Veend Prime
User Research Findings
User Wants
Consolidated dashboard for real-time financial visibility. * Reduced operational costs (lenders). * Increased transaction volume/value/revenue (lenders). * Access to alternative asset classes (lenders). * Maximized borrowing capacity (borrowers).
User Frustrations
Lack of product understanding. * Insufficient product traction. * Potential product shutdown. * Transaction fees. * Onboarding challenges.
User Pain Points
* Operational challenges/infrastructure/capital requirements (lenders). * Lack of financial visibility/understanding (clients). * Onboarding challenges. * Insufficient traction/potential shutdown.
Veend Prime Solutions
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* Addresses lender operational challenges/infrastructure needs. * Provides real-time financial visibility through dashboard. * Streamlines onboarding processes. * Aims to gain traction and prevent shutdown.
Understanding User Goals
User Research Questions
* Lenders: Primary motivations for using Veend Prime. Perception of the alternative asset class. Current operational challenges. * Borrowers: Perception of increased borrowing capacity. Daily financial needs addressed by Veend Prime. * Veend: Vision for connecting borrowers and lenders. Anticipated challenges in facilitating connections.
Addressing Assumptions & Constraints
* Client/customer readiness to subscribe to Veend Prime. Client/customer tech-savviness and alignment with assumptions. Challenges in understanding transaction terms and conditions. Factors influencing product comprehension. Reasons for insufficient traction or potential shutdown.
UI & Navigation
User Requirements - Client/Customer
* Dashboard access intuitiveness. Challenges in locating features. Factors influencing feature toggle decisions.
Repayment & Collections
User Research Questions
* Repayment capture (principal/interest) challenges/feedback. Lender collection account remittance satisfaction.
Based on User Goals
Recommendations
* Implement features addressing lender operational challenges. Highlight Veend Prime's alternative asset class in marketing/education materials.
Addressing Assumptions & Constraints
* Conduct targeted marketing/education campaigns to manage expectations. Enhance onboarding processes and materials for clearer terms and conditions.
Improving User Requirements - Client/Customer
* Refine UI based on feature location challenges. Provide additional support for loan/transaction detail features.
Enhancing User Requirements - Veend
Optimize loan approval process to reduce considerations. Implement feedback mechanisms for capturing repayment/remittance insights.
Based on User Goals
Conclusion
By addressing user needs, improving communication, and optimizing user experience, Veend Prime can increase traction, adoption, and user satisfaction. This user research synthesis provides a valuable roadmap for achieving these goals.
Category
Category
Details
Design Process & Project Timeline
Research
Problem research
Design strategy
Business requirement
STAGE 1
UX Design
User flow
Information architecture
Wireframe
STAGE 2
UI Design
Creating a UI library
Visual design
Interactive prototype
STAGE 3
Final stage
Review
Feedback
Support
STAGE 4
Overview
Veend Prime is a product that allows lenders to provide credit to consumers and businesses in various ecosystems on our platform without incurring any fees.
Problem
Veend Prime's central challenge revolves around enhancing the financial experience for lenders providing credit to consumers and businesses in various ecosystems by addressing the limited exposure to alternative asset classes for traditional lenders, the high operational costs associated with lending activities, and the time-consuming process of connecting borrowers with suitable lenders.
Defining success metrics
Lenders' Triumph Unleashed
Metric: Witness a surge as more lenders embrace Veend Prime for alternative investments.
Impact: Your financial journey broadens, exposing you to a diverse world of asset classes, ensuring strategic growth, and minimizing risk.
Operational Excellence Tailored for You
Metric: Experience a reduction in operational costs tied to lending activities.
Impact: Your lending processes become streamlined, ensuring efficiency and cost-effectiveness tailored to your financial goals.
Transaction Renaissance at Your Fingertips
Metric: Engage in a growth spurt with increased transaction volume, value, and revenue through Veend Prime.
Impact: Your financial interactions reach new heights, contributing to a flourishing ecosystem and boosting your overall revenue streams.
Empowering Your Financial Horizon:
Metric: Unlock an increase in your average borrowing capacity using Veend Prime.
Impact: Your financial capabilities receive a boost, meeting your daily needs effortlessly and fostering sustainable growth for your business.
