Enhancing financial inclusion for new Americans and immigrants

Despite the increasing demand for financial services among new Americans and immigrants, many are unable to access traditional banking due to the requirement of SSNs. This practice limits tons of people's ability to save, invest, and participate fully in the economy.

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Timeline

1 week sprint

Role

Lead Designer

Team

Alex (Project Lead)
Mercy
Adrian

Overview

During the first quarter of 2024, as part of a design sprint, I had the fantastic opportunity to work on a new feature for Waya, a neobank aimed at providing financial inclusivity to new Americans and immigrants to the US.

What are users actually going through?

I conducted three interviews with key stakeholders between the ages of 25-45. Going in, I had a few things I wanted to accomplish by this stage:

Understand user challenges

Gain insights into the unique challenges new Americans and immigrants face in accessing financial services.

Identify pain points

Identify user frustrations in navigating current financial solutions to uncover key areas for improvement.

Validate Assumptions

Validate user needs through direct feedback, ensuring the solution tackles real challenges effectively.

Analysis of the research findings

The feedback collected from the research phase brought to light a few key findings.

Documentation Challenges

Users face significant barriers in accessing traditional banking services due to stringent documentation requirements, particularly the need for Social Security Numbers. This limitation restricts their ability to open accounts.

Financial Exclusion

The inability to open bank accounts leaves immigrants financially excluded, forcing them to rely on alternative financial services with high fees and limited functionality. Some express frustration over the lack of accessible and affordable banking options tailored to their needs.

Trust and Rapport

Establishing trust and rapport with users is essential for engagement and adoption. Demonstrating empathy and actively listening to their concerns fosters a sense of ownership and investment in the solution.

The problem

Immigrants and new Americans have trouble accessing financial services as bank require them to provide SSNs.

Users express concerns about the security and privacy implications of providing personal information for account verification purposes. Fear of identity theft or misuse of personal data undermines trust in financial institutions and digital platforms.

The goal was to simplify the onboarding process for new Waya users, implementing a way to open an account without needing a social security number, so they can get to save, send and spend money as fast as possible.

How might we solve for this problem

Crafting a solution framework based around the research findings.

How might we simplify the account opening process for users who lack traditional documentation?

Develop a flexible account opening process that accepts alternative forms of identification, such as international passports, driver's licenses, or government-issued IDs from the user's home country

How might we ensure the security and privacy of users' personal information while facilitating the account verification process, instilling trust and confidence in our platform?

Implement robust encryption protocols to safeguard users' personal information during the account verification process. Provide clear and transparent communication to users regarding the security measures in place, reassuring them of the platform's commitment to protecting their privacy.

How might we design a user-friendly and intuitive digital flow that accommodates varying levels of digital literacy, ensuring accessibility and ease of use for all users?

Design an intuitive interface with clear navigation and visual cues to guide users through the account opening process step by step. Offer interactive tutorials, tooltips, and help sections within the platform to provide assistance and guidance to users.

Looking back...

What went well

This project successfully employed a user-centric design approach, gathering insights from user interviews to understand the needs and pain points of users, which informed the development of solutions tailored to address their specific challenges.

The solution successfully navigated regulatory requirements, including tax compliance and ID verification, by incorporating the W-8BEN form into the account opening process, demonstrating a commitment to legal and regulatory compliance while also prioritizing user needs and accessibility.

What didn’t go so well

The implementation of these advanced verification methods presented technical challenges and complexities. This resulted in delays during the development and rollout of the feature.

There was a significant time constraint for the ideation and implementation of the feature, which may have cause us to overlook a few key areas.

This challenge wasn’t short of lessons

User-centric design 🔑

Prioritizing a user-centric design approach is crucial for developing solutions that effectively address the needs and challenges of the target audience. By empathizing with users and understanding their unique circumstances, we can create more impactful and inclusive products.

Regulatory compliance 💯

Compliance with legal and regulatory requirements is essential, particularly in highly regulated industries such as fintech. Prioritizing compliance from the start of the project ensures that innovative solutions are developed within the boundaries of applicable laws and regulations.

Innovation 🤝 Collaboration

Innovation thrives on cross-functional collaboration and diverse perspectives. By fostering collaboration between design, engineering, compliance, and other teams, we can leverage a wide range of expertise to develop innovative solutions.