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Rex Africa

Fintech . Product Design

Do more with funds

Summary

Rex Africa is a Neobank providing financial services to individuals and small businesses. Our goal is to democratize financial services by giving you the tools to control your own financial destiny!

Problem Statement

Rex Africa is micro finance bank that functions under a license for Money Lenders in Lagos, and was initially using a third party multi user lending platform, to generate lender leads and also disburse loans. However, the user base that the product houses on the third party app do not directly enjoy other personalised service Rex has to offer.

The overall growth of the product now requires a dedicated product that caters directly and only to users to make the user experience more personal and to make users feel safe.

Business Goals

There is a current shift in business scope at Rex Africa, the organisation redesigned it’s brand from RexCredit to Rex Africa. They are moving from a traditional walk in branch with an account on a third party app to become a Neo bank that only conducts operations via it’s own app. Services like investments in money market funds and target savings were majorly done physically while others were available via a third party app. So the main goal of the company was to automate all the services they provide via a digital product.

Quantitative Analysis

We got some insights from the third party app usage combined with records from the physical office, to know the top actions attempted by users

Account balance check. About 85% of users.
Applied for loan. About 68% of users.
Investment in money market funds. About 39% of users.
Viewing the transactions history. About 28% of users.
Money transfers. About 43% of users.
Issues with loan repayment on third party platform. About 48% of users.

Findings

We reached out to some users of the Rex Africa. My goal at this stage was to understand why they were abandoning the credit, savings and investment requests halfway as well to discover any other areas of friction that we could improve on.

Three key takeaways from the interviews:

Users struggled with understanding the relationship between interest rates and payback amounts.
Users that use the savings and investment feature found it hard to determine the interest rates and return on investment they were eligible for which resulted in a lot of decline in the use the features.
Amount of information required for profiling users on sign up was a bit overwhelming.

Ideation

At this stage, I came up with a few ideas aimed at resolving the issues that were uncovered during my interaction with the users at the interview stage. The top three ideas were:

Restrict loan request amounts to only amounts that a user is eligible for.
Provide clarity around the loan amount, repayment amount, interest rate and loan duration, thereby making it easier for users to make an informed decision about their loan.
Make the process as straightforward as possible; remove all unnecessary steps.
State details of return on investment for investment and savings clearly.
Add support and chat with us feature to make reaching out easy

Wireframes

Wireframes focused on the fundamental functions of the product, to allow testing with user while a take test results to the client. Which drastically helped reduce the onboarding steps and application steps