FRAMER
Detailed Case-study with Design
FinEzzy - Mobile Application.
ProtoypeMy Role.
As the sole designer for the FinEzzy project, I was responsible for the complete design lifecycle, including concept development, wireframing, and the creation of a cohesive design system. Over six months, I worked closely with project developers, managers, and the market research team to revamp the product, focusing on improving user experience and interface consistency. My efforts led to a significant increase in the app's performance, with a 2111% growth in downloads, reaching approximately 80,000 downloads. This transformation not only enhanced user engagement but also strengthened FinEzzy's position in the market.
Bridging the UX Gap.
FinEzzy aimed to fill the gap in the financial sector where users faced a complex and opaque process for obtaining loans against mutual funds. Our goal was to provide a streamlined, transparent, and user-friendly platform that simplifies loan comparisons, clarifies terms, and secures sensitive data, empowering users to make informed financial decisions with ease.
The Opportunity for Loans Against Mutual Funds.
We identified that users could leverage their mutual fund investments to secure loans due to the collateral value these funds represent. Mutual funds are generally liquid and carry lower risks compared to other asset classes, making them an attractive option for lenders. Additionally, this allows users to access needed funds without having to liquidate their investments, providing financial flexibility and maintaining their long-term investment goals. This insight drove us to create FinEzzy, simplifying and enhancing this loan acquisition process for users.
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Why an App?.
Developing FinEzzy as a mobile app allows users to conveniently manage loan applications on-the-go. Mobile accessibility provides real-time updates and secure access to financial data anytime, anywhere. An app also enables a personalized experience, offering tailored loan recommendations and notifications. By meeting users where they are, FinEzzy delivers a seamless, efficient solution for navigating the complexities of securing loans against mutual funds.
Defined Problem Statement.
Mutual fund investors face challenges obtaining loans against their investments due to complex, unclear processes from lenders. Although mutual funds are easy to liquidate, we aim to protect investors' long-term savings by encouraging loans against their funds. This problem arises when investors need quick financial solutions but encounter frustrating and time-consuming procedures.
The affected groups include investors, who experience delays and confusion, and customer-support staff, who deal with disgruntled clients
If unaddressed, this can lead to reputational damage and loss of market share for financial institutions as frustrated clients share negative experiences and switch to competitors with more streamlined solutions. FinEzzy aims to solve this with a simple, transparent, and secure mobile application.
Research and Discovery.
User Research:
Objective: Understand the target audience, their needs, pain points, and expectations from a loan application app.
Methods:
Surveys: Created a Google Form Distributed to potential users to gather quantitative data on their loan application experiences and preferences.
Interviews: Conducted with a smaller group to gain qualitative insights into the challenges they face when applying for loans against mutual funds.
Competitor Analysis: Analyzed existing financial apps like VoltMoney, 50Fin, Miraei Assets etc to identify strengths, weaknesses, and potential opportunities for FinEzzy. Documented whole analysis for the team.
User Needs:
Pain Points:
We conducted a series of user interviews to gather insights and understand the needs, challenges, and behaviors of our target users. The data collected from these interviews was meticulously recorded in an Excel sheet, which was then analyzed to create detailed user personas. This systematic approach helped us accurately capture user requirements and preferences, ensuring that our design solutions are user-centered and effective.
User Personas.
User Journey Mapping.
Mapping out the user journey helped us understand the steps and experiences our personas go through
when interacting with FinEzzy, highlighting key touchpoints, emotions, and opportunities for improvement.
Summary of Opportunities:
Awareness: Enhance SEO, publish informative content, run targeted ads.
Consideration: Simplify installation, highlight benefits, provide walkthroughs.
Application: Checklist of documents, clear explanations, enhanced support.
Approval: Real-time updates, estimated timelines, streamline verification.
Disbursement: Clear confirmations, detailed receipts, accessible support.
Creating detailed user personas helped us empathize with our target audience, ensuring our design solutions meet their specific needs, goals, and challenges effectively. (Figma Link)
Information Architecture.
Designing a clear and logical information architecture ensures users can easily navigate through the app, accessing features and information intuitively and efficiently. (Figma Link)
Wireframing.
Starting with sketches and creating wireframes allowed us to visualize the layout and structure of the app, ensuring a user-centric design that meets the functional requirements and enhances the overall user experience. (Figma Link)
Design System for Finezzy.
Creating and implementing a design system for FinEzzy ensured consistency across all interfaces, making the app intuitive and user-friendly, particularly for non-tech-savvy users. It streamlined team collaboration, sped up development, and allowed for efficient updates, ensuring a cohesive and scalable user experience throughout the app. (Figma Link)
High Fidelity Design and Learnings.
The high fidelity design phase emphasized the importance of precision in aligning design with user expectations and brand identity. It reinforced the value of iterative feedback and close collaboration with developers to ensure the final product was intuitive, consistent, and visually engaging. (Figma Link)
Prototype.
The prototype phase allowed us to test and refine FinEzzy's user experience, enabling us to gather valuable feedback and make necessary adjustments before moving to full development. (View Prototype)
Key Findings.
User Interviews.
