'Zahab' Transfer
The 'Zahab' transfer is a lesser-known banking transaction that challenges clients' established mental models of interbank transfers within Israel.
Market research reveals varying perceptions of the transfer among different banks.
My Role:
Research, Design, Prototype
Platform:
Website, App
What is a Zahab transfer?
The Zahab transfer operates within an international clearing system known as Zahab (in Hebrew) or RTGS (Real-Time Gross Settlement). Beneficiary details required are their name in English and IBAN (International Bank Account Number). Transactions are processed instantly within Zahab's operating hours.
Once initiated from a bank, payments are final and cannot be reversed.
Understanding the transfer operation
What is a Zahab transfer?
The Zahab transfer operates within an international clearing system known as Zahab (in Hebrew) or RTGS (Real-Time Gross Settlement).
Transactions are processed instantly within Zahab's operating hours. Once initiated from a bank, payments are final and cannot be reversed.
What is different about it from other transfers?
Beneficiary details required are their name in English and IBAN (International Bank Account Number).
Understanding the transfer operation
Conversations with Stakeholders
In discussions with various departments within the company, we:
Addressed identified issues and business requirements
Delved into the banking and technical intricacies related to the transfer
Outlined the specific directives provided by the Bank of Israel
Current Situation: Limited Digital Support for Zahab Transfers
Currently, the bank's website and app only support written communication between customers and bankers for Zahab transfers.
Customers often experience delays in transaction execution due to reliance on banker availability.
Improving the workload of bankers
Currently, the Zahab transfer can only be performed by bankers at the service center or users' bank branches. This setup creates added workload for bankers, necessitating a more efficient solution.
Enhancing the Bank's Image
Delays in transaction execution inconvenience customers and pose a risk of financial harm.
Scheduling
The priority is to begin with designing for the website and then tailor it to fit the app.
Key Business Needs and Issues
Two common patterns usage emerged:
The Car Buyers
Customers making quick transfers outside the home, with the seller present
The House Buyers
Customers making substantial transfers legally required as Zahab
"The car buyers"
Customers who use the service outdoors and need quick transactions. Typically while making a car purchase with the seller present.
"The house buyers"
Customers who use the service for larger transactions as required by law. Including payments for new apartments or other significant purchases.
Understanding Customer Perception and Awareness:
Motivation:
Beneficiary Request
Customers are typically prompted by the beneficiary to initiate the transfer, often unaware of this option's availability.
Customer Perception: Immediateness
Customers perceive this transfer as an immediate settlement of funds quickly reflected in the beneficiary's account.
Interviews. Main Findings:
Market Research
I reviewed the websites of other Israeli banks to see how they approach the Zahab transfer, finding that different banks have implemented it in various ways:
Some banks offer customers the ability to contact a banker by sending a written message so the banker can make the transfer for them.
Some banks have integrated the 'Zahab' transfer within the existing digital transfer form.
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Other banks have a dedicated form specifically for the 'Zahab' transfer.
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The Car Buyers
Customers making quick transfers outside the home, with the seller present
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The House Buyers
Customers making substantial transfers legally required as Zahab
"The car buyers"
Customers who use the service outdoors and need quick transactions. Typically while making a car purchase with the seller present.
"The house buyers"
Customers who use the service for larger transactions as required by law. Including payments for new apartments or other significant purchases.
Understanding Customer mindset
Motivation & Awareness: Beneficiary Request
Customers are typically prompted by the beneficiary to initiate the transfer, often unaware of this option's availability.
Customer Perception: Immediateness
Customers perceive this transfer as an immediate settlement of funds quickly reflected in the beneficiary's account.
Interviews. Main Findings:
The findings are divided into two:
customer mindset, and two common usage patterns
Strategic Decisions
The bank's website and application already have a different type of money transfer process, raising two dilemmas:
Location:
Dedicated Form vs. Integrating
Initially, adding the Zahab transfer to the existing form seemed intuitive, but it would likely confuse users who don't distinguish between transfer types. Customers mainly seek to fulfill the beneficiary's requirement for a Zahab transfer and specifically search for 'Zahab transfer' online.
