✍️ Role: ****UX/UI Design Lead, Research
🔑 Key Stakeholders: Product Management, Customer Success, Product Marketing, Integration Managers, Engineering
🏢 Company: ****TrueLayer
<aside> 📝 Summary: As the lead UX/UI Design Lead and Researcher, I spearheaded efforts to address the slow adoption of open banking among consumers. Through research, main motivators, challenges, and goals for consumers when using open banking were identified. Building on these findings, a series of experiments were conducted to establish best practices that would enhance open banking adoption and conversion. Collaborating with customers on their implementations we achieved significant outcomes with adoption increasing by up to 15% and overall conversion rates improving by up to 10%. This highlights the importance of using a customer-centered design approach in creating successful financial services experiences.
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Open banking is a financial services term that refers to the use of open APIs that enable third-party developers to build applications and services around a financial institution. This allows consumers to take more control of their financial data and make more secure payments.
As a relatively new concept, existing only from the 2018 in the UK, people are still unfamiliar with the value and advantages that open banking can bring to them. Leading to slow adoption we were seeing among our customers.
Conduct research to establish main motivators, challenges and goals for consumers when it comes to different use cases using open banking for data sharing or making payments.
Through this research four key factors that affect whether first time users choose open banking over other methods were identified:
Using this four key factors as a goal a series of experiments was run to establish best practices that would affect open banking adoption and overall conversion among consumers.
Next step was to work with customers using the learning from our research and identify areas for improvement in their implementation that would affect adoption and conversion. The process consisted of doing a full audit of the open banking flows in their app, identifying areas for improvement and setting experiments and success goals together.
Those are some of the customers we have partnered with and achieved great results:
<aside> 🔬 Experimentation
Test 1
This test used UI mocks that weren’t following the advice based on research and the four main factors.
RESULTS:
~40%* LOW CONVERSION ↓
Test 2
This test used UI mocks that were following the advice based on research and the four main factors.
RESULTS:
~70%* HIGHER CONVERSION ↑
*numbers extracted from a user testing research that compared different UI screens for different use cases
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<aside> 📘 Glossary
Open banking adoption - % of consumers that select open banking vs other available methods to share their financial data or make a payment.
Overall conversion - % of all consumers that successfully finish the open banking flow
Customer - companies using TrueLayer’s services and APIs in order to implement open banking in their product
Consumer - end-users of our customers
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Working 1-1 with customers and the personalised approach is really appreciated but it is not scalable. In order to make all the knowledge we have gathered through research and practice detailed guides with best UX/UI practices for the different use cases were created. Making it easy for customers to access and use those at their time and convenience.