SchoolsFirst

Discover the future of finance with SchoolsFirst. Our innovative new feature allows members to seamlessly buy, sell, and track cryptocurrency directly from their mobile app. Join the growing community of investors and take control of your financial future.

Background

SchoolsFirst, a leading credit union, is committed to providing world-class financial services to California school employees. While traditional banking options have served members well, the growing popularity of cryptocurrency presents both opportunities and challenges. Many members are seeking to diversify their portfolios and explore emerging investment avenues, but navigating the complexities of cryptocurrency can be daunting. SchoolsFirst aims to address these needs by offering a secure and user-friendly platform for buying, selling, and tracking cryptocurrency."

This revised version provides a clearer understanding of the target audience, the problem being solved, and the potential benefits of the new feature.

The Problem

A recent customer survey revealed a strong desire among SchoolsFirst members to invest in cryptocurrency as a means to diversify their portfolios and potentially increase their returns. However, many members expressed concerns about the complexity and volatility of the cryptocurrency market. Additionally, existing financial institutions have been slow to adopt cryptocurrency trading, leaving members with limited options. This presents a significant opportunity for SchoolsFirst to meet the evolving needs of its members and differentiate itself in the competitive financial services market.

High Level Design Goals & Objectives

  • Feature Announcement: Design a clear and compelling call-to-action (CTA) to notify customers about the new cryptocurrency trading feature.

  • Purchase and Sale Flow: Create a user-friendly flow for buying and selling cryptocurrency, including account verification, payment methods, and order confirmation.

  • Portfolio Integration: Design a screen that seamlessly integrates cryptocurrency holdings into customers' existing investment portfolios.

  • Watchlist and Notifications: Determine if "watchlist" and notification features are necessary to meet user expectations and provide real-time updates on market movements.

Competitive Analysis

Direct Competitors

Strengths

  • Coinbase integration.

  • Integrated debit and credit cards with Coinbase.

  • Bitcoin investment opportunities and Schwab’s services.

  • Has physical branches.

  • Best for Coinbase.

Weakness

  • Service fees.

  • Not very user-friendly.

Strengths

  • Convert your paycheck into crypto.

  • Buy, sell and store crypto directly starting from $1.

Weakness

  • Unable to invest in crypto directly.

Strengths

  • Online bank with Coinbase Integrated debit and credit cards with Coinbase.

  • Easy to use.

  • Best with US Crypto exchanges.

Weakness

  • US Only.

  • Doesn’t support direct trading with cryptocurrencies.

  • Service fees.

Strengths

  • USD accounts for crypto companies.

  • Bitcoin and Ether backed lending.

  • Cryptocurrency is one of the primary services.

  • Crypto-backed lending.

  • API Integration.

Weakness

  • Very exclusive.

  • Early stages in development.

  • Lack of customer service.

Competitive Analysis Summary

Traditional financial institutions have been cautious about embracing cryptocurrency due to its relatively smaller market cap compared to conventional finance. This disparity has contributed to significant price volatility, making it challenging for traditional institutions to manage the associated risks.

Despite these challenges, the cryptocurrency market has experienced substantial growth, with numerous fintech companies and established financial institutions entering the space. This trend highlights the increasing acceptance and mainstream appeal of cryptocurrency, as well as the potential for significant market disruption.

User Flow

To ensure a seamless and intuitive experience for SchoolsFirst members, the user flow was designed to mimic current transaction patterns while accommodating the unique requirements of cryptocurrency trading. Key user stories included:

  • A member wanting to purchase cryptocurrency for the first time.

  • A member wanting to sell their cryptocurrency holdings.

  • A member wanting to track their cryptocurrency portfolio performance.

The flow aligns directly with the project's goals of providing a secure, user-friendly, and educational platform for cryptocurrency trading. User testing revealed that the flow was intuitive and easy to follow, with minor adjustments made based on user feedback.

