UX Case Study - Bank Statement Analyser

Bank Statement Analyser (BSA) is a standalone revolutionary SAAS product by CoinTribe. BSA enables the possibility of analysing multiple bank statements and converting into meaningful financial reports that help Banks, NBFCs and Financial & Regulatory Agencies in credit assessment and taking decisions in just few minutes.

Bank statement report view post generation

Problem Statement

  • Banks, NBFCs and Financial & Regulatory Agencies receive plenty of loan applications every day, which requires manual efforts of doing credit assessment over those applications. This is a huge time taking and expensive process, and manual intervention leads to many critical errors most of the time. Unfortunately, many of the financial institutions don’t have any online solution to make this process faster, efficient and cost-effective.
  • Another critical challenge was to build an online solution that should match to the mental model of the primary users and especially within their technical capability. So that they could complete their task with 100% efficiency and success ratio. Since we didn’t have the scope of even 1% failure rate, this became the biggest challenge for us.

Target Users

  • Bank credit managers & loan agents.
  • NBFCs and Financial & Regulatory Agencies.

Design Process

At CoinTribe our user-cenetred design process has been designed to keep users and stakeholders in the center and involve throughout the journey to identify and validate most critical business & users aspects.

  • Define business and user goals (Build design strategy)
  • Identify and describe target users (Profiles & personas)
  • Learn about the users (Data gathering through direct and indirect methods)
  • Create scenarios and use cases
  • Information architecture
  • Concept sketching (Brainstorm solutions and create low-fi wireframes)
  • Test and iterate solution (Validate concept with users and iterate based on the feedback captured)
  • Socialise with stakeholders (Review sessions over the solution and user testing data)
  • Start designing (Create pixel perfect designs, navigation and content finalisation)
  • Test and deliver (Usability testing with users, iterate designs and deliver for the implementation)
  • Measure ROI (Measure defined critical success factors, users journey and behaviour)

Step 1: Design Strategy

We kick-started our 1st step in the design process by interviewing business stakeholders to get answers of questions like What is the business intent and goals? Which market segment are we targeting? The answers we identified as following:

  1. Business intent:
    Business stakeholders want this product to build as an individual PAAS solution to generate new revenue streams by sharing the services to our business partners.
  2. Market segment:
    - Banks, Non Banking Financial Companies (NBFCs), Financial & Regulatory Agencies
    - Age Group: 20–50 yrs
    - Gender: Male, female and others
  3. Constraints:
    - Platform targeting: Desktop website in the 1st version.
    - Dependency: Reports will be generating through 3rd party (Perfios) API
  4. Marketing / Branding Goals
    - Make it scalable & brand-able
  5. Critical Success Factors / Usability Criteria
    - Task flow should be easy and time efficient.
    - Avoid complication and cognitive load.
    - Less learnability.
    - 100% accuracy in data.
    - High satisfaction ratio.

Step 2 : Target Users

As per our design strategy exercise, now we are clear about the target users segment to define profiles and personas.


Step 3 : Learn About Users

Post defining user profiles and personas, we chose qualitative research method to interact with the target users group to learn about their current workflow, tasks, pain points, emotions and their mental model to validate the problem statement and explore appropriate solution.

Introduction Script:

Hi Vikas, thanks for agreeing to talk with us today. My name is Sandeep Parashar, i’m working with CoinTribe in User Experience Domain and I’ll be conducting this interview today.
We’re doing some research for some product at CoinTribe. I can’t tell you much about what we doing or the exact reason we’re doing this research now, because it might affect the way you answer the questions. But I can definitely tell you after the interview is over.
Do you have any questions so far?
[pause for user’s reply]
If you don’t mind, I would record the audio for this interview; it will only be used internally, for the purposes of this research.

Questionare:

  • How do you get bank statements from the customer?
  • How many type of bank statement formats do get from the customer?
  • How do you assess a bank statement, what is your current process?
  • Do you assess more than 1 bank statement of the same customer?
  • How do you validate, if the given bank statement is not original?
  • How much time do you take to assess a bank statement.
  • How many bank statements do you assess in a day?
  • How do you prepare your assessment report on the bank statement?
  • How do you share the assessment report to your manager or teammate?

Step 4 : Scenarios & Tasks Flow

As per the targeted market segment and defined personas, we researched with relevant users to validate the problem statement and business model. What we identified has defined into following realistic scenarios and task flows.

Scenario (Credit Manager):

A credit manager of SIDBI bank from the loan department has received an application request of Abhishek Sharma for the personal loan. Abhishek Sharma, who is a salaried individual, has provided his 6 months bank statement of ICICI and HDFC banks in PDF format to the SIDBI bank loan department.
Now, the credit manager of SIDBI bank needs to deep analyse Abhishek Sharma’s both bank statements including his detailed credit and debit transactions to take a call on approving or rejecting his application.
SIDBI bank has recently launched a bank statement analyser online portal for the credit managers to analyse bank statements online to save their lot of time and efforts. Since this portal is completely new experience for the credit manager, now he has upload Abhishek Sharma’s bank statements and prepare an analysis report to take the final decision on his application.

Task Flow:

Step 1 : Login to SIDBI bank statement analyser portal.

Step 2 : Enter applicant’s personal details.

Step 3 : Select applicant’s 1st bank (ICICI) name from the list.

Step 4 : Upload 1st bank (ICICI) statement PDF files.

Step 5 : Select applicant’s 2nd bank (HDFC) name from the list.

Step 6 : Upload 2nd bank (HDFC) statement PDF files.

Step 7 : Generate report.

Step 8 : View and analyse detailed report.

High — Level User Tasks:

Task Prioritisation:


Step 5 : Information Architecture

We created a detailed information architecture, that covers internal and external touch points like user verification, 3rd party involvement during report generation, password recovery etc.


Step 6 : Wireframes

Post defining personas, user scenarios, task flows and information architecture, now we had clear picture of what was needed. We started exploring wireframes post having detailed brainstorming sessions as following.


Step 7 : Prototyping & Usability Testing

By the end of the wire-framing phase, now we were ready to go ahead with user testing exercise. We created click-through prototypes using InVision and used Silverback 3 software to record testing sessions and analyse users action and behaviour in depth later. We recruited users to perform this exercise, each user was asked to use this prototype to complete given task as per the scenario shared. We recorded and observed their actions and face expressions, also noted their feedback in post testing interview sessions.

Instructions:

Instructions are mandatory for the 1st time users those are not familiar to the usability testing exercise to avoid unexpected behaviours and fulfil the purpose.

Do’s:

  • Please think aloud whatever thoughts are coming to your mind while performing this task.
  • Please try to complete this task as soon as you can, there is no time restriction.
  • Please share wherever difficulty you find in the flow, once your task is completed.

Don’ts:

  • Facilitator / observer won’t be help you in this task. Because in the real scenario there is no one will help the user as well.
“BSA — Usability Testing Session Recording”

Step 8 : Final Solution (Pixel Perfect Design)

Post completion of user testing and analysing results, we proceeded with designing and shaping up the final solution as following.

The End :-)

Thanks for spending your valuable time, hope you liked the article.
I encourage you to express your thoughts on the same.