THE OBJECTIVE

I set out to challenge myself by designing a digital banking app concept within just 24 hours. After all, a challenge isn’t truly a challenge without a time constraint! My goal was to push my boundaries, step out of my comfort zone, and create a complete end-to-end concept in a single day. The strict time limit was intentional—it allowed me to gauge how much meaningful research I could conduct in a short period and ensure the concept had a solid foundation. Additionally, I wanted to test my ability to work under pressure and deliver a quick turnaround, a valuable skill when working with clients in real-world scenarios.

Through this challenge, I aimed to showcase my research skills and demonstrate my creative thinking, from initial insights to user interface design.

Understanding Digital Banking

“Digital banking combines traditional banking with the internet. It provides regular banking services, but on a website or mobile app.”
— Santander

While researching digital banking, I discovered some striking statistics that highlight the viability of a digital banking app concept. The transition from traditional retail banking to online banking has been dramatic. In just one quarter of 2019, leading digital banks Monzo and Starling collectively attracted nearly 30,000 customers from traditional banks. This figure reinforces the significant rise in online banking compared to conventional retail banking.

As of January 2022, over a quarter (27%) of British adults have opened an account with a digital-only bank, equating to 14 million people. An immense uptake within the digital banking industry which will continue to advance due to the scale and potential for mobile banking applications.

10% of British adults intend to open an account with a digital-only bank by the end of 2022, meaning the end of the year could see the number of Brits with a digital-only bank rise to 19 million (36%). With the smartphone being the preferred method, it provides a huge space for innovation within the market.

(Digital banking users from 2007-2022)

Pros vs cons

  1. Convenience

    24/7 management (internet access)

  2. Security

    Multi-factor authentication

  3. Paperless banking

    Eco-friendly

  1. In-Person Relationship

    Help & Support Crucial

  2. Access to ATMs

    Easy to withdraw cash

  3. Potential to Overspend

    Spending limits are needed

Identifying the target market

UNDERSTANDING THE USER

To gain a deeper understanding of my target user group, I developed a user persona and an empathy map to step into the mindset of someone who would benefit from digital banking. This process helps me identify key pain points, expectations, and essential requirements, ensuring that the concept aligns with real user needs. By mapping out their motivations, frustrations, and behaviors, I can refine the user experience and design features that address their financial habits and challenges, ultimately making the concept more viable and user-centric.

COMPETITOR ANALYSIS

Monzo, Starling Bank, and Revolut dominate digital banking, each with unique strengths—Monzo excels in user-friendly budgeting, Starling in full-service banking, and Revolut in global finance and investments. My concept benchmarks against them by integrating Monzo’s transparency, Starling’s stability, and Revolut’s multi-currency flexibility while differentiating through enhanced AI-driven financial insights. This positions my app as a more personalised, future-ready alternative in the competitive fintech space.

CORE FEATURES & UNIQUE FEATURES

Competitors

Core Features

  1. Manage (add money, statements, account details)

  2. Transfers, Pay Someone and Request Money

  3. Help / Support Section

Unique Features

  1. Savings Pots

  2. Split Bills

  3. Cashback Incentives

Prosper

Core Features

  1. Dashboard to manage and keep track of transactions

  2. Savings feature that keeps track of spending habits

  3. Help / Support Section

Unique Features

  1. Monthly bonuses in the form of a voucher or cashback - encourages users to download the app and receive rewards from not overspending their budgets

SITE MAP & USER FLOW FOCUS

With the limited time that I had to come up with low fidelity sketches and mockups, I decided to focus my time on a few specific flows, rather than attempting to design all the screens with lesser quality. The familiar saying of ‘Quality over Quantity’ came to mind..

Sketches & Mock ups

Conclusion.

Despite the time constraint I set for myself, I am both encouraged and pleased with the artifacts I was able to research and design within a single day. Looking back, I wish I had dedicated more time to the final stages of design to better grasp the full scope of the product.

Through my research, I gained valuable insights into the digital banking industry and was excited to see the remarkable rise in confidence toward banking applications. As a Product Designer, this is inspiring, as it presents opportunities to showcase our skills and craft user-friendly, innovative experiences.

In the future, I hope to revisit this project and refine the areas I couldn’t fully develop. I’d love to expand on the designs and build a prototype to explore the concept in greater depth. Overall, I’m proud of the progress I made in such a short time—it reinforces my belief that with focus and determination, anything is achievable. It’s also reassuring to see that my time management skills are stronger than I expected!