Wintech Money Transfer

The money transfer function is one of the most commonly used function in a banking app. In the past people require the payee’s bank account to transfer the money but with the introduction of Faster Payment System (FPS) in Hong Kong, people can simply enter the mobile number/email/FPS ID/HKID of the payee to transfer money instantly. In the next version of the module we wanted to leverage this function to make money transfer even easier and quicker.

Talking to Customers

Money transfer is a really common module and it’s hard to pinpoint a specific type of target user. I started off interviewing product owner, colleagues as well as family and friends to understand their pain points in using the existing money transfer module. I learned that some people uses money transfer to pay their rent, pay their bills, paying friends and many more. Teenagers seemed to use the function more to pay for products that doesn’t offer credit card payment while housewives use it to pay monthly utilities.

Some of their major pain points came from needing to register a payee in order to perform a money transfer that consist of a large fund. Another would be the annoyance caused by repeating a transfer that happen every month such as electricity and water bill. Some user commented on how their banking app do not offer delayed money transfer which causes them to set a reminder on their phone. From the feedbacks collected I created multiple personas and user journey to highlight areas for better understanding of the users’ behaviour and needs.

I looked at other popular banking app, especially some of the virtual banks to further my research on what a well-designed money transfer module is comprised of. Some takeaways of what made them successful included

  • Well structured navigation

  • Minimum amount of clicks to perform a transfer

  • No confirmation page to reduce clicks but allow user to cancel afterwards within a short amount of time

  • Some banks combine their transfer and remittance module together

 I also looked into the affinity diagram that our team maintain with comments from various sources such as customer feedbacks to their regional managers and app store reviews. The affinity diagram also contained suggestions from customers that I would experiment with during the ideation phase of the redesign such as:

  • Allow user to register payee through mobile to allow transfers up to HK$1,000,000

  • Add remark section to FPS transfer

  • Ability to modify transfer limit on mobile

Competitor Study

Competitor study was done using Miro with product manager and design manager to compare our existing money transfer module with other banks

Main Objective

We aimed to improve the money transfer module in order to offer a quicker and simpler process which should the answer pain points that our users encountered. I determined that our main objective is to enhance the money transfer module to suit more use cases and leverage the convenience of FPS.

Existing money transfer flow

Starting with Questions

I created a list of ‘How Might We…’ questions to help me and product owner to better align our user’s tasks and goals:

  1. How might we provide an experience that require the least time from our users?

  2. How might we allow them to perform all sort of money transfers through their mobile devices?

  3. How might we provide a tailored experience that allows user to perform their most used type of money transfer?

Prototyping and usability testing

I separated the money transfer module into different sections and to try to experiment with different trending UI elements to see the effect. I created interactive high fidelity prototypes to users as that seem to be the most direct method to collect feedbacks. Usability tests were done with users to benchmark the time taken to perform various kinds of money transfer with different designs.

Some of the areas where we experimented on include:

  1. Combining the money transfer module with remittance module

  2. Removing the confirmation page

  3. Introducing the “swipe up to send” function

Some of the feedback we got back was:

  1. Confirmation page is still important, as that provide a chance for user to review the detail when they are sending large quantity of money

  2. The remittance module is as easy to find when combined or as a standalone

  3. People usually send money to the same person rather than a different person every time

Iterations

Based on the comments from users about various sections of the module and the business requirements, I created a version of the design which focused on improving several areas when compared to the original design.

  1. The new design now contain additional functions related to fund transfer, so user no longer have to switch function to do similar tasks

  2. FPS is separated from bank account transfer, so advance users can complete their transfer quicker

  3. The payee’s identity is much easier to see after entering their FPS identifier

  4. User can now set money transfer with delay trigger.

  5. The confirmation page is less intrusive and does not require additional transition

  6. Biometric authentication to replace password based soft token

Deliverables

Project Learnings

  1. Time adds up
    With a module as regularly used as money transfer, keeping it simple and clear saves the user a lot of time

  2. White space is important
    Sometimes product owner wants to fully utilise the screen space and have all fields on a single page but that usually make user feel the UI being crowded and lack of focus.

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