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Monety

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Monety

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Monety

Designing & re-designing a micro-loans app for +10K hispanic & latinos

Designing & re-designing a micro-loans app for +10K hispanic & latinos

Monety - Fintech App
Monety - Fintech App
Monety - Fintech App

About

Monety was founded to help people achieve their dreams and improve credit scores.

Challenge

Strict banking requirements and high interest rates push many users toward risky alternatives, limiting financial stability.

Impact

I designed an application with a simple experience to help people, but an early-stage mistake required us to step back and rethink the entire product.

Team

CEO & founders

Me as designer & FE Dev

2 BE Engineers

1 Marketer

My role

User research & analysis

UX & UI Design

Usability testing

Dev. assets & UX QA

User research & analysis

UX & UI Design

Usability testing

Dev. assets & UX QA

85%

Felt more secure with a professional design

85%

Felt more secure with a professional design

70%

Found the loan terms clearer, resulting in higher acceptance rates

70%

Found the loan terms clearer, resulting in higher acceptance rates

75%

Engage dropped, but loan acceptance increased due to better clarity

75%

Engage dropped, but loan acceptance increased due to better clarity

Designing a playfull version

Challenge

The primary challenge was that many users, especially those unfamiliar with financial tools, found traditional banking interfaces intimidating. The aim was to create a friendly and less formal app that would encourage users to explore AI-driven microloans while making financial management feel approachable.

Objectives

1.

Engage users who typically avoid financial apps due to their complexity

2.

Use playful design elements to make financial interactions feel simple and accessible

3.

Increase loan requests and user engagement through a casual interface

A survey was conducted with 100 potential users who were struggling with traditional banking. The focus was the gauge their comfort with playful designs in financial tools.

A survey was conducted with 100 potential users who were struggling with traditional banking. The focus was the gauge their comfort with playful designs in financial tools.

60%

Found the idea engaging

45%

Felt comfortable trusting a casual app for financial decisions

55%

Where hesitant about accepting loans through a playful interface

What users need?

Also, interviews conducted with over 10 users, aiming to understand their expectations from a friendly tool. User where asked about their comfort with playful language, icons, and colors in a financial context. Insights showed that while users enjoyed casual interactions, they were hesitant about frustrating playful interfaces for serious transactions.

The empathy maps showed that users felt cautious even while enjoying playful designs, indicating the need for a journey that starts fun and gradually becomes more structured, particularly at decision points like loan acceptance.

Creating personas

What were users looking for?

1.

As a user, I want an easy onboarding process, so I can quickly understand the app’s purpose without feeling overwhelmed.

1.

As a user, I want an easy onboarding process, so I can quickly understand the app’s purpose without feeling overwhelmed.

1.

As a user, I want an easy onboarding process, so I can quickly understand the app’s purpose without feeling overwhelmed.

2.

As a new user, I want the identity verification to be clear and simple, so I can complete it without stress.

2.

As a new user, I want the identity verification to be clear and simple, so I can complete it without stress.

2.

As a new user, I want the identity verification to be clear and simple, so I can complete it without stress.

3.

As a potential borrower, I want to see loan offers displayed in a clear way, so I can feel comfortable accepting or declining them.

3.

As a potential borrower, I want to see loan offers displayed in a clear way, so I can feel comfortable accepting or declining them.

3.

As a potential borrower, I want to see loan offers displayed in a clear way, so I can feel comfortable accepting or declining them.

4.

As a user, I want to track my loan progress, so I can manage my finances easily.

4.

As a user, I want to track my loan progress, so I can manage my finances easily.

4.

As a user, I want to track my loan progress, so I can manage my finances easily.

5.

As a user, I want to be able to share my experience with friends, so I can feel proud of my financial progress.

5.

As a user, I want to be able to share my experience with friends, so I can feel proud of my financial progress.

5.

As a user, I want to be able to share my experience with friends, so I can feel proud of my financial progress.

Expected user's journey

The friendly version’s journey map was designed with a clear set of expectations at each stage, aiming to create a smooth, engaging, and ultimately trustworthy user experience for accessing microloans. Here’s how each stage’s expected outcomes aligned with the overall goals.

Wireframing

The initial sketches of the wireframes concentrated on structuring the core screens: onboarding, KYC verification, loan requests, and user dashboards. Each screen was intentionally designed with large buttons, clear icons, and simple prompts to maintain user confidence and ease of navigation.