User Personas
User Persona 1: Financial Explorer - Lender
Name: Nancy Adams
Demographics:
Age: 38
Occupation: Financial Analyst
Location: Wuse, Abuja
Background:
Sarah is an experienced financial analyst working for a reputable lending firm.
She has a keen interest in exploring alternative lending opportunities to diversify her portfolio and maximize returns.
Goals:
Maximize returns on lending activities.
Diversify lending portfolio.
Minimize risk exposure.
Explore innovative financial platforms.
Challenges:
Limited exposure to alternative asset classes.
Seeking user-friendly platforms for efficient financial transactions.
Motivations
Finds satisfaction in discovering new Lending opportunities.
Values platforms that offer transparency and ease of use.
User Persona 2: Growth Entrepreneur - Business Borrower
Name: Tobi Martins
Demographics:
Age: 32
Occupation: Small Business Owner
Location: Ikeja, Lagos
Background:
Tobi is the owner of a growing local business specializing in sustainable products.
He actively uses Veend for daily financial transactions but seeks additional funding to fuel business expansion.
Goals:
Meet daily financial needs efficiently.
Access affordable loans for business growth.
Simplify financial management.
Expand and diversify the business.
Challenges:
Limited borrowing capacity.
Challenges in securing affordable loans.
Seeks a platform for transparent financial management.
Motivations
Driven by the desire to see his business thrive.
Values financial platforms that understand and cater to the needs of small businesses.
Iterations and Adjustments.
After consolidating my primary task flows, I began brainstorming potential interface designs for my application. This involved progressing from initial sketches to developing low-fidelity design concepts
Userflows
Veend's user flows illustrate the user's journey from launching the application to exploring all its functionalities and engaging in various actions. They also depict the navigational structure of the app. These flows were meticulously crafted for numerous features and functions within the Veend app. Due to the confidentiality constraints associated with the non-disclosure agreement, these extensive and proprietary flows, unfortunately, cannot be included in the case study.
Wireframes
Wireframes were created specifically for essential features and screens, undergoing multiple iterations to showcase the interface elements on key pages. This process, integral to interaction design, aimed to provide a visual representation of pages early in the project. The goal was to secure approvals from key stakeholders, including the CEO and the product team, before transitioning into the creative phase.
Components
The veend design system is extensive, so I organized the user interface into smaller, easily-managed pieces. This included defining the overall aesthetic, basic building blocks, larger components, and how they all fit together. Using Figma, I created flexible versions of these components that can be combined as sets. This approach simplifies design and promotes consistency.
About Dashboard
Personal dashboard allows users to run
main statistics and analysis of data.
Dashboard Overview
About Market
The "Markets" feature in Veend Prime serves as a dynamic marketplace, offering users a curated selection of investment opportunities spanning diverse products and ecosystems. Providing transparent metrics and a user-friendly interface, it enables seamless exploration, subscription, and funding, empowering users to diversify their portfolios and make strategic investment decisions
Market
About Loans
The "Loans" feature in Veend Prime is a comprehensive tool that empowers users with a detailed overview of borrowers, allowing easy tracking of loan statuses, transaction details, and access to insightful reports. With robust search options and categorized insights, Veend Prime's Loans feature streamlines the lending process, enhancing user control and financial visibility.
Loans
About Expense
Veend Prime's "Expenses" feature is a versatile tool facilitating seamless fund transfers within main or sub-accounts, enabling users to pay utilities, transfer funds to other Veend users or external banks, and manage employee expenses. This user-friendly feature not only simplifies financial transactions but also empowers administrators to efficiently review, approve, and disburse expenses, enhancing overall financial management within businesses.
Expenses
Payments
Veend Prime's "Payments" feature provides users with a flexible means to receive funds through account numbers, payment links, and invoices, enhancing financial accessibility. This feature simplifies the receipt of funds, offering diverse options for users to manage and optimize their financial inflows efficiently.
Payments
Business Features
Lending Features
About Payroll
The "Payroll" feature in Veend Prime simplifies payroll management, offering users the ability to effortlessly add and manage employees while efficiently handling salary processes. With user-friendly tools, Veend Prime's Payroll feature ensures a seamless experience in managing personnel and payroll operations, enhancing overall organizational efficiency.
