Finmo is the simplest way to track taxes and understand income and expenses. Designed for freelancers, sole-traders and those who have side-income and want to save time and money when dealing with tax.
UX, UI & Strategy
We worked closely with the CEO and Head of Product of Finmo to completely redesign both the UX and UI for this London based fintech, whom are part of the Founders Factory family.
The focus was on improving the user experience, and overall user journey. One of the big challenges was reducing user drop-off at the point of connecting their bank account, at the onboarding stage.
The core user flow
We took a step back, stripped back everything unnecessary and just focused on the core proposition. After understanding the user demographic, and establishing user personas to always refer back to we established a core user flow. The single most important screen being the dashboard, where the user would see their tax liabilities.
Stripping back the onboarding flow
Another area to look at was the onboarding, data was telling us that the product had a high drop-off rate when it came to users connecting their bank accounts (the final step of the onboarding process).
Design sprint workshop
After a few iterations, we delivered a finished product with a vastly improved user experience, much more “on-brand” visually and able to stand proud in the competitive fintech landscape.
Core UI screens
We gave a fresh and more vibrant hue to the primary colours, as well as reducing the amount of colours, to reduce distractions. We also tactically used a lot of white space to focus on the relevant call to actions, and attention points.
We also updated the graphics and iconography. Creating a friendler and more approachable feel to the app, to do this we created bespoke illustrations and icons, which further gave a unique, novel and professional experience to the interface. We later learnt that these simple changes created a more engaging experience, and improved user retention.
We stripped back and simplified the user experience, this would help to focus on the core proposition of Finmo, understanding tax liabilities. We also changed the colour palette and messaging to evoke feelings of trust and reliability, as users were entering sensitive information. It was paramount that the app felt secure and trustworthy. We also added familiar elements inspired from other major fintech and banking apps, and used Intercom for further support.
This, plus removing all unnecessary distractions really paid dividends, as not only did it reduce user friction, but more importantly onboarding drop offs were reduced substantially. The data showed an improvement of 40%!