Project Overview

Integrate decentralized finance, ONYX (bank led blockchain),
within traditional finance, CHASE (mobile application).

Role:
UX/UI Designer, Researcher
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Client:
J.P. Morgan Chase
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TimeLine:
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8 Weeks

Tools:
Figma, Adobe, InVison

15 minute read

Skip to final
prototype

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Final Prototype

Time For A Revolutionary Change...

Jack was coming to visit New York City, Jack needed to pay for a hotel, transportation and leverage investment opportunities in New York City. Jack as a Canadian was already limited by his CIBC Visa from conducting large transactional amounts.
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Jack quickly stopped at a few financial institutions, and was denied due to not having a valid U.S residency.

As Jack was looking forward to enjoying his time in New York City, Jack was faced with the reality that traditional financial banking institutions have not modernized their financial services to the rapid movement of ongoing traffic from non-native residents.

The Age of Technology!

To tackle against Jack's payments not being able to process, we identified that Decentralized finance can provide real intraday (same day) results, with autonomous control.

Traditional
Finance

Decentralized
Finance

Financial institutions and their services that have served for many decades, such as credit, controlled by intermediaries.

A new category of financial systems that are built on blockchain technology, which creates autonomous control over assets.

Blockchain Technology

1. Blockchain Transaction:
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Full view of exchange details over the blockchain application.

2. Intraday
Results:

Same day trade process, collateral for capital.

3. Blockchain Application:
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Simplified trade process from beginning to end.

4. Programable:
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Movement of capital based around different transactional planning via blockchain.

Blockchain Function

Stores transactional functions, also known as blocks, in a (DTL) Digital Technology Ledger, each block will also contain a personal code called a hash. Whenever a block is altered by change within a transactional function, a new block is automatically created, resulting in a chain of blocks.

The Issue:

Traditional financing solutions, such as intraday credit facilities and overnight repossession agreements, can be costly and prone to operational friction and borrowing costs.

Example: Jack being a non-resident within New York City, denies Jack from intraday purchases due to credit checks facilitated by intermediaries.
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The Solution:

Brining decentralized finance ONYX, onto the existing CHASE mobile application, will allow consumers to manage instant money in exchange for current JPM Coin.

Example: Jack would have access to all financial banking services, such as mortgage loans, using blockchain technology that removes intermediaries and credit checks, allowing Jack to be approved for a mortgage Loan, anywhere at anytime.
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Key Terms:

Operational Friction: Obstacles such as the individuals within the process of technological transactions that distort financial trade visibility.
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Borrowing Costs: Interest that can be used against a lender when taking a loan.

Intraday Financing: Same day results.

Repo Agreements: Short term borrowing, selling assets to a buyer, in which the seller will buy assets back at a slightly higher price point.
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What Needs To Be Introduced?

Onyx by J.P.Morgan

Onyx by J.P.Morgan is a blockchain based platform being developed as the first wholesale payment transaction system built upon decentralization.

Traditional
Finance

Decentralized Finance

Goal: Combine Traditional Finance with Decentralized finance upon Chase Bank application.
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Front End: Existing financial infrastructures that already use traditional finance.
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Back End: Integrate Onyx digital assets (JPM Coin) built on blockchain platform as decentralized finance.
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A. WEB3 Via Smart Wallet (Sign In)

Ability for any consumer to sign into Chase Bank and utilize their financial services, regardless of location and time. Minimal information is needed to create a Smart Wallet, once a Smart Wallet is created, it can sign into Chase Bank App, and other credit evaluations instantly.

B. Decentralized Finance Trade Process

A layout of how any consumer, regardless of location and time can access instant cash liquidity, by trading JPM Coin (collateral).

Ali has finalized brining ONYX by J.P.Morgan (Decentralized Finance) onto CHASE (Traditional Finance)

A. Autonomous sign-in via WEB3, smart wallet
B. Allow Instant cash receivable via JPM Coin (Trade Process)
C. Same day assets, transfers, and investments results in congruence of A and B functionality.

Speaking with Financial bank customers

After hearing about Jack's struggle with traditional finance, Ali wanted to see how others interacted with current financial institutions.

Four one on one interviews were conducted, two J.P.Morgan customers (high and low income status) and two non-J.P.Morgan customers (U.S and non-U.S residents).

Research Has Shown

Average Persona: All four individuals interviewed want to invest.

The Problem

The common pain points that resist the four individuals interviewed from investing is from the friction that comes with Traditional Finance.

These pain points were broken down into 2 main challenges:
Operational Friction and Borrowing Costs

Operational Friction with investing in Traditional Finance Include:

1. Settlement Risk:
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Manual entry errors and collateral management, due to human errors.
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2. Suboptimal Capital Management:
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Receiver is unable to collect funding due to incorrect settlement procedures.

