GenEQTY Product Design
Overview
GenEQTY is a mobile banking application founded by banking executive and entrepreneur, Dionne Gumbs. The mission of GenEQTY is to build the world’s largest functioning ecosystem of investors, founders, and institutions dedicated to using innovation to deploy capital to women led enterprises. Citing the rise of the Neo bank, a branch-less, 100% digital banking platform prioritizing a human-centered experience, and the capabilities of artificial intelligence-enabled technologies, Dionne saw a way to open the door for women-led small businesses by creating a streamlined digital-first banking service that would offer a phenomenal user experience. She approached our team to help her realize her vision for GenEQTY.
The Problem
The financial recession of 2008 resulted in the closure of more than half the country’s small business loan organizations. This financial recession has made it increasingly difficult for women led small businesses to source financing. This issue brought to light an opportunity space for GenEQTY.
Methodology
My team and I conducted a competitive audit to identify what is working in the Neobanking industry and what opportunities we saw for GenEQTY to differentiate itself. Additionally, we conducted a series of usability tests to shape our design content and approach. Finally, we used an affinity diagram to identify pain points of our users and help visualize the commonalities.
User Persona
Research Findings
After synthesizing our data, my team and I developed a series of sketches and wireframes to show users in our second round of usability testing. Through these user interviews we were able to narrow down our design direction and potential features of the application. Like other Neo banking applications, we saw an opportunity for GenEQTY to integrate account aggregation, budget setting, and a virtual credit card. These implementations are a result of our contextual inquiry and usability tests.
Another key finding of our research revealed the value users place on relationships with bankers who understood their business needs. By using an advanced AI-enabled chat, GenEQTY offers accessible, responsive support and seamlessly transfers users to real people for help on more nuanced issues.
Furthermore, we identified an opportunity to leverage artificial intelligence technology to predict potential business needs, seamless loan processing, and a supportive chatbot to enhance the experience of the user. These features give users a firm understanding of their finances and a streamlined loan offering process. Finally, the use of AI technology allowed us to help eliminate the gender biases that are a common factor of the disproportionate financial opportunities for women.
Implementation
After moving our sketches into low fidelity prototypes, we took the opportunity to leverage the collaborative features of Adobe XD and created a clickable prototype.
By establishing a relationship during onboarding to developing that relationship as users navigate the financial challenges of a growing business— GenEQTY serves as a financial advisor in your pocket.
My Team
Andrew Hall- hallandrew.com
Kris Kathmann- ux.kriskathmann.com
Zach Lulavy- zachlulavy.com
Maddi Wichert- madeleine-wichert.com