Currently, digital gold is hovering over the ever-rising demand for higher-yielding investments!
Well, there are two reasons for it:
The first is – all-time liquidity, where you can sell your digital gold in an emergency.
The second is – complete safety – you read it right; you need complete assurance that your gold is safely maintained physically in a vault even if you purchase it at a low price.
As per Statista surveys, the worldwide gold demand was 4740.8 metric tons in 2022, which is 4,012.8 metric tons more than the previous years. According to the World Gold Council Global reports, Egypt soared on the higher end for net sales of gold in 2022, amounting to approximately 50 tonnes of gold, followed by Turkey, India, Argentina and Ireland.
Currently, the total gold imported into India is around 673.3 tonnes, and 60% of the estimated gold sold in the country is less than 5gms.
With these numbers, digital gold has gained a new light and is considered as a collateral against digital lending platforms.
While the world is grappling with stepping ahead in the digital gold market, Safegold has bagged a massive share in helping its customers buy 24k gold in less than 24 seconds. The digital gold platform witnesses almost 5.7 million users moving forth with gold transactions in tier-1 cities of India.
In other words, it would not be wrong to count the Gen-Zs and Millennials responsible for the digital gold purchase surge.
Safegold’s Web App Development Journey with Hie HQ
Safegold offers its consumers a simplified investment solution where they can purchase fractional amounts of gold as a digital token. It offers its partners a bunch of APIs that can be integrated/plugged in with apps, and the customer group can start their gold purchase spree. Safegold is developed in a way where it offers 100% guaranteed security when it comes to privacy. Hie HQ designed the web application in a way that could be utilized by multiple users flawlessly.
What are some of the significant challenges Hie HQ faced while building Safegold?
Designing an application that could dominate the Indian bull market of digital gold was not easy.
Here is a peek at the challenges we faced:
Redesigning a web application considering millions of users
The design had to be intuitive and user-friendly while keeping in mind the vendors’ needs using the application. We also aimed to build an interface that could handle the multiple data and traffic that follows a large user base.
Designing and implementing a futuristic interface with easy-to-use navigation for users and vendors
The interface had to be easy to navigate and interactive to help users and vendors quickly access the necessary information. We were deeply engaged in designing the navigation that could accommodate different devices and platforms while also considering the needs of both users and vendors. We counted scalability and security as prime futuristic factors while designing our web application for better reach.
Our Process:
To achieve a soft landing when it came to redesigning the web application, we cross-checked every stage of our process. Here is a brief explanation of the various steps we followed while redesigning the Safegold web application.
Research:
Before beginning to redesign a fintech application, it is essential to conduct research. We researched the upcoming market trends and futuristic user needs, as well as listed out the goals and objectives of the application. Our research further included identifying the existing users and their needs to improve the overall design experience.
Mind mapping and brainstorming:
We considered mind mapping and brainstorming are essential blocks for our design process. It involved creating a visual representation of the user journey and flow and brainstorming ideas for new features and functionality. This process helped us to ensure that all elements of the design are in line with the overall goals and objectives of the application.
UX design:
After the research was completed, the next step in the redesign process was designing using some of the best UX practices. This involved creating an intuitive and easy user experience while still providing all of the necessary functionality. In other words, our UX design focused on creating a layout that is aesthetically pleasing and consistent with the brand’s guidelines.
User flow and wireframes:
We constructed a visual representation of the user journey and wireframes illustrating how the users will interact with the application. It assisted us to ensure that all design elements aligned with the user’s needs and expectations.
UI design and testing:
We build the UI design and started our process of UI testing After the user flow and wireframes were creation. This involves completing an aesthetically pleasing layout consistent with the brand’s policies and easy to use. It also consists of creating a UI interface that is intuitive and user-friendly, as well as testing the user interface to ensure that it functions correctly.
Graphic elements and UI interface:
We created aesthetically pleasing visuals, such as icons and buttons, that were consistent with the Safegold brand guidelines. It also consisted of creating a UI interface that is intuitive and user-friendly.
Prototype:
The last step in our design process was to create a prototype. It involved creating a working application version that we could test and iterate on. We wanted to be very sure with our redesign process and at every step of the journey we made sure that we cross checked every minute detail to avoid any kind of application complication.
The timeline surrounding Safegold’s web application UX, UI and graphic design process were 12 weeks.
Wondering what happened next?
Well, our hard work paid off!
Here are some of the brilliant results that might interest you:
- Safegold’s web application gained over 14 million users on its platform.
- This platform started processing millions of transactions every year.
- Safegold funding scale rose over $5mn
- It is counted as one of the leading and top-notch digital gold platforms in India
How can Hie HQ help you transform your business?
“When it comes to designing or building any product from scratch, there are various aspects of that one has to consider”.
Feeling overwhelmed by the above statement?
Well, no need to worry!
Hie HQ can do the bottom work for you.
We are a leading product development company that provides complete expertise in designing and developing robust and scalable applications which offer next-gen functionalities.
Our innovative software solutions have helped endless global clients transform their products and businesses.
FAQs
1. What would be the duration to redesign an application like Safegold?
Ideally, the design depends on the application’s brand guidelines, goals and objectives of the application and other aspects as well. To be specific, it could take up to 12 to 14 weeks to redesign an application like Safegold.
2. What are some of the challenges concerning designing and developing a fintech application?
There are various challenges associated with the entire fintech application process. Some of them include – data security, compliances, right 3rd party APIs, choosing the right tech stack and designing for a better UX.
