Empowering India's digital financial ecosystem.
Guiding team members on topics such as accessibility, implementation of design tokens etc.
To design a NeoBanking app for India that provides end-to-end banking and financial service to customers with multiple bank accounts, simplifying banking and is a single destination for all banking operations and more.
When we created a strategy, these high-level objectives got translated to a meticulous user-centric winning formula.
Overview of the design approach followed. The process varied based on product lifecycle & requirements including lending, cards, insurance, digital gold, rewards, and UPI.
Agile Development or User-Centered Design outlined the principles and practices to achieve goals effectively.
Techniques like wireframing and payment security design offered actionable steps to execute tasks within the structured framework.
As per the Reserve Bank of India (RBI), India's banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well.
In their study, Devi, Sebastina, and Kanchana (2011) explored customer perceptions of mobile banking. While providing this service, they recommend that clients be informed of all the benefits and drawbacks of mobile banking.
Further simplification of the usage is needed, and as clients are concerned about security while using technology in banking, service providers must offer sufficient security services.
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A modern form of banks to challenge NeoBanks, but owned by traditional banks.
They function without physical offices or branches, but have their own bank license. Examples: Kotak 811, YONO SBI.
HTF Marketing Report forecasts for Neo and Challenger Bank investments till 2022 show massive growth.
The rate of return expected for money invested in NeoBanks is to grow more than 12 times from its beginning balance to ending balance.
The target audience were mainly people between ages of 24–40 with jobs, businesses, and entrepreneurs. All had a different financial pattern and dominated the digital financial footprint.
I interviewed 7 individuals from different backgrounds and tier cities. Off-record conversations further added useful insights while creating personas.
Conversations with people I meet every day about their experiences with banks, apps, investment, and money tracking helped dilute the inclination of the 7 core users.
Attracting both Businesses and Personal banking, the banking ecosystem today is not only bound to websites or apps but still exists in physical forms (checkbooks, passbooks, ATM receipts).
The challenge with Tata Pay as a Neo bank was to understand physical ecosystem processes and create seamless experiences between the digital and physical worlds.
Between banking policies and norms. Awareness of bank account features is low, and vocabulary is not simple.
Lack of user interest to learn banking applications. Banking pictures a complex image for most users.
Multiple accounts create multiple credentials. Users go to multiple destinations (branch, app, web) for various operations.
It takes 7 steps on a website and 8 minutes on average just to block bank offer calls.
After research, it was time to reflect on findings. The perspective gained reinforced objectives for good.
"Keep banking simple, vocabulary simpler, accessibility simplest!"
After the juggle and struggle, it was time to design.
