The Client
Finstack is a privately-owned start-up business offering fast and secure currency trading transaction services to her customers, at affordable rates. The business also allows for peer-2-peer transactions — a trade between two parties, with Finstack being the middleman. (All of these activities are done offline.)
The Problem
The business is thriving, the client has successfully built customers’ trust and loyalty over time, requests are coming in regularly, trades are pivoting BUT it’s quite obvious the business isn’t gaining traction as it ought to. About 42% of requests are left unhandled and unattended to, due to the overwhelming task of manually running the transactions which has consequently led to a 38% decrease in customer base. The client needs an online platform where all of the processes are automated and where customers can independently run their transactions without any glitch.
Unique Selling Point
Defining Success
- 44% Increase in customer satisfaction
- 40% increase in adoption rate within 6 months post launch
- 80% customer retention rate
Speaking to Users
‘How Might We’ Statements
- How might we reduce the waiting time for transactions to ensure timely processing and meet customers' immediate financial needs?
- How might we display updated conversion rates in real-time, allowing users to easily access and monitor the latest data?
- How might we develop an online platform that provides users with a seamless, convenient and secure experience that matches or exceeds that of our competitors?
Competitive Analysis
Deductions
These firms are well established and have a global reputation. It’s best to model Finstack after them as there’s a lot to learn from their service blueprint:
- Advanced security measures
- User-friendly design
- Dispute Resolution (for peer-to-peer transactions)
- Secure Wallet
Design & Prototyping
Below are a few of the many screens I designed.
Hero Section
For easy, simple and concise task execution, we place a quick converter calculator on the hero section where users can quickly check conversion rates and choose to proceed to convert them if they choose to.
Currency Prices
Users can view regularly updated conversion rates. We also made allowance for users to subscribe to our newsletter where we can send them daily rates.
Ensuring Secure Transactions
One-time password is required at key points to ensure the identity of the user transacting.
Accessible Dispute Resolution Feature (Appeal)
In a scenario where there arises conflicts during a transaction between two parties, the issue can be tendered to the Appeal where all evidence will be presented, e.g. images, videos, documents, etc.
Authentication Screen
User-friendly interfaces.
Peer-to-Peer
- Major Offerings— an accessible switch tab allowing users to choose between the major offerings: Currency (fiat & crypto, which imply fiat can be converted to crypto and otherwise) and gift cards.
- Action Type— user selects if they want to make a purchase of the selected asset or a sale.
- Amount— user inputs the amount of asset to be bought or sold.
- Filter Parameter— for easy sorting and scanning, we implemented a number of filter options.
Transacting with a P2P Merchant
Users get to see all information about the merchant before proceeding to transact — reviews, terms & conditions, transaction completion rate, number of successful orders, etc.
Becoming a Seller
The platform is designed to ensure users who are willing to become a seller on the platform go through a process where their identity and service is being validated. This usually takes days to complete.
Listing an Ad on the P2P Marketplace
A seller uploading a currency for sale.
Ads Upload Period
Ads are usually up for 24 hours to ensure conscious effort of the vendor’s commitment and prompt availability to attend to requests.
Wallet (Withdrawal)
The platform has a secure wallet system in several available currencies (currently limited to 6 due to limited resources), where users can make inter-currency conversions, deposits and withdrawals.
