Non-banking Assets Management System

4 Months
August to November 2024

BolKabol is a groundbreaking platform designed to address a critical gap in Nepal’s financial and real estate landscape. It serves as a digital marketplace for Banks and Financial Institutions (BFIs) to market their Non-Banking Assets (NBA) and as a comprehensive real estate listing platform for real estate companies, agents, and individuals. As the Product Designer and Project Manager, I led the end-to-end development of this platform, ensuring it met the needs of diverse stakeholders while delivering a seamless user experience.

In the early 2020s, Nepal’s financial sector faced a unique challenge. Due to economic instability, many borrowers were unable to repay loans, forcing BFIs to take over mortgaged properties (land and houses) as collateral. However, these Non-Banking Assets (NBA) are illiquid, and BFIs needed a way to convert them into cash to maintain liquidity.

Additionally, Nepal lacked a centralized digital platform for real estate transactions. Real estate companies operated in silos, listing only their own properties, making it difficult for buyers and sellers to connect. The absence of a unified marketplace created inefficiencies and limited transparency in the real estate market.

No Digital Platform for BFIs:

Bank and Financial Iinstitutions (BFI) had no way to market and sell their NBA digitally, and they had to rely on ineffective newspaper advertising.

Fragmented Real Estate Market:

Real estate listings were scattered across individual company websites, making it hard for users to find properties.

User Diversity:

The platform needed to cater to a wide range of users, including BFIs, real estate companies, agents, and general users, each with unique needs.

Regulatory Constraints:

BFIs could not directly engage in NBA transactions, requiring a neutral platform to facilitate sales.

Land Measurement Complexity:

Nepal uses three distinct land measurement systems (Ropani-Aana-Paisa-Daam, Bigha-Kattha-Dhur-Kanhua, and Square Meter), varying by region, which created confusion for users.

Change in Scope during Development:

Initially, this product was designed and developed as a B2B NBA listing and management system. But after testing the MVP with potential users we received a huge request to include Real Estate Agents working as individuals and individual property owners. So, we changed the scope from B2B to also include B2C which caused major update on the product with almost completed UI/UX.

The primary goals of BolKabol were:

Create a Unified Marketplace:

Develop a platform where BFIs, real estate companies, and agents could list and sell properties in one place.

Facilitate NBA Sales:

Enable BFIs to market and sell their NBA while complying with regulatory requirements.

Enhance User Experience:

Design an intuitive interface that caters to both tech-savvy users and older individuals transitioning from traditional methods (e.g., newspaper listings).

Drive Transparency and Efficiency:

Provide tools like interactive maps, analytics, and a bidding system to streamline transactions.

Monetization:

Introduce revenue streams such as banner ads management and agent brokerage services.

Simplify Land Measurement:

Support all three land measurement systems used in Nepal and provide a dynamic, accurate area conversion tool.

To understand the needs of our diverse user base, I conducted extensive research, including:

User Interviews:

Spoke with BFIs, real estate agents, and potential buyers to identify pain points and expectations.

Competitive Analysis:

Studied existing real estate platforms in Nepal and globally to identify gaps and opportunities.

Regulatory Review:

Collaborated with legal experts to ensure compliance with Nepal Rastra Bank’s regulations.

Land Measurement Analysis:

Researched the three primary land measurement systems (RAPD, BKDK, and Square Meter) and their regional usage.

• BFIs needed a branded, customizable interface to list their NBA as they wanted to keep the trust gained by their brand.
• Older users preferred traditional table listings, while younger users wanted dynamic grid views and interactive maps.
• Real estate agents required tools to manage listings, bids, and client interactions efficiently.
• Users from different regions struggled with land measurement conversions, highlighting the need for a universal solution.

As the Product Designer and Project Manager, I led a cross-functional team through the following phases:

User Personas and Journey Mapping:

Created detailed personas for BFIs, agents, and general users, mapping their journeys to identify key touchpoints and pain points.

Wireframing and Prototyping:

Designed low-fidelity wireframes for the platform’s core features, including property listings, bidding systems, and dashboards. Conducted usability testing to refine the designs.

Access Control Layer (ACL):

Developed a robust ACL system to manage user roles, including Super Admin, Admin, Institutional Users, Agents, and General Users.

Interactive Map and Listings:

Integrated an interactive map that allows users to explore properties from state to ward level. Designed three listing formats (map, table, and grid) to cater to diverse user preferences.

Brand Customization for BFIs:

Enabled BFIs to create branded pages with their logos, colors, and property listings, ensuring a seamless brand experience.

Analytics and Dashboards:

Integrated Google Analytics and Tag Manager to track user behavior and provide actionable insights through customizable dashboards.

Bidding Management:

Built a multi-functional bidding management as there were varying user access level who could only ask for bids, who could only make bids and also who could do both.

Ads Management:

Built an ads management system to generate revenue.

Community and Blog:

Added a community forum for user discussions and a blog to keep users informed about Nepal’s real estate landscape.

Dynamic Area Converter:

Developed a universal area conversion tool that supports Ropani-Aana-Paisa-Daam (RAPD), Bigha-Kattha-Dhur-Kanhua (BKDK), and Square Meter (SQMT). The tool was rigorously tested against the government’s Survey Department standards and proved to be more accurate in conversions across and within all units.

• Interactive Map: Allows users to explore properties at state, district, municipality and ward levels.
• Multiple Listing Views: Table, grid, and map views to cater to diverse user preferences.
• Bidding System: Enables users to bid on properties, with a transparent bidding history.
• Brand Customization Automation: BFIs and real estate companies can create automatic pages that reflect their brand identity in just few steps.
• Analytics Dashboard: Tracks user behavior, property views, and bidding activity.
• CSV Uploader: Simplifies bulk property uploads for institutional users.
• Community Forum: Facilitates discussions on real estate trends and other topics.
• Dynamic Area Converter: Supports all three land measurement systems used in Nepal (RAPD, BKDK, and Square Meter) and provides accurate, real-time conversions.

BolKabol has transformed the way BFIs  handle their non-banking assets and real estate companies manage their properties and operate in Nepal.

Increased Liquidity for BFIs:

BFIs can now efficiently market and sell their NBA, improving cash flow.

Unified Marketplace:

Over 1000 properties listed by 21 BFIs and real estate companies in first three months of major launch.

Simplified Land Measurement:

The dynamic area converter has been widely praised for its accuracy and ease of use, making it easier for users from different regions to understand property sizes.

Positive Feedback:

Users praised the platform’s ease of use, transparency, and comprehensive features.

User-Centric Design:

Catering to diverse user needs (e.g., older users preferring table listings) was critical to adoption.

Regulatory Compliance:

Collaborating with legal experts early in the process ensured smooth implementation.

Iterative Testing:

Usability testing helped refine the platform and address pain points before launch.

Cultural Sensitivity:

Understanding regional differences, such as land measurement systems, was key to creating an inclusive platform.

Handling the Scope Pivot:

Change of the scope of product from B2B to add B2C during MVP testing was unexpected and unprecedented. All the learnings while figuring out how to navigate the new direction without losing all the previous progress will be very useful in future endeavors.