Product work

Moneyway

An all-in-one money management platform for SMEs. User research to define pain points and shape the next phase.

Year
2022
Project type
Fintech
Language
English
Project scope
User research
Two Moneyway phone screens, light and dark, showing transactions and a cash-flow bar chart.

Overview

Moneyway is an all-in-one financial management platform for SMEs, designed to make life easier for companies and their accountants. It serves as a single source for a business’s financial data: owners use it to run their business and keep operations running smoothly, from purchasing to revenue management. As SMEs mostly use separate accountancy firms, Moneyway also lets those firms manage their clients’ financial data.

The UX process

The objectives

Gain insight through in-depth interviews around:

  1. Our users’ needs and expectations.
  2. The problems our users face when using the app.
  3. Our suggestions to enhance the experience.

Methodology

  1. User interviews
  2. Affinity diagram
  3. Journey mapping
  4. Task flows
  5. Low-fidelity wireframing
  6. High-fidelity wireframing
  7. Prototyping & usability testing
  8. The user interface

Before the user interview

The goal was to understand our users and how Moneyway helps them grow their businesses.

Context. An interview was conducted with one of our users: the owner of a design agency with two offices, in London and Liverpool, employing two teams of 20 people across development, design, project management, HR and sales.

  1. Define the user. To understand their personality, motivations and goals.
  2. Define the motivations. How they worked before Moneyway, and which features made them decide to use it.
  3. What aspects of Moneyway do our users care about most, and why? Which features are beneficial, and how to enhance the experience.
  4. What aspects of Moneyway cause pain, and why? To uncover what users don’t like, and what might make them leave or switch provider.

The user interview

I don’t know where my money goes.
From the user interview

Key takeaways were collected from the interview, then turned into an affinity map to define pain points and areas of improvement.

Needs: users need to be notified when a transaction happens, and to be able to send deposit invoices to clients.
Pain points: the user doesn't know where his money goes, and is losing investment opportunities.
Opportunity: to enforce an all-in-one financial management platform vision.
The affinity map: needs, pain points and the opportunity.
I didn’t have any information to show in regard to my financial health. This was a struggle.
From the user interview

Current customer journey

Customer journey for a budgeting scenario: assume, explore, reflect and resolve stages, ending with the user calculating the budget on another platform.
Customer journey for a reporting scenario: the user looks for business financial reports in the app, finds none, and relies on other platforms.
Current customer journeys for two scenarios.

Actions & priorities

Based on the research, I developed an action plan for the next phase. Major pain points needed to be resolved to avoid losing users to other platforms. Losing money, an investment opportunity or a high-calibre employee can affect an SME badly.

Pain points to address

  1. Moneyway doesn’t help users manage their budget.
  2. Moneyway doesn’t help users analyse their business information.

Task flows

  • Task 01: Create budget categories.
  • Task 02: View and export reports.
Task flow for creating budget categories: open app, view financial section, create a category, then add a category or view a category.
Task 01: create budget categories.
Task flow for reports: open app, view financial screen, view report, then the report screen with export and share.
Task 02: view and export reports.

Low-fidelity wireframing

Hand-drawn phone wireframes with annotations for budget categories and reports.

High-fidelity wireframing

Wireframe: add category form with name, expense or income type, budget and property fields.

Add category

Wireframe: reports list with overall financial health, spending analysis, quarterly and year-to-year reports.

Reports

Wireframe: overall financial health report with summary figures, a line chart and an expenses gauge.

Financial health report

Prototyping & usability testing

At this phase I usually run a round of testing to verify the design. I create a prototype and a set of tasks for users to complete while I observe and record their reactions, typically with five users. I normally build the prototype in Framer, as it offers a better mobile experience for testing.

The user interface

Moneyway final UI: a set of light-mode screens for transactions, spending analysis, budget categories and reports on a blue background.
Moneyway final UI in dark mode: transactions, spending analysis and categories.