Transfer Money for SME

Project Overview

Our goal was to design and develop a user-friendly web application that facilitates seamless and secure money transfers for Small and Medium-sized Enterprise (SME) clients. The web app aims to provide a hassle-free experience for SMEs to transfer funds domestically and internationally, while ensuring utmost security and compliance with regulatory requirements. The primary focus was on simplicity, efficiency, and trustworthiness to enhance user satisfaction and promote repeat usage.

Target Audience

The target audience for this web app is small and medium-sized business owners, managers, or finance personnel who are responsible for financial transactions on behalf of their companies. They may have varying levels of technical proficiency, so the application should be intuitive and easy to use for both tech-savvy users and those less familiar with digital platforms.

Objectives

1. Enable fast and secure money transfers for SME clients.
2. Switching the user for onboarding from manual to digital platform.
3. Creating the process of initiating transaction, real time tracking, and managing transactions.
4. Provide transparency regarding fees, exchange rates, and transfer times.
5. Create a user-friendly interface that supports seamless navigation and minimizes the learning curve.
6. Providing multi currency accounts to the client.

Key Features

1. User Onboarding : Streamlined onboarding process by transitioning from the traditional manual onboarding process to a modern digital onboarding solution.
2. Dashboard Overview : A clear and concise dashboard displaying account balances, recent transactions, and currency conversion checker.
3. Transfer Funds : A straightforward and intuitive money transfer process, allowing users to send funds domestically or internationally to predefined beneficiaries or new recipients. Provide real-time exchange rate information and applicable fees before confirming transactions.
4. Transaction History : A comprehensive and easily searchable transaction history, including live tracking of the transaction status and details, to give users visibility into past activities.
5. Alerts and Notifications : Proactive email notifications to keep users informed about transaction updates, exchange rate fluctuations, and other relevant account activities.
6. Managing multi currency accounts : Keep an eye on money in one place. Collect payment and convert the money.
7. Managing contacts : Add, edit, and delete the recipients just like the contact in a mobile phone’s address book.
8. Secure Authentication and Authorization : Implement security features like 2FA and role-based access to ensure data protection and prevent unauthorized access.(implemented in phase 3)

Ideation and Wireframing

Based on the user research, I and my manager brainstormed ideas and created hand sketches and wireframes to visualize the web app's architecture and flow. Here are some sample wireframes and hand sketches:

Wireframe: Homepage

Wireframe: Money Transfer

Design and Prototyping

With the wireframes as a guide, we focused on the visual design and created high-fidelity prototypes to demonstrate the user interface and interactions. The layout was designed to ensure a seamless experience.

Final Layout: SME Onboarding

Final Layout: Homepage

Final Layout: Money Transfer

Final Layout: Contacts

Final Layout: Transactions

Final Layout: My Accounts

User Testing

Incorporating user feedback is critical in the design process. We conducted usability testing with SME representatives to validate the design. Regular usability testing sessions with SME clients was conducted throughout the development process to identify pain points, gather feedback, and make iterative improvements to enhance the user experience. Some of the feedback received during testing included.

1. Include a section which shows the account balances. (implemented in phase 1 after beta phase)
2. Include an option to send the money to more than 20 recipients, as initial limitation was 20. (implemented in phase 2)
3. Provide filter options for transaction history
4. Include an option for recurring transfers to save time for frequent transactions.(implemented in phase 3)
5. Provide help section. (FAQ section implemented in phase 2)

Implementation and Development

Once the design was refined based on user feedback, our UX team collaborated with the development team to ensure the seamless integration of the design into the web application. Regular communication between design and development teams was maintained throughout this phase.

Final Product

The web app was launched with the following key features:

1. User-friendly homepage displaying account balance, currency convertor, recent transactions, multi currency accounts, and managing contacts.
2. A clear and guided money transfer process
3. Real-time transaction status updates and notifications.

Timeline

The design and development of the web app(phase 1) took approximately 20 weeks. The timeline includes initial research and discovery, wireframing, prototyping, user testing, development, and final implementation.

Conclusion & Results

This web app provides SME clients with a convenient and secure platform to transfer money without disruptions. Through user-centered design, feedback iterations, and close collaboration with development, we successfully delivered an intuitive money transfer experience tailored to the needs of SMEs. By focusing on simplicity, transparency, we aim to provide SME clients with a reliable tool for their financial transactions.

Onboarding process reduces the time taken by the user from 1 week to 45 minutes after phase 1, we intend to reduce it further.

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