UI
UX
Case Study
Redefining currency management for global enterprises
with seamless cross-border transactions and real-time insights.
Duration
UI/UX
9-10 Weeks
User Group
Targeting businesses are often challenged
by currency exchange
My Role
Concept
Research
Interface
Prototyping
Interaction
Reason For Buisness
Converge is an innovative foreign exchange trading platform designed specifically for companies that regularly engage in substantial foreign currency transactions and transfers. At Converge, we've realized that as business operations of today's enterprises spread across the globe, managing funds flexibly and effectively becomes crucial. Therefore, we created a platform aimed at addressing the shortcomings of traditional banks in providing real-time foreign exchange information and executing cross-border transactions.
My Vision
At Converge, we envision a world where businesses can effortlessly navigate the complexities of global trade and currency exchange, empowering them to focus on growth and innovation without being hindered by cumbersome financial operations. Our platform revolutionizes the way businesses manage their capital by providing a seamless solution for flexible capital utilization and currency exchange.
Operational Priorities
1.
Multi-Currency Management
2.
Real-Time Exchange Rate Conversion
3.
Banking Operations Integration
4.
Simplified Interface Process
Design Workflow
Empathize
Define
Ideation
Prototype
Test
Why
we Started?
We've found that businesses needing flexible capital often juggle multiple foreign currencies across different accounts, leading to complex processes and financial losses from exchange rate conversions. Our trading platform simplifies this by letting users manage all transactions, recognize various currency amounts instantly, and handle currency exchanges and capital liquidity efficiently—all from one account.e
Noting a market gap, we saw businesses struggle with managing multiple foreign currencies across accounts, leading to inefficiencies and risks.
Drawing on our financial technology expertise and passion for problem-solving, we created a solution to streamline currency management and empower global businesses.
Conduct
The Research
To gain deeper insight into our users, we conducted interviews with five business professionals to pinpoint their challenges. Subsequently, field research was carried out to unveil case studies that reflect their actual experiences
Survey:
After conducting field research across multiple banks, we uncovered key user needs that are not being met
• Customer Experience Survey:
73% of surveyed users reported that delays in currency exchange led to missed financial opportunities, highlighting
the necessity for real-time exchange rate locking.
• Industry Safety Report:
Financial sector reports indicate a 65% increase in account takeover incidents over the past year, underscoring the
urgency for enhanced multi-layer security features.
• Customer Service Interaction Data:
Analysis of customer service interactions shows that 80% of inquiries are related to the complexity of using financial
tools, indicating a strong need for more intuitive user interfaces and educational resources.
• Competitive Feature Utilization Metrics:
Competitive analysis shows that platforms with features like cash deposit functionality have a 40% higher customer
satisfaction rate compared to those without, validating the demand for physical banking options.
Insight
Based on the user surveys and field research, here are the insights we've gathered:
Multi-Currency Management
Users prioritize stress-free accuracy and security in managing multiple currencies.
01
Real-Time Exchange Rates
Trust in rates and easy operation are key for users when locking in exchange rates.
02
Transfer Convenience
Users expect quick and seamless fund transfers, even across different banks and complex international regulations.
03
Risk Management Tools
Users require easy-to-understand and reliable tools, with education and training being critical for effective risk management strategies
04
Competitive
Analysis
So, we've carried out an analysis of our competitors, comparing the strengths and weaknesses of foreign exchange services offered by popular transactional banks in the UK.
Wise
Advantages:
•Wise is known for using the real, mid-market exchange rate without any markups, which is often cheaper than traditional banks.
•The service offers a multi-currency account with the ability to hold over 40 currencies.
•Wise allows for the creation of invoices and has integrations with accounting software like QuickBooks.
•They provide transparent fees and do not charge extra for weekend transactions.
Disadvantages:
•There may be a fee associated with ATM withdrawals beyond the free limit.
Wise doesn't offer investment opportunities like stocks or cryptocurrencies
HSBC
Advantages:
•HSBC, being a traditional bank, offers robust security and widespread physical branch access for in-person services.
•They may provide integrated services that include investment, insurance, and banking, all within the same institution.
Disadvantages:
•HSBC's foreign exchange rates may include markups above the mid-market rate, which
could make currency conversion more expensive compared to fintech solutions.
