EbonFX
Trusted non-bank currency provider/ Foreign exchange currency management for international payment solutions
Overview
EbonFX is a fintech-enable deliverable FX provider (Foreign Exchange Market), formally Compass Global Holdings, which has been successfully running for over 10 years. The project was brought by Academy Xi as a UX/UI practice to apply and develop our human centric design skills and techniques.
01.
PLANNING & RESEARCH
WEEKLY DELIVERABLES
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Project Scope
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Defined business needs
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Defined user needs Research, team, project, time planning
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Problem Statement
In Team
After meeting our client, we worked on the miro boards to share what we obtained from the client's briefing and what information we will need to take our approach further in order to kick-start our research process.
The Project Goal
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To create an intuitive platform that inspires trust and confidence, through secure payments and competitive rates.
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To refine the current Ebon FX user portal so users can easily organise current and future IMTs.
Targeted Audience
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Existing and future SMEs - Small & Medium Enterprises who need to send money overseas
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Existing and future users, who need to send money overseas, for personal reasons
Expected Deliverables
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Redesign of EbonFX platform that clearly communicates value propositions
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Overhaul of current user flows
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Streamlined customer dashboard
Constrains
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Reliance upon legacy data (pre-rebrand)
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Overseas Web Development Team
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Current client website is not live
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Limited testing environment
Assumptions
"The current website does not instill confidence or security in users" (e.g. no reviews / endorsements)
"New users are finding the sign-up process time-consuming and confusing when creating an online account"
"Users want quick and easy access to information about the product offering"
"Setting up an account will result in transactions"
02.
RESEARCH INSIGHTS
Problem Statement
“Australian SMEs, who need to send money overseas, feel insescured about the process of their forein currency transfers when using non-bank FX providers and want a safe and trusted solutions to transfer funds but the services offered by the business don’t display the information.”
02.
RESEARCH INSIGHTS
In Team
As we were coming to finalize our initial research, some team members were assigned to synthesize quant & qual data to make that information as unbiased as possible.
Having all the insights on the affinity map helped us organize before heading off to define customer journey map and personas.
My role
I was responsible for designing & running the survey to collect quantitative data by using Google Forms. The survey was sent out to existing clients as well as external FX users targeting Australian business owners & personal users who need IMT (international money transfer).
Started synthesizing the data collected in the other areas of research while waiting for the survey responses.
Key facts / Insights
Interview 5 interviews conducted with Australian business owners
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"Sign-up is tedious and pointless - they want all the financial info on me, but I'm the one taking the financial risk"
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"The larger the amount of money transfer, the more users feel anxious and cautious about the process. But I've never been informed about the timeframe of money transfer or if the money is received by the other side, which concern me a lot"
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"I think may of other FX providers also lack accessibility in terms of communication methods. I want to make sure who, when and where I can reach out to in the case of emergency situations"
Survey The closed & open questions to assess user satisfaction with their current/previous FX providers
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90% of users think it's important to see a detailed breakdown of service provided
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40% of users don't save their personal information (login/banking) during their international banking session because: Don't feel secured, Security concerns
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The type of information users like to know before choosing a provider (multichoice):
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The type of contact methods users prefer to use to reach out to the customer support team (multichoice):
Competitor Analysis
The client indicated to us 4x market competitors we should learn to get a feel of industry standards and performance capabilities.
It's important that FX users feel that their funds are always secured and protected during IMT (international money transfer) and investigating how other FX providers are trying to increase the user satisfaction with their customer support teams in different contact methods.
Secondary Research
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Consumer reasons for using Fintech: "Fintech startups are often agile and offer a better
customer experience and convenience at much lower prices than traditional financial
institutions." (Source).
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Australian businesses have ambitious plans for international expansion, as new data from global fintech Airwallex reveals that more than two-thirds of Aussie small-to-medium companies (69%) plan to operate outside Australia by 2027 (Source).
