Funding is crucial in the Fintech sector, serving as the cornerstone of the industry and a pivotal aspect of our product experience. Our team tackled challenges in the company's funding procedures by pinpointing issues through a quantitative examination of recent inquiries.
With the rising acceptance of QR code payments in Singapore, we perceive a chance to offer our customers a swift and convenient method to finance their accounts.
This advancement streamlines the funding process, resulting in a remarkable 97% adoption rate within 6 months of its launch.
97%
36%↑
01. Understanding the problems
02. Solution Ideation
After identifying the problem statements, me and my teammates have been brainstorming for the solution by:
Looking at the regional policies
Seeing QR funding is supported by government initiatives, growing substantially in Singapore*, This indicates that QR funding is becoming increasingly prevalent, people is building up this payment behaviour.
Looking at the markets
Examining funding methods and flows across various industries, including eCommerce, banking, and transportation app in Singapore, many of the platforms are adopting QR payment.
With more and more people becoming comfortable with QR codes, we see an opportunity to provide our clients with a quick and easy way to fund their accounts. It could be used to sweeten funding experiences. Hence, increase the conversion
03. Design solutions
Quick launch to validate whether adopting QR transaction can solve the problems
Solving:
Missing/ wrong details input
Long deposit time
Tight timeline - one sprint for design and development
↪minimising design changes on existing screens
The funding experience on the 3rd party app is out of our control
↪providing alternative ways for funding in case users fall into unhappy path
Key Figures
8%↑
50%
76%↓
The hypothesis is validated !
The requirement for manual verifications has reduced, with QR funding addressing missing information input in the previous copy-paste funding process.
Improve the funding journey by address all the feedback from users regarding the issues they face during funding.
Minimize the obstacles in the funding process.
Solving:
Other loopholes on CX/UX
Enhancing QR code design with brand logo and product code to provide user seamless experience during fund transfers using third-party apps
Iterate on the presentation of the funding instruction, granting users more comfort of their funds
Aligning the design with the new brand identity.
Key Figures
97%
97% of users utilize QR codes for funding, while the remaining 2% opt for PayNow UEN for transactions.
36%↑
We now receive around 8 unmapped funds daily, a notable improvement from the previous 22 received through the old funding methods before the QR release.
05.Learnings
Through our interactions with users, we consistently discovered areas for enhancement. Notably, since the funding process is a pivotal aspect of the application, it must seamlessly align with the prerequisites of all other ongoing projects. Embracing iteration brings us closer to refining our product significantly.
The data confirms that the funding process has been enhanced due to its efficiency and high adoption rate. Although we have observed a rise in the number of fundings, there is no direct attribution to this increase. Market conditions, investor confidence, and innovative projects all play significant roles in shaping the funding landscape. It's crucial to maintain a holistic view, recognizing that the improved process is one of many contributing elements.