Sketches

Based on the insights gained from the user flow and competitive analysis, sketches were created to visualize the key screens and interactions involved in the cryptocurrency trading process. Key elements included:

  • Cryptocurrency Details Screen: Displays information about available cryptocurrencies, including price, market capitalization, and historical performance.

  • Buy/Sell Screens: Provides a simple and intuitive interface for buying and selling cryptocurrency, with options to select the desired amount and payment method.

  • Portfolio View: Displays a comprehensive overview of the user's cryptocurrency holdings, including total value, gains/losses, and transaction history.

The sketches were designed to align with the established user flow and ensure a seamless experience for SchoolsFirst members. Iterative design was employed to refine the layout, information hierarchy, and visual elements based on feedback and design principles.

Lo-Fi Wireframes

Based on the approved sketches, low-fidelity wireframes were created to refine the layout, information hierarchy, and interaction flows. By carefully adhering to SchoolsFirst's existing UI guidelines, the wireframes maintained consistency with the overall product design and ensured a seamless user experience.

Key features included:

  • Clear and concise labeling: Consistent use of typography and spacing to enhance readability.

  • Intuitive navigation: Clear paths for users to move between screens and complete tasks.

  • Efficient information display: Organization of content to prioritize the most important information.

The wireframes were designed to provide a basic framework for testing the user flow and gathering feedback on the design.

Hi-Fi Wireframes

The high-fidelity wireframes refine the design of the cryptocurrency feature, incorporating visual elements and interactions that align with SchoolsFirst's branding and user experience guidelines. Key features include:

  • Consistent visual style: Adherence to SchoolsFirst's color palette, typography, and iconography.

  • Clear and concise labels: Use of descriptive labels and informative tooltips.

  • Responsive design: Optimization for various screen sizes and devices.

  • Intuitive navigation: Easy-to-use navigation elements and clear call-to-action buttons.

The wireframes provide a detailed representation of the final product, allowing for further testing and refinement before moving into development.

Usability Test Planning

To ensure a seamless and intuitive user experience, usability testing was conducted with 3 adult participants aged 25-45. The testing focused on evaluating the overall usability of the cryptocurrency feature, with a specific emphasis on the ease of purchasing and selling crypto.

Key Testing Goals:

  • Task Completion: Assess how efficiently participants could complete key tasks, such as creating an account, buying cryptocurrency, and selling cryptocurrency.

  • Error Rates: Identify any common errors or points of confusion that users encountered.

  • User Satisfaction: Gauge participants' overall satisfaction with the cryptocurrency feature (measured through a Likert scale or open-ended questions).

Testing Methods:

  • In-person interviews: Conducted in a controlled environment to observe user behavior and gather detailed feedback.

  • Video conferencing: Utilized for remote testing to reach a wider range of participants.

By conducting thorough usability testing, we were able to identify potential pain points and gather valuable insights for improving the design of the cryptocurrency feature.

Prototype

SchoolsFirst buying and selling crypto.

Usability Test Findings

To evaluate the effectiveness of the cryptocurrency feature, usability testing was conducted with 3 adult participants. The testing focused on assessing the ease of navigation, understanding the features, and completing key tasks.

Areas for Further Exploration:

While the initial usability testing was positive, further exploration could focus on identifying any specific challenges that participants encountered and addressing them through targeted design refinements.

Overall, the usability testing results demonstrate that the cryptocurrency feature is well-designed and user-friendly.

What I Learned

  • The importance of components and how they create a reusable cohesive style guide.

  • Adhering to an already existing set of rules and finding ways to add new components were challenging. I had to resist the urge to redesign or assert my design preferences.

  • Being a SchoolsFirst member user myself, I had to remove my assumptions, biases, wants, pain points, and keep them aside. It was a constant effort throughout the project.

  • In the future I hope to add more information to the categories, “What is crypto?”, “Getting started with crypto”, and “Understanding your crypto” so that people new to crypto can feel confident with their transactions.