Design Solves a Problem: How a Banking App Increased Profits

Content:

• Context - about Step and its audience
• Problem
• Solution
• Result

Step is a fintech startup offering American teens access to banking services. The app's unique feature is that it also allows parents to track and analyze their child's account spending. Step targets two audiences: teens who want to manage their own finances and parents who want to monitor their children's financial activity. Step requires verification by adults to register, providing additional security and transparency for financial transactions.

Step developers approached designers with a request for a UX solution, the purpose of which is which was to improve the process of replenishing the wallet and making transfers within the system. Valeria Terekhova shares how the redesign was carried out and what steps were taken to achieve ease of use.

The lead interface designer at the fintech startup Step is responsible for creating intuitive and attractive user interfaces. His task is to develop a unique visual style that meets modern trends and user requirements. A key aspect of the job is understanding the needs of the target audience and implementing innovative solutions that enhance user interaction with the product. The specialist works closely with development teams and product managers to achieve maximum efficiency and quality of the final product. In the highly competitive fintech industry, high-quality interface design plays a key role in attracting and retaining customers.

Context - About Step and its audience

The internet and social media are fueling children's interest in investments, cryptocurrency, and financial literacy. However, according to research, one in five teenagers in the US remains financially illiterate. This is due to a lack of access to banking services and strict parental control, which limits opportunities for independent learning and practical experience in financial management. Ensuring financial literacy among young people is becoming an important task in preparing them for responsible financial management in the future.

A financial platform for minors should fulfill two key objectives: provide access to the basics of financial literacy and provide tools for safe financial management. It is important that such a platform not only teaches teenagers financial skills but also offers opportunities for practical application of acquired knowledge. This may include creating virtual accounts, budgeting lessons, and providing information on savings and investments. Ensuring the safety and security of user data should also be a priority, which will increase parents' trust in the platform.

It's important to reassure young people that they have the right to freedom of choice and the ability to manage their finances as they see fit. By guaranteeing them the freedom and right to personal spending, we create the conditions for their financial independence and self-fulfillment. This is essential for developing confidence and responsibility in managing their own money, which ultimately contributes to their personal and financial growth.

Convincing parents of transparency about their children's financial spending is an important task. Spending transparency helps parents better understand their children's financial habits and promotes more effective budgeting. Establishing an open dialogue about finances can reduce anxiety and misunderstandings. Parents can be confident that their children are learning responsible money management, which will help them avoid financial problems in the future. Transparency also helps foster a trusting relationship between parents and children, which is important for their overall financial literacy.

The Step platform implements a "voluntary control" strategy, allowing parents to transfer funds to their child but not to choose how to spend them. Parents also have no right to sell cryptocurrency acquired by their child or manage their child's securities. For teenagers, this means convenient access to funds and the opportunity to try their hand at investing, which promotes financial literacy and independence.

Problem

In the previous version of the app, parents encountered difficulties topping up their child's account due to the unintuitive placement of the account switcher button. This created inconvenience and confusion. Please review the provided diagram to better understand how to improve the account top-up process.

On the first screen, there is a blue arrow next to the amount - this is the button for switching between the parent and child accounts. Many parents may not have noticed that this arrow can be clicked, which led to difficulties in finding the child's account and topping up their account. It is important to improve the visibility of this button to simplify the navigation process and ensure that parents can easily access their child's account.

The issue of lost accounts often occurs due to the incorrect use of arrows. When a parent cannot find their child's account, they tend to create a new account. This leads to confusion, as it becomes unclear which of the many created accounts is the correct one. To prevent such situations, it is important to ensure that account information is clear and accessible, which will avoid duplication and simplify account management.

User experience (UX) issues have led to a decrease in the frequency of account top-ups, which negatively impacts children's spending. When parents do not top up their children's accounts, the app loses its core functionality and value. Improving the UX is critical to ensuring active use of the app and meeting user needs.

Solution

The designers updated the concept of the app's main screen, which is now called the Family Screen. This screen displays all accounts available to the user. The use of a white background in the design allows important interface elements to be highlighted and drawn to attention. The key button is now more visible thanks to a contrasting color scheme, significantly improving the user experience and simplifying navigation. This approach helps users quickly find the information they need and manage their finances.

To simplify the use of the application by parents and children, the design team implemented a single sign-on (SSO) system and two-factor authentication. Access confirmation is carried out through social network accounts. Additionally, parents can now restore their child's account using their own account, making it much easier to regain access from any device.

Result

After Following the redesign of the Home Screen, 65% of all operations are now performed through Family Screen. This demonstrates a significant improvement in user experience and increased usability. With the updated Family Screen design, users can easily and quickly find the features they need, facilitating more efficient task completion. The Home Screen optimization has had a positive impact on overall platform performance and user satisfaction.

Before the redesign, users had to perform all actions on different screens, which created inconvenience and confusion. Now, all functions are available on Family Screen—the app automatically remembers the last screen used, and in 52% of cases, this is Family Screen. This improvement significantly simplifies interaction and improves convenience for parents.

The designers eliminated duplicate accounts, which significantly simplified the management process for children. Now they can focus on their purchases without the distraction of having to manage multiple parental accounts. This has led to an increase in children's spending, as it is easier for them to use a single account.

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