2023
Fintual Onboarding
Fintual Onboarding
How we improved conversion rate by over 10% in a year thanks to a design–product mindset.
How we improved conversion rate by over 10% in a year thanks to a design–product mindset.
Role
Role
Product Designer
Product Designer
Product Lead
Product Lead
Outcomes
Outcomes
+10% Conversion Rate
+10% Conversion Rate
2x faster onboarding
2x faster onboarding
Introduction – What's going on?
Introduction – What's going on?
We knew that our onboarding process was difficult and we were losing many users, but we didn't know why.
It became clearer when we created an onboarding funnel that showed us at which steps most people were leaving.
We knew that our onboarding process was difficult and we were losing many users, but we didn't know why.
It became clearer when we created an onboarding funnel that showed us at which steps most people were leaving.
But… why?
But… why?
We had to find out why people were leaving at these steps. So, we did some research with interviews, user tests, surveys, and more.
We had to find out why people were leaving at these steps. So, we did some research with interviews, user tests, surveys, and more.
Findings
Findings
The two steps where most people left were:
Giving personal information
Making a deposit (after going trough eeeverything)
We found a lot of problems. To organize and prioritize them, we used an Opportunity Solution Tree (thank you Teresa Torres). Here's a short version:
The two steps where most people left were:
Giving personal information
Making a deposit (after going trough eeeverything)
We found a lot of problems. To organize and prioritize them, we used an Opportunity Solution Tree (thank you Teresa Torres). Here's a short version:
Personal info – Tackling trust
Personal info – Tackling trust
People had many reasons for not giving their information, so we started coming up with solutions.
They were worried about how we used their info. So, we explained the reason behind each question.
To reduce cognitive load, we started asking only one thing per screen.
To build trust, we tested a few variants. One with someone explaining how we use info, and another one inviting users to chat with us.
People had many reasons for not giving their information, so we started coming up with solutions.
They were worried about how we used their info. So, we explained the reason behind each question.
To reduce cognitive load, we started asking only one thing per screen.
To build trust, we tested a few variants. One with someone explaining how we use info, and another one inviting users to chat with us.
First deposit or "What do I do here?"
First deposit or "What do I do here?"
After spending a lot of time setting up their accounts, users were confused about our products and how to start investing. So we focused on:
Giving very clear instructions. We began explaining exactly what to do, step by step. We made depositing money really simple.
Displaying our products so people knew what they could do with Fintual.
After spending a lot of time setting up their accounts, users were confused about our products and how to start investing. So we focused on:
Giving very clear instructions. We began explaining exactly what to do, step by step. We made depositing money really simple.
Displaying our products so people knew what they could do with Fintual.
Plenty other stuff
Plenty other stuff
For the sake of time, I won't show all the things we did. But here are a few:
Switched to a better and faster KYC provider
Made it easier for users to get help.
Highlighted the features and benefits that users value the most.
Simplified the 'Deposit' screen (it was causing a lot of confusion).
For the sake of time, I won't show all the things we did. But here are a few:
Switched to a better and faster KYC provider
Made it easier for users to get help.
Highlighted the features and benefits that users value the most.
Simplified the 'Deposit' screen (it was causing a lot of confusion).
Results
Results
Month by month, we saw great results. By the end of the year, our conversion funnel had improved a lot.
This image speaks for itself:
Month by month, we saw great results. By the end of the year, our conversion funnel had improved a lot.
This image speaks for itself:
Ok, what's next?
Ok, what's next?
It's been fun, but there's still a lot to do. Recent discovery showed us that people need to get more value before leaving their info. And that's what we're trying next.
Thanks a lot to everyone involved in this (Sof, Jess, Andie, José Luis, Coni, Geri)
It's been fun, but there's still a lot to do. Recent discovery showed us that people need to get more value before leaving their info. And that's what we're trying next.
Thanks a lot to everyone involved in this (Sof, Jess, Andie, José Luis, Coni, Geri)
