Project Overview
Peer Score is a mobile app that allows users to lend and borrow money, manage debts, find debtors and receive payments, and also provide users with a credit score based on their activities within the app. In this case study, we will discuss the UX design process involved in creating Peer Score and how it was developed to meet the needs of its target audience.
Problem Statement
The traditional lending process is often complex and involves various procedures, such as credit checks, paperwork, and lengthy application processes, which can be time-consuming and stressful. Our goal is to simplify the lending process by creating an easy-to-use mobile app that facilitates lending and borrowing money among users, tracks debts and repayments, and provides users with a credit score based on their activities within the app.
Role
Junior Product Designer
Company
Algorism Limited
Tools
Google sheet, Figma Balsamiq, Google meet
Year
2019-2020
Resposibilities
I was involved with the following stages of this project:
User research
Develop high fidelity wire-frames
prototype
Conduct usability test
iterate and refine
User Research
Before starting the design process, we conducted user research to understand the needs and pain points of our target audience. Our target audience is young adults aged 18 to 35 who are tech-savvy and have a need for small loans. We conducted surveys, interviews, and focus groups to gather insights into our target audience’s needs and preferences.
The research showed that our target audience values convenience, transparency, and trust when it comes to lending and borrowing money. They also expressed a need for a simplified lending process that is easy to understand and use.
The Design Process
Based on the user research, we developed the following design process for Peer Score:
Define user flow: We started by defining the user flow and mapping out the different stages of the lending process. We identified key features such as account creation, loan requests, debt management, and credit score tracking.
Create wireframes: Next, we created low-fidelity wireframes to visualize the app's layout and basic functionalities. We used user-centered design principles to ensure that the app was easy to use and navigate.
Develop high-fidelity prototypes: Based on the wireframes, we developed high-fidelity prototypes to test the app's functionality and user interface design. We used color schemes and typography that aligned with the brand's identity.
Conduct user testing: We conducted user testing to gather feedback on the app's usability and identify any areas that needed improvement. We used A/B testing to compare different designs and functionalities.
Iterate and refine: Based on the user testing feedback, we iterated and refined the design to improve its usability and functionality.
Key Features
Peer Score has several key features that make it easy for users to lend and borrow money, track debts and repayments, and monitor their credit score. These features include:
Account creation: Users can create an account on the app by providing their personal information and verifying their identity. They can then access the app's lending and borrowing features.
Loan requests: Users can request loans from other users by specifying the loan amount, repayment period, and interest rate. They can also set reminders for repayment deadlines.
payment requests: Users can request to pay back the loan they collected from others
Debt management: Users can track their debts and repayments, view their repayment history, and receive reminders for upcoming repayments.
Credit score tracking: The app provides users with a credit score based on their activities within the app. Users can view their credit score and monitor their progress over time.
Trust and security: Peer Score uses secure payment gateways and data encryption to ensure the safety and security of users' personal and financial information.
The Design
The below design shows examples of screens, from wireframing in Balsamiq, to the final prototype in Figma.
Limitations and Challenges
When designing Peer Score, there were several limitations and challenges that we had to address:
Legal and regulatory compliance: One of the biggest challenges was ensuring that the app complied with legal and regulatory requirements, such as anti-money laundering and consumer protection laws. We had to work closely with legal experts to ensure that the app met all necessary legal requirements.
Data privacy and security: Peer Score involves sensitive financial and personal data, so it was crucial to ensure that the app had robust data privacy and security measures in place. We had to implement encryption, secure payment gateways, and user verification processes to protect user data.
User trust and safety: Lending and borrowing money involves a high level of trust between users, so it was important to create an app that users felt safe and comfortable using. We had to implement user verification processes and create a rating system to help users assess the trustworthiness of other users.
Monetization strategy: As a business, we had to develop a monetization strategy that balanced the need for profitability with the app's user experience. We decided to charge a small fee for each transaction to cover operational costs while keeping the app accessible and affordab or users.
User adoption: The success of Peer Score depends on user adoption, which can be challenging for a new app in a crowded market. We had to develop a marketing strategy to raise awareness of the app and its benefits, as well as create a referral program to incentivize users to invite their friends and family to use the app.
