Reserve Account

Client

FINCA

Role

Product Designer

Duration

6 Weeks

Team

1 Designer, 1 BA,

1 PM, 1 UX Lead

Initial Challenge

To Brainstorm and gather the problem insights about how to help customers for opening bank account online with security and ease.

Problem Insight

The time that customers spend on offline banking services is wasted The time there was a global crisis, banks were widely perceived to be a big part of the problem. This time around, banks are central to the solution.

In the pre-COVID scenario, opening an account was a time consuming and inconvenient process.
Face-to-face customer interaction not an option right now. The user behavior and demands du ta these unprecedented times have changed drastically talking for some serious alterations.
Midas banks have a significantly lower online and mobile banking satisfaction index than layer bank.
Traditional Banking in what many are used to and it con take time for them to break habits, specially for people belonging the lower sections of salty and old generations.

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Stats Backing Insights

Impact of Covid-19 on User Preferences

Before

49% of the customers used internet banking.

47% of the CE Used mobile app fat banking.

15% of customers interact with banka via chatbot.

After

57% of the customers would prefer internet banking

55% all the customers would prefer mobile application for banking.

21% of the customers would prefer chatbots automated voice help.

Problem Statement

As COVID- proliferates, alternatives to in person banking and physical exchanges ate looking more and more attractive. Ton many financial institutions still have hiroken digital channels relying un branch visits and endless paper processes the new critical to bridging these digital gaps to ensure business continuity and customer loyalty today remote play.

Design Brief

Simplification of digital account opening and engagement throughout the customer journey, requiring a redesign of an online platform with an emphasis on user experience including the removal of friction that originates in the back office.
To reset the customer-experience priorities in general, and the approach to customer-experience measurement in particular.

KEY OBSERVATIONS

Assistance throughout the process humanizes the entire journey of the user while creating a savings account.
Verification of documents using KYC makes user's process easy as the user does not have a input data manually.
In standard chartered, the journey steps are hard to understand.
Customization in the form of a filter helps in satisfying the exact need of the user.
Documents checklist and benefits of chosen account type to be displayed at the inception.
The forms do not abide by the 'Gestalt law of similarity' which states grouping similar items together.
Display Account Opening options upfront on website and in chatbots for easy access.
Allowing the user to avail banking process online via NetBanking.
Online bank forms fail to mention mandatory marks on the fields.

PAIN POINTS

Several banks do not provide the facility to open an online savings account.
Users are not acquainted with fetching data through online sources or identification documents
No information (time and date ) is provided to the user as to when will the executive contact them.
Reasoning and benefits of a selected option are not presented that could make the user's decision simple.
Inconsistency in the UI across the website confuses the user.
Allowing the user to resume the account opening process from where he left off earlier and saving his information simultaneously.
Users don't have the option of booking an appointment online with the bank representative.
Several online journeys are too long tedious, increasing the drop off rate.
Option to get back to the from after having dropped it off mid way

BREAK DOWNS

When the user is given a form that contains a lot of details to be filled, the process gets frustrating.
During the account opening process, the user comes across a lot of banking jargon and terms that they not know.
Filter option satisfying users specific needs should be upfront.
Informing the user beforehand in case the account opening journey is offline.
Users are not guided with the proper navigation throughout the process in several online journeys.
Giving terms and conditions between the OPT verification process delays the user's actions of OTP input in the allotted time.
The absence of a" save for later" option can frustrate the user in case they want to resume filling details.
Several websites take longer loading time pushing users to leave the site.
Sometimes, the user fails to receive OTP. Online bank process don't have an alternative option like call or email.

Design Ideas

An option to book appointment for completing kyc can be provided. A provision for appointment cancel should also be made in case the user wishes to reschedule it.

The ability to generate an Aadhar number through UDAI website using the registered mobile number.

Adding a feature that would enable the user to use Aadhar QR Code scanning for verification.

Adding the feature wherein the user can enter their account number of another bank from where the KYC documents and other information could be automatically fetched. The user will then just have fund their account to successfully open it.

To maximize security, multiple security solutions like gesture patterns and biometrics can be used in addition to more traditional authentication via passcodes.

A widget the various options for differently- abled individuals. For example, Audio feedback for the blind, voice command feature for handicapped, or color changing options for individuals with night blindness.

An option to book appointment for completing kyc can be provided. A provision for appointment cancel should also be made in case the user wishes to reschedule it.

The virtual debit card is a good option for the user's willing to avail of NetBanking.

An alternative to sending OTP via text should be provided for a smooth process.

From the pain points highlighted and Design Ideas generated , it was necessary to define the user journey for the digital banking app. while carrying out my research, I discovered some under-utilized basic features, and decided to make them better. This helped me with creating the information architecture of the app.

Sketching & Wireframing

User Flow

Style Guide

Typography

Hex #F1F6FB

Hex #121421

Hex #5692CE

Iconography

Crimson

Bold

Regular

ABCDEFGHIJKLMNOPQRSTUVWXYZ

abcdefghijklmnopqrstuvwxyz

ABCDEFGHIJKLMNOPQRSTUVWXYZ

abcdefghijklmnopqrstuvwxyz

Visual Design

ReserveAccount_Visual

Key Learnings

I merely wanted to try out my hands on a better solution that can Provide digital access to core banking service. but at the course of my research, I discovered more reasons why users deserve to have amazing experiences when opening a bank account.

I have learned more about the general digital banking industry. I was never someone who’d be interested in the area of Finance and Banking, this project put me way out of my comfort zone and pushed me to very user-centered and data-informed in Design.

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