PrimeBank is a fintech start-up focused on offering a full suite of solutions for millennials and gen-z generation. Their plan is to become the main digital bank that you can rely on for all your financial needs while their focus is on making the process of banking fast & accessible.
Being an early stage start-up, validating the business idea with users and stakeholders is essential. They gathered a list of features from workshops: some are nice to have, some are essential for the MVP and some are for post-MVP to scale the app.
They want to return better yields (than a traditional bank) on money deposits and better rates on loans. Moreover, they wish to make available the possibility to buy stock options and cryptocurrencies. The app also should include social aspect of transferring amounts to users of the app. But without a visual representation to test their idea, the list of fintech ideas are abstract and difficult to understand by potential users.
Our approach was to follow a design thinking process based on building an MVP (Minimum Viable Product).
We started by analysing and understanding the main features to be designed and developed. We created a competitive analysis to look at their competition and view what they offer: common patterns, special features, interface, pricing plans. We made more research into our audience and we found out data about our typical user.
We then worked with PrimeBank to create an MVP web & mobile interactive prototypes with the most essential features.
By following design system principles, we created one single vision for web dashboards and mobile app that are both visually appealing and highly functional, meeting the needs of users and our stakeholders.
We started by analyzing and understanding the main features to be designed and developed in phase 1. We split these features in 3 categories: nice-to-have, must and post MVP. In order to validate the idea and present it further to the users and stakeholders we decided to keep and design these features.
We created a competitive analysis to look at the competition and view what they offer, common patterns and special features. By analyzing these factors, you can get a better understanding of your competitors' strengths and weaknesses, and identify opportunities to differentiate yourself and provide a better user experience for your customers:
1. User Interface: Look at the design, layout, and navigation of your competitors' apps. Does their interface make it easy for users to navigate and find what they're looking for? Are there any features or functionalities that could be improved upon?
2. Features and Functionalities: What features and functionalities do your competitors' apps offer? Are there any unique features that you could incorporate into your app to differentiate yourself from the competition? Look at things like account management, bill payments, budgeting tools, investment options, and security features.
3. User Experience: User experience is a key factor in driving user engagement and retention. Look at how your competitors' apps engage and retain users. Are there any areas where their app excels or falls short?
4. Pricing and Monetization: Look at how your competitors are pricing their app and generating revenue. Are they offering a free app with paid premium features? Are they charging a monthly subscription fee? Are there any other monetization strategies that you could explore?
We made more research into our audience and we found out data about our typical user. We created a User Persona to attach behavior patterns and characteristics, needs and wants, expectations from our future members. This stage makes our design decisions more predictable and helps us design having the end-user in mind.
A moodboard is essentially a visual collage that captures the look, feel, and tone of your project. It's a collection of images, colors, textures, and other design elements that will help you communicate your vision to your team and stakeholders. By exploring different design elements and experimenting with different combinations, you can come up with new and exciting ideas that you may not have thought of otherwise. This can lead to a more innovative and impactful final product.
The next step is to validate the user experience using wireframes.
A wireframe is a simple, low-fidelity blueprint of your interface that outlines the structure and layout of your design. It is important to create wireframes because they help validate the user experience by allowing you to test and refine your design before investing time and resources into building the final product.