2023, TrueMoney Malaysia Research
Highlighting the essential remittance touchpoints for the unbanked customers in Malaysia's fintech space.
The Project
Malaysia’s banking scene provided her pool of nationals with solid and consistent international money transfer experience. Still, we recognised a much more significant, untapped gap on the immigrant or unbanked customers, who have probably stood out to us as frequents, who transfer money back to their respective country more than any other Malaysians.
The goal was to initiate and execute research to widen our access to conversations with selected migrant workers who represent their community. We hope these provide insight into how TrueMoney can provide a seamless online and offline international money transfer experience by 2025.
Malaysia’s banking scene provided her pool of nationals with solid and consistent international money transfer experience. Still, we recognised a much more significant, untapped gap on the immigrant or unbanked customers, who have probably stood out to us as frequents, who transfer money back to their respective country more than any other Malaysians.
The goal was to initiate and execute research to widen our access to conversations with selected migrant workers who represent their community. We hope these provide insight into how TrueMoney can provide a seamless online and offline international money transfer experience by 2025.
Malaysia's banking scene provided her pool of nationals a strong and consistent experience in international money transfer, but we recognised a much bigger, untapped gap on the immigrant or unbanked customers, who have probably stood out to us as frequents, who transfer money back to their respective country more than any other Malaysians.
The goal was to initiate and execute a research to widen our access to conversation with selected migrant workers that represent their communiuty. We hope these provide insight to how TrueMoney can cater a seamless online and offline international money transfer experience by year 2025.
User Interviews
We spoke with individuals of different ages, financial backgrounds and the type of work they associate with daily to find out:
• Digital banking and remittance applications or services present unprecedented challenges to those unfamiliar with the technology
• Those who are young, digitally savvy, and able to converse in Bahasa and English represented the broader community with bulk remittance responsibility. We refer to ‘them’ as the ‘Intentionals’ in our persona design
• Exchange rate matters MORE than anything else. A great app with a seamless experience but with a non-lucrative exchange rate shuts their interest in engaging further
• It is easier, secure and reliable to exchange and remit money back to their home country from an unlicensed trader
We spoke with individuals of different ages, financial background and the type of work they associate with daily, to find out:
• Digital banking and remittance applications or services present unprecedented challenges to those unfamiliar with technology
• Those who are young, digitally savvy, and able to converse in Bahasa and English represented the wider community with bulk remittance responsibilty. We refer 'them' as the 'Intentionals' in our persona design
• Exchange rate matters MORE than anything else. A great app with a seamless experience, but with a non-lucrative exchange rate simply shuts their interest to engage further
• It is much easier, secure and reliable to exchange and remit money back to their home country from an unlicensed trader.
We spoke with individuals of different ages, financial background and the type of work they associate with daily, to find out:
• Digital banking and remittance applications or services present unprecedented challenges to those unfamiliar with technology
• Those who are young, digitally savvy, and able to converse in Bahasa and English represented the wider community with bulk remittance responsibilty. We refer 'them' as the 'Intentionals' in our persona design
• Exchange rate matters MORE than anything else. A great app with a seamless experience, but with a non-lucrative exchange rate simply shuts their interest to engage further
• It is much easier, secure and reliable to exchange and remit money back to their home country from an unlicensed trader
We spoke with individuals of different ages, financial background and the type of work they associate with daily, to find out:
• Digital banking and remittance applications or services present unprecedented challenges to those unfamiliar with technology
• Those who are young, digitally savvy, and able to converse in Bahasa and English represented the wider community with bulk remittance responsibilty. We refer 'them' as the 'Intentionals' in our persona design
• Exchange rate matters MORE than anything else. A great app with a seamless experience, but with a non-lucrative exchange rate simply shuts their interest to engage further
• It is much easier, secure and reliable to exchange and remit money back to their home country from an unlicensed trader
Perspective Matters
45+
Hours in research, testing, and analyses
80+
Hours on design research, iterations and prototype making
16+
Participants with valuable and eye-opening insight
We spotlight important issues and questions that few raise in most product or business roadmap meetings. This is an invitation for many to join in, understand the narrative, and develop empathy for the future of fintech innovation for the unbanked. With product creation, we’re paving the way towards reshaping our human-centred design thinking and fostering a more inclusive collaboration with customers.