3. Data Transmission Errors:
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Large compounding errors within trading between seller and buyer.

Borrowing Costs with investing in Traditional Finance Include:

1. Intermediaries:
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Individuals that enter a trade between a buyer and seller, where they take funds out of the transactions.
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2 Interest:
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Happens when borrowing of funds.

Thesis Statement

Traditional finance causes serval problems such as operational risk and borrowing cost that delay and heightened the costs for consumers wanting to invest.

Onyx by J.P.Morgan a decentralized platform can help solve issues found in Traditional Finance, by introducing blockchain technology that creates intraday financing using repurchase agreements.

Solution

Onyx by J.P.Morgan a decentralized platform, address leeway to the common pain points of operational friction and borrowing costs.

CHASE bank an online (Traditional Finance) application, can unite ONYX by J.P.Morgan (Decentralized Finance) to give financial access to any consumer anywhere at anytime.

CHASE App...Powered By ONYX

With the focus of creating a re-defined CHASE bank application with ONYX by J.P.Morgan an endless streamline of possibilities comes to mind when developing a MVP that leads towards a final product.

Ali, the lead product designer first began creating a Customer Journey Map.

Utilizing the 4 interviewed participants, it is understood through the Customer Journey Map, that blockchain technology is still quite un-familiar amongst the participants.
Some of the concerns that came out of this User Journey Map, is the safety while using a blockchain platform.
Ali had too realized after conducting the User Journey Map, that there are fears of potential consumers from interacting with the CHASE bank application powered by ONYX.

Highlighted Questions From Customer Journey Map

1. Are there possible risks involved with partaking within a decentralized trade with an anonymous counter party?

2. Can any part of my personal trade be altered on a blockchain platform?

3. What form of collateral is used? How does the collateral get operated? Is the form of collateral backed by any institution?

Understanding Security With Onyx

Onyx by J.P.Morgan will issue a blockchain coin (JPM coin) but will be under the management of J.P.Morgan.
Making Onyx by J.P.Morgan a modified Decentralized Finance platform.

Protocol Interaction:

With programmable money such as JPM Coin, the transfer of funds are based on Smart Contracts. Automatically any complex transaction can be solved without human involvement.
As programmable money is conducted via smart contracts, there is potential for errors to occur in any automated software application.
J.P.Morgan will be under surveillance of all Decentralized Transactions.
"Smart contract should be reviewed, audited, and anticipated problems should be corrected"(J.P.Morgan).

Outline
(CHASE + ONYX)

After clarifying common concerns and needs presented by the participants, Ali felt confident in creating Tasks Flows for the CHASE bank application + ONYX by J.P.Morgan.

Task Flow 1 (Chase Bank Opening)

Task Flow 2 (DeFi Portal Opening)

Ex-A. Currency Exchange

Ex-B. Mortgage Loan

Ex-C. Private Equity

Analyzing the CHASE Bank App and given concepts of ONYX by J.P.Morgan.
Two set group concepts were drawn for the low-fidelity sketches.
The goal was to develop a native (V.A) aesthetic, as well a group concept futuristic (V.B) to the current Chase Bank App.

Low Fidelity (Post-Analysis)

Ali was able to visually introduce (WEB3 Via Smart Wallet Sign-In) and (Decentralized Finance Trade Process) within the organic eco-chamber of the Chase bank application.

Breakdown Low Fidelity Example

A. Currency Exchange Example: User has the ability to instantly issue JPM coin (collateral) for instant AUD currency.

B. Mortgage Loan Example: User fills out a quick mortgage loan application which will show the consumer the initial down payment that is required for the type of mortgage loan they choose. Once the user "issues" the mortgage loan application, they are taken to a full intraday repo breakdown page, allowing the user to adjust the (Decentralized Finance Trade Process) and proceeding with a "submit" button after reviewing request. Users then accepts trade, using WEB3 smart wallet to complete trade. Within moments users receives full loan amount with (property and land tittle transfer).

C. Private Equity Example: Utilizing the WEB3 smart wallet feature, J.P.Morgan will be able to introduce immediate private investing into the Chase Bank + Onyx By J.P.Morgan. After WEB3 sign in, the user is presented with a smart targeted investment tailored for the user, based on Chase analytics. After viewing the investment (Carmea-Step), the user is given the ability to join a group pf investors and also choose the group of investors via Chase's private investing dialogue.
User is now presented with the breakdown of investment of other users and their quoted amounts. User reviews intraday repo breakdown and taps "submit". Finally, the user accepts that the loan funds are transferred and investment of Venture Capital is recorded on the blockchain.

Curating a Visual Identity

Ali takes time out to visually pull apart elements such as typography, logos and keywords that stand out from the CHASE Bank application, and ONYX by J.P.Morgan.