MONEX Currency Exchange
The Monex app is a service that allows for a fast, easy, and cost effective alternative to foreign exchange. Rather than using banks, currency exchange stalls, and other financial institutions that typically gouge consumers with fees and uncompetitive rates Monex responds to growing market needs providing a convenient and fair experience through the simplicity of an app.
USER RESEARCH
Researching different sources regarding the experience of exchanging currency indicate a common recurring gripe among consumers. High costs associated with foreign exchange is easily the biggest complaint that consumers have. There is a sense of helplessness that consumers have when having to exchange funds with banks and credit unions. That lack of choice and awareness of other solutions keep the majority of users to reluctantly return to the banks.
I interviewed a group of friends and the user research confirmed the same conclusion that rates and fees were the user's main concern. In a distant second was the lack of immediate availability of foreign currency at banks. The most surprising discovery was that nobody used a foreign exchange website or app service before. My initial thoughts going in before interviewing was that at least half would have had prior web-based foreign exchange experience. Even as a target group of mainly tech savvy millennials this was the case.
PAIN POINTS
• Foreign Exchange is expensive, rates are inflated and riddled with fees.
• Most banks don't carry most currencies and if they do it takes a week to get it.
• Many online forex services cost too much to withdraw, not worth it if exchanging small amounts.
• The major online discount foreign exchange services, such as TransferWise and CurrencyFair are based in Europe. Their customer service therefore follows European time zones.
• Avoiding trips to the bank saves time and hassle.
MOBILE APP GOALS
To introduce the Monex service and promote its simplicity, security, low exchange rates while making it easy to withdraw and use the newly exchanged funds.
COMPETITIVE RESEARCH
USER PERSONAS
TARGET USERS
The target audience for MONEX are for people who pay or get paid in a foreign currency and remittance senders as both groups tend to be recurring users. Travelers would are also targeted as they would be the most numerous in potential users albeit infrequent. Though this service is available to all the majority of Americans will probably have little need to exchange money even periodically as only 40% of Americans (as of December 2016) hold a passport and significantly less make any international trips. Still that leaves a potential one in five users on average (higher rates in metropolitan cities) to require occasional foreign exchange services in the United States.
USER FLOW AND WIREFRAME SKETCH
SKETCH APPLICATION WIREFRAMES
MONEX USER FLOW CHART
MONEX MOBILE APP DEVELOPMENT
THE MONEX CARD
Monex features its own debit VISA card to be used in the user's currency of choice and as a way to differentiate itself from the competition. It helps to avoid expensive wire fees and other costs associated with withdrawing foreign funds. No other forex service provides this feature.