Compliance-driven digital banking MVP as a proof of concept for streamlined onboarding and user engagement

Executive Summary

Outcomes

50%

Faster account opening projected

40%

Fewer sign-up steps

AA

WCAG compliance

Role and Responsibility

  • UX/UI design
  • Product management
  • Workflow optimization
  • Compliance alignment
  • Art direction

Project Scope

  • Proof of concept for a digital banking MVP
  • KYC (Know Your Customer) integration strategy
  • Workflow and process optimization proposal
  • Compliance alignment strategy
  • User onboarding design proposal

Business problem

myBank aimed to test the feasibility of a digital banking platform focusing on rapid development, regulatory compliance, and a user-centric onboarding experience. The POC had to prove these goals were achievable within an MVP framework.

User problem

Users often struggled with overly complex digital banking solutions, especially during onboarding, which required multiple steps to meet KYC regulations. The objective was to simplify this process, making it faster and more accessible.

Agile management

Managed using agile principles, focusing on iterative design and validation through user testing. Close collaboration with stakeholders ensured alignment with business goals and compliance needs.

Product Management

Applied the MoSCoW method to prioritize MVP features, ensuring critical components like KYC compliance and user onboarding were developed first.

Stakeholder Alignment

Regular stakeholder meetings ensured project goals aligned with business objectives and regulatory requirements.

Automating KYC Checks

Proposed automated KYC checks to reduce manual verification and speed up onboarding. Simulations suggested a 50% reduction in onboarding time, improving workflow efficiency.

Stakeholder Engagement

Facilitated collaboration between design, compliance, and development teams to ensure workflows met user needs and regulatory standards.

Competitive Analysis

Analyzed competing digital banks to identify best practices. Key insights included the need for simplified onboarding and transparent compliance communications.

User Research

Conducted research to pinpoint common digital banking pain points. Findings informed the MVP design, focusing on clarity, simplicity, and compliance.

Findings include:

  1. Users prefer straightforward onboarding screens without excessive instructions.
  2. Interviewees suggested they felt intimidated when there were many steps in the sign-up process.
  3. Users need assurance of document security during KYC.
  4. Users expect instant visibility of account balance and transactions.
  5. Users demand control over cards, including freezing, setting limits, and issuing new cards.

Simplified Onboarding Process

Designed a user-friendly process, reducing steps from 10 to 6, improving flow efficiency by 40%. Critical steps included identity verification, document submission, and account setup.

Meeting KYC Requirements

Designed a flow that incorporated automated KYC checks, using machine learning algorithms to verify user documents and identity. This reduced the reliance on manual checks and minimized the potential for human error. The flow aimed to leverage AI and machine learning to mitigate human bias in the verification process. This was particularly important for ensuring fair treatment of users from diverse backgrounds. I then developed a step-by-step process for users to submit the necessary documents and information, ensuring full compliance with KYC regulations while maintaining a smooth user experience.

KYC requirements diagram highlight three factors we can verify during sign up which are face, biometric, and ID card verification
KYC Requirements.
KYC requirements diagram highlight three factors we can verify during sign up which are face, biometric, and ID card verification
KYC approval and account activation flow demonstrating how the system checks that all required documents are submitted and valid.
KYC Verification Flow.
KYC approval and account activation flow demonstrating how the system checks that all required documents are submitted and valid.

Information Architecture

Created detailed information architecture diagrams, mapping out the platform's main menus and submenus. This ensured a clear and logical user journey, making it easier for users to find what they needed.

A diagram showing the main navigational menus to be used, which are: Account, Portfolio, Payments, Cards, and Dashboard
Base Menus
A diagram showing the main navigational menus to be used, which are: Account, Portfolio, Payments, Cards, and Dashboard
The different submenus under the account, such as Account Balance, Recent Transactions, and Analytics, and the different actions associated with them.
Account Submenus and Actions
The different submenus under the account, such as Account Balance, Recent Transactions, and Analytics, and the different actions associated with them.
The different submenus under the portfolio tab, such as Wealth management, stocks and securities, crypto, and savings, and the different actions associated with them
Portfolio Submenus and Actions.
The different submenus under the portfolio tab, such as Wealth management, stocks and securities, crypto, and savings, and the different actions associated with them
The different submenus under the Payments, such as Transfers and Scheduled Payments
Payments Submenus and Actions.
The different submenus and actions under the Payments, such as Transfers and Scheduled Payments
The different submenus and actions under Cards, such as Issue a digital or physical card, freeze card, and other security settings
Cards submenu and actions.
The different submenus and actions under Cards, such as Issue a digital or physical card, freeze card, and other security settings
The different menus under the account dashboard including a variety of different menus and features that can be added under the dashboard.
Dashboard submenu and actions.
The different menus under the account dashboard including a variety of different menus and features that can be added under the dashboard.

Wireframe and Prototypes

Developed wireframes to visualize the platform's layout and user flows. The wireframes were used to conduct rapid user testing using lo-fi prototypes. The process involved sketching UI components on paper to simulate interactions, allowing for quick iterations and real-time feedback.