Results and Reflection
After designing and launching Peer Score, we were able to see some positive results and reflect on our design process. Some of the results we observed included:
User engagement: We saw a high level of user engagement with the app, with many users using it regularly to lend and borrow money, manage debts, and build their credit score.
Positive user feedback: Users appreciated the app's ease of use, convenience, and transparency, as well as the credit score feature, which helped them understand and improve their creditworthiness.
Improved financial opportunities: Many users reported that using Peer Score helped them access better financial opportunities, such as lower interest rates on loans and credit cards, as well as better terms on mortgages and other financial products.
Successful monetization: The app's monetization strategy was successful, with users willing to pay a small fee for each transaction, which helped cover operational costs and generate revenue for the business.
Conclusion
Peer Score is a mobile app that simplifies the lending and borrowing process for young adults. By conducting user research and using user-centered design principles, we were able to create an app that meets the needs and preferences of our target audience. The app's key features, such as account creation, loan requests, debt management, credit score tracking, and trust and security, make it easy for users to manage their finances and build trust with other users. Overall, the UX design process for Peer Score involved creating an intuitive and easy-to-use app that streamlines the lending process while prioritizing user convenience, transparency, and trust. By providing users with a credit score based on their activities within the app, Peer Score empowers users to build their credit history and access better financial opportunities in the future.
Algorism Limited
Algorism Limited is a technology and digital transformation solutions company In Lagos, Nigeria, founded January 2016, with the founding vision of becoming Africa’s number one digital transformation solutions provider. We are focused on delivering world-class digital transformation solutions to business enterprises and governments across Africa. Our business is built around the experienced professionals that make up our people, our proven methodologies for value delivery, an extensive global partner ecosystem and our ethical business practices and reputation. We provide solutions to complex business problems across many verticals including Financial Services, Government, Utilities, Retail, Manufacturing, Education and Mining.
I am a junior designer in the team
One year ago, I joined Algorism Limited as a junior product designer, where I was one of 5 designers in a company with over 10 engineers and 3 product managers. Despite the added challenge of being a remote student, I have been able to support design efforts across all aspects of our business.
Juggling school and work has not been easy, but the experience has been worth it. Over the past year, I have grown tremendously and achieved several notable accomplishments, including:
Joining in the implementation of a design process. This has helped our team establish more structure to how we conduct our work and allow other teams to gain visibility across our upcoming sprints.
Improved usability across the platform. No usability tests were conducted by the external consultancy before dev handoff. Since we established a design team, we have been actively working towards conducting UX research and usability testing on all projects.
Establishing a design kit. This has helped to maintain consistency in the look and feel across different parts of the platform.
Joining in establishing a design system. This has helped the Engineering and Product teams to understand how and why we choose to implement certain components over others.
Other projects I was part of, in algorism limited
OYADONGHA DENYEFA MELVIN
PRODUCT DESIGNER
OYADONGHA DENYEFA MELVIN
PRODUCT DESIGNER
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About me
I'm a product designer based in Lagos, Nigeria with experience in delivering end-to-end UX/UI design for software products. I'm passionate about improving the lives of others through design and am constantly looking to learn new things everyday.
I'm a product designer based in Lagos, Nigeria with experience in delivering end-to-end UX/UI design for software products. I'm passionate about improving the lives of others through design and am constantly looking to learn new things everyday.
OYADONGHA DENYEFA MELVIN
PRODUCT DESIGNER
Project Overview
Peer Score is a mobile app that allows users to lend and borrow money, manage debts, find debtors and receive payments, and also provide users with a credit score based on their activities within the app. In this case study, we will discuss the UX design process involved in creating Peer Score and how it was developed to meet the needs of its target audience.
Problem Statement
The traditional lending process is often complex and involves various procedures, such as credit checks, paperwork, and lengthy application processes, which can be time-consuming and stressful. Our goal is to simplify the lending process by creating an easy-to-use mobile app that facilitates lending and borrowing money among users, tracks debts and repayments, and provides users with a credit score based on their activities within the app.
Role
Junior Product Designer
Company
Algorism Limited
Tools
Google sheet, Figma, Balsamiq
Google meet
Year
2019-2020
Resposibilities
I was involved with the following stages of this project:
research
Develop high fidelity wire-frames
Prototype
Conduct usability test
iterate and refine
User Research
Before starting the design process, we conducted user research to understand the needs and pain points of our target audience. Our target audience is young adults aged 18 to 35 who are tech-savvy and have a need for small loans. We conducted surveys, interviews, and focus groups to gather insights into our target audience’s needs and preferences.
