DATE
11/2022
This case study explores how Times Internet leveraged its financial expertise and the Economic Times legacy to scale its Entertainment Credit Card user base from 18M to 35M, paving the way for a bold shift in the credit card landscape.
Leveraging Times Internet’s legacy in Fintech
In the bustling world of fintech, where innovation and convenience drive progress, Times Internet has been a beacon of trust and success, especially with its highly acclaimed Entertainment Credit Card, boasting a robust user base that has grown from 18M users in 2016 to 35M users in 2023. Building on its stellar reputation, nurtured by its financial prowess and the legacy of the Economic Times, Times Internet envisioned a groundbreaking shift in the credit card landscape.
In the bustling world of fintech, where innovation and convenience drive progress, Times Internet has been a beacon of trust and success, especially with its highly acclaimed Entertainment Credit Card, boasting a robust user base that has grown from 18M users in 2016 to 35M users in 2023. Building on its stellar reputation, nurtured by its financial prowess and the legacy of the Economic Times, Times Internet envisioned a groundbreaking shift in the credit card landscape.
Turning the Tables on Traditional Finance
Enter the concept of Times One - Super Card, a visionary project aimed not only at simplifying users' financial lives but also at redefining the dynamics between financial institutions and fintech companies. This case study delves into the journey of creating the Times One - Super Card, a digital neo card that amalgamates multiple bank cards and FinTech organizations like Insurance and Investment funds into a singular, powerful entity, offering a seamless financial experience.
The Journey- From conception to reality
The project kicked off with an exhaustive ideation phase. The team at Times Internet, comprised of seasoned designers, developers, and finance professionals, embarked on a comprehensive analysis of the market, user needs, and technological possibilities. The goal was clear: to create an app that not only consolidates multiple cards but also enriches the user's financial journey with personalized recommendations.
Understanding what a One-stop-shop for financial needs means
To refine the extensive list of app features into a succinct summary, we not only grouped related functionalities under broader themes but also considered development feasibility and business priorities. This approach ensured that the streamlined list emphasized core aspects of financial management, security, and user experience while aligning with strategic objectives and technical practicalities, leading to an optimized overview that balances user needs with business goals.
- Unified Card Management
- Unified Financial Management
- Insights & Budgeting
- Investments & Loans
- Payments & Transfers
- Security & Privacy
- User Experience & Support
- Integration & Community
Pilot Launch Overview
The following points were strategically chosen to cater to the core financial needs of users, making the Times One - Super Card app a comprehensive financial management tool. During the pilot launch, the focus areas included:
- Facilitating smooth user onboarding.
- Ensuring efficient credit card management and payment processing.
- Providing detailed transaction tracking with actionable suggestions.
- Enabling comprehensive expenditure tracking with saving tips.
- Integrating an engaging offers and rewards system with loyalty programs.
Onboarding Research
After analyzing the onboarding modules of three fintech companies, key enhancements for Times One were identified:
1) Simplify Signup: Minimize steps and screens.
2) Streamline Account Setup: Facilitate quick bank account linking.
3) Highlight Value Early: Clearly communicate app benefits from the start.
4) Emphasize Security: Address security upfront to build trust.
5) Ensure Accessibility: Make the process inclusive and accessible.
6) Completion: Reward users for finishing onboarding.
7) Gamification: Introduce elements like progress bars and achievements.
Design Process
Monetization & Loyalty Strategy
The monetization of the Times One - Super Card app is intricately tied to its loyalty programs—Times Prime and Times Points. These programs not only encourage user engagement and retention but also open avenues for partnerships with other businesses, offering them a platform to reach potential customers. Additionally, transaction fees, premium service subscriptions, and targeted financial product offerings provide direct revenue streams, ensuring the app's sustainability and growth.
Leveraging the Times Ecosystem - Introducing Times Prime and Times Points
Times Prime: A premier loyalty program that offers users exclusive access to a variety of benefits, including premium content, special offers, and discounts across a wide range of services. It's designed to enhance the overall user experience by providing value beyond traditional banking and financial services.
Times Points: A unique loyalty score program where users earn points for engaging with the app. These points can be redeemed for attractive offers, discounts, and memberships, adding a gamified element to financial management and making savings more rewarding.
Crafting Elegance: The SuperCard Metal Credit Card Design
The design of the SuperCard's metal credit cards was driven by a fusion of elegance and functionality, tailored to user preferences. Selecting premium metal emphasized durability and luxury, while a minimalist aesthetic ensured standout design and ergonomics for ease of use. Branding elements were thoughtfully integrated, strengthening the card's identity. User feedback informed ongoing refinements, leading to a product that surpasses expectations in design, security, and prestige. This user-centered approach highlighted our commitment to crafting not just a payment tool, but an enhanced financial experience.
The Outcome and Looking Ahead
The debut of Times One - Super Card has been met with significant interest and acclaim, marking a notable achievement for Times Internet. Its innovative approach to finance management, particularly its ability to combine various banking functions onto a single platform, has stood out as a key highlight. Additionally, the feature offering personalized financial insights has received positive feedback:
Key Achievements:
- Introduction met with significant interest and acclaim.
- Recognized for its innovative approach to finance management.
Highlighted Features:
- Amalgamation of banking functionalities onto a single platform.
- Provision of personalized financial insights.
The enthusiastic response from both users and banks signals a potential transformative shift within the fintech landscape. Looking ahead, Times Internet is committed to further expanding the app’s capabilities and reach. The goal is to ensure a future where financial services are more integrated and centered around the user’s needs, as outlined below:
Future Goals:
- Expand app capabilities and reach.
- Promise more integrated and user-centric financial services.
This strategy underscores Times Internet's vision for a fintech ecosystem that not only addresses current user demands but also anticipates future needs in financial management.
Conclusion
As a designer, this initiative is regarded as a significant milestone in the fintech sector, highlighting Times Internet's commitment to innovation. Emerging from challenges and collaborative work, its potential to enrich users' management of finances has been showcased. Looking ahead, it stands as a testament to the dedication to offering solutions that are secure, seamless, and tailored to individual needs, marking a future where finance merges smoothly with technology and user experience.
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