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In a previous research, security, compliance, data-privacy risks and related issues were the top
concern for banks, fintech and asset managers in implementing a fully integrated technology
strategy. Current speed FX transactions may be same-day where RTGS hours overlap or T+2 settlement
in other cases. 48 hours or longer (traditional correspondent banking) (source). SMEs, in particular, need
more accessible access to international payments (source)
WEEKLY DELIVERABLES
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At least three research techniques (collecting quant and qual data)
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Problem Statement (refined)
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Affinity Maps
03.
DEFINE & IDEATION
WEEKLY DELIVERABLES
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Personas & Archetype Profile
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Brainstorming CJM (Customer Journey map)
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HMW statement (How May We?)
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Crazy 8s
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Storyboards
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MVP concepts
In Team
In a halfway through the project, we had a freshened-up meeting to refocus on the problem statement we made earlier to ensure that all the research insights were to guide us through the creation process in persona & CJM.
Our research shows the chance in the increase of the individual FX users is expected to grow in near future, especially in Australia where 30% of population is migrants. So, we decided to create 2x personas & CJMs for business and personal users to define the targeted audience to discover the opportunity for EbonFX.
My role
I worked on the SME's CJM based on the key facts & insights collected in our initial research to showcase both emotional & physical states in the journey to complete their tasks.
According to the client's briefing, our client would like to strengthen customer support and personalized service where users feel frustrated the most.
In our brainstorming session, the key points to discuss were how information and contact methods can be easily discoverable and accessible for users.
SME
PERSONAL
MVP (Minimum Viable Product)
High value + High effort
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Rewards program for long-term customers
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Glossary of key terminology
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Currency exchange rate calculator which outlines rates, fees to transfer money
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Call and Message Personalised Support Systems
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Separate page for business and personal banking
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App to make the transfer on the go
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Making transfer times highly visible when completing an IMT
High value + Low effort
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Ability to change languages on the page
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A history transaction page
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FAQ page
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Display testimony/reviews
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User guide
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Schedule transaction
HOW MAY WE ...
How might we design a streamlined platform that builds trust, and empowers users to make safe and secure international money transfers?
04.
WIREFRAMING
WEEKLY DELIVERABLES
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Card sorting
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Information Architecture
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User flow
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Low & high-fidelity Prototypes
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Usability testing
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Start skeleton pack
In Team
From week 4, the team was divided into two groups - the mobile app & the desktop, and each platform aimed to serve a separate page for SMEs and personal users.
Starting from card sorting to determine which content/information goes under specific category, which helped structuring IA and User Flow.
We ensured that 'Contact' points on both platforms, desktop & app are easily discoverable for users when they need to reach out for immediate help.
My role
My responsibility here was to design the desktop wireframe and high-fidelity prototype in a short deadline.
The design system was already built by the UI team member according to the brand guide provided by our client that allowed us to kick-start the prototyping smoothly.
I also helped the team build a user flow in order to consolidate structure in the wireframe and the contents that needed to be allocated on each screen.
Card Sorting
Card sorting was conducted virtually by using Optimal Workshop and managed to receive 20+ responses within a day.
Because we planned to design the switchable platform that could serves both personal & business users, so the card sorting sessions were also divided into two groups to see how these approaches should be differentiated.
Information Architecture
The card sorting results showed that there was no major difference between personal & business in terms of allocating the contents.
We clarified touchpoints to make sure all the contents & functions were aligned nicely by having ideas in the layouts applied on competitor websites.
User Flow
Bringing back our personas - Zara for personal and Johnny for business in the creation of user flow.
Zara's scenario
She wants to transfer $100 to her family in India. A friend of Zara’s decides to help her out with a referral email to help ease the costs of her first transfer.
Johnny's scenario
Jonathon is the owner of a textile company and needs to pay one of his suppliers in China. A friend of Jonathon’s tells him about EbonFx and their personalized service and helps him out with a referral email.
Wireframing
Simply followed the IA to wireframe the website and customer FX portal to finally visualize the UI goal we're aiming for.
Both platforms, personal and business were mostly structured in the same way, however, we wanted to make sure that different approaches are clearly shown by adding information that aids each user to help their decision-making.
05.
