Elevating Payment Reporting & Reconciliation Experience
MVP Design and near-term strategy for elevating reconciliation user experience on RippleNet Home
COMPANY
Ripple
TIMELINE
2 Months
(June - August 2023)
TEAM
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Product Design Intern (Me)
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UX Research Team
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Product Manager
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Design Systems Team
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Engineering Team
ROLE
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User Journey
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Information Architecture
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MVP Design
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Prototyping
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Visual Design
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Product Strategy
As per the terms of a signed NDA, I am unable to publicly share any project visuals or images. However, I'd be delighted to connect further and discuss the project in detail. Feel free to reach out to initiate a conversation.
Chapter 1: What Went Down
The Reconciliation Saga.
In the realm of modern FinTech, ensuring seamless transactions and accurate record-keeping is a universal challenge. Payment reconciliation, the process of aligning incoming and outgoing funds, has emerged as a critical hurdle for businesses and individuals utilizing innovative payment systems.
Escalated regulatory oversight, mounting data volumes, and intricate financial products have necessitated the daily operation of numerous reconciliations. Clarity on payments becomes crucial.
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The path ahead demands a comprehensive approach to addressing the intricate pain points associated with payment reconciliation.
Prompt.
How might we optimize payment reporting and reconciliation customer experience while establishing a centralized repository for accurate and up-to-date payment data
Chapter 2: Reseach Synthesis & Empathy
Understanding Users.
Collaborating closely with the UX Research team, we meticulously crafted user profiles that capture the diverse spectrum of reconciliation oversight and processes, influenced by factors such as company size.
As a result, our design approach needed to seamlessly accommodate this deserving portfolio of users, catering to their unique skill sets and responsibilities.
Chapter 2: Reseach Synthesis & Empathy
Decoding Pain Points.
To precisely identify the issues, I employed two key strategies:
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Thoroughly reviewed reports from User Experience Research (UXR) and Product Management (PM), which encompassed more than 10 customer product walkthroughs, user interviews, and Product Requirements Documents (PRDs).
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Conducted an in-depth analysis of previous design endeavors, both successful and unsuccessful, executed by other designers.
By employing these approaches, I successfully distilled the information to outline four core pain points.
01
Inflexible Data Retrieval
Lack of flexible filters, causing inefficiencies in reconciliation efforts.
02
Limited Payment Flow Visibility
Inaccurately assessing transaction details and reconciling funds, hindering decision-making.
03
Manual Data Handling and Repetitive Processes
Daily manual extraction and transformation of data lead to inefficiencies and drain valuable resources
04
Reporting System Rigidity
Customization options are lacking, impacting efficient report generation.
Design Process.
Chapter 3: Crafting Solutions
Solution
Overview.
Navigating within a limited 2-month timeframe, I strategically deconstructed the solution into four distinct steps.
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This approach aimed to address the most easily achievable improvements initially, allowing us to target the low-hanging fruit and make efficient progress.
Optimized Search & Downloading Experience
Introduce minimum effort enhancements for filtering options for data retrieval
Automated Reporting Experience
Eliminate manual report generation by implementing automation
Customization for Tailored Reports
Offer customization options for generating unique, user-specific reports
Enhanced Payment Flow Visibility
Provide clear visibility into payment flows for accurate reconciliation
Chapter 3: Crafting Solutions - Part 1
Optimized Search & Downloading Experience.
Starting with the low-hanging fruit first, our primary objective was to swiftly create a solution that required minimal development effort yet produced significant results. During this process, we identified a customer challenge related to the application of filters, leading to delays and inconveniences in retrieving payment data.
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Presented below is a concise overview of my thought process and the systematic approach I undertook for both conceptualization and execution:
Competitor
Analysis
Moodboard
Whiteboarding
Feature Exploration
Final Output
User Test
Iterations
Feedback Sessions
Chapter 3: Crafting Solutions - Part 2
Reporting & Reconciliation
Project's Phase II involved creating an MVP to streamline payment reconciliation. Currently, the users struggled to find answer to with basic questions like:
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Where is my money?
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What’s the status of my payment?
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What’s my wallet/account balance?
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What’s the single truth of payment history?
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How muchdoIowetowho/Whoowesmemoney?
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How should I split or rebalance the money under different scenarios?
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We introduced a one-stop solution - the Reporting and Reconciliations page, acting as a unified hub to address diverse payment queries and needs. Here's an overview of the site map's evolution:
Stage 1: Pen & Paper Brainstorming with PM
Feedback, Feedback, Feedback
Stage 2: Whiteboarding, feedback and iterations with the design team
Site Map - Version 1
Feedback, Feedback, Feedback
Stage 3: Wireframes & first draft (MVP)
Chapter 3: Crafting Solutions - Final
Site Map
Here is the comprehensive site map, showcasing both the MVP features and potential future ideas:
Chapter 4: Reflections & Comments
Challenges
01
Understanding the Uncharted
Creating a new flow from scratch within a within a tight timeframe and an industry with no prior experience.
02
Balancing Effort and Impact
Striking equilibrium between building solutions with minimal effort, seamless migration, and yet delivering a substantial transformative impact.
03
Design Complexity
Identifying designs with longer development timelines and evaluating their feasibility within the project's scope.
Chapter 4: Reflections & Comments
Impact & Testimonials
The project proved to be of immense value to Ripple, aligning closely with their long-standing implementation plans. This opportunity allowed me to present my designs to senior leadership, including the CTO, VP of Design, and Director of Strategy.
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The final impact can be broadly categorized into 4 points:​​
Approximate 80% reduction in payment data retrieval time through enhanced filtering mechanisms.
Streamlined payment accessibility, minimizing the interaction steps from 15 clicks to just 2 clicks.
Enhanced payment transparency by implementing advanced reporting and automated reconciliations.
Cultivated stronger trust with Ripple, consequently driving substantial customer growth.
I'm writing to kudo Kabeer for his outstanding work on the recent project at Ripple. He joined the team with no prior experience in FinTech or crypto products, but he quickly learned the ropes and made a significant contribution to the project.
Kabeer was proactive and always willing to ask questions and collaborate with stakeholders. He was also very creative and came up with a wide range of design explorations. He was also thorough in socializing the design internally and proposing designs for external user validation.
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Despite the short timeline, Kabeer was able to wrap up the project in a well-documented and actionable stage. His energy and enthusiasm are a valuable asset to any team, and I'm confident that he will continue to do great things in the design field.
Amy Chiang
Product Design Lead