XCash — Change The Way You Change Money

A 2 week sprint to create a “Human Centered Design” product for user experience and interaction, rather than the business and sales/marketing focus. We chose the familiar act of changing money for the retail market. There are over 1000 licensed money changers in SG and every single adult has at some point used them but we wanted to find out more…

We first started by creating a screener survey to find out who would be good candidates to interview and focus the design around. In a short 2 days, we had 56 respondents answer some basic questions…and we got some surprising results.

Overwhelmingly, everyone depended on money changers in SG…but are they satisfied with the experience?

Then we chose 9 people of the screened to dig deeper in the pain, pleasures, context, and behaviors of changing money. Then we did some affinity mapping. Across the board, we found some common responses.

Essences from the interview responses. Common thread was “I will go out of my way for better rates but money changers are confusing and frustrating.”

Key Essences from Affinity Mapping

Then we decided to investigate the age old industry of money changers, from the business side. We conducted several interviews to understand habits, transactions, and typical situations with customers.

Then we created a journey map to understand the end to end process of changing money and where the pain points are where we can pinpoint and recommend changes through technology.

Having researched through screeners, interviews of customers and subject matter experts, and a detailed journey map, we decided to create a persona to base the design around.

As a part of our Competitive and Comparative analysis, we looked at these companies.

Comparative Analysis
Competitive Analysis
User flow for Carousell
User flow for Get4X — find nearest money changers
User flow at a money changer
User flow for XCash — v1.1
Platform of choice for the best user experience
XCash Design Sprints — Inspired by Google Ventures

Even for this this rapid prototyping MVP project, we followed the Double Diamond method and now started on the 2nd diamond.

These were our prototype progressions from paper to digital showing search results and currency converter. User would be able to clearly see the best rates, nearest changers, and best ratings to transact with. After understanding more about the sharing economy of trust between users, we wanted to institute a strict identity check and rating policy to build trust and reliability for peer to peer transaction. A very common point of confusion was the money boards at money changers. “We Buy” and “We Sell” was very confusing to most users, so we made it midpoint for estimates and made it easy to understand.
We then created full paper prototype to understand the flow and ease of use to complete a transaction.
We further tested wording and other features to see if users understood the concept.
We created medium fidelity wireframes on Sketch, then tested the flow.
We then created high fidelity screens on Sketch then tested again on InVision to see if users were able to complete the task.
We made further refinements to few of the screens.
Usability Test results
We designed with respect to Nelson Norman’s rules on Design Heuristics.
Demo of product in action between 2 users
If the product were to get funding and a bigger budget beyond MVP level, these would be recommendations based on user testing ‘wants’ and ‘nice to haves’
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