The research showed that our target audience values convenience, transparency, and trust when it comes to lending and borrowing money. They also expressed a need for a simplified lending process that is easy to understand and use.
The Design Process
Based on the user research, we developed the following design process for Peer Score:
Define user flow: We started by defining the user flow and mapping out the different stages of the lending process. We identified key features such as account creation, loan requests, debt management, and credit score tracking.
Create wireframes: Next, we created low-fidelity wireframes to visualize the app's layout and basic functionalities. We used user-centered design principles to ensure that the app was easy to use and navigate.
Develop high-fidelity prototypes: Based on the wireframes, we developed high-fidelity prototypes to test the app's functionality and user interface design. We used color schemes and typography that aligned with the brand's identity.
Conduct user testing: We conducted user testing to gather feedback on the app's usability and identify any areas that needed improvement. We used A/B testing to compare different designs and functionalities.
Iterate and refine: Based on the user testing feedback, we iterated and refined the design to improve its usability and functionality.
Key Features
Peer Score has several key features that make it easy for users to lend and borrow money, track debts and repayments, and monitor their credit score. These features include:
Account creation: Users can create an account on the app by providing their personal information and verifying their identity. They can then access the app's lending and borrowing features.
Loan requests: Users can request loans from other users by specifying the loan amount, repayment period, and interest rate. They can also set reminders for repayment deadlines.
Payment requests: Users can request to pay back the loan they collected from others
Debt management: Users can track their debts and repayments, view their repayment history, and receive reminders for upcoming repayments.
Credit score tracking: The app provides users with a credit score based on their activities within the app. Users can view their credit score and monitor their progress over time.
Trust and security: Peer Score uses secure payment gateways and data encryption to ensure the safety and security of users' personal and financial information.
The Design
The below design shows examples of screens, from wireframing in Balsamiq, to the final prototype in Figma.
Challenges and Limitations
After designing and launching Peer Score, we were able to see some positive results and reflect on our design process. Some of the resultswe observed included:
User engagement: We saw a high level of user engagement with the app, with many users using it regularly to lend and borrow money, manage debts, and build their credit score.
Positive user feedback: Users appreciated the app's ease of use, convenience, and transparency, as well as the credit score feature, which helped them understand and improve their creditworthiness.
Improved financial opportunities: Many users reported that using Peer Score helped them access better financial opportunities, such as lower interest rates on loans and credit cards, as well as better terms on mortgages and other financial products.
Successful monetization: The app's monetization strategy was successful, with users willing to pay a small fee for each transaction, which helped cover operational costs and generate revenue for the business.
Results and Reflection
Conclusion
Peer Score is a mobile app that simplifies the lending and borrowing process for young adults. By conducting user research and using user-centered design principles, we were able to create an app that meets the needs and preferences of our target audience. The app's key features, such as account creation, loan requests, debt management, credit score tracking, and trust and security, make it easy for users to manage their finances and build trust with other users. Overall, the UX design process for Peer Score involved creating an intuitive and easy-to-use app that streamlines the lending process while prioritizing user convenience, transparency, and trust. By providing users with a credit score based on their activities within the app, Peer Score empowers users to build their credit history and access better financial opportunities in the future.
When designing Peer Score, there were several limitations and challenges that we had to address:
Legal and regulatory compliance: One of the biggest challenges was ensuring that the app complied with legal and regulatory requirements, such as anti-money laundering and consumer protection laws. We had to work closely with legal experts to ensure that the app met all necessary legal requirements.
Data privacy and security: Peer Score involves sensitive financial and personal data, so it was crucial to ensure that the app had robust data privacy and security measures in place. We had to implement encryption, secure payment gateways, and user verification processes to protect user data.
User trust and safety: Lending and borrowing money involves a high level of trust between users, so it was important to create an app that users felt safe and comfortable using. We had to implement user verification processes and create a rating system to help users assess the trustworthiness of other users.
Monetization strategy: As a business, we had to develop a monetization strategy that balanced the need for profitability with the app's user experience. We decided to charge a small fee for each transaction to cover operational costs while keeping the app accessible and affordab or users.
