UXR Process

Direct and Indirect Competitor Analysis

đź“Ś Project Scope

  • Client: Belo
  • Timeframe: 1 month – (Internship) 
  • My role: UX Researcher
  • Team: Abril Hernández
  • Methodology: Secondary Research, Surveys, Competitor Analysis, Lo-fi wireframes.
  • Tools: Figma, Figjam, Notion.

Overview

An increasing number of people worldwide are choosing online money transfer services over traditional banks or physical money transfer agents for sending money internationally, specially the freelance industry.


In Mexico, the number of freelancers has grown significantly, reaching approximately 15 million people. This represents one in every four workers in the country, highlighting the rise of independent work in sectors such as design, marketing, IT, and content creation. 

Every day, freelancers face the decision of which online payment provider to use to receive their earnings. That’s where Belo steps in, but what is Belo? 


Belo is a financial app that acts as a «financial passport,» allowing users to manage and transfer their money without borders. Its main focus is to provide a simple way to handle both cryptocurrencies and fiat currencies in a single platform. With Belo, users can send and receive payments in various currencies and cryptocurrencies, making access to financial services easier, both locally and internationally.


Week 1

🏅 Identify Current Competitors

Objective

This research was launched to identify opportunity areas within the Mexican market.

While Belo has a strong presence in Argentina, they are now aiming to understand both their direct and indirect competitors in Mexico.

The goal is to discover how Belo can deliver an exceptional user experience tailored to the needs of the Mexican audience, and ultimately carve out a space in the new market.

Discovery

🔎 Survey and Benchmarking

The project started off with surveying some random freelancers on Linkedin, with total respondents at n= 7 in one day.

đź“® Survey

Survey Objectives
  • Identify the platforms freelancers currently use to receive payments.
  • What is the most common currency they use for transactions?
  • Determine whether freelancers save money and which platforms they use for saving.
  • Identify if freelancers invest their money, and through which platforms.
  • Explore their views on cryptocurrencies
Survey Findings
  1. More concrete data was gathered to begin identifying direct and indirect competitors.
  2. The most common currency for payments is USD.
  3. 100% of the surveyed freelancers invest their money.
  4. However, only 87% have invested in cryptocurrencies.

🔎 Benchmarking

 
The Process
  • Using the data gathered and previous secondary research, I selected three direct competitors (DollarApp, GabrFri and HiGlobe)  and three indirect ones (Mercado Pago, Nubank and Bitso)
  • I created an account for each application and thoroughly documented the entire experience, including screenshots, to capture and evaluate all the relevant functionalities.
Week 2-3

🧠 Comparative Matrix

Objective

Organize the data and build a comparative matrix to identify recurring patterns and trends.

Competitive Analysis

✏️ Key Functionality Map and Data Analysis

The Process
  • For this section, I synthesize the data and developed a comparison matrix based on the key functionalities.
  • I conducted extensive secondary research on each competitor, exploring their websites and mobile apps. Additionally, I investigated user pain points and experiences through popular forums and communities such as Reddit, LinkedIn, and Facebook.
  • Alongside key functionalities, the matrix includes a brief description of each competitor, the solutions they offer, their target users, and the countries where their services are available.

đź“Š Data Analysis

 
The Process

To identify areas of opportunity and analyze the data effectively,  I created a comparison table. The categories I focused on were:

  1. The unique value preposition

  2. Competitive advantages
  3. Disadvantages

After analyzing the data, I identified five competitive advantages and ten disadvantages for Belo in comparison to its six competitors.

Week 3-4

đź’Ą Insights and Lo-fi Designs

Objective

Present the insights and develop low-fidelity wireframes that highlight the identified opportunities.

Project Findings

The following are the main disadvantages identified for Belo compared to its competitor.

1. Charges a $10 USDT fee for opening an account in the US.

2. Doesn’t provide a physical card upon account opening.

3. The currency conversion rate for small amounts is the lowest on the market, with 1 USDT equaling $9.56 MXN.

4. To make a transfer between local accounts, the recipient’s CURP is required, which is an uncommon practice in Mexico.

5. It lacks visible «sections» that allow users to monitor the performance of their savings.

6. It doesn’t offer free deposits in Mexican pesos (MXN).

7. Wire transfers are not available for users who need instant transfers.

8. It’s the one with the highest commission, receiving deposits from Payoneer.

9. Lack of visibility in documentation regarding commission charges and currency price.

10. It doesn’t have SPEI transfers that are credited immediately.

🖊️ Lo-fi Designs Proposal

The Process
  • Based on the findings, opportunities were prioritized according to the features with the greatest impact on UX design.
  •  Many of the previously mentioned findings relate to Belo’s business model and will be addressed as part of this ongoing research.
  • I focused on developing a new proposal for findings five and nine, as they are the most relevant to the interface and usability, considering the available time and resources.

5. Lack of visible "sections" that allow users to monitor the performance of their savings.

With these improvements, I aim to enhance several key aspects.

 

First, I will improve the visibility of the savings sections for users, allowing them to easily click and create personalized savings goals, which can be automatically managed. This addresses a key limitation of the previous model, where users couldn’t easily see their saved money at first glance.

 

To improve clarity on returns, two enhancements were made. A new «Returns» section will replace the current «Automatic Saving» section, offering more detailed insights into the growth of users’ funds. Additionally, a note will inform users that their money is automatically growing at a 4.25% rate—highlighting a competitive advantage Belo offers but has not effectively communicated.

 

These changes are expected to improve interface comprehension, enhance usability, and better align with the needs of the Mexican market.

 

9. Lack of visibility in documentation regarding commission charges and currency price.

With these improvements, I aim to address several key aspects.

First, clearly specify the exact conversion rate of 1 USDT to Mexican pesos.

Second, update the landing page to indicate that the conversion rate may vary based on the transfer amount, and provide a link for users to learn more about the commission policy right next to the legend.