FINACLE

Digital Transformation
of a Fintech Application

COMPANY

Infosys

ROLE

Lead UX Designer

Tools

Adobe XD, Figma

TIMELINE

16 Months

Project description

Our client, a globally recognised financial services provider. Their solution is comprehensive for banks to directly acquire, track and service customers without any physical presence by leveraging the power of the wearables, online, mobile and other channels.

Timeline

From explorations to final designs in 6 months while working with multiple projects at the same time

Background

Direct Banking application involves the complete lifecycle of a bank, right from the on-boarding of a customer to how messages are communicated across the domain and customers when an action is performed. A short blurb highlighting the functionality of each track, which I was a part of is as follows:

Message & Payment Hub

Message & Payment Hub deals with all kinds of transaction messages, using set of templates and group of mappers which help banks to automate all transaction messages. It standardises the different message formats to ISO standard (20022) to other formats as required.

Customer Information File

Customer Information File (CIF), which started as a system of records, has evolved to a 360 degree view of the customer tailored to varying needs of different bank users. It enables the bankers to assist the customer better with the aid of proactive customer relationship management tools.

Origination

Orgination helps to create a seamless customer onboarding experiences. Customer awareness, even before the customer initiates the process, along with integration of the product catalogue and analytics is used to create tailored experiences for each customer.

I've also worked on Finacle Digital Banking, wealth management, and other banking projects not mentioned here.

Due to my non-disclosure agreement, I’ve omitted confidential details, but the case study reflects my own work. If you'd like to see the screens, feel free to reach out, and we can arrange a quick call for a walkthrough.

I've also worked on Finacle Digital Banking, wealth management, and other banking projects not mentioned here.

Process

This category details the step-by-step approach taken during the project, including research, planning, design, development, testing, and optimization phases.

Research & Planning

The project began with understanding business goals through stakeholder interviews and workshops. We gathered requirements, aligned with Product Owners and the functional team, and initiated primary research. This phase included a competitor study, identifying personas, and mapping user journeys and pain points. We also analyzed the existing system and conducted user interviews to deepen our insights.

Design & Prototyping

Following ideation workshops, we developed the first iteration of the Information Architecture. Using the data from the discovery phase, we created wireframes and a visual design prototype.

Development & Implementation

At every stage, we collaborated with the development team to ensure the feasibility of our solutions. Regular feedback from the product team and design system team was incorporated to streamline implementation and avoid roadblocks.

Testing & Optimization

We validated our designs with A/B testing, usability testing, and feedback sessions. Continuous feedback loops and collaboration with various teams ensured smooth progress and solution alignment.

An illustration of the process for each track is shown below.

Gallery view of Workshops & Brainstorming Sessions

Discovery Stage Workshops Documentation

Gallery view of Workshops & Brainstorming Sessions

Discovery Stage Workshops Documentation

Gallery view of Workshops & Brainstorming Sessions

Discovery Stage Workshops Documentation

Insights

The overall key insights gathered during our analysis stage are:

Long and tiresome processes with crucial data are handled manually. Therefore, requiring a smart and quick way of automating the process at customer end and back end.
Message templates and mapping has high dependency on developers and cannot be done by any bank individual who has no framework knowledge.
There is no way for relationship managers to gather customer insights based on past interactions, which is causing a gap in servicing customer needs.
The current system needs to service needs for global banks and has no regional customisation in UI thereby displaying unnecessary information in each page. For example, if a European bank buys the product they would be able to see field level information required in Asia and America as well. This is further adding to long display of irrelevant information and confusion.
Lack of ease of navigation within the product and usage of abbreviated shortcuts for each menu. For example, to navigate to payment setup operation the user has to remember the shortcut which is MPSSOP. There are over 50 such shortcuts which is causing a high cognitive load for the users .It also requires the bank users to undergo 4 weeks training to get familiarised with the application and is huge overhead.

The overall key insights gathered during our analysis stage are:

Long and tiresome processes with crucial data are handled manually. Therefore, requiring a smart and quick way of automating the process at customer end and back end.
Message templates and mapping has high dependency on developers and cannot be done by any bank individual who has no framework knowledge.
There is no way for relationship managers to gather customer insights based on past interactions, which is causing a gap in servicing customer needs.
The current system needs to service needs for global banks and has no regional customisation in UI thereby displaying unnecessary information in each page. For example, if a European bank buys the product they would be able to see field level information required in Asia and America as well. This is further adding to long display of irrelevant information and confusion.
Lack of ease of navigation within the product and usage of abbreviated shortcuts for each menu. For example, to navigate to payment setup operation the user has to remember the shortcut which is MPSSOP. There are over 50 such shortcuts which is causing a high cognitive load for the users .It also requires the bank users to undergo 4 weeks training to get familiarised with the application and is huge overhead.

UX Achievements

Upon identifying areas of improvement, we iterated on multiple solutions and designed an intuitive smart solution. The highlights of the solution proposed are:

Segmented forms with easy guided navigation and smart quick fill suggestions.
Template and Mapping Playground Designed to remove the dependency of developer knowledge. With this solution any bank user can create a message structure by dragging elements from the toolbar in the playground.
Customer 360 for better engagement and servicing. This is to help the relationship managers and tellers onboard customers and service the needs seamlessly. By using the 360 they can know the previous interactions of the clients, perform a need analysis and also make better decisions by using the customer insights section. They can also get an overall view of the existing relationship of the customer with the bank and attend to their needs with ease.
We built comprehensive role dashboards through which the user could complete his daily tasks through a smart work tray, navigate through the application using the smart global search functionality, view his latest activity where he left off the previous day and also connect with his team members in the application for easy collaboration.
Easy Bank Customisation provided with the help of geographical theme setup and plug and play feature integration.

Upon identifying areas of improvement, we iterated on multiple solutions and designed an intuitive smart solution. The highlights of the solution proposed are:

Segmented forms with easy guided navigation and smart quick fill suggestions.
Template and Mapping Playground Designed to remove the dependency of developer knowledge. With this solution any bank user can create a message structure by dragging elements from the toolbar in the playground.
Customer 360 for better engagement and servicing. This is to help the relationship managers and tellers onboard customers and service the needs seamlessly. By using the 360 they can know the previous interactions of the clients, perform a need analysis and also make better decisions by using the customer insights section. They can also get an overall view of the existing relationship of the customer with the bank and attend to their needs with ease.
We built comprehensive role dashboards through which the user could complete his daily tasks through a smart work tray, navigate through the application using the smart global search functionality, view his latest activity where he left off the previous day and also connect with his team members in the application for easy collaboration.
Easy Bank Customisation provided with the help of geographical theme setup and plug and play feature integration.

Conclusion

It has been a hectic but fruitful project. Getting the opportunity to lead one track from the UX end for reimagining a monster application and being an amateur in the financial domain was an extremely challenging task. With multiple stakeholders involved I learnt how to collaborate, engage and leverage each member's experience to build a compact and rich application. I also learnt how to integrate AI in our designs to show realtime insights and help improve the experience. Overall, I enjoyed working in the financial domain and transforming boring information filled application to empathy filled designs.

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London Trading Institute