Unlocking Efficiency in Trade Finance: A Case Study in User-Centered Design
YEAR
Mid 2022—Early 2023
PLATFORM
Web and Mobile
MY ROLE
Senior Product Designer
Introduction
Fishtail is a leading provider of trade finance solutions, leveraging technology to enhance efficiency and transparency in global trade.
They utilize advanced data analytics and machine learning to assess creditworthiness and risk, ensuring fast and reliable decision-making. Their commitment to innovation and customer satisfaction has made them a trusted partner for businesses worldwide.
My Role
I'm was lead product designer for the borrower side of this project. I collaborated with product designers and product managers throughout this project.
Challenge
The trade finance industry was plagued by inefficient manual processes, lack of transparency, fragmented systems, and limited investment opportunities. These challenges hindered the efficiency, security, and accessibility of trade finance for all stakeholders, including trade finance managers, borrowers, and investors.
PROBLEM #1
Manual Processes
Time-consuming and error-prone manual tasks slowed down transactions.
Example
A trade finance manager spends hours manually reviewing trade documents, which involves accuracy, completeness, and compliance checks. This can lead to significant delays and negatively impact customer business operations.
Impact
The manual nature of trade finance processes can create significant inefficiencies, delays, and risks. By automating these tasks, Fishtail's platform aimed to address these challenges and improve the overall efficiency and effectiveness of trade finance transactions.
PROBLEM #2
Lack of Transparency
Limited visibility into trade finance processes hindered trust and collaboration.
Example
A trade finance manager's inability to track real-time letter of credit application status, relying on manual communication and follow-ups, can create uncertainty, delays, and impact customer satisfaction.
Impact
The lack of transparency in trade finance processes can create significant challenges for both banks and their customers. By providing real-time visibility into transactions, Fishtail's platform aimed to address these issues and improve trust, collaboration, and overall efficiency.
PROBLEM #3
Fragmented Systems
Multiple systems and platforms made it difficult to manage trade finance operations.
Example
A trade finance manager's use of multiple systems for different aspects of trade finance can create inefficiencies and delays due to system switching and manual data reconciliation.
Impact
Fragmented systems can create significant challenges for trade finance managers and their customers. By integrating these systems into a unified platform, Fishtail's solution aimed to address these issues and improve efficiency, collaboration, and the overall customer experience.
PROBLEM #4
Inadequate data management
Inadequate data management leads to difficulties in accessing, analyzing, and utilizing data effectively.
Example
A trade finance manager struggles to retrieve and analyze historical data on trade finance transactions. The data is scattered across multiple databases, making it difficult to access. This lack of data management can affect decision-making and risk assessment.
Impact
Inadequate data management can create significant challenges. By implementing effective data management practices, banks can improve decision-making, risk management, compliance, and overall efficiency.
Goals
Automating Tasks
Implementing automation to reduce manual effort and improve efficiency.
Enhancing Transparency
Providing real-time visibility into trade finance transactions and data.
Integrating Systems
Creating a unified platform to streamline workflows and reduce complexity.
Expanding Investment Opportunities
Connecting investors with a wider range of trade finance deals.
User Personas
To make sure our new trade finance platform worked for everyone, I created user personas for the two main groups: trade finance managers and borrowers. These personas were based on what we learned from our research.
Borrower
They need a simple application process, clear communication, and quick help to grow their business, improve their cash flow, and handle the risks of international trade.
Credit (Trade) Risk Manager:
Worried about the borrower's creditworthiness. Wanted to know about their financial history, trade history, and ability to repay the loan.
Relationship Manager
Focused on building and maintaining good relationships with borrowers. Prioritized effective communication, collaboration, and addressing any issues.
Loan Operations Manager
Concerned with executing payouts to suppliers and ensuring efficient loan operations. Wanted to make sure loans were disbursed on time and repayments were collected promptly.
Repayment Management Manager
Legal and Compliance Manager
Ensured the loan complied with legal requirements. Wanted to ensure the loan was structured correctly and provide guidance on legal and compliance matters.
My Design Process
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Design Sprints
We held design sprints to foster cross-functional collaboration within our company. Product Designers, Product Managers, and Developers joined forces to brainstorm solutions for our users' current pain points. Our aim was to create a significantly better user experience than what they were accustomed to.
Research
For me to design the trade finance platform effectively, a thorough understanding of the manual workflows of trade finance managers and borrowers was essential. This involved conducting qualitative and quantitative research methods to gather a comprehensive understanding of their needs and requirements.
User Flows
We mapped user journeys and flows so the designs would be straightforward and intuitive, focusing on providing easy access to the most important information and functionality.
Below you can check high-level and samples of the process.
Final Designs
We went through multiple iterations. The initial designs went through several tests, discussions with development and operations teams to ensure we have a scalable user experience.
Design Library
I established design principles to guide the overall look and feel of the platform, including elements such as typography and color palette. After this, I created a library of UI elements, along with design patterns and templates for common pages.
I utilized the IBM Carbon design library as well as creating custom components & styling.
Why Carbon? Carbon is inclusive, modular and flexible, puts the user first, and builds consistency. Additionally, developers have a bank of ready-made code that helps with production speed. Components are widely accessible and usable with all well-regarded design tools such as Figma, Adobe XD, Sketch and many others.
Here's a glimpse into the platform's design, incorporating our design library's typography, color palette, UI elements, and other components. These screens illustrate how I've designed the platform with trade finance managers and borrower's specific needs in mind.
User Testing and Key Results
The user testing conducted with trade finance managers and borrowers provided valuable insights into the usability and functionality of the prototyped trade finance platform that can be checked below. Participants provided feedback on areas for improvement and suggestions for enhancing the platform to better meet their needs.
KEY RESULT #1
Increased
Efficiency
The platform simplified trade finance processes by automating tasks, making financing faster and more organized. This improved efficiency for trade finance managers and borrowers, speeding up the overall process.
KEY RESULT #2
Reduction in Manual Workflows
Eliminated manual tasks and paper documents. This saved time, reduced paperwork, and ensured important documents were secure. Everything is stored digitally for easy access, making the process more efficient and reducing errors.
KEY RESULT #3
Enhanced User Experience
The platform has a user-friendly interface and streamlined tasks, making it easy to access information and complete actions. This improved user experience and made the platform enjoyable and straightforward to use.
KEY RESULT #4
Improved Security and Transparency
Protected sensitive information and provided a clear view of the process for all parties involved. This increased trust, reduced risks, and ensured data security, benefiting trade finance managers, borrowers, and investors.
Looking to start a project or you need
consultation? Feel free to contact me.