•International transfers with traditional banks like HSBC might involve higher fees and
longer processing times compared to fintech platforms.
Revolut
Advantages:
•Revolut provides the option to hold several currencies in a single account, potentially reducing foreign transaction costs.
•The app offers real-time transaction tracking and instant notifications for better spending management.
•Users have access to budgeting tools and savings features like rounding up purchases to save the spare change.
•Revolut allows for the purchase, sale, and holding of cryptocurrencies directly within the app and offers competitive foreign exchange rates during the week.
Disadvantages:
•Deposit protection is limited compared to traditional banks, as funds are not covered by government-backed insurance programs.
•Customer support may be less accessible as it relies on in-app support and a virtual assistant, with less emphasis on phone support.
•Additional services and perks require a subscription with monthly fees.
•There is an inherent risk involved with the volatility of cryptocurrencies if users decide
to trade them.
Definitive
Solution
After the above research competitor analysis, we ultimately defined and implemented four solutions, effectively integrating these solutions with our challenges and presenting them in the design
Flexible Currency Management Tools
Develop customizable currency management tools like automated conversion strategies tailored to user needs.
Real-Time Rate Lock
Implement a service that allows users to lock current exchange rates, shielding them from future
Optimized User Interface for Transfer currency (Chat room)
Simplify the UI for more intuitive transfers, currency exchanges, and regular operations.
Emergency Access Solutions
Create backup access solutions, such as offline transaction modes or emergency service hotlines, for when users face internet access issues.
Information
Architecture
After describing the above solutions and challenges, we begin a comprehensive review of the entire product development process. Meanwhile, I differentiate the four main solutions in detail with color.
Wireframe
After verifying my information architecture, we initiated the contemplation of my layout design arrangement. After that, we proceeded to draft my wireframe.
Design
system
After setting up the wireframe, I started designing. Through careful planning of color, design layout, and interactive elements, these designs will be used in subsequent high-fidelity graphics.
low-fidelity
After refining my ideas with a wireframe sketch, I outlined the essential features and strengthened the call-to-action
components, resulting in the creation of my low-fidelity prototype.
Usability
Testing
These are the five designs we've prioritized to strategically tackle the identified problems, ensuring comprehensive
solutions.
Change 1
Background Shadow
The addition of background shadows enhanced depth and realism, significantly improving the visual appeal and user experience.
The website's visual presentation appeared somewhat flat and lacked visual interest due to the absence of depth-enhancing elements like background shadows.
Before
With the inclusion of subtle background shadows, the website's visual aesthetics have been significantly enhanced.
After
Change 2
Spacing and Size
Before, inconsistent flag sizes and spacing marred the site's professionalism and scrolling ease. Yet, resizing flags and refining spacing fostered a polished appearance and smoother user scrolling, amplifying the overall experience.
Inconsistent flag sizes and spacing undermined the website's professional appearance and scrolling experience.
Before
Resized flags and improved spacing yielded a polished look and smoother scrolling, enhancing the overall user experience.
After
Change 3
Improve the Navigation with sideBar
Refining the sidebar design to optimize functionality and elevate visual appeal, enhancing user navigation and overall site experience.
The sidebar lacked visual appeal and appeared cluttered, hindering user navigation.
Before
With a sleek redesign, the sidebar now boasts a modern aesthetic and improved organization, enhancing user experience and ease of navigation.
After
Final
Result
The videos below demonstrate the design features to address the challenges that were discovered during the user research.
Solution #1
Real-Time Rate Lock
Develop a service enabling users to lock the currency at current exchange rates, providing protection against future fluctuations.
Solution #2
Optimized User Interface
Streamline the user interface to enhance ease of use for everyday currency transfers and transactions, prioritizing simplicity and intuitiveness.
Solution #3
Flexible Currency Management Tools
Design personalized currency management tools featuring automated conversion strategies that can be customized to suit individual user preferences and requirements, empowering users with efficient and flexible solutions to manage their currency transactions effectively.
Solution #4
Emergency Access Solutions
Implement backup access solutions like offline transaction modes or emergency service hotlines to assist users during internet connectivity issues, ensuring seamless financial transactions and support even in challenging circumstances.