Dec 2022 - Apr - 2023
FLEX is one of a kind neobank card that is powered by a new-age financial app at the backdrop. It caters to the needs of young adults to manage and organize their funds better. One app is all you need to FLEX!
Research
App Design
User Experience
UX Writing
Problem Discovery
Students hailing from tier 3 cities, who live away from home find it difficult to receive funds from their families
Lack of Digitization
The users, especially in tier 3 cities, despite having new age technology are not very tech savvy.
Skepticism towards Neobanks
People of tier 3 cities are more inclined towards traditional banks. They believe neobanks are more susceptible to thefts and scams.
Dependency on Others
Due to the lack of digitisation, especially among the older gen, the students that do not live with their families, find it difficult to receive funds.
User Research
Define Research Goals
Develop Interview Questions
Find Participants that fit the Target Audience Persona
Validate the Initial Problem Statement
Uncover New Insights
Research Goals
Payment Patterns
To understand what and how the young adults are receiving, spending or would like to spend on in their day-to-day as well as occasionally.
Finance Knowledge
To discover the depth of young adults’ finance knowledge in terms of their expenditure, savings and investments.
Priorities
To uncover the wants, needs and aspirations of young adults to gauge their priorities and spending habits.
User Interviews
What is your name?
Name, gender
Database
How big is your family? Who all are currently earning?
No. of family members, income strata
How do you usually spend your money on a monthly basis?
Breakdown of expenditure
To understand needs and wants; and financial prioritisation
Where are you currently residing?
Location of residence
What is your age?
Age
Group other data points based on age
What do they do?
Profession
What mode of payment do you usually use? What does it depend on?
Modes of payment
To uncover the frequency of use of each payment mode
What is your living arrangement like currently?
Whether living with parents, alone, relatives or other
Which college do you attend?
College name, ranking, type
To find spending pattern variation based on college reputation
To uncover the number of earning and dependent family members
How does/did your family pay you for your day-to-day expenses or extra costs?
Mode of payment for the student
What payment mode are you most or least comfortable with?
Level of comfort with modes of payment
To understand comfort and familiarity with modes of payment
How do you pay for those living arrangements
Mode of payment and frequency
What course are you pursuing?
Course details
To categorise data points based on course
To understand the need for credit based on family contribution
If you earn, how do you usually get paid?
Mode of payment
Have you taken an education loan?
Do you have a credit card?
Experience with credit
To understand the level of comfort and literacy of financial credit
Experience with credit
To understand their know how and active usage of the credit system
Where is your college?
State, tier city
Find spending pattern based on city
To understand the need for credit based on profession and income
How often and how much did/do you usually receive? Is it fixed or need basis?
Frequency and amount
Do you keep and a track of your monthly expenses. If yes, how?
Level of financial literacy
Understand the financial literacy
What is the duration of your course?
Course duration
To find and relation between duration of course and the spending pattern
To assess trends of exchange of money
Are you a part of any student clubs or societies?
Types of extracurricular activities
To identify student community collaboration opportunities
To understand existing modes of payment and scope of change
To segment users
To understand how the spending pattern differs with change in living arrangement
To understand payment cycle and its recurrence
Question
Data Point
Reason for Collecting
Introduction
Residence
Family Finances
Spending Habits
Competitor Analysis
No credit history is required.
Paperless documents and Online Digital Process Application.
Get instant 24*7 customer care support.
Online and Fast Application Review.
Instant loan approval
Quick disbursement of the loan amount to your bank account.
Multiple loan repayment options
Upto 2% cashback on each payment
Instantly redeemable by cash
₹0 joining or annual fee
3 months, no cost no interest credit
News deals every week with Slice spark
Easy account opening process for teenagers
Numberless card to keep info secure
Doodles on card
No Bank account required
Financial literacy for teenagers
₹0 Balance Account
Use of StashFin Card for any other purposes like offline or online shopping,
ATM withdrawal
10 free monthly cash withdrawals from ATM
Instant transfer to Paytm Wallet
Instant access to funds available 24x7
₹0 balance savings account
in 0% commission on mutual funds
7% Interest* p.a. on savings account
Offers and discounts
Refer and earn
Up to ₹85 Lakh insurance cover by Deposit Insurance Scheme
Invest directly mutual funds and pay zero commission
Instant loan of ₹500 to ₹10,000
Get credit instantly
Instant KYC and user verification
Debt loan extension and restructuring and loan refinance
Credit limit starting from Rs. 2,000 to Rs. 10 lakh
Credit score after login with google (powered by CRIF)
Accepted at 99.95% merchants across the country
Split bills with friends by taking notes or adding tags
UPI Payments P2P Payment, Offline Payment
Extensive security and protection
Can pause the account temporarily
Gamification
Community/Social Feed
Get 10 free monthly ATM cash withdrawals
Load 100% of your credit limit from app or as little as ₹2500
Use at any ATM, merchant site, and POS
Enjoy instant funds on both Physical and Virtual Card
EMI tenure of your choice from 3 months to 36 months
Hide your balance from the screen with a wave of your hand
Import and track your entire Mutual Fund portfolio easily from one portal.