PROTOTYPING & USER TESTING
WEEKLY DELIVERABLES
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Refinements on the design concept
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Apply brand style (colour, typography, icons etc)
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Grids
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Content and copywriting
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Hi-fi Testing
In Team
Refining the design concept / key UX differences was a crucial step for us UI team to ensure we are all aiming for the same goal before starting off the prototypes.
Personal / B2C - straightforward services and clarity in information to achieve a better understanding of IMT (International Money Transfer)
Business / B2B - customized services to be more compatible with different types of business users (eg. wholesaler, sole-trader, retailer)
My role
I was assigned to design the 'Support' and 'Sign-up' process for business users, however we all practically built an entire website by helping each other.
In a meantime, receiving feedback on our prototype and making decisions of what to prioritize in order to achieve the design goal.
It was definitely a valuable time on practicing in the creation of interactive components and consistent interactions from screen to screen.
User Testing
7 business users and 5 personal users participated in the user testing.
The tasks given in the testing:
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Locating FX rate without an account.
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Understands the Global Navigation Menu.
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Transferring money overseas with an Ebon FX account.
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Locating FAQ help/support section.
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Updating personal details.
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Keeping tabs on the status of money transfers.
Insights
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The rates & fees should be championed on the home page.
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Users would like to compare rates with competitors / have a benchmark
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Need more compliance/verification fields/processes built into the Business sign-up
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The live chat function is something users are excited about.
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The inclusion of pictures (LT, Agents, CSRs) makes the user experience more personable
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Opportunity lies in integrating internet banking
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Users had to click into each menu item on the FX portal to understand what they were about. Many still seemed a bit confused what they could do in New Deal vs. Beneficiaries vs. and Invoicing after some exploration.
Major changes we made
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The order of pages in the navigation menu was rearranged so that the flow made more sense
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Changed the acronym 'FAQ' to 'Support' to make it easier to understand
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Added live chat icon to all pages for the Personal website
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The referral code was updated with more information and clearer for users to understand
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Updated the digital onboarding to better reflect the current KYC process with regards to verification/compliance protocols
06.
REFINE, COLLATE & PRESENT!
WEEKLY DELIVERABLES
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Collate all the tasks we completed into skeleton pack
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Make final changes to the prototypes
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Presentation to client
In Team
From initial research to prototypes, our 5.5 weeks of work were collated onto the presentation deck!
Running through a retrospective in the class as we looked back how the project went on each week in different tasks.
My role
We, the prototype team finalized on checking every touchpoint, interactions and clickables to ensure all screens are connected seamlessly.
I took a part of presenting our prototypes to the client on the last day of the project.
The Future recommendations
Integration & Analytics
Integration with accounting software such as Xero and insights from Google Analytics
User Generated Content
Blog and community - user generated content - become destination for help, advice and up to date information for SME's managing global currency exchange
Security
Add more information about how EbonFX takes cyber security seriously due to the recent data breaches in other businesses across Australia. Customers want to be able to trust the brand.
Multi user capabilities
Allow for multiple users of a single account
(e.g. admin sets-up transaction & someone senior approves with the ability to track activity of each user)
Feedback from our client
‘The entire team of students at Academy Xi were exceptionally professional in all working sessions and provided a very thorough summary of results. Working with the team was effortless, and best of all, the team at Academy Xi really did listen to our challenges as a business and trying to infiltrate the Foreign Exchange market against other existing giants in the space.
The research and summary of the findings from the team was outstanding, from data analysis to design and presentation. If you are looking for quality individuals or a collaborate group, I highly recommend the students at Academy Xi.’ - Ebon FX
Challenges
Next Step
In 6 weeks of the design sprint, we were always in the middle of struggles between "how much more work we want to do" and "what's manageable" because there were a lot of ideas and suggestions raised over time, and we just wish we had more time on improving the designs.
Time management was one of the key learning points as we were working as a class of 22 students. We utilized a Kanban board on Miro to track each of our tasks and ensure they all made it by deadlines, which was a great exercise in team collaboration.
For the next project, I would like to improve my workflow by considering how much time I could spend on each task to effectively eliminate unnecessary, especially in the initial research phase.
(Because I could do never-ending research!)
It's also important to step back and have a check-in with myself - if "what I am working on" is still approaching problems that need to be solved.
