5% Daily is a mobile and web application designed to revolutionize investing for first-time and basic investors, particularly in Nigeria. By leveraging AI-powered automation to manage user portfolios in forex and real estate, 5% Daily promises high returns with minimized risk. This case study delves into the design process, showcasing how user-centred design principles were implemented to create an intuitive and user-friendly experience for a demographic unfamiliar with complex financial instruments.

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Mr CJ (5% Daily founder)

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May 2023 - August 2023

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As the lead Product Designer for 5% Daily, I spearheaded the design process, encompassing the following key phases:

• Discovery & Research: Employed stakeholder interviews and competitor analysis to define user needs, app functionalities, and market landscape.

• Information Architecture & Sketching: Established the app's information flow and crafted initial design concepts.

• High-Fidelity Mockup Creation: Developed interactive, polished prototypes for user testing and validation.

The primary challenge was designing an app that empowers non-expert investors, making investment simple and less time-consuming. The app needed to have:

• Intuitive Interface & Navigation: Streamlining the user experience with a clear and user-friendly interface that facilitates effortless navigation.

• Transparency in Communication: Ensuring transparent communication of investment opportunities and potential risks and gains associated with various options.

• Robust Security Measures: Implementing robust security features to safeguard user data and financial information.

The goal was to help users invest and make profits easily, without needing to be experts in stocks or real estate.‍

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The design journey commenced with in-depth discussions with MR CJ and key stakeholders to gain a comprehensive understanding of the product vision and operational mechanics. Key questions addressed included:

• Target Audience: Who are we designing for? Demographics, financial experience, and investment goals were meticulously defined.

• Investment Process: What transpires after a user invests? Understanding the investment journey from start to finish.

• Investment Tracking: How will users track their investments? Real-time or periodic updates?

• Investment & Withdrawal Flexibility: Can users invest and withdraw funds at their convenience?

• 5% Daily's Business Model: How does 5% Daily generate revenue?

• Long-Term Vision: What are the long-term objectives for 5% Daily?

• Supported Currencies & Payment Methods: Which currencies and payment methods will be facilitated by the app?

• Customer Support & Marketing Strategies: How will 5% Daily provide customer support and attract users?

A comparative analysis of competitor apps and similar products was conducted to identify best practices and potential pitfalls. This analysis included platforms such as Risevest, Bamboo, Wealthfront, Betterment, Stash, and DupliTrade.‍

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5% Daily would target high-profile Nigerian investors, offering Forex and Real Estate opportunities. The app would feature dual-currency support and premium options.

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‍Key Insights from Market Research

1. Target Audience and Investment Range:
   • 5% Daily would cater to high-profile Nigerians seeking investment opportunities.
   • The minimum investment range, as determined by the client’s investment history, spans from $2000 to $5000.
2. Expansion Strategy:
   • 5% Dailly expansion plan extends beyond Nigeria’s borders in the long term.
   • Due to regulatory variations, expansion will occur incrementally, one country at a time.
3. Currency Support:
   • Given our primary Nigerian audience, 5% Daily must support the Naira (NGN).
   • However, all investments are denominated in US Dollars (USD), necessitating dual-currency wallet functionality.
4. Wallet Flexibility:
   • Inspired by successful apps like Bamboo and Risevest, we’ll offer multiple wallets.
   • Users can invest in USD while funding their wallets with either NGN or USD.
5. Automated Trading with Human Oversight:
   • 5% Daily’s machine-learning system handles automated trades and investments.
   • Human experts closely monitor the system to optimize gains and minimize errors, maintaining a 5% daily return.
6. Investment Options: Forex and Real Estate:
   • 5% Daily provides investment opportunities in both Forex and Real Estate.
   • Thier expertise in these industries predates the app’s development.
7. Gains Tracking Approach:
   • Users won’t track real-time gains; instead, they’ll receive final gain summaries at the end of estimated periods.
   • This mirrors the “Fixed Investments” model seen in Bamboo and Risevest.
8. Premium Subscription Tiers:
   • For select investment options with higher returns, 5% Daily would have a premium subscription.
   • Participation will be capped to maintain exclusivity.‍

Armed with research findings and a clear understanding of user needs, the design phase commenced. Here are some key considerations that informed the information architecture and initial design concepts:

• Prioritizing User Onboarding: Considering the target audience's potentially limited financial experience, a streamlined and user-friendly onboarding process was crucial. This included:
  • Simplified Phone Number Verification: Leveraging SMS-based One-Time Passwords (OTP) for registration using Nigerian phone numbers (+234 prefix) ensured a familiar and efficient signup process.
  • Mandatory KYC (Know Your Customer) Verification: Regulatory compliance and user protection were addressed through mandatory KYC verification. Users would submit a photo ID and a selfie for verification, aligning with standard practices in Nigerian financial apps.
  • Seamless Multi-Currency Wallet Setup: The multi-currency wallet system would be designed with intuitive navigation, enabling users to easily switch between Naira and USD wallets for deposits, withdrawals, and investment transactions.
  • Cryptocurrency Support: Beyond the Dollar and Naira wallets, we’ll incorporate support for USDT cryptocurrency. This decision stems from the widespread adoption of crypto among Nigerians, particularly our target audience. According to Reuters, Nigeria’s crypto transaction volume increased by 9%, reaching $56.7 billion between July 2022 and June 2023.

