Swyftx
Expertise
Platforms
Deliverables
Website
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Discover
Company profile
Swyftx is an innovative fintech scale-up, and one of Australia and New Zealand's most progressive cryptocurrency exchanges, with over 600,000 users.
Project timeline
3 months
Problem statement
A Swyftx user who feels unsure about how to make confident trading decisions, wants to access the latest crypto news, but faces a lack of resources and access to the latest reliable news on the Swyftx platform.
Research methods
Desktop research + Swyftx user demographic
USER DEMOGRAPHIC
Based on the current crypto adoption trends, our most common user is male (69% to 31% female adoption in Australia) and within the age bracket of 18-34 (53.5% vs. 36.7% 35-54 vs. 9.8% 55+) - Finder, 2022
Swyftx Age & gender breakdown
More than 70% of Swyftx users are male. The key user group of the Swyftx platform are users aged between 25-34 (32%) followed by 18-24 (23%) and 35-44 (19%) - Google Analytics, 2022
Revenue
When we consider age and gender, male aged between 25-34 (23%) made around 20% of our revenue. It is noticeable that male users aged between 35-44 (13% of users) make more than 17% of our revenue during this six month period. Also age group 45-55 make less than 9% of our users, however, they make about 14% of our revenue. It shows the important role and future potential of those two segments of users for our business.
Preferred device
63% of users use their mobile to use our platform and it makes about 18% of our revenue. More than 60% of them access the platform via iPhones. On the other side, data shows that 35% of Swyftx users use their desktop devices and their transactions made more than 81% of our revenue.
NEWS SPECIFIC DESKTOP RESEARCH
Device preferences for accessing online news (general data, not crypto)
As of February 2020, a survey on digital news in Australia found that around 45% of respondents in Australia accessed news online with a mobile phone. This was an increase in the share of respondents in the nation who accessed news online with a mobile phone compared to the previous year - Statista, 2021
Trust around news sources (Australian study)
Australians don't trust 'all news' but have more faith in their preferred sources - ABC News, 2022
Opportunities for Swyftx: developing a news service within the trusted Swyftx platform utilising our partnership with Crypto News Australia. The implementation of this news feature will increase user engagement on the platform (linking back to our Profile Management squad OKR).
Competitor analysis
COINMARKETCAP
MESSARI
BINANCE & BINANCE PRO
DELTA
MORNINGSTAR
FTX
User insights (NPS survey + Dovetail interviews)
NPS SURVEY RESULTS, June 2022 (400 RESPONDENTS)
What would users love to see on Swyftx?
- "News updates"
- "Better info/news"
- "Regular summary of crypto world news"
- "More news articles to inform trading"
- "Learn and earn, news"
- "More thorough info, more learn"
- "More cryptocurrency development news"
- "NEWS"
- "News articles about new and old crypto"
- "More crypto news to help decide what to buy/sell - like Morningstar does with shares"
DOVETAIL USER INTERVIEWS, June 2021
Users' current news sources/go-to resources:
- Telegram
- Podcasts
- YouTube - e.g. CoinBureau
- Discord
- Social media Facebook groups
- Paid mentorship
- Online forums - e.g. Whirlpool.net
- Vauld
- Forbes
- TradingView
- HVAs (High Value Account customers) tend to rely less on content from social media influencers. Instead they rely more on their own independent research about projects, technical analysis & paid mentorships.
Key quotes
- "I started doing research because at that point I had no idea what's good" (Ravi)
- "Most of the free quality data to get you started is free content on YouTube" (Jason, HVA)
- "I do a bit of YouTube watching, article reading, online research into specific coins" (Alex)
- "I check coin market caps news section every day" (Jack)
- "There's only so much info one person can read and digest" (Ruben)
- "Research becomes a source of truth - I need to find reliable sources" (Ruben)
- "I joined a group called 'Technical Crypto Analyst' - they post news that's trending, if there's news regarding a particular coin, and then it's up to you to do your own research and invest in that one" (Nirav)
- "Coingecko.com is my go-to when I hear about something because all the information is placed together, when I want to research a particular coin" (Ravi)
Define
Personas (existing Swyftx personas)
Persona 1: Freddy Freshman
Persona 2: Oscar Opportunistic
Persona 3: Steven Skin in the Game
Customer journey map
How might we?