Invest in FD and earn interest
Invest the Change (Penny investing)
1,00,000+ downloads
6000+ active users
Market size: 35 million plus students
3,50,000 users, 1 million waitlisted.
Target for FY2025- 150 million
Plans to be available in over 50 cities across India
2 Million registered users
Target for 20 Million Indian teenage students
50,000 cards issued
4 million verified users
Target of 45 Million consumers
5 lakh+ customers
1,000,000+ Downloads
Benefits
Company
Features
Users
Pocketly
College Students (18+)
Loan through app
FamPay
Teenagers with smart phones
Prepaid card
Stashfin
Working professionals
Salary of 15000+pm
Credit card with top-up
NiyoX
18+ GenZ and Millenials
2-in-1 Savings and Wealth account with debit card
Slice
18+ Low income, poor credit score
Credit card
User Personas
About Nilay Deshmukh
Nilay is a 19 year old student who is looking to complete his vocational course in HR Management. He hails from Aurangabad but has moved to Mumbai to pursue his dreams of landing a good job with good salary.
Frustrations
Has difficulty comprehending and conversing fluently English
Does not have a bank account, hence he cannot use banking apps or UPI for his day-to-day transactions
Has to carry cash from home as his parents are not tech savvy
User Goals
Use of Hinglish or very simple English language as a medium of communication
Financial education necessary for young adults
Discounts, offers and benefits to save money
I want to learn more about my finances and to be able to make quick payments at the shops around my college
“
About Kritika Gill
Kritika, a 20 year old, currently studying at Delhi University in a mass communication course, Kritika comes from a well to do family in Amritsar. However, she has decided to move to Delhi to broaden her horizons and become independent
Frustrations
Her friends have their own card and she does not.
Her mother can track her expenses as she uses her mothers debit card/UPI, through which she gets her allowance.
She has lost track of her expenses as she does not receive expenditure notifications
I want to track my expenses and hide my occasional cigarette from my mother whose UPI/debit card I use.
“
User Goals
Control and privacy over her own finances and spends
Expense and money management and tracking to make better financial choices
The cool factor among classmates and peers
Nandini Mediratta
Information Architecture
Onboarding
Payments
Virtual Card
Send Money
Card Details
Card Balance
Student Offers
Offer Details
Request Money
Group Offers
List
Receipt/Details
Settings
Virtual Card
Physical Card
Account Details
FAQs
Refer and Earn
Add Money
Analytics
Monthly
Weekly
Filters
Profile
Offers
Transactions
Account
Sign Up
Choose Card
Personal Details
OTP Verification
Confirmation
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Heading
Subheading
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Figtree
Body
Annotation
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Virtual Card
Active
Enjoy the benefits of your virtual card
Choose payment mode ‘debit card’ on any e-commerce website and enter the details of your Flex card
Active
Virtual Card
Enjoy the benefits of your virtual card
Choose payment mode ‘debit card’ on any e-commerce website and enter the details of your Flex card
Primary
Secondary
Gradients
Alerts
Food & Beverages
Entertainment
Travel
Shopping
ATM Withdrawls
Others
Last 6 digits of card number
Last 6 digits of card number
Last 6 digits of card number
246189
Last 6 digits of card number
246189
Last 6 digits of card number
246189
Negative alert
Verify card details
Verify card details
Verify card details
Verify card details
Verify card details
Verify card details
Block card
Swipe & Pay
Enable/disable Offline transactions
Swipe & Pay
Enable/disable Offline transactions
Swipe & Pay
Swipe & Pay
Food & Beverages
Food & Beverages
Food & Beverages
Food & Beverages
Food & Beverages
Food & Beverages
Account details
Card settings
FAQs &
Support
A
R
S
Send
Request
Top-up
Set PIN
Set Limits
Freeze Card
Design System
Homepage
Welcome to the Flex World
Seamless Payments
Spend online or offline, with 99.95% merchant acceptance
Smart Analytics
Track your financial habits and get useful insights
Personalised Card
Choose your own card to use and to flex
Rewards and Offers
Student and location specific rewards and offers
Money Spent and Received Statistics
Seamlessly track your finances on a monthly and weekly basis
Transactions List
Payment Status in Chat
Wallet-to-Wallet Transfer
Refer and Earn
KYC Verification Prompt
Receipt
More Student Benefits
Profile
Account Details
Block Card
Card Limit Usage
Card Limit Settings
Curated Student Offers
Business Impact
10,000+ organic downloads without any sort of marketing or official announcements
The app redesign shown above, after the initial MVP, decreased the customer queries by 60%
A total of ₹15 Lakh transacted through Flex in the first six months, without any marketing
Fin.
All Rights Reserved
2024
mediratta.nandini@gmail.com