Duration: 3 Weeks
Role: Product Designer
Tools: Figma, Miro, Whimsical
Company: VR-Bank, Deutschland
Type: Case Study – FinTech
Year: 2023
VR Bank app struggles to resonate with expats, millennials and Gen Z customers because:
- Financial product offerings are complex.
- Unfriendly user interface.
- Limited features compared to competitors.
- No multi-language feature.
- Implement multi-language support.
- Simplify product offerings
- Introduce retirement planning features.
- Encourage young users to save.
- Simplify goal-setting processes.
- Facilitate travel insurance bookings.
User-centred Design
I applied the UCD methodology which ensures the user is placed at the center of the design methodology and the resulting product is tailored to meet the expectations of the intended audience.
This methodology places high emphasis on improved user satisfaction, enhanced usability, iterative improvement and more.
This design approach isn't particularly linear as I had to go back and forth these steps to redefine and iterate so that the expectations of the users can be adequately met.
Digital Banking in Germany
In Germany, the digital banking landscape is witnessing substantial growth, mirroring the widespread adoption of smartphones and mobile devices.
Projections from industry experts, including Insider Intelligence, signal a robust trajectory, anticipating a significant surge in mobile banking users.
This shift is not only evident in user behavior but also in the promising revenue trends within Germany's digital banking sector.
The increasing reliance on digital banking solutions among German consumers is underscored by the sector's noteworthy financial momentum.
FinTech in Germany
Germany's prominence in the digital banking arena extends to its FinTech sector, securing the most significant investment in 2021 according to EY, with a substantial EUR 1.27 billion raised in investment capital.
Furthermore, Germany boasts the second-largest digital payments market in Europe. A survey conducted by "Germany Trade and Invest" sheds light on the current frontrunners in the German digital banking landscape.
Institutions like N26, Revolut, and Bunq are emerging as pioneers, celebrated for their user-centric approaches, intuitive interfaces, and efficient transaction processing. These leaders have adeptly positioned themselves to cater to the evolving preferences of tech-savvy consumers in Germany.
Demographics:
We conducted extensive user research focusing on Gen Z and Millennials.
Ages: 18-35.
Gender: Evenly split.
Income: Varied income levels.
Education: Higher education users.
Location: Concentrated in medium-sized cities.
Insights:
Our research revealed UI issues, limited product offerings, and opportunities for improvement:
- UI issues included basic and unfriendly design.
- Limited product offerings lacked a budgeting tool.
- Competing with new fintech apps in UI design was a goal.
- Enhancing user engagement through technology (biometric authentication, AI, machine learning) was a potential solution.
Tech-savvy, marketing degree, vegetarian.
Outgoing, ambitious, organized.
Efficient and user-friendly banking.
Clean and minimalist design.
Career, social life, travel.
Balancing lifestyle with savings, job security.
Budgeting, Investing and Savings
Debt, job loss, affordability, change.
We proposed a comprehensive redesign of the VR Bank app, addressing the identified issues and user needs:
- Redesigned UI with a modern gradient while maintaining VR Bank's colors.
- Home screen shortcuts for pensions, insurance, and savings, ensuring ease of access.
- Enhanced Easy save feature with a progress bar and automatic savings options.
- Insurance and pension sections offering explanations, blog links, and personalized recommendations.
The redesigned VR Bank app successfully incorporated the proposed changes, making it more appealing and user-friendly for millennials and Gen Z users. The updated app offers a seamless experience for tasks like savings, retirement planning, and insurance, aligning with the financial needs and preferences of the target audience.
This UX case study highlights the importance of understanding user needs and preferences when redesigning a financial app for a specific demographic. By addressing pain points and providing tailored solutions, VR Bank can now better serve millennials and Gen Z users, enhancing its competitiveness in the digital banking landscape.
