CD Maturity
Overview
This CD account feature added the convenience of allowing customers to access their accounts and perform transactions 24/7 from anywhere, and eliminated the hassle of trying to fit in time to visit a bank branch during business hours. The ability to self serve on CD maturity options within the mobile banking app helps the bank by reducing operational costs for banks by decreasing the need for physical branches and paper statements. These savings can be passed on to our customers through better rates and lower fees.
Approach
As I approached the design of the CD maturity experience within our mobile banking app, I knew I had to create something that was both functional and user-friendly. The story of this design process is one of careful consideration, iterative improvement, and a relentless focus on the user's needs.
I began by focusing on the essential features that would form the backbone of the experience. The CD maturity process needed to fit seamlessly into the app's existing intuitive account management system. I envisioned users easily accessing their CD information alongside their other accounts, with clear visibility of maturity dates and options.
To complement this, I integrated the CD maturity process into the app's transaction history feature. Users could now search and filter their CD-related transactions, providing a clear picture of their investment's performance over time. Of course, security was paramount, so I ensured that any actions related to the maturing CD – whether reinvesting or transferring funds – were protected by the same robust security measures as other fund transfers within the app.
With the core functionality in place, I turned my attention to optimizing the user experience. I knew that dealing with a maturing CD could be stressful for some users, so I was determined to make the interface as clean and visually appealing as possible. I used calming colors and clear, concise language to guide users through their options.
But my work didn't stop there. I adopted an iterative approach to refine and perfect the experience. I created prototypes and put them in front of real users, gathering their feedback and insights. It was fascinating to watch users interact with the designs and hear their thoughts.
One user pointed out that they'd like to see how different reinvestment options would affect their returns over time. This led me to develop a simple projection tool that became a popular feature in later iterations.
Another user struggled to find where to set up alerts for upcoming CD maturities. This feedback prompted me to redesign the alerts section, making it more prominent and user-friendly.
Through multiple rounds of usability testing, I continued to identify pain points and address them. The CD maturity experience evolved from a functional but basic process into a smooth, intuitive journey that users actually enjoyed navigating.
Results
Design
Navigation was key. I created a clear structure that allowed users to easily move between viewing their CD details, exploring reinvestment options, and initiating transfers. For users new to the CD maturity process, I developed a guided tour that walked them through each step, explaining terms and options along the way.
Accessibility was always at the forefront of my mind. I ensured that the CD maturity experience was fully navigable by screen readers and designed the color scheme to be friendly to users with color vision deficiencies.
Obstacles
A major hurdle in the process of creating the design solution for CD maturity, was delivering a complete solution, providing all options a customer would be capable of completing in a bank branch. This was important to allow our customers to re-invest their CD balance in a new CD account with our bank, keeping their investments within the ecosystem of products offered at our bank and strengthening the relationship with our customers.
Another design hurdle for this flow was the need to create a solution adaptable enough to work with several third-party vendor's platforms, but maintain a consistent design pattern across all transfer types, including internal and external transfers, bill payment, loan payment, mortgage payment, and CD redemption.
Overall Impact
The ability to self serve on CD maturity options within the mobile banking app helps the bank by reducing operational costs for banks by decreasing the need for physical branches and paper statements. These savings can be passed on to our customers through better rates and lower fees.
The story of designing this CD maturity experience is really a story of listening – to users, to data, and to the ever-changing needs of our customers. By staying committed to this iterative, user-centered approach, we created a feature that not only met the basic requirements but exceeded user expectations, setting a new standard for how banking apps handle CD maturities.