DIY investment journey - Revamp
Revamp of the online DIY journey for fixed deposit (FD) investment product of one of India's biggest NBFC (Non-Banking Financial Company), encompassing both web and mobile platforms. The primary objective was to streamline the investment process, making it intuitive, accessible, and engaging for users.
Summary
Challenge: Analyse and rectify the current journey to boost business volume while minimising form abandonment and experience issues.
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Solution: Providing two-fold solutions
- Quick-fix recommendations using Pareto principle, aligned with SDLC release sprints.
- Complete overhaul of discovery pages (PDP, PLP etc.) and application form journey.
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Duration: 3 months
My Role
Project Lead
Team : 1 CX Analyst, 2 UI designer, 1 UX Researcher
Tools
Figma, Google Analytics, CleverTap, Medallia DXS, Medallia VOC, New Relic, Adobe Target, Maze, Agile Scrum
Methods
Design Thinking, Competitive Audit, Persona generation, Rapid Prototyping, A/B experiments
Discovery
Realising there's a problem
Define
Identifying the problem
Design
Finding right solutions
Test
Confirm the 'rightness'
Discovery
In one of our integrated business review, last quarter's performance appeared alarming on various fronts.
Business
Dip in revenue
Through a comprehensive review of financial metrics and MoM trends, the team identified areas of concern, such as declining revenue, ATS (average ticket size), and customer retention rates.
Experience Analytics
Low DIY conversion and DXS metrics
Customer journey data, core web vitals, and interaction metrics uncovered friction points and bottlenecks in the DIY journey. Pointing towards a hampered user experience.
Marketing
Stalled leads generation
Leads-to-disbursal ratio and funnel performance provided alarming insights into shifting consumer preferences, competitive benchmarking, and market trends.
VoC and CSAT
Listening our listening tools
Qualitative feedback from customers through various channels, including surveys, app store reviews, and social media listening posts highlighted recurring themes and issues affecting satisfaction and loyalty.
Define
The findings in 'Discovery' phase piqued our curiosity, so we started digging into Medallia, Google Analytics, Web vitals etc.
Analytics
Design
Build. Test. Re-build
1
An iterative model within Scrum framework was used to run design sprints, ensuring agile SDLC and First-Time-Right delivery.
2
Customer Journey Map (CJM) : Workshops conducted with marketing, business, service ops, IT, and product management stakeholders to plot 'As-Is' and 'To-Be' maps and revamp the existing journey for existing, prospecting, and new customers.
3
Embarking on a journey of design and discovery, we put our prototypes to the test through a whimsical mix of moderated and unmoderated interviews on the Maze platform.
4
Final designs were delivered for IT development with detailed logic document, style guide, and interaction variants. New components were duly added in the existing design system.
Test
A/B experiments: 'Squid Games' of ideas fighting for user love!
Live designs were monitored closely on various platforms:
Funnel performance - Google Analytics
Experience analytics - Medallia DXS
CSAT - Medallia VOC and App store reviews
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Opportunity : Calculator design and hierarchy on PDP (Product Description Page)
A/B experiment concluded successfully with...
...average lift of 186% with 99.99% confidence.
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Numbers so good, we did secondary analysis with GA, Medallia, Heatmaps etc.
Successful conclusion of experiment
GA and CleverTap funnels for App and Web platform
Issues as per Medallia session recordings
Task Success Rate (TSR)
Scroll reach and click rank
DXS for FD segment
Looping behaviour observation
DXS of affected pages
GA analysis of user demographics and platform performance.
Reflections
Business
Average ticket size (ATS) - increment by 8%
First-time-customers - 24% QoQ lift
Revenue - 6% QoQ growth
Research
Competitive analysis and offline discovery needs to be more streamlined for such a diverse market.
Design
Better understanding of design implication of NSDL, KYC, and RBI guidelines for such a sensitive industry.
PerformanceMarketing