BY NICOLAS CANDELARIA

Chakra Case Study

Rethinking international money transfer

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View Prototype here
OVERVIEW

Why I started this project

I found that transferring money was such a simple concept. A concept that could be executed quickly and efficiently, benefiting millions globally. However, it is currently slowed down by financial institutions and flooded with hidden fees.

I decided to build upon the current framework around money transfer. A conservative estimate shows that it can be at least 72x faster than traditional services.

COMPETITIVE SPACE

Competitive outlook

The competitive space of this product has a lot to improve on as most products currently deal with intermediaries who take a slice out of the money transfer while taking more time processing the transaction. Our product currently eliminates the need for these intermediaries, thereby reducing fees and vastly improving the speed at which money is sent.

COMPETITIVE SPACE

Paypal

  • Takes 3.5% when receiving payments from a foreign currency and takes 4.5% when sending money in a foreign currency.
  • Paypal informs you of the deductions after you have already sent the money.
  • Paypal’s currency calculator doesn’t show how much the fees are and only shows an oversimplified calculation.
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COMPETITIVE SPACE

Western Union

  • Slightly more transparent than Paypal regarding user fees by using a more accurate calculator.
  • Ridiculously long time to process the money unless an additional fee is paid.
  • Penalty on exchange rate is not mentioned in the final transaction.
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OUR PRODUCT

How my product works

The issue with the current model is that it requires at least 3 intermediaries to operate; the 2 banks on both ends of the transaction and the money transfer platform ie. Western Union, Paypal, etc. My product leverages the blockchain so that the only intermediary is Ethereum, a popular and widely used currency.

Think about it like this:
If Jack lives in Canada and wants to send CAD 200 to Steve in Australia, he can put money into Chakra.
Chakra then buys CAD 200 of Ethereum in the Canadian market.
Chakra then pushes the CAD 200 of Ethereum from their Canadian wallet to their Australian wallet.
These tokens are then sold instantly and the money is converted into AUD from Ethereum.
With this more efficient model, hidden fees and long transfer times becomes a thing of the past.
PERSONS

Target demographic of the product

I ran an online survey and found 2 participants that I found exhibited the majority of traits among all surveyed. I focused on looking at exactly what they needed from money transfer interfaces and the frustrations that they had from existing apps. I specifically asked questions about their needs and frustrations with money transfer apps.
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  • We concluded that the main demographic using money transfer services are frustrated with transaction fees.
  • Slow transfer times and closure on weekends for some banks make sending payments difficult.
  • There needs to be more education for blockchain in the financial sector.
STATISTICS

Statistics

Biggest international credit card worries:

Card loss/theft: 47%

Exchange Rate: 24%

Foreign transaction fees: 18%

Overspending: 11%

3/4 of the biggest issues were related to the cost of transactions.

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STATISTICS

Statistics

WalletHub conducted a nationally representative online survey:

61% of people don’t think it’s fair that banks have continued to charge foreign transactions fees during the pandemic.

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FINAL PRODUCT

Hi-Fi

Landing Page

Our landing page features our two products ChakraTransfer and ChakraPayroll.

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Developer Page

Developers can learn about our technology and contribute to our API.

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Support Page

People can reach out for help by contacting our support team and a FAQ section for questions.

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SCREENS OF THE APP

Returning user dashboard

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SCREENS OF THE APP

New user dashboard

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SCREENS OF THE APP

Ability to pick between wallet and card

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SCREENS OF THE APP

Progress updates in transaction progress

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THE BLOCKCHAIN

The issues with the blockchain

Something to keep in mind is that the blockchain is more of a novel concept and users can be hesitant to use this technology. I have done my best by including pieces of information and disclaimers throughout the user flow without interfering with the mental model of the user. I have experimented with the usage of tooltips however the popups were found to be detrimental to the user’s flow.

Research and testing

Research and testing

I consulted some thought leaders in the field for feedback on the flow, including designers at the Bank of America, Paypal, Citibank, and Coinbase. Here are some of the screens that I improved with their feedback.

Before
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After
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For the new iteration, we added the balance next to the card and wallet so the user knows if they have enough money

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After
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For the new iteration, we moved the send and request money to the dashboard rather than have it take up in an entire screen in the flow to simplify the customer journey and process

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After
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For the new iteration, we removed tooltips and added a descriptive blurb below the title as there are more proximity and popups are unneeded, feeling out of place in the old iteration

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After
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For the new iteration, I removed monthly balance and your transaction in progress as users won’t want to see how much money they lost or gained and your transaction in progress isn’t needed

TAKEAWAYS

Takeaways

Research and user testing are crucial to product design
After finishing this project, I found that researching and user testing are what led to most of my breakthroughs in interface design. The feedback and analysis of the user’s behavior as they went through the flow of the app was crucial in modifying elements and the content on the page.
Awareness of the changes to the interface can drastically affect the business
I found that even minor changes to the interface can affect the business of the company to a great degree. A poorly worded element can be the difference between hundreds of thousands of dollars lost or a successful business quarter. It is important to find the fine line between an efficient and a descriptive interface.
FUTURE ROADMAP

Future roadmap

More of my work