Summary
This project consisted in a group of initiatives focused on the design of a set of back-office tools that served different company departments
We designed a group of products that centralized and streamlined processes such as the Business account opening, the Know-your-client (KYC) procedures, Economic Group Management among other things.
We managed to reduce the average time for account opening processing, SLA, and KYC analysis.
We managed to reduce the average time for account opening processing, SLA, and KYC analysis.
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Client • XP Inc - Financial Services
Role • Senior User Interface Product Designer
Timeline • 2020 - Q1 & Q2 (~2 Months per Initiative)
Metrics and Impact
Results gathered in this project
Context and problem to be solved
1. Company overview
XP Inc. is a leading financial services institution in Brazil, renowned for its innovative approach to investment and wealth management.
It offers a portfolio of services including brokerage, advisory, asset management, financial education and more. Through its robust digital platform, XP Inc provides clients with tools and resources to make informed financial decisions.
It offers a portfolio of services including brokerage, advisory, asset management, financial education and more. Through its robust digital platform, XP Inc provides clients with tools and resources to make informed financial decisions.
2. What we were trying to solve
Our goal was to centralize, modernize and streamline various processes within XP Inc.'s back-office operations to improve efficiency and the user experience.
Our processes were fragmented and often inefficient, relying on inconsistent document submission channels, manual analysis, a lot of back and forth via email and spreadsheets, among other issues.
The disorganized and fragmented handling of documents resulted in prolonged processing times and potential inaccuracies. That highlighted the need for a comprehensive digital solution.
Our processes were fragmented and often inefficient, relying on inconsistent document submission channels, manual analysis, a lot of back and forth via email and spreadsheets, among other issues.
The disorganized and fragmented handling of documents resulted in prolonged processing times and potential inaccuracies. That highlighted the need for a comprehensive digital solution.
3. Let’s take a closer look
1. Stakeholder Kick-off & Interviews
• Issue: High error rates and inefficiencies in document submission and processing.
• Data: 70% of stakeholders reported that manual processes led to frequent errors and delays.
2. User Pain Points Analysis
2. User Pain Points Analysis
• Issue: Users struggled with complex and inconsistent document handling.
• Data: 85% of back-office staff expressed frustration with the existing system, mentioning the increase in processing time due to mismanaged documents.
Objectives - What we set out to improve
1. Increase efficiency through a centralized back-office solution
2. Reduce processing time
3. Enhance user experience
2. Reduce processing time
3. Enhance user experience
1. Increase efficiency through a centralized back-office solution: Develop a unified platform to consolidate back-office operations, ensuring consistent and efficient handling of documents and processes. Automate and integrate processes to reduce manual work and errors.
2. Reduce processing time: Streamline operations to significantly cut down the time required for account opening and KYC processes.
2. Reduce processing time: Streamline operations to significantly cut down the time required for account opening and KYC processes.
3. Enhance user experience: Provide a seamless, user-friendly interface for both: our clients and our back-office staff.
Scope Definition
1. In-person and Online interviews
2. Service Blueprint
3. Concept to prototype - Desktop
4. User testing
5. Design QA
2. Service Blueprint
3. Concept to prototype - Desktop
4. User testing
5. Design QA
1. In-person and Online interviews: Interviewing stakeholders and back-office employees from different departments.
2. Service Blueprint: Creating detailed view of how the service is delivered, including the roles, support systems and backstage processes.
3. Concept to prototype - Desktop: Preparing prototypes for user testing and add adjustments before development phase.
4. User testing: Gathering more qualitative data and test out mobile hi-fi prototype.
5. Design QA: Ensuring that the product adheres to the intended design specifications.
2. Service Blueprint: Creating detailed view of how the service is delivered, including the roles, support systems and backstage processes.
3. Concept to prototype - Desktop: Preparing prototypes for user testing and add adjustments before development phase.
4. User testing: Gathering more qualitative data and test out mobile hi-fi prototype.
5. Design QA: Ensuring that the product adheres to the intended design specifications.
Responsibilities
Tools and Techniques
1. Documentation - Notion
2. Workshops and team alignments
3. User interview and testing
4. Design QA
2. Workshops and team alignments
3. User interview and testing
4. Design QA
1. Documentation - Notion: Organize and documented each phase of the design process, ensuring clear communication and easy access to design resources.
2. Workshops and team alignments: Co-led sessions with stakeholders and developers to strategize the MVP, assess design feasibility, and gather continuous feedback.
3. User interview and testing: Validated our design approach through before development.
4. Design QA: Conducted thorough quality assurance checks to ensure the final product met design specifications and provided a consistent user experience.