User adoption: The success of Peer Score depends on user adoption, which can be challenging for a new app in a crowded market. We had to develop a marketing strategy to raise awareness of the app and its benefits, as well as create a referral program to incentivize users to invite their friends and family to use the app.
Algorism Limited
Algorism Limited is a technology and digital transformation solutions company In Lagos, Nigeria, founded January 2016, with the founding vision of becoming Africa’s number one digital transformation solutions provider. We are focused on delivering world-class digital transformation solutions to business enterprises and governments across Africa. Our business is built around the experienced professionals that make up our people, our proven methodologies for value delivery, an extensive global partner ecosystem and our ethical business practices and reputation. We provide solutions to complex business problems across many verticals including Financial Services, Government, Utilities, Retail, Manufacturing, Education and Mining.
I am a junior designer in the team
One year ago, I joined Algorism Limited as a junior product designer, where I was one of 5 designers in a company with over 10 engineers and 3 product managers. Despite the added challenge of being a remote student, I have been able to support design efforts across all aspects of our business.
Juggling school and work has not been easy, but the experience has been worth it. Over the past year, I have grown tremendously and achieved several notable accomplishments, including:
Joining in the implementation of a design process. This has helped our team establish more structure to how we conduct our work and allow other teams to gain visibility across our upcoming sprints.
Improved usability across the platform. No usability tests were conducted by the external consultancy before dev handoff. Since we established a design team, we have been actively working towards conducting UX research and usability testing on all projects.
Establishing a design kit. This has helped to maintain consistency in the look and feel across different parts of the platform.
Joining in establishing a design system. This has helped the Engineering and Product teams to understand how and why we choose to implement certain components over others.
Other projects I was part of, in algorism limited
Year
2019-2020
Introduction
Peer Score is a mobile app that allows users to lend and borrow money, manage debts, find debtors and receive payments, and also provide users with a credit score based on their activities within the app. In this case study, we will discuss the UX design process involved in creating Peer Score and how it was developed to meet the needs of its target audience.
Problem Statement
The traditional lending process is often complex and involves various procedures, such as credit checks, paperwork, and lengthy application processes, which can be time-consuming and stressful. Our goal is to simplify the lending process by creating an easy-to-use mobile app that facilitates lending and borrowing money among users, tracks debts and repayments, and provides users with a credit score based on their activities within the app.
Tools
Google sheet, Figma, Balsamiq
Google meet
Resposibilities
I was involved with the following stages of this project:
User research
Defining user-flow
Develop high fidelity wire-frames
Conduct usability test
iterate and refine
Before starting the design process, we conducted user research to understand the needs and pain points of our target audience. Our target audience is young adults aged 18 to 35 who are tech-savvy and have a need for small loans. We conducted surveys, interviews, and focus groups to gather insights into our target audience’s needs and preferences.
The research showed that our target audience values convenience, transparency, and trust when it comes to lending and borrowing money. They also expressed a need for a simplified lending process that is easy to understand and use.
Based on the user research, we developed the following design process for Peer Score:
Define user flow: We started by defining the user flow and mapping out the different stages of the lending process. We identified key features such as account creation, loan requests, debt management, and credit score tracking.
Create wireframes: Next, we created low-fidelity wireframes to visualize the app's layout and basic functionalities. We used user-centered design principles to ensure that the app was easy to use and navigate.
Develop high-fidelity prototypes: Based on the wireframes, we developed high-fidelity prototypes to test the app's functionality and user interface design. We used color schemes and typography that aligned with the brand's identity.
Conduct user testing: We conducted user testing to gather feedback on the app's usability and identify any areas that needed improvement. We used A/B testing to compare different designs and functionalities.
Iterate and refine: Based on the user testing feedback, we iterated and refined the design to improve its usability and functionality.
Key Features
Peer Score has several key features that make it easy for users to lend and borrow money, track debts and repayments, and monitor their credit score. These features include:
Account creation: Users can create an account on the app by providing their personal information and verifying their identity. They can then access the app's lending and borrowing features.
Loan requests: Users can request loans from other users by specifying the loan amount, repayment period, and interest rate. They can also set reminders for repayment deadlines.
Payment requests: Users can request to pay back the loan they collected from others
Debt management: Users can track their debts and repayments, view their repayment history, and receive reminders for upcoming repayments.