- How might we provide our users with access to the latest crypto news, so that they may get a broader understanding of the crypto market and make more confident investment decisions? (General news)
- How might we give our users access to the latest trending news relating to a specific asset/range of assets, so that they can make faster and more informed investment decisions? (News relating to a particular asset).
Develop
Ideation workshop
Generating creative solutions in relation to our HMW statements.
Session details:
- Presentation of the research, problem statement, personas and CJM to the team (to provide context to the problem space we were trying to solve)
- Rapid brainstorming (Crazy 8s - 1 idea per minute)
- Stakeholders/participants move their ideas from the pyramid down to the MVP (to map out desirable and viable ideas)
- Dot voting occurs on MVP (3 votes per participant)
- Stakeholders/participants have 8 minutes to come up with 6 steps for a user pathway to show how the user would navigate to the latest news on the Swyftx web platform (happy path)
- Dot voting occurs once more to decide as a team what the selected "happy path" looks like.
Visual snapshot of workshop presentation
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Deliver
Wireframes
High fidelity prototype
React Web
React Native (mobile)
Next steps (post MVP & feature enhancement round 1)
Feature enhancements
- Article sentiment analysis score to help users decipher between top stories
- Flesh out the Search function to include tags and more categories for users to filter between
- Extend news from Dashboard and single asset pages (feature enhancement 1) to be housed within own News section of the platform from the side navigation.
Post-launch stats (Mixpanel, Oct 6 2022)
Summary
Despite executed orders in the last 30 days being down 2.38% compared to the previous period, users who utilise our news service are trading at a higher rate than in this period. We tracked various events using Mixpanel to monitor the usage and conversion rates of users engaging with our news platform:
Breakdown
EVENT 1: [Clicked News Article]
Impact
- The launch of [Clicked News Article] contributed to a +0.08 (19.05%) change in the number of events per user on Order Executed - Total per day.
Adopters
- 7,913 unique users did [Clicked News Article] since Sep 9, 2022 (14.20% of all users). For these users, Order Executed - Total changed by an average of +0.02 per user per day after they did [Clicked News Article].
Non-adopters
- 47,824 unique users did not do [Clicked News Article]. For these users, Order Executed - Total changed by an average of -0.02 per user per day.
EVENT 2: [Refreshed Latest News]
Impact
- The launch of [Refreshed Latest News] contributed to a +0.08 (27.59%) change in the number of events per user on Order Executed - Total per day.
Adopters
- 13,394 unique users did [Refreshed Latest News] since Sep 9, 2022 (24.16%of all users). For these users, Order Executed - Total changed by an average of +0.02 per user per day after they did [Refreshed Latest News].
Non-adopters
- 42,048 unique users did not do [Refreshed Latest News]. For these users, Order Executed - Total changed by an average of -0.03 per user per day.
Other notable contributions to Swyftx
- Designed the new Refer a friend feature, to reward users referring friends with $10 AUD worth of Bitcoin (both react web and react native - mobile app)
- Redesigned the single wallet section, based on user feedback and usability testing (react native - mobile app)
- Designed a new card deposit experience, integrating with Stripe (payment processing platform) to provide our AUD & NZD users with a more seamless UX experience within our platform and lower transaction fees (both react web and react native - mobile app)
- Redesigned the Sitewide Market Ticker, (showing the top crypto gainers & losers), based on user feedback from our previous angular web platform (react web)
- Involved in a company-wide Hackathon, where I designed and presented the solution on behalf of my team. Our proposed solution was a Swyftx channel verification page for users to easily search and distinguish between verified and non-verified channels. The problem arose in response to the multitude of scams occurring within the crypto industry and lack of transparency surrounding this issue. The project was selected to be included in the company roadmap.