
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Improve the registration process with more prompts
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Expand the functionality of security settings to make users feel safer
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Improve customer support experience so that users can get answers to their questions without delay
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Minor and continuous improvements to the interface to improve core interactions
Loved what you saw?
Review CV, connect on LinkedIn, or email me at s.malchanau@7tam.net