Client Consumer Credit Reporting Company
Sector Financial Services
Role Product Designer
Delivered Onboarding
Design System Figma
Framework React and Storybook
Service SaaS
Transactions Business to Business and Business to Customer
Project Overview
A new feature has low adoption (despite the proposition claims). The feature uses open banking to give users accurate offers and advice based on their spending behaviour.
The current proposition promises to improve your chance of receiving a credit product by sharing how you manage your money.
The goal? To increase the adoption of the new feature to help individuals receive accurate offers and actionable advice (to help them achieve their financial goals). The feature requires you to connect to your primary or current bank account (the account that your salary is paid into). Desktop, observational and quantitative research findings have uncovered potential opportunities for improvement.
With these opportunities, we set out to better understand:
How does the existing proposition resonate with users?
What are the general attitudes and motivations?
We identified low adoption of a feature during three rounds of research using surveys, click tests, and interviews.
We explored user attitudes toward open banking and assessed resonance with the existing proposition.
Created user journey maps and developed personas.
We reframed the proposition for clarity.
We addressed high drop-off on the consent screen.
We explored the feature’s higher placement in the user journey.
Streamlined the credit offer presentation with navigation enhancements.
Opportunities
ReFramed Proposition
A clear and focused proposition allowed for a greater understanding and adoption of the feature and benefits. The revised proposition was well received and understood (73% of users interviewed 150 participants).
Consent provision screen
The drop-off rate on the consent provision screen was very high. By implementing consistent signposting, using the in-app browser and reducing the time it takes to process the request, we aim to increase visitors’ trust in the experience, reduce the drop-off rate and increase returns.
Further up the funnel
When we introduce the feature after a user has completed their search, users are more focused on receiving an offer than engaging with the feature. We tested introducing the feature higher up the funnel (before the user arrived at the search results page).
Key insights
Individuals who cannot get credit are more aware of open banking. In addition, they are more willing to share their data if there is perceived value in the exchange (getting an offer, financial benefit, accurate advice and step-by-step help).
Of 150 participants surveyed, 88% indicated they are preparing to make a large purchase and are using at least one credit monitoring app.
Customers applying for credit products have multiple goals (monitoring credit, making a large purchase, everyday spending, etc).