Credit score tracking: The app provides users with a credit score based on their activities within the app. Users can view their credit score and monitor their progress over time.
Trust and security: Peer Score uses secure payment gateways and data encryption to ensure the safety and security of users' personal and financial information.
Key Features
Challenges and Limitations
Results and Reflection
After designing and launching Peer Score, we were able to see some positive results and reflect on our design process. Some of the resultswe observed included:
User engagement: We saw a high level of user engagement with the app, with many users using it regularly to lend and borrow money, manage debts, and build their credit score.
Positive user feedback: Users appreciated the app's ease of use, convenience, and transparency, as well as the credit score feature, which helped them understand and improve their creditworthiness.
Improved financial opportunities: Many users reported that using Peer Score helped them access better financial opportunities, such as lower interest rates on loans and credit cards, as well as better terms on mortgages and other financial products.
Successful monetization: The app's monetization strategy was successful, with users willing to pay a small fee for each transaction, which helped cover operational costs and generate revenue for the business.
Conclusion
The below design shows examples of screens, from wireframing in Balsamiq, to the final prototype in Figma.
When designing Peer Score, there were several limitations and challenges that we had to address:
Legal and regulatory compliance: One of the biggest challenges was ensuring that the app complied with legal and regulatory requirements, such as anti-money laundering and consumer protection laws. We had to work closely with legal experts to ensure that the app met all necessary legal requirements.
Data privacy and security: Peer Score involves sensitive financial and personal data, so it was crucial to ensure that the app had robust data privacy and security measures in place. We had to implement encryption, secure payment gateways, and user verification processes to protect user data.
User trust and safety: Lending and borrowing money involves a high level of trust between users, so it was important to create an app that users felt safe and comfortable using. We had to implement user verification processes and create a rating system to help users assess the trustworthiness of other users.
Monetization strategy: As a business, we had to develop a monetization strategy that balanced the need for profitability with the app's user experience. We decided to charge a small fee for each transaction to cover operational costs while keeping the app accessible and affordab or users.
User adoption: The success of Peer Score depends on user adoption, which can be challenging for a new app in a crowded market. We had to develop a marketing strategy to raise awareness of the app and its benefits, as well as create a referral program to incentivize users to invite their friends and family to use the app.
Peer Score is a mobile app that simplifies the lending and borrowing process for young adults. By conducting user research and using user-centered design principles, we were able to create an app that meets the needs and preferences of our target audience. The app's key features, such as account creation, loan requests, debt management, credit score tracking, and trust and security, make it easy for users to manage their finances and build trust with other users. Overall, the UX design process for Peer Score involved creating an intuitive and easy-to-use app that streamlines the lending process while prioritizing user convenience, transparency, and trust. By providing users with a credit score based on their activities within the app, Peer Score empowers users to build their credit history and access better financial opportunities in the future.
The Design Process
User Research
Algorism Limited
Algorism Limited is a technology and digital transformation solutions company In Lagos, Nigeria, founded January 2016, with the founding vision of becoming Africa’s number one digital transformation solutions provider. We are focused on delivering world-class digital transformation solutions to business enterprises and governments across Africa. Our business is built around the experienced professionals that make up our people, our proven methodologies for value delivery, an extensive global partner ecosystem and our ethical business practices and reputation. We provide solutions to complex business problems across many verticals including Financial Services, Government, Utilities, Retail, Manufacturing, Education and Mining.
I am a junior designer in the team
One year ago, I joined Algorism Limited as a junior product designer, where I was one of 5 designers in a company with over 10 engineers and 3 product managers. Despite the added challenge of being a remote student, I have been able to support design efforts across all aspects of our business.
Juggling school and work has not been easy, but the experience has been worth it. Over the past year, I have grown tremendously and achieved several notable accomplishments, including:
Joining in the implementation of a design process. This has helped our team establish more structure to how we conduct our work and allow other teams to gain visibility across our upcoming sprints.
Improved usability across the platform. No usability tests were conducted by the external consultancy before dev handoff. Since we established a design team, we have been actively working towards conducting UX research and usability testing on all projects.
Establishing a design kit. This has helped to maintain consistency in the look and feel across different parts of the platform.
Joining in establishing a design system. This has helped the Engineering and Product teams to understand how and why we choose to implement certain components over others.
Company
Algorism Limited
Role
Junior product Designer