Crypto app
Role
Product designer
Duration
4 weeks
Tools
Cryptocurrency exchange app case study.
Despite their growing popularity, cryptocurrencies are volatile, speculative assets that are susceptible to finicky price fluctuations. Around 10% of UK adults holding or have held crypto assets. *1
In 2021, crypto app downloads and installs skyrocketed by 401% globally, with EMEA leading the way at 572% growth. Sessions also grew significantly by 63% from 2019 to 2020 and then by 567% by the end of 2021.*2
However, the Treasury Committee is calling for consumer trading in unbacked crypto to be regulated as gambling due to its high risk and lack of intrinsic value. Arguing that trading in cryptocurrencies resembles gambling characteristics more than a financial service. *1
Figma, Illustrator, Canva, ChatGPT, Bard.
The problem:
Beginner investors often feel lost and
ill-equipped
The widespread adoption of cryptocurrency apps and the fact that these apps operate under the notion that users have a basic understanding of investing and the cryptocurrency market can leave inexperienced users feeling lost, incurring losses, and possibly abandoning their accounts.
The solution:
Investing readiness onboardings and the integration of generative AI
Improve management skills through education, gaining a better understanding of where and how to start the investment journey. This will help in becoming more organized, proactive, and strategic, while also improving the ability to select and prioritize suitable investments effectively.
1. Investing readiness onboarding:
-
Determine your investment goals, risk appetite, and time horizon.
-
Explore different investment routes, including crypto portfolios and expert strategies.
2. Benefit from an integrated generative AI assistant: to answer questions, provide concise market insights and increase the accuracy of decision-making.
Research - competitive and feature analysis:
Understanding the market and user needs
Users praise some of the existing product's user-friendly interfaces, ease of buying/selling, setup, and activation. They appreciate the different features and options of trading, the card's design and its wide acceptance. Users also value features like demo account creation, clear instructions, staking rewards, increased liquidity, and lower transaction fees.
Suggestions for improvement include enhancing security measures, improving investment management, and addressing customer service and communication issues.
However, challenges for beginner investors remain with the lack of professional account management advice and educational content.
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Research - customers complaints:
Poor account management skills
User interviews and survey:
Understanding the target users
Conducted two interviews to have a starting point for collecting qualitative data about people's experiences with cryptocurrency apps. By asking open-ended questions to capture the interviewee's own perspective
and get a deeper understanding of their experiences. And six surveys by asking a variety of questions to quantify people's experiences with cryptocurrency investing
and to identify areas where there is room for improvement.
Pain points definition:
The struggle to effectively manage and grow crypto investments
Beginner investors often feel lost and
ill-equipped to handle market fluctuations without a solid plan or strategy. They struggle to effectively manage and grow their investments, especially during uncertain times. Many find it challenging to invest significant time in researching and educating themselves about the topic and keeping up with news and updates, as it may not necessarily interest them.
Consequently, there is a need for accessible and user-friendly resources that provide quick and intuitive education and financial tips.
Persona define:
Meet Helena!
Helena, a dentist with limited financial literacy, wants to grow her wealth through crypto-currency investments. She is frustrated by her lack of understanding of the market and her inability to make strategic choices. She seeks simplified investment tools and educational resources to enhance her journey.
Solution Ideation:
Investing readiness onboarding user flow
This user flow introduces a series of six questions. The purpose of these questions
is to gather relevant information that helps understand the user's risk tolerance and investment objectives, to recommend
suitable investment options.
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Solution Ideation:
Low-fidelity wireframes
Investing readiness onboarding user flow.
Solution Ideation:
Low-fidelity wireframes
Risk assessment profile results and different investment routes, including crypto portfolios and expert strategies.
Solution Ideation:
Low-fidelity wireframes
Itzel the platform's AI assistant answers questions, and provides concise market insights to increase the accuracy of decision-making.
Prototyping
.
Prototyping:
Branding and UI kit
*1. Treasury Committee. (2023, May 17). Consumer Cryptocurrency Trading Should Be Regulated as Gambling, Treasury Committee Says in New Report. Parliament.uk. Retrieved from: https://committees.parliament.uk/committee/158/treasury-committee/news/195246/consumer-cryptocurrency-trading-should-be-regulated-as-gambling-treasury-committee-says-in-new-report/
*2. Adjust. (2022, March 8). Crypto & Mobile in 2022 Series Part 4: Sessions & Installs. Adjust Blog. Retrieved from: https://www.adjust.com/blog/crypto-mobile-in-2022-series-part-4-sessions-installs/