Hi-Fi design

The hi-fi design aimed to bring a vibrant, user-friendly interface to life, making the borrowing process feel welcoming and easy. Building on the wireframes, the design incorporated bright colors, and a friendly illustrations guiding users through onboarding and KYC verification. The loan request flow featured cheerful visuals balanced with clear terms, while the user dashboard used animated cards alerting the user about he expenses, ensuring users felt both engaged and informed.

Sign up

Login

Transactions

Cash advance

Testing & iteration

Usability testing was conducted with 7 users to gather detailed feedback on the hi-fi design’s functionality, clarity, and overall appeal. Users were observed interacting with the prototype, focusing on key features like onboarding, KYC verification, loan requests, and the user dashboard.

Key findings

80% of users described the app as fun and engaging, enjoying the playful elements that made the borrowing process feel less daunting.

• However, 45% of users indicated that the loan request screens needed clearer explanations, particularly in terms of repayment details and interest rates. This led to a revision of the messaging, with more straightforward text and better visual emphasis on terms and conditions.

Onboarding and KYC steps received positive feedback for their ease of use, with users appreciating the friendly guidance provided by the mascot and animations.

😱
Fixing a bad idea

😱
Fixing a
bad idea

User feedback was clear

Playful designs encouraged exploration but lacked trust for financial decisions, leading to a pivot toward a clearer, more professional interface.

Designing a formal version

New findings

After the release of the first version, playful one, a new survey was conducted with 100 people, users and potential users, who were struggling with traditional banking and the new proposal. We want to validate the low adoption rate.

1.

Trust concerns

60% of respondents indicated that they felt more secure with formal language and structured layouts.

40% mentioned concerns about data privacy, preferring a more professional tone for financial interactions.

1.

Trust concerns

60% of respondents indicated that they felt more secure with formal language and structured layouts.

40% mentioned concerns about data privacy, preferring a more professional tone for financial interactions.

1.

Trust concerns

60% of respondents indicated that they felt more secure with formal language and structured layouts.

40% mentioned concerns about data privacy, preferring a more professional tone for financial interactions.

2.

Clarity in communication

70% of users expressed a preference for clear, concise information, with minimal distractions during key processes like KYC and loan requests.

30% of users reported confusion with playful messaging in the friendly version, specifically during the loan request process, indicating the need for a more direct approach.

2.

Clarity in communication

70% of users expressed a preference for clear, concise information, with minimal distractions during key processes like KYC and loan requests.

30% of users reported confusion with playful messaging in the friendly version, specifically during the loan request process, indicating the need for a more direct approach.

2.

Clarity in communication

70% of users expressed a preference for clear, concise information, with minimal distractions during key processes like KYC and loan requests.

30% of users reported confusion with playful messaging in the friendly version, specifically during the loan request process, indicating the need for a more direct approach.

3.

Professional appearance

65% of respondents felt that a professional interface would make them more likely to trust the app for financial transactions.

35% mentioned that a neutral color scheme and formal visuals would enhance their confidence in using the app.

3.

Professional appearance

65% of respondents felt that a professional interface would make them more likely to trust the app for financial transactions.

35% mentioned that a neutral color scheme and formal visuals would enhance their confidence in using the app.

3.

Professional appearance

65% of respondents felt that a professional interface would make them more likely to trust the app for financial transactions.

35% mentioned that a neutral color scheme and formal visuals would enhance their confidence in using the app.

Based on feedback from the friendly version, it became clear that users desired a more professional, secure, and trust-focused interface. While the playful approach attracted engagement, users felt that financial interactions required a more formal design to establish credibility.

The challenge

The main challenge was shifting from a playful to a trust-building design. While approachable, the friendly version lacked the professionalism users wanted for financial tasks.

Objectives

1.

1.

Increase user trust

2.

2.

Enhance clarity in communication, especially regarding loan terms, repayment schedules, and security measures.

3.

3.

Improve loan acceptance rates

4.

4.

Maintain ease of use

5.

5.

Boost user confidence in the loan process by clearly outlining each step.

It became clear that users desired a more professional, secure, and trust-focused interface. While the playful approach attracted engagement, users felt that financial interactions required a more formal design to establish credibility.

New personas

Now, users were looking for..

1.

As a user, I want a straightforward onboarding process, so I can understand the app’s purpose quickly

1.

As a user, I want a straightforward onboarding process, so I can understand the app’s purpose quickly

1.

