Internet Banking for millennials
Researched what makes a comprehensive internet banking platform that caters to the millennials for their transactions, savings, loans and investments needs.
Overview
Individual project
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For 10 Days
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Includes Research, Competitor Analysis, Interviewing, Lo-fi Design
PROBLEM STATEMENT
ABC Bank is not able to attract millennial and digital only customers. This is the identified growth segment and competition (banks and fintech) are making headway into this.
KEY OBJECTIVES
User Experience - Cater to the millennials so that ABC Bank becomes their preferred bank for Transactions, Savings, Loans etc.
Contemporary Design and Simple Navigation: Provide overall simplistic and convenient platform which can compete with new age Fintech companies.
Increase User Acquisition: Using cross-sell & Upsell in the digital mode to attract users.
Planning and Design Process
During the project, my research combined a mix of both primary and secondary research to understand the Internet Banking space. As I couldn’t sign up on each and every banking platform myself, I heavily relied on youtube videos, user feedbacks and competitor products to understand the concept well in a limited time. I followed a process of Discovery, Explore, Empathise and Implement to find design solutions and demonstrated them through lo-fi wireframes.
∼ 12 hours
Problem Discovery
Research and understanding the domain, finding the right problems
∼ 30 hours
Explore and Empathise
Interviewing people, competition analysis, synthesising the data
∼ 18 hours
Implementation
Creating information architecture, Brainstorming & curating solutions
Before beginning,
outlining the scope
Internet Banking is a vast sector. For this project, I limited and focused my research towards the Indian users, especially tech-savvy demographics, and studies their behaviours and pain points.
Problem Discovery
Individual project
/
For 10 Days
/
Includes Research, Competitor Analysis, Interviewing, Lo-fi Design
SECONDARY RESEARCH
I dedicated roughly 2 days to conduct thorough secondary market research on internet banking platforms. I delved into the topic by watching informative YouTube videos and reading insightful blogs. This deep dive into the subject provided me with valuable insights.
Why Internet Banking?
By definition: Net Banking is a facility offered by banks and financial institutions that allow customers to use banking services over the internet. But what Internet Banking is here to actually resolve, for both the Banks
and their users?
For users
Convenience: Customers need not visit their bank’s branch office
to avail each and every small service.24/7 Availability: Manage finances anytime, even on weekends.
Personalisation: Offers tailored insights or tools for better financial management.
Real-Time Monitoring: Provides instant updates on accounts and investments.
FOR BUSINESS
Efficiency: Faster processes with fewer paperwork hassles.
Eco-Friendly: Reduces paper use, promoting sustainability.
Cost-Effective: Lowers operational costs, potentially benefiting users.
Features of Internet Banking
A secure and convenient method of banking
Password-protected banking system
Easy access to financial and non-financial banking services
Access your bank account anytime anywhere
Track and manage balance, transactions, statements, etc.
Transfer funds online via NEFT, RTGS, IMPS anytime
Process and manage bill payments quickly
Keep a track of payments, and all kinds of loans
Common Problems
You need a personal computer, laptop or mobile, along with a good internet connection.
Occasional system downtimes, slow loading times, or errors during transactions can frustrate users.
Online means can raise security concerns- risks to users' sensitive financial information.
Interfaces of internet banking apps or websites can be difficult and complicate to navigate.
Competitor Analysis
I conducted an In-depth competitive analysis by studying the product and carrying out basic Heuristic Evaluation.
Competitors
Strength
Cons
Heuristics Score
Takeaway
HDFC
Established brand with
comprehensive services.
Complex interface, outdated designs
6/10
Modern and minimalist design with good ux
Simpl
Simplified design and transparent expense management
Limited functionality
and niche perception limits user base
8/10
Provide all basic
features in one app
PhonePe
Seamless platform
and user-friendly design
Limited Features,
reliant on merchant acceptance
8/10
User-friendly design
and no reliance on merchant
Jupiter
Digital-first banking tailored to younger users
Lesser known brand and smaller user base
7/10
How to tailor to
young audience
Fi Money
Simple to use and focus
on integration with banking platforms
Lesser known brand with smaller user base
7/10
Simplicity and user-friendly designs
Empathise - Talking to users
Target Audience: Millenials
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Age: 24 yrs - 35 yrs
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phone call interviews
From the above secondary research and basic statistics, I defined proto personas that can be used for defining the target audience.
The problem statement also mentions the target audience to be Millennials (who currently age between 24 yrs to 35 yrs). Based on the target audience, I interviewed them (talked to mostly my friends and relatives on a phone call).
Creating Proto Personas - Whom to Interview?
Neha - IT Consultant
Age: 25 yrs
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Status: Unmarried
Tech-Savvy
Organised
Goal-oriented
She seeks a streamlined internet banking app that provides
quick access to account information and seamless transaction capabilities. She values tools for managing investments and setting financial goals, alongside robust security features to protect her sensitive data. Neha prioritises convenience and efficiency in her banking experience.
Shubham - Business owner
Age: 30 yrs
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Status: Married
Entrepreneurial
Organised
values financial stability
He is a small business owner and family man, desires an internet banking app that caters to both personal and business finances. He requires tools for budgeting, expense tracking, and analyzing business performance, along with support for online payments and invoicing. Shubham values features that promote financial stability for his family.
6 Users Interviewed
Based on proto personas,
I conducted interview
I was able to validate and invalidate some of my hypothesis using the interview responses. I conducted interviews with 6 participants:
4 Male Participants - between 24 to 32 yrs
2 Female Participants - between 25 to 30 yrs
What do the users say?
🚩 Defining the Real Problems 🚩
The How Might we statements
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Considering user and business goals
Easy access
HMW enhance the mobile app's navigation to help users easily find and access banking services and features?
Error Prevention
HMW optimise user experience during loading times and failures to improve user satisfaction?
Personalisation
HMW provide more control to user for app’s better customer acquisition?
Implementation - Designing the IA
We can Upsell…
and also Cross sell features
Design Solutions - Lo-fi
86% users use mobile
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Solutions are based on Ease of Use, Visual Hierarchy, Familiarity
MOBILE FIRST DESIGNS, BUY WHY?
86% of internet banking transactions in India were conducted through mobile devices in 2020. As Report by the Internet and Mobile Association of India (IAMAI). The interviewees also mentioned using mobile as their primary device. Hence, for this assignment I am designing mobile first, considering the entire website will be responsive.
Retrospective
LEARNINGS & NEXT STEPS
If given more time and resources, I would focus on user research and the testing phase to understand user needs, receive feedback, and discuss solutions with a team of designers. Collaborating with a team would bring unique solutions and diverse perspectives, leading to a successful product. Additionally, I would work on improving the signup/login flow, as these platforms often have complex onboarding due to security concerns, which leads to user drop-offs and affects retention.
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15,955 pixels :)
