Mastercard Money Laundering platform
Helping financial institutions identify money laundering more effectively
Brief
The estimated amount of global money laundering is US$2 trillion a year, according to the UN Office on Drugs and Crime. Financial institutions face heavy fines, for non-compliance. In 2020 alone, banks were fined $14.21 billion globally.
Mastercard helps combat money laundering activities with this new tool, as part of their Financial Crime Solutions.
This B2B Saas software enables financial analysts to easily detect and investigate money laundering activities.
Using machine learning and leveraging data from both card and account based transactions, the algorithm is trained to detect suspicious card transactions at lightning-fast speed.
Data sets
In collaboration with Mastercard, we analyzed the provided data sets and established correlations between column data. By prioritizing key data sets and maintaining open communication with the Mastercard team, we developed a more efficient and effective financial analysis tool that provides a comprehensive view of the most critical data.
My Role
Working collaboratively with the account designer, Mastercards' product managers, analysts and other financial partners I acted as a senior UX designer, researcher, UI designer and information architect.
Main Challenges
The initial brief was to design the product directly for the end user - Mastercard’s financial partners. However due to time constrains we did not get access to many end users to test our designs. Instead, we resulted in testing our prototype with Mastercard’s own analysts, some of which who use to work in banks. While their feedback was very useful we still received it hesitantly. Mastercard eventually extended the contract, giving the team time to source and test with end users.
What I did
As a vital member of the project team, I owned critical design aspects, from wireframe creation to prototype development, and partnered with a stakeholders and colleagues to craft a comprehensive user testing strategy. Through several rounds of user testing and rapid prototyping, we synthesized valuable feedback and improved the usability, intuitiveness, and overall effectiveness of the final product.
The brief included the use of several design systems from other Mastercard products. Upon user testing we found several UI friction points: the colour choices were causing confusion and negative reactions among users. Users were overwhelmed and could not prioritise the information displayed as the red indicated urgency and error. Additionally, some charts were overly intricate and presented an excessive amount of data, resulting in difficulty comprehending their contents. As you can see from the images above and below, I also implemented further UI changes to the charts designs, making them more intuitive and allowed for faster comprehension.
Further feedback obtained from the user testing session enabled us to simplify the intricacies displayed on the dashboards to their essential core. Consequently, both analysts and executives can readily access the recent trends and critical transactions that require deeper investigation directly from the dashboard. Subsequently, when delving into investigative mode, analysts are equipped with additional filtering and search functionalities that allow for a faster and more efficient analysis.
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