National Australia Bank (NAB)
UX/UI Designer
Product / UI design / UX collaboration
7 - 8 wks
Our team was tasked with creating a platform that would help users understand all aspects of their total wealth, empowering them with the data and insights needed to make better personal financial decisions.
Develop a platform that embraces upcoming Open Banking and CDR regulations in Australia, and conceptualize a “Total Wealth” strategy for this new data sharing era.
Product Design
Research & Planning
Visual Design
“Open Banking will give users greater access to their data, empowering them to explore better and cheaper services.”
— Scott Morrison (Prime Minister of Australia)
The rise of Open Banking in Australia has forced an evolution from a closed model, where individual financial institutions controlled customer data, to an open model, where they are required to publish information in a simpler, standardized way.
With these impending regulatory changes, banks need to shift to a platform that helps users understand all aspects of their total wealth, empowering them with the data and insights to make better choices—and the ability to take action through one intuitive interface.
After observing other typical Western apps, there seemed to be a trend of targeting specific types of functionality and tasks, which created a siloed & segmented experience. However, WeChat users don’t have to exit the interface to perform different functions.
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The ability to authorize payments from multiple digital channels provides a seamless experience and opportunities for revenue.
02
A holistic view of customers’ financial picture will support the overall B2C relationship, helping ensure business is maintained with the incumbent bank.
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Banks need to deliver improved security through enhanced know-your-customer (KYC) capabilities, identity validation and fraud detection.
02
Inherent risks come with the increase of sharing data, which is why it’s critical to formulate a data strategy for the privacy/security of personal data.
After initial research and data was collected, our learnings were then were synthesized to identity different life stages of wealth, product utilization, and opportunities for feature integration.
We analyzed users life stages of wealth and explored how a Total Wealth strategy could provide an all-in-one experience that empowers them with the data and insights to make better choices with their finances. These integral moments and life changes present unique opportunities for continued engagement.
Because there were numerous feature possibilities, certain initiatives would be prioritized based on overall user impact and level of effort needed for success.
Our findings during ideation helped us develop some key tenants of total wealth, allowing us to identify multiple workflows and use cases.
In addition to a solid information architecture, we knew the “Special Sauce” would be the ways of implementing and integrating a total wealth strategy.
Conceptualizing common scenarios of total wealth where there were opportunities to provide helpful insights.
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With a clear scope of the competitive landscape, we designed a platform that sets out to achieve a potential to create new service propositions by combining predictive analytics, business intelligence and financing.
High-level view of a users overall net worth and complete financial picture, as well as dynamic alerts that highlights areas that may require attention.
Provides detailed insights into different credit accounts, spending analysis, and debt payoff strategies.
Explore top recommended products with performance comparisons, such as fees and expenses.
The final design aims to reduce the friction typically experienced when working within multiple platforms to complete different tasks. By consolidating these tasks into one unified platform collaboration is easier, workflows are more efficient, and projects are more organized.
Centralized hub to view all projects and their current status designed for quick-reference and glanceability
Displays all requests, messages, and activity for each project in both list and gallery layouts to accommodate users preferences.
Each request type features layout options relevant to the user and the kind of tasks they will be working on.
A pinning system was developed as a part of the annotation tool to make it clear which pin is in focus at any step in the bug tracking task flow.
Consumers often look at a handful of websites to assess their financial health status. Open Banking has facilitated the commingling of these disparate, silos of data, making it possible to create a holistic platform—one that not only empowers users to make more informed decisions, but also to navigate life stages and milestones.
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