As a user, I want a straightforward onboarding process, so I can understand the app’s purpose quickly

2.

As a new user, I want clear KYC steps, so I feel confident sharing my information.

2.

As a new user, I want clear KYC steps, so I feel confident sharing my information.

2.

As a new user, I want clear KYC steps, so I feel confident sharing my information.

3.

As a borrower, I want loan offers presented clear, so I can easily understand the terms.

3.

As a borrower, I want loan offers presented clear, so I can easily understand the terms.

3.

As a borrower, I want loan offers presented clear, so I can easily understand the terms.

4.

As a user, I want a tool to track my loan progress effectively.

4.

As a user, I want a tool to track my loan progress effectively.

4.

As a user, I want a tool to track my loan progress effectively.

5.

As a user, I want transparent updates, so I feel secure throughout the process.

5.

As a user, I want transparent updates, so I feel secure throughout the process.

5.

As a user, I want transparent updates, so I feel secure throughout the process.

New customer's journey

The playfull journey was designed to engage the user and give a fast access to loand. But, with formal version, keeps clarity in any step and brings the users tools outside the product if they was rejected.

Wireframing

The lo-fi wireframes were created to establish a clear, structured design that users would trust:

We test onboarding, KYC, loan requests, dashboard, and the profile that will include the score and the clarity communication with the user, using a structured layout with straightforward instructions and a professional tone.

Hi-Fi design

The high-fidelity design aimed to create a trustworthy, professional interface that emphasized transparency.

Professional visuals

Neutral colors, clean typography, and structured layouts enhanced user confidence.

Professional visuals

Neutral colors, clean typography, and structured layouts enhanced user confidence.

Professional visuals

Neutral colors, clean typography, and structured layouts enhanced user confidence.

Structured onboarding & KYC

Clear steps with formal language, emphasizing security.

Structured onboarding & KYC

Clear steps with formal language, emphasizing security.

Structured onboarding & KYC

Clear steps with formal language, emphasizing security.

Loan request flow

Presented terms clearly, with transparent layouts and minimal distractions.

Loan request flow

Presented terms clearly, with transparent layouts and minimal distractions.

Loan request flow

Presented terms clearly, with transparent layouts and minimal distractions.

Financial dashboard

Organized financial summaries and repayment tracking, ensuring user clarity.

Financial dashboard

Organized financial summaries and repayment tracking, ensuring user clarity.

Financial dashboard

Organized financial summaries and repayment tracking, ensuring user clarity.

Onboarding

The onboarding process is designed to be clear, professional, and user-friendly, guiding users step-by-step with clear instructions and visual cues. It emphasizes security while maintaining a straightforward flow, ensuring users feel confident right from the start.

Sign up

The sign-up process provides a secure and seamless experience, integrating Plaid to allow users to easily link their bank accounts. This step-by-step flow ensures clarity and trust, enabling users to quickly connect their accounts and begin managing their finances confidently.

Dashboard

The main view offers a comprehensive overview of the user’s financial behavior, featuring charts of past expenses for easy analysis and upcoming expense predictions powered by AI. It also includes an alerts section, providing real-time updates and tailored loan offers based on user activity, ensuring a proactive financial experience.

Loan request

The loan request screens provide a clear, step-by-step flow where users can select the amount, payday, and purpose of the loan. An optional tip feature allows users to support Monety’s operations (no fees or interest charged). Users can also choose the speed of delivery, offering a personalized and straightforward borrowing experience.

Funding queue

The funding queue offers users a transparent view of their loan request position. The queue prioritizes requests based on the tip amount, with higher tips resulting in better placement. This feature provides clarity and motivation, helping users understand how their request progresses.

KYC

The KYC (Know Your Customer) process ensures security and compliance while maintaining a simple and guided flow. Users are prompted to upload identification, verify personal details, and complete the process confidently, reinforcing trust and safeguarding their financial information.

Monety score

The Monety Score provides users with a clear, real-time assessment of their financial health. It’s always visible, offering transparent feedback on readiness to borrow and personalized tips to improve. The score dynamically updates based on user behavior, guiding them toward better loan eligibility.

Lessons & learnings

The importance of user trust

• The shift from a playful to a formal design tell me about the critical role of user trust in financial applications. While engagement is essential, users prioritize clarity, security, and credibility when making financial decisions.

• The real-time score and transparent communication increased user confidence, proving that clarity and transparency are key factors in gaining trust.

