- Innovation Consulting
- Stakeholders workshop
- Product strategy
- UI/UX Design
Our role in the project
User interface design
- UI/UX Audit
- UI/UX Design
- Visual design
- NodeJS Backend/API integrations
- iOS app development
- Android app development
- Product strategy
- User testing
Coposit is a tool used by property developers with the goal of helping first home buyers as well as investors, by enabling them to purchase the property by breaking down the barrier of entry that is the deposit. For instance, if a house costs $500,000, in most of the cases you will need approximately 10% of the cost, which is $50,000 upfront. A lot of people may not have $50,000 ready to go, but they still want to buy a house. They can afford the mortgage payments but may not have that bulk amount ready to make the initial payment.
Coposit, therefore, is allowing these buyers to do incremental instalment payments of the deposit before they purchase the house and sign off on their mortgage. The ideal time limit for the payment is 104 weeks. It can also be less. Plus, it is an interest-free service.
This benefits Coposit’s business as a property developer by having more people investing money. They can start signing people up to these houses that are willing to pay before the property is actually going to be complete. Not only the users will benefit from this, the business will also takes advantage as it helps to lower the cost for acquisition of potential buyers. Currently, developers are spending 2 to 3% of the budget of their entire building on marketing. This project will help to lower that cost as developers do not need to spend money on marketing campaigns.
We went through several different processes with the clients to understand the project. We went through the user flow diagram for over 3 weeks and tried to map how the entire project should work while making a lot of changes.
Firstly, the objectives of the app were understood. Analysis was then done to figure out the target audience, app development language and framework, what platform, is there similar app in the market, overall budget, how to market and promote the app, and many more.
We focused heavily on user flow and once it was finalized, we still worked to update it. We spent a large amount of time on moving things and following different steps and processes due to dependencies, and after realizing that ideas will not work anymore, we followed the best way to complete them. Instead of jumping straight to wireframes, a few screens were created to understand what we were trying to do.
The ideation came hand in hand with the user flow. The unique part of the development process was a deep focus on how the users actually go through the process and where we need to make the touch points to address where they are having issues and how we can help solve that. For instance, users had to sign the bulky contract before, but now we have digitised the whole contract, allowing users to do it simply via email.
We also developed a prioritised agile backlog to make release and iteration planning easy. This broadcasted all the things the team plans to spend time on. Once the backlog was created, it was regularly maintained to keep pace with the project.
The product owner reviewed the backlog before every iteration plan meeting to confirm that prioritisation was right and feedback from the previous iteration has been monitored.
The entire team was involved in the process of defining user stories and following the work breakdown structure to prioritise core tasks. This process kept the team focused on the strategic trajectory of the product roadmap.
The design sprint of this project assured all the team members was on the same page, which resulted in a successful collaboration of the team. Furthermore, performance, plan and progress were shared with the client by prototyping and testing solutions.
Usability testing was crucial in make the app a success. Rather than designing just based on assumptions, the designers used the data from the testing . Furthermore, this testing allowed product teams to find any problems before it reached the end-users. It also helped to identify early bugs which allowed the smoother launch of the app.
Find a property and start application
- Find a Property- To navigate on the available properties, the app will prompt you to “Property Listings” screen.
- Start Application- You will prompted to the “Become Coposit Verified” screen. Users can be Coposit verified through their identity and financial status being verified (through RapidID verification software). If the user becomes verified then the text “You are now Coposit approved” will be displayed.
- Your Application- This section lists out the properties for which the enquiries have been sent/received and for which properties the application has been applied. The applications will be listed out with their respective status- Enquiry Sent, Sales Advice Pending, and Review and Pay Deposit.
- Review and Pay deposit- This section shows the details of the property, deposit percentage chosen by the user, weekly payments to be made and the total contribution or deposits that are to be made.
- View payments- To view users’ payment plan according to when he/she needs to pay the deposit. You can also view upcoming payments to be paid and payments that have been paid, they will be listed out in “Upcoming Payments” and “Past Payments” respectively.
- Calculator- Users can evaluate different amounts of payments to be made, relative to the price of the selected property.
Through the iterative process of using the user flow diagram, as well as the prototype, there were many things that we changed. At first, we wanted a very traditional type of app that already exists. But we quickly realized that we are not trying to become a real estate company.
One of the major lessons that the company has learnt from this project was that even if we are implementing something new to the audience, we need to be flexible enough to cater to other audiences as well. Also, we have learnt that we should be flexible. We have worked hard to create wireframes, flow diagrams, and so on. We also created too many business rules for avoiding loopholes, that made it rigid for the admin or the sales agent if something changes.
Once the app was launched, it reached on the hands of users and then we started receiving feedback. After that, we incorporated all the feedback into the next versions. The next steps to take is to look for the opportunity to resolve problems. For instance, the problem of rigidity and ensure that the problem will not repeat.