Initial UX wireframes ideating the concept design process of the app Initial UX wireframes ideating the concept design process of the app
Initial UX wireframes experimenting with the navigation elements Initial UX wireframes experimenting with the navigation elements

Simplified Onboarding Process

Introductory screens on launch were designed with clear, trust-building copy. We avoided instructional screens, aligning with research that shows simplicity boosts user confidence.

Screenshot of the registration process prototype in the account creation page Screenshot of the registration process prototype in the account creation page
Screenshot of the registration process prototype in the account creation page Screenshot of the registration process prototype in the account creation page
Screenshot of the registration process prototype in the account creation page Screenshot of the registration process prototype in the account creation page

User-Friendly Account Setup

The sign-up process starts with phone number entry for 2FA. Returning users are prompted to log in, while new users create a passcode and submit KYC documents like ID and selfie photos, with a strong focus on data security.

Screenshot of the sign up process prototype in the account creation page where users are asked to enter their number Screenshot of the sign up process prototype in the account creation page where users are asked to enter their number
Screenshot of the sign up process prototype in the account creation page where users have to create a passcode to protect their account Screenshot of the sign up process prototype in the account creation page where users have to create a passcode to protect their account
Screenshot of the sign up process prototype in the account creation page where users add their basic information Screenshot of the sign up process prototype in the account creation page where users add their basic information

Initial Access

Upon initial approval, users receive restricted access and are prompted to submit proof of address to complete KYC. Full access is granted once all documents are verified.

Screenshot of the initial account activate prototype where users would have had submitted and gotten their initial documents tentatively approved Screenshot of the initial account activate prototype where users would have had submitted and gotten their initial documents tentatively approved
Screenshot of the homepage prototype where a user has yet to be fully validated and is being asked to submit a proof of address Screenshot of the homepage prototype where a user has yet to be fully validated and is being asked to submit a proof of address
Screenshot of the Proof of Address prototype where users can select the different methods to validate their address Screenshot of the Proof of Address prototype where users can select the different methods to validate their address

Home and Navigation

The home screen provides a clear overview of account balance, recent transactions, and financial analytics, enabling users to quickly assess their financial status.

On app open users will be required to enter their passcode or verify their identity using biometrics to continue using the app On app open users will be required to enter their passcode or verify their identity using biometrics to continue using the app
Home page account overview showing an account balance Home page account overview showing an account balance
Home page account overview showing an account balance and account analytics such as budget levels and spending habits Home page account overview showing an account balance and account analytics such as budget levels and spending habits

Transfers and Payments

Users can transfer funds to contacts or IBANs, specify payment types, and add personalized messages. The swipe-to-pay feature ensures secure transactions, mimicking the physical card swipe.

Screenshot of the transfers and payment page showing an overview of recent transfers and available contacts. Screenshot of the transfers and payment page showing an overview of recent transfers and available contacts.
Screenshot of the Send Transfer page's contact list where users can send transfers to contacts using myBank, or through an IBAN Screenshot of the Send Transfer page's contact list where users can send transfers to contacts using myBank, or through an IBAN
Screenshot of the Send Transfer page's contact list showing the scroll behaviour where a letter index appears to help facilitate a user's scroll. Screenshot of the Send Transfer page's contact list showing the scroll behaviour where a letter index appears to help facilitate a user's scroll.
Screenshot of the send transfer page where a user can is entering an amount to send Screenshot of the send transfer page where a user can is entering an amount to send
Screenshot of the send transfer page where a user is adding a message to be attached to the transfer Screenshot of the send transfer page where a user is adding a message to be attached to the transfer

Analytics and Budgeting

Users can track spending habits and set budgets directly from the account overview. Budgeting features allow users to control spending with hard limits, supported by notifications to stay on track.

Analyics page showing a visualization of a user's spending habits, and allowing users to set a budget for the month. Analyics page showing a visualization of a user's spending habits, and allowing users to set a budget for the month.
Screenshot of the monthly budget where users can setup a new budget for their account Screenshot of the monthly budget where users can setup a new budget for their account
Screenshot of the monthly budget where users can setup a budget based on different expenditure categories Screenshot of the monthly budget where users can setup a budget based on different expenditure categories

Transactions

Users can view and filter transactions by categories, merchants, or countries, with visual indicators showing the impact of each transaction on their budget.

Screenshot of the Transaction analytics categorized by Merchant, users can also track Transaction by Category, and Country. Screenshot of the Transaction analytics categorized by Merchant, users can also track Transaction by Category, and Country.
Screenshot of the Transaction analytics categorized by Country, users can also track Transaction by Category, and Merchant. Screenshot of the Transaction analytics categorized by Country, users can also track Transaction by Category, and Merchant.
Users can change the period they want to track their transaction where they can monitor weekly, monthly, and yearly habits. Users can change the period they want to track their transaction where they can monitor weekly, monthly, and yearly habits.

Card Management Testing and Launch

Users can manage cards by freezing, editing, or deleting them, changing PINs, or setting transaction limits. Both physical and digital card actions are available.

Screenshot of the Card page displaying a physical card and it's actions Screenshot of the Card page displaying a physical card and it's actions
Screenshot of the Card page displaying a digital card and it's actions Screenshot of the Card page displaying a digital card and it's actions
Screenshot of the Card page in the section where users can request new virtual or digital card Screenshot of the Card page in the section where users can request new virtual or digital card

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