The importance of user trust

• The shift from a playful to a formal design tell me about the critical role of user trust in financial applications. While engagement is essential, users prioritize clarity, security, and credibility when making financial decisions.

• The real-time score and transparent communication increased user confidence, proving that clarity and transparency are key factors in gaining trust.

The importance of user trust

• The shift from a playful to a formal design tell me about the critical role of user trust in financial applications. While engagement is essential, users prioritize clarity, security, and credibility when making financial decisions.

• The real-time score and transparent communication increased user confidence, proving that clarity and transparency are key factors in gaining trust.

Support your users beyond transactions

The creation of a environment around the solution should be like a must have for every project, what you bring to the users that cannot use the product?

Support your users beyond transactions

The creation of a environment around the solution should be like a must have for every project, what you bring to the users that cannot use the product?

Support your users beyond transactions

The creation of a environment around the solution should be like a must have for every project, what you bring to the users that cannot use the product?

User-centric adaptability

• The decision to introduce a formal design came from direct user feedback. This highlight the importance of a user-centered solution, as designer we design for people, and all our design decisions should be bases on the user needs, and business goals, not over assumptions.

• User feedback drove decisions to add features like the funding queue, real-time score visibility, and the financial community, demonstrating the value of iterative testing and adaptability.

User-centric adaptability

• The decision to introduce a formal design came from direct user feedback. This highlight the importance of a user-centered solution, as designer we design for people, and all our design decisions should be bases on the user needs, and business goals, not over assumptions.

• User feedback drove decisions to add features like the funding queue, real-time score visibility, and the financial community, demonstrating the value of iterative testing and adaptability.

User-centric adaptability

• The decision to introduce a formal design came from direct user feedback. This highlight the importance of a user-centered solution, as designer we design for people, and all our design decisions should be bases on the user needs, and business goals, not over assumptions.

• User feedback drove decisions to add features like the funding queue, real-time score visibility, and the financial community, demonstrating the value of iterative testing and adaptability.

Balance between engagement and professionalism

While a playful version increased engagement, users were more inclined to make financial decisions with a more professional and clear interface. Balancing user engagement with professionalism is critical in financial apps, ensuring users feel comfortable and confident throughout their journey.

Balance between engagement and professionalism

While a playful version increased engagement, users were more inclined to make financial decisions with a more professional and clear interface. Balancing user engagement with professionalism is critical in financial apps, ensuring users feel comfortable and confident throughout their journey.

Balance between engagement and professionalism

While a playful version increased engagement, users were more inclined to make financial decisions with a more professional and clear interface. Balancing user engagement with professionalism is critical in financial apps, ensuring users feel comfortable and confident throughout their journey.

Clarity is a key

The results showed that clear language, professional layouts, and structured interfaces improve understanding and loan acceptance rates. Users responded positively to step-by-step instructions, where the need for a clear navigation is listened.

Clarity is a key

The results showed that clear language, professional layouts, and structured interfaces improve understanding and loan acceptance rates. Users responded positively to step-by-step instructions, where the need for a clear navigation is listened.

Clarity is a key

The results showed that clear language, professional layouts, and structured interfaces improve understanding and loan acceptance rates. Users responded positively to step-by-step instructions, where the need for a clear navigation is listened.

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Let's talk

Got a project in mind? Or maybe you just want to talk design? Either way, I’d love to hear from you. Let’s see how we can bring your vision to life.

All trademarks, logos, and brand names are the property of their respective owners. All company, product, and service names used on this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.

© 2024, Felipe Linares - flinbu. All rights reserved. | Terms and Conditions | Privacy Policy | Cookies Policy

|

Let's talk

Got a project in mind? Or maybe you just want to talk design? Either way, I’d love to hear from you. Let’s see how we can bring your vision to life.

All trademarks, logos, and brand names are the property of their respective owners. All company, product, and service names used on this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.

© 2024, Felipe Linares - flinbu. All rights reserved. | Terms and Conditions | Privacy Policy | Cookies Policy

|

Let's talk

Got a project in mind? Or maybe you just want to talk design? Either way, I’d love to hear from you. Let’s see how we can bring your vision to life.

All trademarks, logos, and brand names are the property of their respective owners. All company, product, and service names used on this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.

© 2024, Felipe Linares - flinbu. All rights reserved. | Terms and Conditions | Privacy Policy | Cookies Policy