Unlock Financial Flexibility with OurPass Overdrafts

Date

Aug 2023

Timeline

2 Weeks

Tools Used

Figma, Notion, jira

OurPass has an ambitious target to expand their customer base to 1,000,000 small and medium-sized enterprises (SMEs) by the end of 2023. To achieve this, they planned to launch extensive digital marketing campaign and offline initiatives.

To ensure the success of this campaign, OurPass requires a clear focus, a distinct identity for the company. In addition to their reputation as a business bank, they’ve made the strategic decision to also position the company as the bank that provides affordable financing solutions to SMEs.

By introducing this product into OurPass, they are reinforcing our message of being a business bank that grants SMEs access to cost-effective financing, while simultaneously creating a new source of revenue for the company.

The Objectives

In the process of enhancing their Business App by incorporating a new and convenient functionality for users to settle a diverse range of bills; this covers various essentials such as airtime, mobile data, electricity, and more.

Gamify transactions so users are able to track their progress to accessing overdraft
Access overdraft account
View overdraft details
Repay overdraft

Constraints

Risk Management

Balancing the risk associated with overdrafts while providing a valuable service was a major challenge. We needed to find a way to protect both the user and the company from potential financial pitfalls

User Education

Our users needed to fully understand the overdraft terms and conditions. This necessitated creating clear and comprehensive educational screen that would be easily accessible through the mobile app.

Key Features

See the key features of the product below:

User Access

The overdraft feature provides users with the ability to view and control their overdraft qualification. They can see the requirements, view history, and turn and learn more about the feature at any time.

Transaction Criteria

Users must meet specific transaction-related criteria to access the overdraft. This encourages responsible usage and reduces potential misuse

Gamification

In addition to the core features, I included a unique and engaging element to the overdraft feature: Gamification. This feature leverages the basic principles of gamification to enhance the user experience and promote responsible financial behavior both beneficial to the user and the company

Point System

Users earn points for every transaction they make while using the overdraft. These points are tied to responsible usage, such as making payments on time and not exceeding their overdraft limit. This gamified approach encourages users to adopt sound financial practices

Progress Tracking

Gamification includes a visual progress tracker that allows users to see the points earned as they perform specific transactions over time. This provides a clear and motivating way for users to monitor their financial growth and responsible usage

Real time Notification and alerts

Managing overdrafts requires constant vigilance. To assist users in making informed decisions, I included real-time alerts and notifications. A popup modal would be displayed when they approach their overdraft limit or when they utilize the overdraft, helping them stay on top of their financial situation

Comprehensive Educational Resources

Understanding the overdraft's terms and conditions is crucial. I dedicated the first screen of the feature in the mobile app to offer few interactive guides. Users can easily access this information to learn about the overdraft, its costs, and how to use it responsibly

Takeaway and Reflection

Before joining OurPass, I had limited knowledge of FinTech. My familiarity with the financial technology sector was mostly self-taught. So, when I was given the responsibility of designing overdraft feature, it motivated me to delve into the understanding FinTech and the concept of overdraft and lending. The insights I gained now influence my approach to every project I undertake.

Reflecting on this project, it's clear that the journey from concept to implementation was marked by collaboration and creativity.

The introduction of the gamification feature, in particular, showcased how innovative thinking can enhance user engagement and financial responsibility. By tapping into human psychology and the desire for rewards and recognition, we've created a more interactive and enjoyable financial experience.

This project also reinforces the importance of always putting the user first and adapting to their needs and preferences.

Next Project

Eniayo Bamidele