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A case study to enter the Hong Kong market
A case study to enter the Hong Kong market
Bye bye bank fees, hello world.
• The real exchange rate
• You always know where your money is
Background Research Ideation Journey User Flow Wireframe Process
* Taken from https://transferwise.com/hk
Three things we believe about sending money.
• It should be low-cost and fair.
• It should be easy.
• It should be fast.
Background Research Ideation Journey User Flow Wireframe Process
* Taken from https://transferwise.com/hk
Current offerings.
Hong Kong Global
Send money ! !
Receive money " !
Debit card " !
Business (We’re only looking at consumer side today)
Ideation Journey User Flow Wireframe ProcessResearchBackground
* Taken from https://transferwise.com/hk
Current offerings.
TransferWise HSBC OFX
Exchange rate 5.8309(SGD1715.88)
5.8697(SGD1703.67)
5.9451(SGD1682.05)
Transaction fee HKD54.04 HKD65 HKD60
Time 19 mins Instant for exchangeUnknown for transfer Same day
Ideation Journey User Flow Wireframe ProcessResearchBackground
Example: Transferring HKD10,000 to SGD on 14 April, 2019
Nomads Hunters
Best deal on pricePrefer traditional banks
Expect price gains for data
Highly digitally activeValue self-service toolsShare data for benefits
Quality Seekers
Trust traditional banksPay for quality
Share data for personalised services
Ideation Journey User Flow Wireframe ProcessResearchBackground
* Accenture article: https://financialservicesblog.accenture.com/nomads-hunters-and-quality-seekers.
Australia
Hong Kong
Indonesia
Japan
Singapore
Thailand
0 25 50 75 100
Nomads Quality Seekers Hunters
Ideation Journey User Flow Wireframe ProcessResearchBackground
* Accenture article: https://financialservicesblog.accenture.com/nomads-hunters-and-quality-seekers.
Personas vs Population.
Edwin Li“I’m in love with anything fast and easy”
#funfunandmorefun #aroundtheworld
#workhardplayhard
Age Gender Work Family Location
28 Male Assets Management Parents in Singapore Singapore / Hong Kong
GoalsManaging all my finances online Automating monthly transfer to family in Singapore Good FX rate for online shopping and travelling Minimising transaction fee and getting good FX rate
FrustrationsBank telegraphic transfers and credit cards charge a high transaction fee and have poor FX rate Online banking services often looks crippled and are very unfriendly to users
TechnologyPrice sensitivity
Value for convenience
25 50 75 100
Sophia Qian“Convenience is the most important driving force”
#familyfirst #controlfreak
#premium
GoalsPaying for mortgage and my son’s tuition fee in Australia at a reasonable FX rate Monitoring my son’s expenses in Australia Automating financial services to save time Gaining full control and transparency of my finances
FrustrationsOnline banking services by traditional banks are hard to use Hidden fees charged by banks may add up to a huge sum as I make monthly instalments
Age Gender Work Family Location
42 Female Head of Marketing Lives with husband Hong Kong
TechnologyPrice sensitivity
Value for convenience
22.5 45 67.5 90
A new tailored service experience.
• To take advantage of the overlapping attributes between Nomads and Quality Seekers
• To enhance the current experience with more tailored services for the 2 personas
Journey User Flow Wireframe ProcessIdeationBackground Research
Nomads
Highly digitally activeValue self-service tools
Share data for benefits
Quality Seekers
Trust traditional banksPay for qualityShare data for
personalised servicesShare data for
personalised servicesShare data for benefits
Journey User Flow Wireframe ProcessIdeationBackground Research
* Accenture article: https://financialservicesblog.accenture.com/nomads-hunters-and-quality-seekers.
Brainstorming & Evaluation.
Joint account Stored value card Budgeting Browser extension
Recurring payments
Business strategy ! ! " ! !
Legal compliance " * " ** ! ! !
Tech feasibility ! ! !"
(out of scope) !
Background Research Ideation Journey User Flow Wireframe Process
* Banking licence required ** SVF licence required
Success Metrics.
To achieve 20% growth rate of Quality Seekers* in 6 months after launch
* Quality Seeker refers to users of [age range], [income range] and [other attributes].
Background Research Ideation Journey User Flow Wireframe Process
Customer Journey.
Background Research Ideation Journey User Flow Wireframe Process
“My son’s going to Australia for college education”
Research by online reviews, asking friends, etc.
Input local and foreign currencies, amount, instalments
Get notifications, track transaction records
Anxiety levelhigh low
#1WOM, ads,App/Play Stores
#2Web/mobile apps
#3Push & email notifications,web/mobile apps
Need arises Discovery Setup Payment & Post-X
Touc
hpoints
Actio
ns
Add a Schedule
1. Name the transfer 2. Add a recipient 3. Transfer details 4. Set up schedule 5. Tie a bank acc.
Activity Transfers Send MoneyAccount Recipients Invite
Recurring
Edit Schedule
1. Edit details 2. Activate/Deactivate 3. Delete
Schedule?
Instanttransfer
History
! "+#
Background Research Ideation Success User Flow Wireframe Process
Background Research Ideation Success Wireframe ProcessUser Flow
Background Research Ideation Success Wireframe ProcessUser Flow
The Process.
Background Research Ideation Journey User Flow Wireframe Process
• Identify the needs
• Collect information
• Develop possible solutions
• Evaluate & define scope
• Implement
• Collect feedback
$
%
&'
(
)
∞
Agile.
Background Research Ideation Journey User Flow Wireframe Process
Week 0
Prelim. project definition
Research & Ideation Legal, Growth, Devs, Data
High-level requirements Service design, Product owner
UX design
UI design
Backend
Frontend
Testing Test plan UAT, integration & loading tests
Research Needs & Techniques.
Background Research Ideation Journey User Flow Wireframe Process
• Fin: Compliance is key; Tech: Emphasis on tech capabilities
• User-centric:
• interviews, focus groups, workshops
• safari research: user behaviors, experiments
On cultivating a collaborative project team.
Background Research Ideation Journey User Flow Wireframe Process
• Involvement
• involve project team from early on
• daily standup meetings to clear roadblocks
• (bi-)weekly sprints
• retro meetings
• Trust, constructive criticism
