The client’s mobile app addresses borderless credit via on-demand remittances for users and their family members. Users inside the US can transfer money to family members in other parts of the world, directly to the recipient’s credit card.
For improved control and security, the app allows users to check the spending breakdown and look into how the money is managed by the cardholder. Because the process is completed via cashless money transfers, a lot of extra fees and waiting times are eliminated.
A unique business proposition
The Netguru Product Design team delivered the final version of the product - a fintech app that’s going to hit the right notes for US-based users who support their families living outside the US with remittances.
The designs aim to help the client to move forward with the regulatory approvals necessary for launching a financial product. Netguru also provided guidance on how to navigate the fintech industry, using our experience in designing and launching numerous financial mobile applications.
A novel way to transfer money across borders
According to research, the remittance industry is projected to reach $930.44 bn by 2026, booking a CAGR of 3.9% from 2019 to 2026. World Bank data shows that in 2012, total remittance flow from the US into Asia and the Pacific region reached almost $260 billion. In 2019, South Asia alone received almost $140 billion.
Our client’s unique approach of using credit as a way to dispatch money to the families living outside of the US offers a perspective new to the fintech industry. This app is currently the only one of its kind, but the potential exists for more to follow, especially given its highly targeted segment, i.e. Asian medical professionals in California.
Many US residents of Asian origin are used to leveraging simple digital products. The remittance market in Asia is made up of a number of corridors. For example, the transactional costs of sending remittances to China and the Pacific are high, due to an underdeveloped infrastructure and a lack of competition among remittance companies.
Additionally, people in rural areas who make up the majority of remittance markets often have to manage the costs of travelling to the nearest bank where they can receive their payout in cash.
Our client’s arrival and the introduction of cashless products is a major disruption of the remittance industry in Asia and the Pacific region. The product helps users save both time and money, changing their expectations and setting new industry standards.
Creating an experience tailored for a unique market segment
The Netguru Product Design team, which includes UX and UI experts, came together to bring to life the first version of the mobile application while sticking to tight deadlines. The design and the UX challenge to put together an application that caters to users who might not be well-versed with fintech apps was a unique task for the team.
The delivery and the cooperation with Netguru met with extreme satisfaction from the client’s core team.
Engineering fintech disruption
In just under two months, Netguru produced the UX/UI elements for the project. We also provided Frontend development skills necessary for the implementation.
The client’s model of providing remittances via credit card is an example of a completely new approach to managing private finances of families. It has the potential to disrupt local remittance markets and change the lives of remittance recipients, especially those living in rural areas.