Settl
Financial transactions without the hassle of traditional bankingSettl
Embedded Files
Tools
Figma | Miro | Google Forms | FigJam
Figma | Miro | Google Forms | FigJam
Tools
Mobile application
Mobile application
Overview
Overview
Settl is a digital financial platform that empowers individuals to conduct financial transactions seamlessly from the convenience of their digital devices. With Settl, users can effortlessly send, request, and receive money, engage in both online and offline transactions using virtual and physical debit cards, and conveniently pay their bills.
What was the challenge?
What was the challenge?
Navigating conventional banks may be a difficult affair, typified by interminable waits, contacts with tired customer care personnel and cashiers, and frustration from clients like you and me. 👀👀 Visiting a bank is frequently more of a chore than a fun pastime. However, this should not be the standard. Basic financial tasks, such as money transfers, sending funds to others, and bill payments, which are all important reasons to use a bank, should not be overly unpleasant.
What might be the solution?
What might be the solution?
Imagine walking into a virtual banking hall where you are the only customer. The environment is pleasant, and everything is self-service, yet suggestions lead you through each step, ensuring you never feel trapped or uncertain. Not only can you do all of your financial activities quickly, but you also get an exceptional client experience.
Is it too wonderful to be true? đź’€
With Settl, this envisioned future may become a daily reality for all users: financial transactions without the typical banking inconveniences.
What was my strategy for addressing this issue?
What was my strategy for addressing this issue?
Due to time constraints, the design process necessitated extensive secondary research, leading me to delve into various financial technology solutions. Throughout this exploration, I critically examined design thinking processes, drew inspiration from diverse sources, and particularly took note of design flaws I was keen to avoid.
Despite time constraints, I prioritized gathering firsthand insights from potential users. This involved investing personal time to engage with individuals and understanding their habits, current challenges, and pain points. The goal was to grasp how the app could effectively address these pain areas and make a meaningful difference.
Drawing from my experiences as a user of numerous financial apps, I prioritised ensuring that my designs were inherently user-centric and intuitive, catering to users of varying technological proficiency.
User research insights
User research insights
Based on the research findings, which included user interviews and surveys, we derived insights and identified several recurring research themes, outlined as follows:
Extended queues at banks for routine transactions such as money transfers and bill payments.
Low interest rates on savings.
Varied fees associated with conducted transactions.
Poor customer service
Long wait time to get debit cards for offline and online transactions
Minimum balance requirements to open a bank account
Solution
Solution
We identified essential elements to inform the crafting of product requirements and user stories for this project. Following an in-depth exploration of the research themes, here are some key solution elements we defined:
Sending money easily and at no charge
Creating flexible wallets for savings with great interest rates and other causes.
Swift and efficient customer support
Paying bills easily
Using virtual and physical debit cards for day-to-day transactions
Zero balance to open a bank account
Persona
What specific matters can you resolve with Settl?
What specific matters can you resolve with Settl?
Send, Request & Receive money
With Settl, you can seamlessly send and receive money using your mobile number. To send money, the sender needs to input the desired amount, scroll through their contact list, choose a specific contact, and voila, the amount is on its way to the recipient. Alternatively, the sender can specify an amount and manually input the recipient's mobile number.
Upon receiving the amount, the recipient gets a link to the platform, clicks it, and signs in or signs up, depending on whether they are an existing or new user.
Requesting funds follows a similar process, where the user inputs a figure, selects a contact from the list, or manually inputs a mobile number. There's also an option to specify the purpose of the requested amount.
On the recipient's end, they can either accept or decline the request, along with the provision to include a comment if desired.
Wallets
Wallets
The manual task of categorizing funds can be tedious at times. Many individuals struggle to mentally allocate specific percentages of their income to various purposes, leading to occasional confusion.
With Settl, users can bid farewell to the complexities of mental budgeting by creating distinct wallets tailored to various financial purposes. The app offers a range of wallet options, including a primary wallet, savings wallet, kids' wallet, and spending wallet.
The primary wallet functions as the central hub, managing transactions into and out of the app. It essentially feeds into secondary wallets.
The savings wallet empowers users to save specific amounts at defined frequencies, aiming to achieve financial targets by set maturity dates. Early withdrawals from this wallet incur a penalty fee, fostering a savings culture.
The spending wallet, as its name suggests, enables users to save fixed amounts at designated frequencies with an open withdrawal date, providing access at any given time.
The kids' wallet, designed for saving on behalf of children, allows users to allocate specific amounts, granting access through a virtual or physical debit card. This feature proves invaluable for parents with children below the age of eighteen, facilitating monitoring of their kids' spending habits.
Debit Cards
Debit Cards
A quick question: Can your digital banking experience truly be considered complete without debit cards? The honest answer is a resounding NO, and we both know it.
Therefore, it's a no-brainer that Settl extends the convenience of debit cards to its users, available in both virtual and physical forms. The functionality of both card types is similar, differing only in their physicality, as the names suggest.
Both virtual and physical cards are versatile, facilitating transactions in both physical and virtual realms. To obtain either type, users simply need to request them through the Settl app. Virtual cards are instantly issued, while physical cards are delivered to the user's provided address.
Bill Payment
Bill Payment
Settl simplifies the bill-paying process, eliminating the need for users to physically visit offices for tasks such as settling utility, cable, and internet subscription bills. The app provides a curated list of vendors offering these services, allowing users to effortlessly select the bill they wish to pay. With a preferred vendor, desired amount, and a few clicks, users can settle their bills in a matter of seconds.
Customer support
Customer support
Recognizing the significance of quality customer support, we ensured the availability of robust support channels to assist users in resolving any encountered issues. A comprehensive help center was curated, covering all aspects of the product. Additionally, a live chat feature was integrated directly into the app, allowing users to contact support instantly for issues not addressed by the help center. Other support channels, including a support email address, a contact phone number, and social media channels, were also established.
Key learnings/takeaways
Key learnings/takeaways
Engaging in this project has afforded me a valuable opportunity to immerse myself in the financial technology landscape in Nigeria. The process of designing this product has enriched my comprehension of user behaviour and their interactions with technology, allowing us to craft a solution that resonates effectively with users and addresses their key pain points.
Furthermore, this experience has reinforced my commitment to substantiating design decisions with data. Armed with accurate data, I was able to weave compelling narratives and successfully persuade stakeholders to place trust in my design choices. Consequently, I can confidently affirm that my skills in stakeholder management have significantly sharpened.
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