Capital One is committed to putting its users first. It believes that online banking should be safe and convenient.
Capital One is one of the largest banks in the United States and is known as a company that is technologically driven. It conducts business in the United States, Canada and The United Kingdom. Capital One offers banking services that include checking, savings and money market accounts, in addition to retail and auto loans. In recent years Capital One has consolidated its branch network. Capital One spokesperson Derek Conrad explained, “Our customers are increasingly engaging with us digitally. We continue to see steady growth in mobile banking, online banking, enhanced ATMs, remote deposit capture, etc.” This shift has turned Capital One into a banking powerhouse.
Capital One is known as a pioneer in technology, having transformed the way customers address their banking needs. Customers have come to expect the convenience of managing their finances online and want the same ease when ordering foreign currency. Capital One does not have a feature that allows customers to order currency online. They must call in their request or visit a local branch. Many people live a busy lifestyle and don’t want the inconvenience of long hold times. They prefer an online experience that streamlines the process of exchanging their money.
Let’s rewind. Before I tell you about the foreign currency feature that was added, I have to tell you about my initial hypothesis. I began by doing a competitive analysis and concluded that I needed to add a feature that would allow users to track their savings goals, similar to the process of other banks. I mean, why not add a feature that helps users transfer money into virtual “envelopes” for things like vacations, homes, cars or that garage you want to convert into a man cave.
Competitive analysis allowed me to examine banking app features that seemed most beneficial to customers. It also allowed me to see features competing banks had that Capital One did not. One of those features was for foreign currency exchange. Capital One’s users are drawn to the company’s commitment to online banking. It seems only normal that users would have the option of ordering foreign currency online and not just via telephone or at a local branch.
Interviews were used to explore users’ banking habits and the banking features they found most beneficial, as well as frustrating. Personas were developed based on participant interviews:
After conducting interviews I found that users weren’t as interested in tracking their savings accounts. One participant explained that frequently checking his savings balance caused him stress. Participants expressed preferring to track checking and investment accounts more closely. I also discovered that users do not want to enter a bank. They prefer to take care of all of their banking needs online. After doing a competitive analysis and interviews I realized I needed to change direction. Below is feedback from interview participants.
I noticed during the interview process that participants had similar pain points, needs and motivations when it came to banking. Many wanted to save time and not go to their local branch. Overall, participants wanted all of their banking transactions to take place online. Capital One prides itself on being “technology driven.” So why not create a feature for a service allowed only at Capital One local branches and bring it to the online community. The question then became, which service?
Competitive analysis (Take 2): After doing interviews I decided to do another competitive analysis because my results did not match my initial hypothesis. I took a look at some of the features Capital One offered and saw that most tasks could be performed online, however you could not order foreign currency online. During interviews I also found that customers like to exchange foreign currency through their bank when preparing for travel.
When I took another look at competing banks I saw that several give users the option of placing foreign currency orders online. I also researched the number of currencies available to each bank, their transaction fees, exchange limits and the ways in which they allowed their customers to place orders. I determined that since Capital One customers take care of their banking needs digitally in most cases, they should also have a feature that allows them to order foreign currency online.
When creating the user flow I referred primarily to three things: my competitive analysis, my interviews and the Capital One app. It was important to me that the user flow align with the company’s existing layout, therefore I created a flow that was similar to the existing flows of features already on the app. There needed to be a seamless integration of the new feature and what already existed.
My main goal with this wireframe was to design a feature that looked like it was a part of the Capital One app. I did not want this new feature to look like it belonged to another banking app. It needed to fit flawlessly into the current banking app as a natural extension.
In completing the design I used a similar color palette to the current Capital One app. I also made sure that the navigation that I created for the foreign currency feature was similar to how you would navigate other features on the app.
Going into the usability testing my main focus was on whether or not users would be able to move from screen to screen effortlessly. I needed users to make as few clicks as possible while navigating screens. I had each of the participants complete three tasks in a remote, moderated testing environment while using a prototype. Participants were asked to:
I followed with questions about the users’ overall experience. After receiving feedback from participants I applied some of the following changes:
One of the biggest takeaways when working on apps or websites is almost always, don’t’ assume your thinking will align with users. This project started as one idea but had to be redirected after the interviewing process. The needs of the users had to be addressed, while also adhering to the basic formula of the company’s design. The new feature needed to be an organic addition. Ultimately, this project reinforced what many designers know, every project is different and presents a new problem to solve, even when the scenario looks similar to something seen many times before.
