➔ Oraan is a digital collective-finance product to help women manage their finances and participate in saving comittees.
ROLE
Project Lead; Design Research; Product Design Lead; UX Writing
Context
A big obstacle that often comes in the way of including women in the world of digital formal finance is crossing the point of verification. Many lack the necessary documents and others are concerned about sharing personal information.
Oraan, a fintech provider with a focus on women users, saw an overwhelming challenge – a 64% drop-off rate in their sign-up and application journey.
IDEO partnered with Oraan, a neobank for women, to help them reduce drop-offs in their account sign-up journey and to help them scale to include more underserved women by making their verification flow more trustworthy and accessible.
Through an extensive research project across cities and users, we found that although financial verification questions are meant to increase security and improve options for users, they can often be triggers of exclusion that reinforce the status quo and imply that financial wellness is only for some. Starting a user experience with questions on income level or home ownership can create feelings of unworthiness among users, especially women who may have less power.
I led a team of researchers, designers and closely collaborated with the Oraan product development team to reimagine their onboarding and ‘Know-Your-Customer’ experience – reframing the language to be more inclusive, breaking up document upload into phases, baking in more clarity around what was needed and why, and customizing verification to financial needs of the user.
Impact
The revised flow has led to 50% increase in new women users. This also reduced the load on Oraan’s back-end systems: the new KYC process led to higher-quality documents submitted by women in order to access digital financial services.
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