Overview

Banking as a Service in Cannabis

This cannabis marketplace company was looking to offer a white-label digital banking platform to enhance user experiences for businesses within the B2B platform, and to address the profound banking challenges of existing and prospective customers. Banking will accelerate the strategic goals of driving platform adoption, promoting stickiness, and increasing revenue.

Year

2023

Industry Verticle

Fintech

Project Type

UX/UI & Responsive Web Application

Role

Lead UX Desginer

Problem Statement

The cannabis market needs more robust banking solutions because of limited banking access, high fees, and hindering legacy fintech.

Our Approach

 

Discover & Define

Who are our customers, and what are their needs, pain points,
and hindrances?

 

Ideate & Design

How can we serve their needs, solve their pain points, and incentivize them to adopt our service?  What does that process and product look like?

Discover

User Interviews
& Market Research

 

Our initial focus was on creating a user research plan, which involved identifying the purpose of the research, assigning roles and responsibilities, determining incentives, tools, and costs, as well as developing an outreach strategy and any necessary prerequisites.

Following that, we defined the target customer segments and outlined specific discussion topics and research questions. These insights were crucial for informing our product strategy and design decisions.

Additionally, we conducted competitive research to gain clarity and navigate potential challenges that might arise later in the process.

07

Participants

04

Customer Segments

09

Common Themes

75

Insights

Quotes

Current Banking Experience

 

“What would I like them to have? More digital processes for everything. It’s all so old school.”

 

James, Joyology, Controller

Account Features & Services

 

“You could include all sorts of cool things like orders delivered, wholesale sales, and my month-end auditing without me having to do it.”

 

Jess, Nature’s Realf, CFO

Interview Findings

Key Insights & Takeaways

01 - Transcribed & Themed

These are the transcribed words of the interview participant organized into themes.

02 - Key Insights Refined

These are the refined insights based on organized by participant. and theme from the participants interview.

03 - Summarized

These are the summaries from each participant categorized by their them

Competitor Research

 

During competitor research, we analyzed specific metrics and key performance indicators relevant to the banking sector. We examined a diverse range of banks, including major players like Bank of America, as well as banks with a focus on start-ups and those catering to the cannabis industry, such as Valley Bank.

KPI's & Metrics Analyzed
  • Differentiator
  • Features
  • Target Audience
  • Usability
  • First Impressions
  • Products & Services
  • Visual Design
  • Progress bar
  • Application Difficulty
  • Price Point/Minimum Deposit
DEFINE

Personas, Journey Mapping
& User Statements

User Personas

To streamline our efforts, we chose to concentrate on two participants. This decision served two purposes: first, it helped us prioritize the minimum viable product (MVP), and second, these participants displayed the highest enthusiasm for adopting the new service.

Journey Mapping

Journey Mapping is a great method to help you understand the user’s journey through the lens of a customer lifecycle by focusing on the different stages, and actions of both the business/product and the customer.

Problem, User Need,
& How Might We Statements

These methods are a part of my process to help the team look at the problems and needs for our personas more specifically but make sure we are looking at how we can look at the problem from more than one angle.

Ideate

User Flows & Process Mapping

 

The client’s CFO had limited availability to review the team’s work in detail and requested comprehensive documentation of customer lifecycle stages. To address this, we created an aggregated user flow and process map that outlines the processes, flows, and user-facing content. This documentation provides a clear overview of the customer journey for easy review and understanding.

Please feel free to interact with the iframe below.
Solution

A Tailored, Robust
Banking Service

  • Real-time Account Balance
  • Transaction History
  • Between Account Transfers
  • Send Payments & Add Recipients
  • Documents, Alerts & Statements
Prototype & Design

Go ahead and make your first deposit!

Responsively Designed