RZ Forex

BACKGROUND

User research

Affinity map

Problem

Background

Role

Product Designer

Duration

8 Months

Project Type

Fin Tech SaaS Platform UI UX Design

Team Size

1 x Product Designer (Me), 1 x Product Manager, 1 x Software Development Manager

Background

RZ Forex provides foreign exchange and global payment services for the clients. The existing business operation model is done through the traditional way to execute the clients' request, which is through phone call or text message.

The traditional operational model involves different stakeholders in a simple process, from compliance team, suppliers and dealing team, order's information will be passed through all stakeholders and results in additional time and costs.

User Research

The Reason

What Do I Need?

In a product that involved different stakeholders, it is important to understand all their work flows and habits or preferences from the current business process.An analysed and structured business process helps me divide the work flows into different stages, and group different insights into different groups for a better overview.

Research Insight

Customers

Clients can't track the transaction status by themselves, the only solution is contacting a team member for a follow-up update.
It is hard to fill-in the application form which has too many pages (especially for business account since it requires all business beneficiaries information)
Since the services are not 24/7, I can't place any order if it's out of the office working hour

“ The onboarding process is unclear if without any supports from the supporting team, and it has a feel that I don't have right to control my account since my orders are all execute by the team.

Research Insight

Compliance Team

Onboarding efficiency really depends on how clients fill-in the application form (Languages, Hand-writing clearness, document quality, sufficiency)
Too many documents and platforms need to be handled

It takes lot of work to onboarding a new client, from reviewing, edit client's typos, manage clients' supporting documents to company drive, manually calculate or note any reminders, and export their data to different platforms for different checking purposes.

Research Insight

Dealing Team

Error may occur when transfer clients' request / information to providers

All works (onboarding, new orders) require dealing team to record all information manually, for accounting cash flow management purposes, which is hard to handle in a large work-load.

The model

With the collected and analysed business process from the interviews, the existing business model can be divided into 5 groups:

The Journey

What Makes Stakeholders Frustrating?

Overall business model and user journey from existing work flow, check here

Affinity Map

Collections

Grouping All Insights

Separate all the pain-points into external & internal environment helps develop product for both Admin & Client Side

Grouping all observations and feedbacks from all stakeholders, and concluded these comments into several phrases

Problem

Problem #1

Internal work-flow complexity

Traditional Work Flow increase the error chances from transferring clients' information to handling clients orders request for ALL stakeholders in all stages, which requires internal team to take extra efforts and time to record, transfer and confirm customers' onboarding details and order request.

Problem #2

Customers lack autonomous control over their accounts

Clients need to have a team member to provide all services under the traditional business process, without any assistant from the team, clients have no right to execute any request. This may also affect the clients' satisfaction rate if they have any urgent transaction that would like to do.

Problem #3

Onboarding process instructions is unclear

Paperwork is challenging for clients, as all clients need to fill in an onboarding form before they can enjoy any services. It becomes a nightmare for them since they have to put in extra effort to manage the documents. Clients might also feel uncertain about the instructions and are unsure about which supporting documents need to be provided. A common issue the team faces is that business users frequently provide insufficient business documents and do not provide enough information about the beneficial owner of the business. This situation requires the team to invest extra time and incur additional costs for follow-up.

Ideation

The Reason

What Do I Need?

After concluded all the pain-points and defined the problems, I brainstormed different solutions to tackle the concluded problems. I also met the developer to discuss any technical restrictions, solutions' feasibility and importance of all the pain-points. To provide a better user experiences to clients, I placed most of the clients external issues to the highest priorities and to be our first MVP.We also stated some ideas are not feasible based on the cost, and the clients' needs, target to provide our first MVP to our clients.

Brainstormed Ideas

Based on the challenges that I have, I have listed all possible solutions and states what issues that can be resolved.

