In the ever-evolving landscape of fintech, innovation is the key to unlocking new possibilities and reshaping the way people interact with their finances. When a visionary fintech company approached our UX design agency with a payment app concept, we knew we had the opportunity to redefine the industry standards. Our mission was clear: to validate their idea through user-centric research and pave the way for a fintech product that would transform the lives of its users.

‍

We devised a meticulous four-phase UX research process:

‍

1. Stakeholder interviews
2. Competitor analysis as a secondary research
3. Qualitative user research as a primary research
4. UX strategy

Fintech design approach

‍

Establishing the objectives

‍

We had 4 clear objectives for our UX research:

‍

1. Identify the target audience, understand their behaviour and their current processes pertaining to payments apps
2. Find their key pain points vis-à-vis payments apps
3. Understand what motivates them to use a payment service
4. Identify and understand the competitors in the space

‍

User research methodology

‍

Stakeholder interview

‍

As a fintech design agency with a systematic approach to design, we performed both, primary and secondary research. But, before proceeding further with UX research, we interviewed the stakeholders. It was important to understand how they perceived their product, target audience, and the problems they hoped their app would solve for its users.

‍

Primary research - User interviews

‍

As part of our primary research, we conducted user interviews. We interviewed 20 individuals who were identical to the user personas we created. The purpose was to have a qualitative perspective of the experiences of actual users who used payments apps in their day to day activities. It helped us to understand exactly what users look for when they use a payments app, their primary pain points and what we can do to make their experiences better.

‍

Secondary research - Competitor analysis

‍

To gain a comprehensive understanding of the fintech landscape, we conducted an extensive competitor analysis. It was not possible to reach out to every single user of competitor apps and so we took to social media and app stores. We analysed reviews and interactions from social media platforms like Twitter, Facebook etc. to gauge the general consensus of people towards payments apps, what led them to form their opinion and what could be done to change an unfavourable one.

Research synthesis

‍

Empathy mapping

‍

Empathy mapping was used to help us synthesise our observations from the research phase. It enabled us to draw out unexpected insights into the user’s needs. Understanding the users’ mentality, helped us to identify genuine issues, problems or concerns that the users may have.

‍

Creating User personas

‍

As a fintech design agency with a systematic approach to design, we performed both, primary and secondary research. But, before proceeding further with UX research, we interviewed the stakeholders. It was important to understand how they perceived their product, target audience, and the problems they hoped their app would solve for its users.

Creating User personas

‍

As a fintech design agency with a systematic approach to design, we performed both, primary and secondary research. But, before proceeding further with UX research, we interviewed the stakeholders. It was important to understand how they perceived their product, target audience, and the problems they hoped their app would solve for its users.

‍

Concept validation

‍

As we synthesised our findings, a clear picture emerged, a vision of a payment app that transcended mere transactions and became a seamless extension of users' lives. It helped the client to understand the needs of their ideal target audience and if they were in line with what they had perceived. It’s not an irregular occurrence when a product is overloaded with unnecessary features which are not appealing to the users and end up being an annoyance. We identified the pain points that plagued existing solutions and reimagined a future where fintech empowered users to take control of their financial well-being. From intuitive interfaces to personalised features, we crafted a UX strategy that would redefine the way people interact with their money.

Final Outcome

‍

The comprehensive UX research study helped us gain deeper understanding of their user base,

‍

1. The client could prioritise key needs and pain points, ensuring a user-centric solution. 
2. The research also brought clarity to the product and marketing strategy, enabling the client to refine their value proposition and develop a compelling narrative. 
3. Finally, the design mockups provided a tangible representation of the research findings, showcasing a seamless user experience that sets the product apart in the competitive fintech landscape.

‍

Armed with these insights, the client was well-equipped to deliver a groundbreaking payment app that redefines the way people manage their finances.