What is fintech?
Fintech is short for "Financial Technology," and it refers to the use of technology to deliver innovative financial services and enhance efficiency in the financial sector.
It's about using smart technology to make the use of our money easier, faster, and better. It includes services like mobile banking apps, digital payment platforms, online lending platforms, and investment apps that allow us to conveniently manage our finances from our smartphones or computers.
In this research, the goal is to understand the needs and preferences of Spanish-speaking migrants when using applications to send or receive money to and from other countries.
Surveys
With the responses collected from the surveys, we were able to determine that users want a service that primarily makes it easy for them to perform international transfers and send money to friends and family.
The friction point we identified was that the fees applied for these types of transactions are generally very high.
Another important point was to categorize the most widely used apps for transferring money internationally, with the following being the most significant:
The 17% of those surveyed use Paypal.
The 10.6% of those surveyed use Western Union.
The 6.4% of those surveyed use Binance.
Interviews
From the interviews, we obtained the following insights:
User habits with fintech products
😀 Advantages of the product they chose for their transfers.
I have certain preferred products to control my finances when making microtransfers or international transfers.
😬 Conditions and Obstacles for Choosing a Product.
I choose a product based on the ease of making transfers, its acceptance within my culture, and to get information about exchange rates, I consult media and social networks.
Opinions about various Fintech companies and their features
😀 Attributes that stand out.
The fintech companies I prefer inspire confidence, are easy to access, and make transfers simple.
😢 Frustrations they experience
Uncertainty due to lack of transfer notifications and the risk of fraud.
Excessive fees.
Complications due to restrictions and exchange rate quotations.
Not being able to use a single app for everything.
Facts about business models
😎 Novel Contributions.
Fintech innovated with accessibility and transparency to financial services such as investment, savings, and prepaid; as well as reducing costs, speeding up operations, and customer acquisition.
😉 Areas of opportunity.
The added value of fintech lies in improvements to regulations, fixed rates, security, self-management, and flexibility in financial management.
User Experience Improvements
🤩 Order and Clarity of Information.
Fintech companies should always provide clear, up-to-date, and organized information to the user.
🤩 Accessibility to interact.
Fintech companies should have accessibility, good security practices, and be consistent with what they promise.
Lucas has extensive experience in the field of Fintech management, and he is highly interested in the usability of financial apps with multiple operations. He has found the opportunity to have a better quality of life living in Madrid, which also allows him to send money to his family still in Argentina.
"I often use apps like PayPal or Western Union to send money to my family from another country."
POV:
Lucas needs a bank that facilitates international and national bank transfers to send money to his family and friends.
Personal information:
· Age: 43 years
· Argentina Nationality
· Profession: Product Manager
· Marital Status: Divorced
· Location: Madrid
Needs:
· Use a single application to perform all necessary transactions with any other bank or instrument that allows greater control of his finances.
· Money transfers with fixed rates in different Fintech.
· The operation should be similar on all platforms.
· The same app should offer a variety of operations such as cryptocurrency investment, virtual wallet, and savings services.
Frustrations:
· Uncertainty due to lack of transfer notifications and the risk of fraud.
· Excessive fees.
· Complications due to restrictions and exchange rate quotations.
· Not being able to use a single application for everything.
The development of this empathy map was done with the intention of reinforcing our persona and highlighting other aspects that will serve as a foundation to move forward with the project.
The next step was to create a value proposition canvas, as this method allowed us to focus even more on our users. The purpose was to identify new potential opportunities for product development.
I will now share the chart with the responses:
In this ideation phase, we have carried out a creative process focused on the user. We started with brainstorming sessions to generate innovative ideas, and then conducted a SWOT analysis to understand the environment.
Some of the most important ideas:
Premium plan for individuals who regularly make international transfers, by paying for the premium plan, you can save on currency exchange fees.
Login with username and password required.
Preferential rate for recurring customers.
To be able to execute savings plans within the same app, depending on each individual's goal. You can set a fixed monthly amount to be debited from the selected account and it goes directly into the savings account. There is also an option to modify the amount and make additional contributions.
Total available balance of associated accounts.
Option to hire a personal manager for account management, investments, and more.
24-hour assistance by chat (depending on plan) or a virtual assistant.
Frequent banks/accounts for transfers and transfers between their own accounts.
Storytelling:
User Flow:
The task to highlight in this user flow is the international money transfer.
Information architecture
Finally, we developed a robust information architecture to ensure intuitive navigation in the app. These steps have guided us towards creating an exceptional user-centered digital financial experience.
Wireframe Design
Mid-Fi prototype
Hi-fi prototype
The Spanish-speaking migrant faces several points of friction when managing their finances and sending money to their families. The most important ones involve high fees, security and data protection, and uncertainty caused by the lack of clear and up-to-date information.
To date, FinTech companies have innovated in areas such as accessibility and transparency in financial services (investment, savings, and prepaid services), but there are also areas for improvement in fixed rates, security, and flexibility for self-management.
And with this research and development, our product Bankall was born, the banking application that offers:
Simple International Transfers: simplifies the process of sending and receiving money across borders with competitive exchange rates.
Digital Wallet Convenience: provides users with the flexibility to manage multiple currencies within a single digital wallet.
Real-Time Tracking: keeps users informed about the status of their transfers in real-time.
Cutting-Edge Security: prioritizes user data security with advanced encryption and authentication methods.
24/7 Support: facilitates financial management and learning with quick and direct customer support.