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Digital Transformation Strategy for Banking Platform of Federal Bank

In this project, I conducted a UX Research audit as a Proof of Concept for an Banking platform.

Overview:

The objective was to define a Digital Strategy to enhance and boost revenue for Digital Conversions.

  • ​Enhancing Digital Assets for seamless access for prospects and customers.

  • ​Providing up to date banking experience with changing customer need.

  • Implementing new technologies for ease of business and greater efficiency.

  • Enabling innovation and adaptability for better services. 

  • Use of digitisation and automation for driving productivity and reducing cost.

Approach:

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  • Defined the research objectives and scope of the audit in collaboration with stakeholders.

  • Conducted in-depth analysis of the existing platform, includinf user flows, information architecture, and interaction patterns.

  • Performed a Heuristics evaluation to assess the website and m-site's compliance with usabilty prinicples and best practices. 

  • Studied competitors' app to identify industry trends and benchmark the website and m-site's performance. 

INTERNET BANKING MARKET TRENDS

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USER EXPECTATION

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Key Findings:

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Account Opening Journey

  • Account opening journey is difficult to find and the time consuming on both website and m-site.

  • The actual procedure of "Opening an Account" is hidden behind multiple screens and clicks, which is confusing and frustating for the users.

  • The navigation dropdown is too long, not fitting all of the platform’s products and services in one display, which users may miss while exploring.

  • There is a lack of information hierarchy on the site, with jumbled sections for Insurance, Debit and Credit card etc. ( I observed that the Principle of Differentiation is not maintained).

  • The platform has some sort of digital innovation as Chatbot. However, it does not provide any chat widgets and quick replies upfront. 

Recommendations:

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Examples of up-front account opening CTAs from different competitors

  • Prominent placement of Open Account CTA on the front flow for users to discover. 

  • Simpliy Navigation (IA) to provide a more intutuove and user-friendly menu strucure, priortizing commonly used baking tasks.

  • Use clear and concise label text for the CTA such as "Open Account" or "Get Started" , "Know More", "Offers and Promotions". 

  • Chatbot in banks provide an easy option for answering users' queries and problems on the platform.

  • Provding tools like as Calculator for EMI, Loans, Mortgage, etc; are benificial to  users and improves engagement on the platform.

Impact:

  • By implementing these recommendations, the banking platform can expect to observe a significant increase in the click-through rate and conversion rate for the "Open Account" CTA. 

  • Enhanced discoverability, along with the integraion of product discovery, will empower users to explore and choose the banking services that best meet their requirements.

Next Steps:

  • Conduct Usability testing and competitive analysis.

  • Abalyse the Usability data and analaytics to provide a road map using MoScoW analysis. 

  • Conceptualise, Design UX/UI and implement the backend engineering of the financial platforms for the roadmap to adhere to.

  • Conduct UX-NPS on quarterly basis to ensure the NPS is higher than the competitors.

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