<aside> ⌛ Time: 1 month of Research (July 2019) 1 month of Design (October 2019) 1 month of Execution (February 2020)

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<aside> 👔 Role Design Driven Project Research, Prioritization & Execution

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View this case study on Twitter 🐣 for a quick overview

https://twitter.com/Razorpay_Design/status/1292053226326380545?s=20

What and Why?

What is a Neobank? What is RazorpayX?

A Neobank is a bank which operates entirely online and has no physical branches. It provides an umbrella of financial services but with tech-first approach. However, neobanks don't hold banking licenses by themselves, and rely on bank partner to provide bank licensed services like money transfers. Neobanks can provide better customer experience to users as they are not bogged down by legacy systems of the bank.

RazorpayX is also a neobank which caters to SME's and tech-first businesses. It intends to provide business oriented financial services like bulk and API based payouts, Vendor Payments, Tax Payments, Payroll and Complaince etc.

What are Payouts and where do they fit on RazorpayX?

The money movement from a debit account to a beneficiary account is called a transaction. Payouts are transactions which are initiated by the neobank. Once the beneficiary account receives the money, the payout is processed and an entry is added to the account statement.

In essence, payouts form the banking layer of the neobank, and is called the platform. All the financial services which a neobank intends to provide will all be done on top of the banking layer through apps. Hence, the payout creation experience is essential to the user experience on RazorpayX.

Who does RazorpayX cater to?

As of October 2019, we were offering instantaneous money transfer through IMPS /RTGS / NEFT and UPI.

We conducted a persona analysis on who are our users and found that there were primarily four types of users.

<aside> 💻 Dashboard users creating vanilla payouts. - 10-20 payouts / month. - Startup founders, who have just started their business.

• Early adopters looking for alternatives to banks.
• Outsourced accountants help them with the finance processes, and payment calculations and the founders make the payouts
• Personally look into all banking transactions; as their business grows, they will soon be expand and add collaborators such as the finance team. -Value the user experience.

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<aside> 🏢 API based business - 100-200 payouts / week. - Large businesses who have payments as a part of their business model.

• Rarely use Razorpay Dashboard once the integration is done.
• Large finance teams who help reconcillation.
• Value instantaneous money transfer, and tech finesse.

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<aside> 🖥️ Dashboard users creating bulk payouts. - 10-20 payouts / week. - SME's and small businesses.

• Use multiple finance tools along with RazorpayX.
• Tech-aware.
• In-house finance teams, who makes all the calculations and create bulk payments.
• Have individualized responsibilities divided within the team.
• Use of maker checker model.
• Can create multiple vanilla payments in a small time.
• Value easy team management and bulk processes.

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<aside> 🔮 FUTURE: App Users - Each App will target different business use-cases which create payouts as a part of their process

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As a general rule of thumb, we explicitly focused towards dashboard users 1 & 2 mentioned above. Goal was to enable vanilla payout users to become power users. For cohort 4, we tried to make the core payout creation super compact as well as thorough enough, so as to not require rebuilding features.

Identifying the Problem Statement

When we first built RazorpayX in Jan 2019, we had a very simplistic understanding of payouts. However, by October 2019, this understanding had evolved, we could no longer add more features in the existing flow, without breaking something else.

We also started looking at issues which were raised from

• usability testing (Think Aloud Exercise) and user observations (Hotjar Videos),