NovoFX

Project Overview

NovoFX was a mobile app which allowed Absa clients to make foreign currency payments to individuals or entities abroad. It was available to both individual and business users in a number of countries in Africa, but was decommissioned early in 2024, due to the functionality being added to the Absa banking app.

Project specs

Company: Absa
Timeframe: 2017 - 2023
My role: Project design lead

Design tools

Miro

Illustrator

Sketch

Figma

My Role

I joined the product team after the business case and product feasibility had been evaluated and after the design discovery and some of the first flows had been put together. I initially focused mostly on the UI design and worked with a UX designer to deliver the MVP. After our UX designer moved off of the product, I took over all aspects of the UX and UI design for all the new feature development. This included user flows, wireframing, prototyping, UI designs, developer handover and testing.

The Challenge

At the time of kickoff, there were very limited foreign exchange capabilities available on internet banking or the mobile banking app. Absa customers had the often frustrating task of going into a bank branch to make a foreign currency payment or had to rely on other non-Absa services. For users living in rural areas, this was especially inconvenient, as they had to travel long distances to get to a branch and were further limited by the branch opening hours.

Not only was the process cumbersome, but it was also time-consuming and expensive. Customers needed a faster, more convenient, and ideally cheaper way to make FX payments. Our goal: to fundamentally transform the foreign exchange experience for customers.
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Our goal: To fundamentally transform the foreign exchange experience for customers.

Process

NovoFX was one of the first product teams to be formed within CIB digital, which marked a shift towards an agile way of work at the bank. As a result, it took some time to settle into a truly agile process that worked well, but through the years, we kept experimenting and improving.

Research and analysis: This was conducted by various business stakeholders and designers. The design team conducted a combination of secondary research, field work and competitor analysis to validate the assumptions that had been made for the business case. The secondary research looked at statistics for migration trends, data on residence and work permits, and where money that was leaving SA was being sent to. The field work involved talking to Absa staff members in-branch as well as owners of informal small-scale businesses.

Defining user needs: From here, basic personas were created. It was determined that users needed a way to send money on the go (from a mobile device), without the hassle of having to visit a branch and without the long wait times for it to reach the recipient. Transparency regarding the FX rates, status of the transaction as well as the fees associated with it, was also key. Ideally this would all be at a cheaper cost than their current methods.

Initial set of wireframes showing the NovoFX onboarding flow

Wireframes showing the onboarding process

Exploring options: Some rough design options were put together. We experimented extensively with the app's design and user interface, creating many different versions before finally settling on one. Initially we tried giving the app it’s own distinct branding, which included different variations on logos and even a different name. It was eventually refined into a version that better aligned with Absa's branding, as we felt it would enhance the trustworthiness of the app if people recognised it as coming from a reputable company.

‍Iterating: There were many layers of approval that we needed on the app and so we iterated accordingly. We also had to adapt based on certain dev constraints. Some of the approvals included aspects such as business stakeholder sign-off, compliance and legal, brand approval, app store approvals etc.

Development handover: I worked closely with the developers to ensure alignment with the designs. Where possible, we tried to stick with native iOS and Android patterns and components. Both the iOS and Android devs also helped to guide on best practices in this regard. Due to the numerous revisions of Novo over the years, we did start to find inconsistencies creeping in and one of the improvements we looked to implement with the more recent rewrite of the app, was working from a better defined component library.

NovoFX over the years, showing various iterations of the design of the app

Some of the earlier (unapproved) designs of the app

Solution

Core offering

The MVP which we delivered was a standalone mobile app, available on both iOS and Android devices. We piloted first with internal Absa staff members and then expanded to cater for all Absa clients who had a personal cheque or savings account in South Africa. In the years that followed we launched the app in 7 other African countries, also adding functionality for SMEs to register and make payments from their business bank accounts.

Once registered, users could make payments to anyone with a bank account in a non-sanctioned country abroad. Core functionalities of the app included the ability to make FX payments in a wide range of currencies, check rates (even when not logged in), add and manage beneficiaries (entities or individuals), view transaction statuses and details (including fee breakdowns), and upload any necessary supporting documentation for transactions.

Once registered, users could make payments to anyone with a bank account in a non-sanctioned country abroad.

Old brand-approved screens compared with the reskin after the launch of the new Absa brand

Redesign and additional features

Throughout its development, Novo went through various redesigns, mostly to accommodate brand changes such as the launch of the new Absa brand in 2018 and Barclays' exit from Africa. The most recent redesign aimed not only to update the look and feel but also to enhance the user experience. Unfortunately, this version never made it past development, so we were unable to measure its impact.

Some additional functionality that we worked on but never launched:
Mobile wallet payments: To allow users to make payments to mobile wallet beneficiaries using their mobile number instead of account details.
New-to-bank functionality: To allow non-Absa clients to digitally onboard to Absa.
Biometric login: To allow users to set up a passcode or use fingerprint or facial recognition to sign into the app.
SME funding: To allow pre-approved SMEs to apply for a loan for their business.
Virtual foreign currency accounts: To allow users access to accounts in multiple different currencies from which they could make and request payments.  

Screens showing a proposed redesign for the NovoFX app

A screenshot showing various different app components inside a component library

Part of the redesign and updated component library

Outcomes

The positives

A Pan-African solution
NovoFX was successfully piloted and launched in South Africa, and then also in Kenya, Uganda, Seychelles, Mozambique, Botswana, Zambia and Tanzania.

Meeting the challenge
NovoFX delivered on the challenge of allowing users a way to make FX payments on the go, in a way that was quicker than traditional methods at the time. While a transaction could take up to 48 hours to settle, the majority of transactions took much less time than this. The app also offered users greater transparency into fees as well as the status of a transaction.

Impact on SME users
With the introduction of functionality allowing SME users to transact from their business accounts, we saw a big uptick in revenue, especially in Kenya.

User satisfaction
From a survey conducted with 435 clients in 2022, it was found that the aspects of the app that users enjoyed most were it’s convenience, followed by the speed. The majority of users said that they found it extremely easy to download and register. A feature of the app that users enjoyed was the prominent exchange rate calculator, allowing them to easily see live currency conversions, even when not logged in.

Team collaboration
As a team, our ways of work improved greatly over the years. In the beginning, design and tech were in completely separate divisions, with infrequent interactions. As a result, the project was more tech-led initially. Over time we were able to change and improve this, and design became an integral part of the team.

An animated gif showing the proposed redesign of the Novo app with improved loading states

The struggles (and learnings)

Usability testing
We struggled to get priority and budget allocated to usability testing, and as a result, we were never able to test the viability of upcoming features or the usability of existing or work-in-progress features.

New features over improvements
Coupled with this, not enough of our work cycle was dedicated to improving existing features, with most of our time being focused on new feature development. This meant that we weren’t always able to go back and improve a flow if it wasn’t working well for users.

Shifting business priorities
Constantly shifting business priorities and not enough focus on a design-led approach meant that we weren’t always building the right thing or building the thing right. This led to a lot of time spent building features that never went live.

Regulatory approval
The lack of functionality to enable inward transactions meant that regulatory approval in some African countries was difficult to obtain, as regulators were concerned about liquidity constraints on the FX market.

Stakeholder management
Catering to multiple different countries meant that there were many different teams of stakeholders involved, all with different priorities. Features required by some countries were not wanted by others.