• Designing for Transparency & Trust: Building user trust was paramount. Key considerations included:
  • Clear Investment Options: Forex and Real Estate investment options will be presented with clear and concise explanations tailored for beginners. Risks associated with each option would be transparently communicated, empowering users to make informed decisions.
  • Investment Period Visibility: Estimated investment periods for different options would be clearly displayed upfront. This would set user expectations and manage anxiety around real-time gain tracking.
  • FAQ Section & Educational Resources: A comprehensive FAQ section and access to educational resources within the app would be incorporated. This would address user queries, alleviate concerns, and empower users to confidently navigate the investment landscape

• Intuitive Navigation & User Flow: The app's navigation would be designed for intuitive use, with easy access to key features and functionalities. Here's a potential user flow breakdown:
  • Login/Signup: Users would log in using their verified email address and password or phone number with OTP.
  • Dashboard: The user dashboard would provide a clear overview of investment portfolios, current balances across different wallets, and upcoming investment options.
  • Investment Options: A dedicated section would showcase available investment options with clear descriptions, potential returns, and associated risks.
  • Investment Setup: Users could seamlessly initiate investments by selecting their preferred option, specifying the investment amount, and confirming the transaction using their secure PIN.
  • Transaction History & Gain Tracking: A dedicated section would display past transactions, investment details, and final gains received upon completion of the investment period.
  • Support & Resources: Easy access to the FAQ section, educational resources, and customer support channels would be readily available within the app.

• Prioritizing Mobile-First Design: Considering the prevalence of mobile phone usage in Nigeria, the app would be designed with a mobile-first approach. The interface would be optimized for intuitive use on various screen sizes, ensuring a seamless user experience across different mobile devices.

• Web Access: However, there would also be a web app available to users on a desktop computer, and for seamless web access, users can scan a QR code generated by the mobile app. This approach, widely adopted by other apps, improves usability and accessibility.

Here are a few screens showing my design solutions:

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The high-fidelity mockups served as the foundation for user testing, a crucial step in ensuring the app's effectiveness. Here's how the testing process unfolded:

• Recruiting Test Participants: A representative sample of the target audience in Nigeria was recruited for user testing. This included individuals with limited financial experience seeking investment opportunities.

• Moderated Usability Testing Sessions: Individual user testing sessions were conducted with a moderator. Participants were encouraged to think aloud while navigating the app prototype, completing tasks, and providing feedback on their experience.

• Data Analysis & Iteration: User feedback was meticulously documented and analyzed. Identified usability issues, areas of confusion, and suggestions for improvement were compiled. Based on this data, the design was iteratively refined to address user pain points and enhance the overall user experience.

Key Learnings from User Testing:

• Onboarding Complexity: While the phone number verification process was well-received, some users found the KYC verification steps (photo ID and selfie submission) slightly cumbersome. The solution involved adding clear instructions and streamlining the document upload process.

• Investment Option Descriptions: While users appreciated the explanations of investment options, some expressed a desire for more visual aids like charts or graphs to better understand potential returns and risks. Incorporating these elements would enhance user comprehension.

• Real-Time Gain Visibility (Optional Feature): Although the app didn't offer real-time gain tracking as per the initial design, some users expressed interest in optional in-app notifications for significant fluctuations or upon reaching certain investment milestones.

Addressing User Feedback & Final Design

Due to time constraints, the app has gone into development and some of the valuable insights gained from user testing were documented as future plans to come with updates for the app.. Here are some specific examples:

• Enhanced Investment Option Presentation (Future Exploration): Informative charts and graphs would be integrated alongside the text descriptions of investment options, providing users with a clearer visual representation of potential returns and risks in future updates.

• Optional Real-Time Gain Notifications (Future Exploration): The possibility of incorporating optional in-app notifications for significant gain fluctuations or reaching investment milestones was documented for future exploration and potential implementation

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The 5% Daily app project showcases the power of user-centered design in creating a financial product for non-expert investors in Nigeria. By prioritizing user needs, conducting thorough research, and iterating based on user feedback, we developed an intuitive interface that simplifies complex investment processes.

Key achievements include:
- A streamlined onboarding process with multi-currency wallets
- Clear presentation of investment options and risks
- Intuitive design for both mobile and web

While time constraints limited immediate implementation of all user feedback, the insights gained provide a strong foundation for future updates. As 5% Daily expands, continued user testing and refinement will be crucial to maintain its accessibility and effectiveness for investors across Nigeria and beyond.

This project underscores the importance of understanding user needs and market context in designing fintech solutions for specific demographics and regions.

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Thank you.