Huntington Bank uncovered a need amongst business owners and office managers to have a consolidated view of their full financial position, or in banking lingo — Cash Position.
Huntington Bank’s goal was to define, and prioritize desired features and functionality for a business suite financial product for small-to-medium sized businesses.
1. Understand the desired requirements, features and functionality business owners want out of a business dashboard offered by their financial institution.
2. Design a dashboard and subsequent web pages for small business banking needs.
3. Evaluate and understand the UX/UI of potential development partners’ platforms to identify whose can produce the required capabilities based on the research.
Round One Findings
Participants identified features and functionality for their ideal online business banking experience.
The research in the first round validated the data gathered in Huntington’s previous research. They said there is a desire to delegate access to others such as office managers and accountants.
Any tool offered to a business owner should help them save time. Business owners expressed a need for tools that provide information quickly in an easy to understand way. Information needs to be:
- Presented visually
- Quickly understood
- Easy to read
- Easy to understand
3 Personas were developed to represent user types
The Big Picture
I am an owner of a medium-sized business with 7 employees. This is not my first business, but it’s my first successful one.
On a daily basis, I am interested in a financial summary, our cash position and flow; my accountant or business manager looks at the details. My expertise is what I am selling, and I leave the financials to an expert. I like this set up. We use QuickBooks as our system of record. It’s my credentials, but I have given them to others. Obviously, this requires a lot of trust.
I work as an Executive Director at a non-profit. I am responsible for every dollar in and out of this place.
Because we rely on donations from individuals and other businesses, we operate on a different strategy than
for-profit businesses. I use a combination of the big picture and the details to make my presentation. I need to be knowledgeable about everything with our finances.
Our system of record is either Excel or QuickBooks. I may use Excel as a way to spot check with our accountant, and QuickBooks as a back up, because it is easy to screw up.
The Detail Keeper
I work at a medium-sized business as an office manager and am part of the financial decision making team.
I’m responsible for accounts payable & receivable, manage accounts, deposit checks, authorize certain transactions (transfers, withdrawals), and run reports. I have a set of daily duties to ensure our information is the most up to date and ready for the owners to view. I need the details of this information so I can show change of information over time, including historical context. One thing I need is a way to project into the future. I want to drill down to get specific information, for example, how much did we spend on Ohio State t-shirts during football season?
Round Two Findings
Overall, 2 of 3 dashboards tested well with participants because they displayed the Cash Position and Transactions clearly and prominently.
Additionally, designs were tested for: Transaction, Spending, and Planning features.
1. Financial alerts were tested in yellow and red at the top of the dashboard. Participants said alerts in yellow (R and D) did not grab their attention, and needed to be red. Red is synonymous with problems and attention, and participants said this is what they would look for (S and C).
2. Participants did not notice the secondary financial alert located on the cash flow diagram.
3. Participants said they liked the way the transactions were displayed and the information that was included because it looked familiar, such as in Excel or QuickBooks. Also, they said they liked seeing the running balances at the top right of each day’s transactions.
Round Two: Dashboard R
Important information is presented prominently in a clear, easy to understand manner.
Round Two: Dashboard S
Presents information in an easy to read fashion; however, doesn’t give Cash Position.
Round Two: Dashboard C
How information works together for the Cash Flow graphic and Cash Position is unclear.
Round Two: Transactions
The amount of information, the way it’s laid out and searching for it were highly satisfactory aspects; however, trying to download specific information about a transaction was difficult and confusing.
Continue to layout transaction information in this way; explore ways the Export feature can be more clear and easier to understand.
Round Two: Spending
Participants were more likely to interpret this page as a budget instead of a categorical breakdown of spending.
Switching the hierarchy of information on the Spending Breakdown page and graphic colors will present information to user in a quick manner.
Round Two: Planning
Participants did not understand the concept of the Planning page, and most did not find it to be a useful feature.
Hold off on implementing any version of the Planning page until more concepts can be created and tested.