Goal

Start With

The First Step

Our goal is to provide a platform that allows user to perform seamless global payment solution as same as the traditional business model. However, there are few challenges that we faced from this goal:

Limitation #1

API Limitation

Some information can't be pull & push via API since the providers have limitation on retrieving some sensitive data
The data from the existing business model can't be resume to the new solutions, means clients need to reset their account to a new platform
Since we have multiple providers and we need to group all these providers data into one platform, but not all providers' API can be communicated with each others

MVP

Bring Up

The Values

After concluded the goal and the possible challenges that we may face, we set our first MVP in a limited time frame, to digitalise the existing business model allows clients to enjoy the services anytime anywhere, without any late reply from our team members. The users have full access right to access their accounts information and place order anytime. We also aim to provide a digital onboarding process that allows user to get rid of all heavy and redundant paper works.These ideas would be our first MVP from the ideation process;

MVP Idea #1

Transaction Monitoring

To helps clients to keep on track their transactions anytime, we retrieve the transaction status from our providers API. Clients no longer need to contact our team member and ask for an update.

⚠️ Different providers may have different transaction status, we may display a different transaction status in the front-end to provide an consistent and aligned information for clients

MVP Idea #2

Online Account management & Payment services

Clients can view all their accounts information (balance, funds information, transaction history) and access their payee's information easily. A simplified process that helps user to manage their accounts. We also seperate the withdraw and payment functions, the reason being is we acknowledge that many users from other platforms have been confused by the beneficiary accounts are under their own name, by the banks' and providers' perspective, they may require different payment details and informations before execute the order. Distinguish between payment & withdraw, and beneficiary account into group of "individual", "business" and "self" account, helps user to manage these accounts much more easier.

MVP Idea #3

Digitalised Onboarding Process

To design a easy-to-use onboarding process, I met the compliance team to acquire all questions that need to be asked under the compliance check process, which allows me to identify all possible compliance check status for the clients, and different onboarding logics, based on different clients from different country or account type.

The new onboarding flow after analysed the existing onboarding flow and compliance team's requirements

Deliverables

The Result

Mid Fidelity Prototype

By using the existing design system, i have created a Mid Fidelity Prototype, to perform testing and gather possible feedbacks and improvements

Onboarding Guidelines

A better guidelines to inform the clients at each stage. Clients know what they should be prepared, or do right now and after, which provides a better user-experiences to help users recognise, diagnose, and recover from errors, no more loss and seek for help.

Simplified Onboarding Process

Say bye to the annoying file management from the clients. Before clients need to gather all information and place them into a folder, and compress the folder before submit to our team members. A wordy pdf needs to be filled in, which takes extra time for clients to read all the text fields, and also takes extra tune to team members to review the application. A conditional logic application form helps users to get rid of a 12 pages application form and fill in what they need. Easily to add, edit or remove anyone from your application form.

Accounts Management

Simple steps to create new currency account, view account details. No more waiting time from the team members to get update.

Able to view total equivalent to have a quick view of account status, also able to archive some accounts that user would like to remove from the account list for a period of time

Self-controlled Global Payment

Payment functions recall all the beneficiaries are not associate to the account owners' name (Other Individual & other business), also clients can create a new beneficiary easily anytime if it's a new payees. A double end text fields helps calculate the payment amount and payee's receiving amount without clients calculate the service fee manually.

The previous mid-fid prototype is unclear for the users that only allow user to input the "Payment Amount", which means user needs to calculate the payees receiving amount by themselves. Service fee is much more clear to the user ends.

Motions & Design Systems

Since we received lot of feedbacks from the Mid Fidelity Prototype and would like to make a huge update for the new UI design, I have created a new design systems for all elements, typography, colors. I also created some prototype for the elements' interactive motions.

Dashboard Loaded fade in animation

Balance Card Skeleton

Responsive Design

All elements have been designed in both desktop and mobile version. A structured design system helps for the product long-term development. The IT team can spot the differences from both desktop and mobile version's elements easily, which provides an effective and efficient development environment for them.