Velo by East West Bank
Velo by East West provides a CD (Certificate of Deposite) for the customers who have a checking account with us. This product helps the customers gain interest if they agree to leave a lump-sum-deposit untouched for a predetermined period of time. My gold as the lead product designer for the CD product is to create a seamless experience for our users to apply for the CD on their mobile app. We started this project in February 2019, and the main concept is having the users interact with the app to find their desired CD amount and CD term to gain interest.
How might we help our customers to decide on the CD terms?
We started by researching on other banks’ CD application. By doing this exercise, we have a solid understanding of the general landscape of the products we will compete with, identify user types, and compare visual and language styles.
This is the most fun part, I challenged myself to sketch as many ideas as possible within the timeframe only using paper and pen. This is a very efficient way of communicating design while allowing me to try out a multitude of ideas. I came up with 25 ideas and I went over again to subtle with 5.
Next, I transfered the 5 solutions to make a quick wireframe digitally, then present them to the team to have a critique session.
Per the ideation review, we want to invest solution #2 and solution #4. I created the prototypes for both solutions using Principle. Then we recruited 13 users to conduct an A/B test. Based on the testing, 9 out of the 13 participants prefered the solution #2, and 4 out of the 13 participants predered the solution #4.
While the users are applying for the CD, we want to delight the experience. Motion and animation can be helpful and communicative if used with restraint.
This project is pretty smooth from the beginning to the end. The stakeholders and the users are very satisfied with the experience. Because this project is well planned, we deliver the working product before the timeline. It gives us more time to QA. After this product launched, we received more applicants than we expected.
There is more to do. We are getting customer feedbacks on they want to see the comparison of gains on each CD term. This will be the next goal for this product.