SoFi Small Business Banking
AI banking solution for small to medium businesses
Designing the best-in-class SMB banking to help small business owners cut through the grind and focus on what they do best – running their business.
Client
SoFi
My Role
Lead UX Designer
Project Type
Financial Service
Collaborators
User Researchers, Product Managers, Engineers, Bankers, Business owners
Building the Minimum Marketable Product (MMP)
44% of the US GDP and~$120B banking revenue pool comes from SMB banking and the segment continues to grow, yet the SMB market is fragmented, with traditional players relying heavily on physical branches and fintech lacking the personal touch SMBs appreciate most. 57% of SMBs are open to try a new bank solution and 30% are actively looking for one. SoFi can solve for two core, acute needs across a range of SMB types, through expert human support and needs-based financial products.
Problem Statement
Small to medium business owners (SMBs) are deeply underserved by both traditional banks and digital-first players. They are overwhelmed with existing disorganized systems and don't what to do. 17% of SoFi members spend too much time on admin tasks. They need to know that they are not alone. The top reason SMBs don’t want to switch is because of the support they already get from their local branch, but SMBs are dissatisfied with the basics they are receiving. How might we better serve SMBs needs throughout thier stages of entrepreneurial journey?
The Solution
The Minimum Marketable Product (MMP) is the best-in-class small business banking and management tool by SoFi that helps business owners get started, grow, and maintain thier business with personalized content and expert access. This is solved by key market differential features including Expert Team, Expert Content, Control Center, Accounting Sidekick, Digital CFO, and Adaptive Company Cards. Financial products include Spending Account with Interest, Business Credit-Building Card, and Smart Lending.
Research Approach
We spoke to a wide range of small business owners and surveyed ~750 in a quant study to understand thier real needs. Competitive analysis across the financial industry was used to understand what works and doesn't in-market.
User Personas
Leveraging user search and data we identified pain points for each of the three user persona types.
What We Heard
Business owners share acute needs spanning the journey of running a Small to Medium Size Business.
Journey Mapping
The journey of running a small business comes with many frictions, we mapped out all three user types on a single journey map. All three user types have overlapping concerns during managing finances and getting capital.
Key Insights
There were three burning needs that emerged across all personas. The insights found from research shows all three user types have existing concerns about Disorganization & Disconnected Systems, Relationship managers and online banking, as well as lacking credit support and loan access.
User Testing – Value Proposition & Feature Prioritization
I collaborated with researchers and product managers to align on features we could use for testing. I created mockups and visualizations of how users might interact with each feature for stimulations during the second round of user testing. I tested feature sets with 8 users across all persona types.
User Testing Synthesis
I sat down for the research team to organize the insights and ratings we gathered from user testing. The end result was a list of most loved features, expected features and liked features. Through research, we found that 80% of SMBs would open a business checking account that has no fee, no min balance, 0.5% cashback, 2% APY, with a $300 bonus. Small business deposits are >$1 trillion, lending TAM (balances) roughly $500B, CC annual spend $500B -$750B.
Hero Features
Based on what was synthesized in the second round of user testing, we distilled nine hero features that addressed the most acute point points business owners face when it comes to banking.
Wireframing
I then took the features and journey map to draft out wireframes and flows for the clickable prototype.
End-to-end MMP Experience
Business owners can get insights from their Dashboard where data is synthesized to get proactive Cash Flow Insights and Actions. The mobile-first experience enables business owners to access their financial information anywhere they are.
Sign up for a Business Account
Open a checking account and gain a competitive APY 2. Access a debit card, ATM network, checks, and other basics — on top of distinct features to help SMBs with their finances and business.
AI-powered Banker Matching, Scheduling and Video Call
SMBs can set goals and get matched with a team, schedule an appointment with an expert and plan an agenda. Users can join the meeting right in the app and receive documented next steps and resources afterwards. The solutions solves the #1 reason for not wanting to use an online-only bank–wanting personal support they are used to getting from local branch. The banker is supported by Customer 360, a GenAI tool that summarizes notes and generates next steps for the SMB.
Getting a Business Credit-Building Card
Tutorials, articles, and webinars by SoFi Small Business experts help SMBs establish and grow their business. SMBs can build business credit with a secured card that caps their spending limit at the total amount in their business accounts. SoFi report on-time payments to the major credit bureaus and their business credit builds.
Account Navigation
SMBs can get a centralized view of all their accounts. It syncs all business cards and loans in one place and integrates with accounting and HR softwares. Users can view business health — including Business Credit Score, cash in/out, invoice status, payroll/HR needs, and trends/projections with recommendations. The app also allows users to toggle between SoFi personal and all business accounts and easily transfer as needed.
Loans and Smart Lending
SMBs can easily get instant cash deposited to their account when they need it most, as well as predictive long-term loans to help grow their business. They can get pre-approved (based on Control Center data) for instant cash and SoFi will deposit funds to their account. SMBs can get a loan through pre-populated, easy digital form, and pay off the loan in a set period of time.
Tax Preparation
The app works as an Accounting Sidekick, offering a suite of tools including expense tagging, account vaults, and deposits toward estimated quarterly taxes to help users remain organized and compliant. SMBs can set up vaults within their account for specific operational needs, distinct clients/projects, and/or for tax savings. AI helps users tag expenses and incoming payments in their account for easy reconciliation. They can view reports to easily track expenses, P&L, and reconcile funds. Track taxes they will owe, and set aside money each month.
Auto-investing and Employee Cards
Established Employers can earn more on their money when it’s not in-use. They can set up customizable rules to transfer extra funds from checking to savings, investments, and or a vault. Users can approve transfers monthly before they are processed and speak to a SoFi Financial Planner when needed for additional expertise. Instantly issue virtual and physical cards to employees with unique card numbers tied to specific uses ands accounts. Set budgets for each card with simple controls to support business's expense management workflow.
Project Learnings
1. Validate early and often 6 weeks of rapid research (qual interviews, quant survey, and competitive analysis) helped compressed the discovery cycle. Testing sacrificial concepts early burned down the riskiest assumptions before any pixels were committed. 2. Design for the whole journey SMBs don't have a single need — they traverse 8 Jobs to Be Done. Designing across the solopreneur, wayfinding, and established employer journey simultaneously required a cohesive system. 3. Human + digital is the differentiator The biggest insight: SMBs need both digital convenience and human reassurance. Expert Team became the linchpin feature — making every other product feel safe to adopt. The prototype tested best when the banker relationship was front and center.