Introduction
Emtech is a global FinTech aimed to enable inclusion access to a modern financial ecosystem across the globe.
Their first product, Digital Regulation; provides modern tools in accelerating safe and inclusive innovation from regulatory sandbox to market compliance through EMTECH’s API-first platform.
The web application’s backend was already under development yet a lot of the flow was undecided and being developed on the whim without the proper knowledge of the user requirements.
Developing a point of view
“We just need UI for this”
While conducting our product audit, we found a lot of areas for UX improvement. Much of the difficulty was understanding the app at a basic level. There were a lot of steps to parse and their concepts were inconsistent and confusing.
Key Learnings
Connect more
As a UX designer, we not only involve users and developers but also the business team. This helped us to gain a broader perspective on the product's strategic goals, enabling me to align design decisions accordingly
Balancing different Goals
Building a product from scratch allowed me to deeply explore the interplay between user needs and business goals, while having the freedom to experiment and iterate on various design approaches.
GOAL
How should we digitize the application review process in the regulatory sandbox, and keep track of licensing, compliance, and supervision, that connects all stakeholders and innovators?
Breakdown of task flows
THE IDEA
Small Steps
+
Clear tasks
=
Effortless
We realized that breaking down the whole process into small and simple tasks will make the experience effortless.
Research & Discovery
We immersed ourselves in the world of Regulation systems of central banks to understand the need for FinTech regulation, This included:
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Understand and analyze existing regulation systems in place and the kinds of users involved.
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Review and synthesis of existing data regarding the use of admin and regulatory systems in bank settings
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User interviews to discover needs, behaviours, and pain points 'As is’ user journey mapping for a typical regulatory process
OUR TAKEAWAYS
1
Since the concept of regulatory platform was fairly a new, it became evident that the system in place was very complex to understand.
2
The idea was to enable the FinTech innovators can directly use government’s banking APIs and license their products for the market in matter of few months as opposed to taking years.
3
The regulators need to supervise and review a lot of data from various FinTechs on a regular basis.
Major user profiles
Based on overall responsibilities of the users, they can be divided into 2 profiles
Regulators
Innovators
Interaction design explorations
