Navy Federal Credit Union
Case Study
Role: Solo Product Designer
Tools: Figma
Platform: Mobile Application
Duration: 1 Month, 80 hours
Navy Federal Credit Union focuses in serving veterans, active duty members of the Department of Defense, and their families. According to their website, they are a company that supports military personnel and bases their business on a strict code of ethics, integrity, and product transparency. For their members who travel the world, in particular, they provide robust, secure, and safe items.
Problem
Scammers and fraudsters are becoming more skilled as banks keep coming up with new ideas and adding functionality to their apps. Sending and receiving money via Zelle is a useful service offered by Navy Federal through its application. What steps should be taken, though, to safeguard consumers and lighten the workload for the banks given the burgeoning fraud on Zelle, as reported by the New York Times (Fraud Is Flourishing on Zelle, The Banks Say It’s Not Their Problem)?
Objective
Learn about current regulations and policies that is implemented to protect customers against fraud.
Discover experiences people have regarding scams and fraud.
Design an effective feature Navy Federal can implement to protect their customers against scams and fraud.
Process
Discover
Define
Design
Validate
Discover
Competitive Analysis
Navy Federal is a small bank in comparison to some other banks out there. I wanted to compare and contrast its weaknesses and strengths with those of other small or large banks. It was interesting to see the technology, features, and resources they provide to their customers for a better customer experience.
(Click image to see the result)
Discover
Survey and Interview
My objective was to interview individuals within a particular age bracket when recruiting participants for the interview. It was necessary to compare the responses of the respondents with the results of the survey. In doing so, I arrived at several conclusions.
Older individuals are more attentive to the incentives that banks offer their clients when selecting banks. The reason for this may be the responsibilities of older consumers to support their families, such as savings accounts and home loans. Younger participants expressed that they opened accounts as a result of the convenience of working for a bank or being employed with an employee who partners with a specific bank. They are also influenced by external opinions, including those of financial experts and peers on YouTube and other social platforms.
Participants have all acknowledged that they utilize their bank's mobile application. Others reported that they log in every other day (3 to 4 times a day), while one individual mentioned that they log in to monitor their accounts two to three times a week. There may be a correlation between gender and age in this regard, as I observed that the eldest participant spends less time than the younger participants. The same principle would also be applicable to gender, as both males spend less time reviewing their accounts, whereas women check their bank accounts three to four times daily. Given that the pool of participants I interviewed is relatively limited, this may also be a coincidence.
Instant Transfer Services
Instant money transfer services, including Zelle, Venmo, Cash App, and Apple Pay, were all familiar to all participants. The mobile applications are utilized at varying times and by different participants. Some individuals utilize the services on a bi-weekly basis, while others utilize them once, twice, or three times per month. I reestablished contact with the participants in order to ascertain their utilization of the immediate transfer services. They all specified that the service they use is either a built-in feature of their banks or is a feature of their phone, such as Apple Pay, which requires the use of your bank routing and account information to be set up. The Cash App is the sole exception, necessitating the installation of the application.
Fraud/Scam Insight
All participants identified three types of fraud/scam: online scamming, account fraud (hacking), and telephone hoaxes. The participants encountered greater difficulty in reclaiming their funds as the dollar quantity stolen increased. The bank and the specific fraud/scam that occurred also influenced the speed and ease with which they resolved the matter. One aspect of the responses that I found particularly insightful was the age of the participant who was a victim of telephone fraud in comparison to those who completed the survey, as well as the correlation between the two. Given the substantial financial losses that victims incur as a result of this type of fraud and the complexity of resolving the matter, wouldn't it be beneficial to establish measures to assist the elderly in safeguarding their assets?
With the exception of one participant, the majority of participants resolved the matter via telephone. It is possible that the urgency and exigency of the situation necessitate immediate resolution. One individual, specifically (Javad P.), stated that he was required to visit his bank on-site in the vicinity.
Define
Feature Solution
With the assistance of the participants, I developed a few concepts during the interview summary. The concepts were as follows:
Toggle switches to enable or inhibit ATM, instant transfer services, check payments, and online transactions.
The utmost debit limit is determined by the customer. Any transaction that exceeds the established threshold will be rejected.
Define
Add on Feature Sketchs
Manage Transactions
Manage Debit Limit
Define
Task Flow
(Click image to see the two task flows)
Design
UI KIT
I utilized the application's screenshots as a reference to design the wireframes and to construct components. This is due to my desire to adhere to the design patterns employed by Navy Federal Credit Union.
(Click image to see components)
Design
High-Fidelity Wireframe
(Click image to see the High-Fidelity Wireframe)
Validate
Usability Test Results
The user task flow was easy to navigate for the majority of participants during the usability test. One of the seven participants was acquainted with NFCU and maintains an account there. The participant observed that the add-on feature was seamlessly integrated into the mobile application's design.
Design
Prototype
(Click image to view Prototype)
Conclusion
What I learned?
When incorporating new features, it is imperative to thoroughly examine the products, features, and industry in order to ensure that the feature is viable and does not conflict with other existing features.
I generated additional inquiries during the examination of the survey and interviews, which proved advantageous in the development of concepts. In order to obtain an answer, I was required to step back and reestablish contact with the participants. This was the first time I had to return and reestablish contact with the participants, and it was an experience that was entirely worthwhile.