Form Structure:
Dedicated vs. Existing Transfer
The bank already offers a digital transfer option, and customers do not view the 'Zahab transfer' as different but rather as an immediate choice. To simplify the process cognitively for users, it would be best to utilize the familiar form structure with the four questions.
High-Fidelity Prototype to test design decisions
I created high-fidelity mockups and a prototype informed by user research and competitive analysis. This included a new form named 'Zahab Transfer' with four questions and a smart message for non-instant transfers.
Usability Testing. Main Findings:
Using a prototype, I tested the hypotheses that emerged during the ideation stage
Customers mainly search for "Zahab transfer" prompted by the beneficiary
Therefore, the entry should prominently feature the operation name, separate from existing transfer options
Participants assumed the transfer service operated 24/7 due to its digital nature
Highlighting the necessity of communicating operating hours and limitations
Participants were surprised by differences between Zahab and regular transfers
Indicating a need for clearer explanations
English language requirements caused discomfort for less fluent users
Suggesting the need for enhanced clarity
Final screens
Entrance
The entry to the process prominently highlights the operation name, distinguishing it from other transfer options.
It's conveniently located under the transfers section for easy access through search or navigation familiar to customers.
The finding:
Customers primarily seek out the words "Zahab transfer" as prompted by the beneficiary.
Surfing the Website Outside of Business Hours?
A pop-up appears outside operating hours to inform customers that immediate transfers are unavailable. The final message uses a conversational tone chosen based on user testing, as participants preferred knowing when they could initiate an immediate transfer.
The finding:
Participants presumed that the transfer service operated around the clock due to its digital nature.
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Provide a clear definition of the Zahab transfer, emphasizing how it differs from a standard transfer process, while also explaining the beneficiary's account details required for this transfer to ensure users understand and verify the correct information
The finding:
Participants were surprised by differences between Zahab and regular transfers explanations and demonstrated a lack of familiarity with banking terms
Main Screen
Defining and Differentiating the Zahab Transfer:
Highlighting distinctions, explaining banking terms, addressing FAQs.
'Your Questions Answered' Pop-up:
Include frequently asked questions derived from interviews and usability testing.
Summary screen
Completion screen
Summary & Completion Screens
Data Gathering for MVP Refinement
Acknowledging the need for an MVP version, the website will include a typing field for transfer reasons to ensure accurate future refinement.
Eliminating the Need to Type in English
The app will provide a simple process that allows users to select transfer reasons in Hebrew, which are translated into English behind the scenes.
Differences in Implementing User Interview Findings on the Bank's Website and App
The Implementing:
Eliminating the Need to Type in English
The app will provide a simple process that allows users to select transfer reasons in Hebrew, which are translated into English behind the scenes.
Data Gathering for MVP Refinement
Acknowledging the need for an MVP version, the website will include a typing field for transfer reasons to ensure accurate future refinement.
The Findings:
Need for Real-Time Transactions
The need for Zahab transactions often arises during real-time transactions outside the home, such as purchasing a car.
Need for Fast and Effortless Service
Users making phone transfers with the beneficiary present and waiting, face time pressure. This highlights the need for a fast, effortless service.
Users are hesitant to write in English
For those whose first language wasn't English, this requirement added complexity and slowed down the process
Differences in Implementing User Interview Findings on the Bank's Website and App
The digital transfer was launched at the beginning of July 2023.
Note: Before the launch, digital activity involved sending a written request to a banker via the website or app.
Percentage of Zavab transactions via digital at the end of each month
The digital transfer was launched at the beginning of July 2023.
Note: In 2022, digital activity involved sending a written request to a banker via the website or app.
July 2023
A significant increase observed after months of declining digital activity
August 2023
Digital activity reached record level
Impact on Customer Activity in Digital Transfer Rates
Percentage of Zavab transactions via digital (at the end of each month)
Impact on Customer Activity in Digital Transfer Rates
Percentage of Zavab transactions via digital (at the end of each month)
The digital transfer was launched at the beginning of July 23
July 2023
A significant increase observed after months of declining digital activity
August 2023
Digital activity reached record level
Note: Before the launch, digital activity involved sending a written request to a banker via the website or app.
The digital transfer was launched at the beginning of July 23.