Payroll
Cards
Veend Prime's "Cards" feature empowers users to request and manage customized or regular cards, offering robust control over card-related activities. From blocking and deactivating to setting spending limits and monitoring transactions, this feature ensures users have dynamic control over their financial assets, promoting security and financial flexibility.
Cards
About Subaccounts
The "Sub Accounts" feature in Veend Prime allows users to create and manage multiple sub-accounts, offering unparalleled flexibility in split payments. With options to indicate split types, whether flat or percentage, and define corresponding shares or amounts, users can efficiently organize and allocate funds across various financial endeavors, enhancing financial control and customization.
Subaccounts
Mobile App
The Veend mobile app, excluding the lending feature but incorporating the business functionalities, provides a user-friendly platform for seamless financial management. Additionally, it facilitates borrowers' access to loans offered by lenders on Veend Prime, offering a comprehensive solution for both business and borrowing needs within a single, accessible mobile interface.
Results and Growth
The substantial growth and positive key performance indicators achieved by Veend Prime played a pivotal role in securing admission to the prestigious 2023 Techstars Accelerator Programme. The program's acceptance not only validated the strength and viability of our product but also provided invaluable exposure, amplifying Veend's presence within the tech and startup ecosystem.
Increased User Engagement
30% surge in daily active users within the first quarter, indicating heightened user engagement with the platform.
Robust Transaction Growth
Transaction volume and value experienced a notable 40% increase, showcasing a thriving financial ecosystem within Veend Prime.
Improved Borrower Access
A 15% increase in borrower access to loans provided by lenders on Veend Prime, reflecting successful facilitation of lending activities through the mobile app.
Positive User Satisfaction
90% user satisfaction rating based on post-launch surveys, indicating a positive response to the platform's features, usability, and overall financial management capabilities.
Being selected for the Techstars programme underscored the innovative nature of Veend Prime, positioning it as a standout solution in the financial technology landscape. This validation not only brought heightened credibility but also opened doors to a network of mentors, investors, and industry experts, contributing significantly to Veend's continued growth and success. The exposure gained through Techstars accelerated our market reach, fostering strategic partnerships and enhancing the overall impact of Veend Prime within the financial technology sector.
Aftermath & Retrospective - Veend Prime
Successes
🎉
Key Metrics Achievement:
Veend Prime successfully met and exceeded key success metrics for all user groups, showcasing the platform's efficacy in addressing diverse financial needs.
User Satisfaction and Engagement:
Increased user satisfaction and engagement were notable achievements, reflecting positive responses to Veend Prime's user-friendly interface and comprehensive financial management features.
Positive Financial Impact:
Veend Prime positively impacted the financial performance of VeendHQ and its partners, solidifying its role as a valuable asset in the financial technology landscape.
Challenges
Awareness and Understanding:
Despite successes, challenges persisted in raising awareness and fostering a deeper understanding of the product among some user segments, signaling the need for targeted marketing and educational efforts.
Technical Challenges:
Technical challenges encountered during implementation posed temporary hurdles, emphasizing the importance of ongoing technical innovation and system refinement.
Market Competition:
The competitive landscape presented challenges due to the presence of other financial products and services, requiring ongoing differentiation strategies to maintain Veend Prime's distinct position.
Learnings
🤔
User-Centric Development:
The aftermath reinforced the importance of user research and feedback in product development, guiding future enhancements and ensuring the platform remains aligned with user needs.
Effective Communication Strategies:
Recognizing the challenge of awareness, the retrospective highlighted the need for effective marketing and communication strategies to reach and educate potential users.
Continuous Innovation Imperative:
The journey emphasized the paramount importance of continuous innovation and improvement to stay ahead in the dynamic financial technology landscape.
Key Features
Veend Prime is a sophisticated financial management platform designed to empower users with seamless control over both lending and business operations. The platform's intuitive dashboard is intelligently divided into two key sections: Lending and Business.
Research & Discovery
My Role
Lead Product designer
Responsibilities
Ui design, Ux design, prototype and
usability testing.
Tools
Figma ( Design and Prototyping )
Hotjar ( Behaviour analytics )
Whimsical ( mind maps, flow charts,
Asana ( managing tasks, projects and teams )
May 2022 - Present.
Live Link
business.veendhq.com
2023.All Right Reserved
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