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One App to Rule Them All: How Dashr is Changing Fintech
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In a constantly changing world, financial transactions need to be streamlined so users no longer need multiple services to achieve their financial goals. Dashr aims to be the number one platform for bill payments using direct payments, QR code transactions, and URL payments. Dashr is a do-it-all bank—from savings to loans, budgeting, and international transactions, Dashr will revolutionize modern banking.
"If you look at the unbanked, [people] using small amounts of financial services, or completely out of the financial system, there are at least 2.5 billion people in the world."
In a year characterized by intense economic uncertainty, the demand for finance apps grew significantly. Finance apps were downloaded 4.6 billion times in 2020, up 15% year-over-year. Despite these impressive numbers, users still suffer the inconvenience of installing multiple apps for different financial transactions like saving, budgeting, loans, payments, and investments. The big question is, why do I need multiple apps to carry out these various transactions? Why not one app that can do it all?
Why Dashr?
The rise of numerous financial platforms has created a paradox of choice, leaving users confused. Most applications solve one problem related to money, such as budgeting, investments, or savings. Few one-stop applications solve all these problems in one app, leading to user churn and multiple apps on devices. We decided to create a one-stop application that addresses common financial issues such as budgeting, saving, investing, making international payments, and accessing loans.
Our Target Users:
Our primary target audience, as determined through research, is individuals aged 18-35, accounting for 71% of online banking requests. This focus allows us to delve deeply into the needs and preferences of our core user personas.
Business Growth-hack:
The fintech industry saw significant growth, peaking at an all-time high in 2020 during the global pandemic. The ever-pressing need to save, send, and receive money, invest, budget, and obtain insurance indicates robust market potential. Finance apps were downloaded 4.6 billion times in 2020, a 15% increase year-over-year.
User personas:
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The design of Dashr's user experience was a collaborative effort involving eight product designers, three project managers, content managers, stakeholders, and skilled developers. Our research included meetings with stakeholders, offline field studies, online interviews, surveys, and competitive market analyses. This comprehensive research helped us understand user pain points and goals, leading to the development of personalized user personas.
1. Understand:
- Gathered insights and project vision through extensive meetings.
- Observed user behaviors with existing fintech products.
2. Research:
- Collected data directly from potential users.
- Identified market gaps and opportunities for Dashr.
3. Define:
- Created detailed personas based on research findings.
4. Design:
- Brainstormed and iterated design concepts with the team.
- Developed wireframes and prototypes to visualize user experience.
5. Test and Implement:
- Conducted tests to gather feedback and refine the design.
- Collaborated with developers for accurate implementation.
Product Goals
Our surveys and ethnographic interviews revealed that users want a product that simplifies their financial transactions and offers a one-stop solution for all their financial needs. Bearing this at the forefront of our user-centered design, we came up with the following core features among a host of other features:
Send and Receive Money Easily
Dashr handles both peer-to-peer (P2P) and international transactions, allowing users to move funds quickly, efficiently, and securely.
Organize Thrifts and Group Savings
Users can organize thrifts with friends, selecting a sum and contributing at their own pace. At the end of the week or month, one person is automatically credited, and this continues until the thrift ends.
Budget Like Never Before
Dashr allows users to create multiple budgets, track spending, and customize budgets with icons. It helps users manage their finances effortlessly.
Save, Invest, and Access Loans Instantly
Users can create savings goals, invest in bonds and real estate, trade stocks, and access short-term loans up to 500,000 Naira with no collateral. On-time payments can lead to higher credit limits for future loans.
Key Insights
- Users overwhelmingly prefer an all-in-one financial app for convenience.
- Consolidating multiple financial services into one platform meets a crucial need.
- There is a strong demand for interfaces that are both user-friendly and intuitive.
Challenges Faced
- Some users found the QR code and URL payment features confusing.
- Initial prototypes revealed navigation issues that led to user drop-offs.
- Creating a seamless experience for older users required additional iterations.
Quantifiable Outcomes
- 14% of adult users found it difficult to navigate the platform during initial testing.
- After iterative improvements, we observed increased user satisfaction and retention rates.
- 50% of our test users said they loved the aesthetics and expressed interest in downloading the app upon launch.
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