2. Workshops and team alignments: Co-led sessions with stakeholders and developers to strategize the MVP, assess design feasibility, and gather continuous feedback.
3. User interview and testing: Validated our design approach through before development.
4. Design QA: Conducted thorough quality assurance checks to ensure the final product met design specifications and provided a consistent user experience.
Prototypes - User testing
• Moderated tests
• Tested with back-office employees and stakeholders
• Mostly small samples - around 5 people per test
• Tested with back-office employees and stakeholders
• Mostly small samples - around 5 people per test
Process & Collaboration
1. What could be improved
• Adjustment in some search sections’ and input fields in general: Adjust nomenclature and add fields to better meet team needs and also refine optional and mandatory fields.
• Auto-complete: Implement result suggestions to streamline filling fields, such as the economic group name.
• Auto-saving or Floating save-CTA: Enhance efficiency by reducing user concern over losing entered content.
• Auto-complete: Implement result suggestions to streamline filling fields, such as the economic group name.
• Auto-saving or Floating save-CTA: Enhance efficiency by reducing user concern over losing entered content.
2. What worked well
• ‘The new tool is intuitive, easy to learn and to use’: User-friendly interface ensured a smooth learning curve, enabling users to quickly master and efficiently utilize all its features.
Initiative 01
Business Account Opening
1. Summary: Streamlined process for opening corporate accounts, involving client document upload and analyst review.
2. Problem: Fragmented and inconsistent document submission process.
3. Solution: Digitalized and centralized document handling through the Sirius system.
4. Impact: Reduced account opening time from 16 to 7 days and SLA from 72 to 48 hours.
2. Problem: Fragmented and inconsistent document submission process.
3. Solution: Digitalized and centralized document handling through the Sirius system.
4. Impact: Reduced account opening time from 16 to 7 days and SLA from 72 to 48 hours.
01/01
Doc Upload - Key features
1. Multiple and categorized document upload
2. Access to required documents
3. Real-time status tracking
4. Simple re-upload feature for denied documents
2. Access to required documents
3. Real-time status tracking
4. Simple re-upload feature for denied documents
01/02
Doc Analysis - Key features
1. Advanced search
2. Detailed company information
3. Categorized document list
4. Comprehensive analysis history
2. Detailed company information
3. Categorized document list
4. Comprehensive analysis history
Initiative 02
Know your client (KYC)
1. Summary: Improved KYC process by digitalizing and integrating risk analysis tools.
2. Problem: Manual and disorganized document analysis.
3. Solution: Digital KYC process with Reuters integration for efficient risk assessment.
4. Impact: Reduced analysis time from 5 to 3 days.
2. Problem: Manual and disorganized document analysis.
3. Solution: Digital KYC process with Reuters integration for efficient risk assessment.
4. Impact: Reduced analysis time from 5 to 3 days.
Corporate Structure - Key features
1. Categorized access to corporate structure
2. Automatic analysis with Reuters integration
3. Double-check data accuracy
2. Automatic analysis with Reuters integration
3. Double-check data accuracy
Initiative 03
Economic Groups
1. Summary: Streamlined creation and management of economic groups for credit risk assessment.
2. Problem: Decentralized economic group documentation.
3. Solution: Digitalized process connecting to existing data for seamless integration.
4. Impact: Centralized information, streamlined process, and enhanced connectivity.
2. Problem: Decentralized economic group documentation.
3. Solution: Digitalized process connecting to existing data for seamless integration.
4. Impact: Centralized information, streamlined process, and enhanced connectivity.
Creating a Group - Key features
1. Addition of registered/unregistered companies.
2. Easy search functionality
3. Flexible editing of economic groups
2. Easy search functionality
3. Flexible editing of economic groups
Learnings
1. What did I learn or love in this project?
• Building a new product from scratch: We had to engage in continuous conversations with stakeholders and users to shape our direction effectively.
• Continuous product improvement: The challenge was not merely to deliver a 1-time solution but to continually evolve our product in alignment with the user and business needs.
• Growth of our squads and headcount: As the product developed, our team expanded as well. We earned more trust from stakeholders, which granted us the green light to further scale.
• Continuous product improvement: The challenge was not merely to deliver a 1-time solution but to continually evolve our product in alignment with the user and business needs.
• Growth of our squads and headcount: As the product developed, our team expanded as well. We earned more trust from stakeholders, which granted us the green light to further scale.
2. What could have been done differently?
• Not always easy to sync with some areas: Coordination with certain departments was challenging due to their high workload and limited availability.
• Improving development time estimates: Some time estimates with the development team could have been more accurate.
• Improving development time estimates: Some time estimates with the development team could have been more accurate.