RiskScout: Navigating the Risky Terrain of Financial Compliance
Introduction
Ever been hesitant to bank on higher-risk industries like money-services or cannabis-related businesses due to social stigmas or outdated tech? You're not alone.
RiskScout is a fintech startup that's revolutionizing the way community Financial Institutions (FIs) approach higher-risk industries like money-services and cannabis-related businesses. I had the unique opportunity to help the company pivot from its original brand, VeriLeaf, and build a new brand and website from the ground up. This case study will walk you through how I tackled the challenges, pivoted the brand, and delivered a solution that's both adventurous and financially sound. So sit tight, because I'm about to show you why I'm the game-changing hire you didn't know you needed, and why I'm worth every cent.
Project Overview
Project: RiskScout Financial Compliance Platform
Role: Creative Direction, Research, Strategy, Design, Copy
Tools: Adobe Illustrator, Adobe Photoshop, Google Suite, Figma, Slack, Procreate, Pencils, Post-Its, Wix / Editor X
Challenge: How might we build a brand that guides community Financial Institutions to consider the risk of industries like hemp as a means of growth, despite social stigma?
Solution: RiskScout was born out of the need to guide community FIs through the risky terrain of financial compliance. The brand and website were designed to position RiskScout as adventurous financial experts advocating for regulated risk as a means of economic growth at the community level.
Outcome: A data-driven brand and a user-friendly website that positions RiskScout as the go-to financial mentor for community FIs.
Deliverables:
- Brand Strategy Document: A comprehensive guide outlining the brand's mission, vision, and values, as well as its positioning in the market.
- Audience Personas: Detailed profiles of the target audience, including their pain points, needs, and preferences.
- Name & Logo: A new brand name and accompanying logo that resonates with community Financial Institutions.
- Visual Identity Guide: A style guide detailing the color palette, typography, and visual elements that make up the RiskScout brand.
- User Research Report: A compilation of insights gathered from user interviews, surveys, and focus groups.
- Website Wireframes: Low-fidelity sketches of the website layout and user interface.
- Website Prototypes: High-fidelity interactive prototypes tested for usability and user experience.
- Final Website Design: A fully functional, multi-page website developed on Editor X by WIX, optimized for lead generation.
- Copywriting: Engaging and informative copy for the website, including headlines, product descriptions, and calls-to-action.
- User Testing Reports: Documentation of each round of testing, including feedback and iterations.
- Training Materials: Guides and tutorials for the RiskScout team to manage and update their creative.
- Project Retrospective: A final review document outlining what went well, what could be improved, and lessons learned for future projects.
- Ongoing Support : A helpline for future updates, maintenance, and additions to the RiskScout brand.
The Process:
From the get-go, my approach to RiskScout was methodical yet agile, ensuring that every decision was data-driven and aligned with our goals. The process was divided into five key phases, each with its own set of deliverables and milestones.
Discovery & Research
The project kicked off with a remote Brand Sprint and User Interviews to understand both the business and the audience. This phase yielded a Brand Strategy Document, Audience Personas, and a User Research Report.
- The Sprint: We kicked off with a remote Brand Sprint and User Interviews to understand both the business and the audience. This research informed the RiskScout pivot and led to the creation of two key personas.
Key Insights
- Stigma Stopping Sales: Community FIs are hesitant to bank hemp due to social stigma.
- Financial Expertise: The senior staff has decades of experience in finance and regulatory compliance.
- Community Constraints: Community FIs are limited by geographical markets and outdated tech.
- Chief Adventure Officer: Decision-makers are often outdoorsy, adventurous individuals who value industry tenure.
Ideation & Strategy
Next, a Decision Jam session with VeriLeaf’s senior staff helped us brainstorm potential names and logos, resulting in a shortlist and a SWOT Analysis. The deliverables for this phase were a new name, logo, visual identity, as well as the brand guide for internal use.
- Major Pivot: VeriLeaf was well-received among higher-risk businesses, but to connect with community FIs, a new name and brand were essential.
- Naming The New Brand: After a Decision Jam, we shortlisted 15 names that were outdoorsy, professional, and unrelated to hemp. RiskScout emerged as the clear winner, resonating strongly with our personas.
"RiskScout says it all! I know who they are and what they do."
— FI Decision Maker
Design & Prototyping
Armed with insights, I created wireframes and high-fidelity prototypes in Figma, which were rigorously tested for usability. The deliverables for this phase were Website Wireframes, High-Fidelity Prototypes, and User Testing Reports.
Prototyping A Logo: The RiskScout logo encapsulates layers of compliance, security, and onboarding. It was the most relatable and hit the brief with the most personality.
Crafting Visual Identity
- Color: We chose strong, safe blues contrasted with vibrant highlights.
- Typography: We opted for Poppins for its modern yet sturdy readability.
- Visual Topography: Contour Map graphics symbolize RiskScout's role as a guide through risky financial terrains.
Designing The Website
We started with quick wireframe sketches and built out lo-fi designs in Figma. After several rounds of usability testing and feedback from RiskScout’s founders, we developed the site on Editor X by WIX.
- User-Centric Design: Easy navigation and clear CTAs.
- Data-Driven Content: Tailored to the needs and pain points of the target audience.
- Mobile-Responsive: Because the world is moving, and so are you.
Development & Testing
The website was then built on Editor X by WIX, optimized for conversions, and UX strategies were implemented. The final website design was the key deliverable here.
Launch & Post-Launch
Finally, the website was launched, user engagement was monitored, and a support has been provided as needed. This culminated in a live website, as well as Ongoing Support.
Key Takeaways
- User-Centric Approach: Understanding the audience is crucial. By conducting in-depth user research and interviews, we were able to pinpoint the exact needs and pain points of community FIs.
- Agile Strategy: The ability to pivot is invaluable. When we realized that the original brand name wouldn't resonate with our target audience, we swiftly pivoted to RiskScout, which was a hit.
- Holistic Design: It's not just about aesthetics; it's about function. The RiskScout website was designed to be intuitive, easy to navigate, and most importantly, to help FI's solve real-world problems.
- Data-Driven Decisions: Every design choice was backed by data. From the color scheme to the typography, all were chosen based on user feedback and industry best practices.
- End-to-End Ownership: Managing the project from research to launch ensured consistency and quality, proving that a well-rounded skill set can indeed bring a vision to life.
What Would I Do Differently?
- Platform Choice: While Editor X by WIX served its purpose, exploring more robust platforms for development could offer additional functionalities and customization options that could further enhance user experience.
- User Testing: Although the feedback was overwhelmingly positive, incorporating more iterative rounds of user testing could provide even more nuanced insights for refinement.
- Stakeholder Involvement: While the project was a success, earlier and more frequent check-ins with stakeholders could streamline the decision-making process and potentially speed up project timelines.
- Focus on Mobile Experience: While the desktop experience was well-received, putting more emphasis on optimizing the mobile experience from the get-go could capture a wider audience.
- Post-Launch Analytics: Implementing more comprehensive post-launch analytics tools would provide valuable data for ongoing improvements and future projects.
In hindsight, these adjustments could have made the project even more successful. However, each project is a learning experience, and these takeaways will undoubtedly inform and improve future endeavors.
Conclusion
RiskScout is more than just a fintech platform; it's a financial mentor for community FIs. Through meticulous research, agile strategy, and user-centric design, I was able to deliver a product that not only meets but exceeds client expectations. So, if you're looking for someone who can navigate the complexities of branding, identity, and design all while delivering tangible real-world results, I'm your guy. And trust me, I'm worth every penny.
