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Product discovery:
Account opening
Company:
modalmais
Year:
2021
Role:
Design lead, UX researcher, Product designer
About the company
The investor’s digital bank
_ The company was launched in 2015, with the distinctive feature of being a digital investment platform that is integrated with a digital bank.
_ It has been one of the pioneering companies in the sector in the Brazilian market.
_ Today, the company offers an extensive portfolio of solutions for individuals and businesses.
_ It is currently in the process of expanding its operations with the introduction of banking as a service product offerings.
The problem
In 2021, 70% of those who started the process of opening an account with the institution didn't complete it.
Context
_ Customer data was very limited and scarce, especially in terms of customer behavior.
_ There were many unsupported internal assumptions.
_ The code was outdated and rigid, making it difficult to modify and suggest testing.
_ There was too much bureaucracy, both internally and from external regulators.
_ There wasn't enough collaboration between the different teams.
The challenge
How might we improve the process of opening an account, increase the number of new customers and add value to the business?
The goal
Plan and implement a product discovery process to:
_ Identify and analyze the customer profile.
_ Describe aspects of the product and service that are of value to customers.
_ Promote stakeholder alignment.
_ Validate or reject the hypotheses and solutions.
The process
First, we needed to gather and document information. This included both internal knowledge and direct input from our customers.
1. Internal research
First, I recommended stakeholder interviews. This helped us understand what each team knew about the account opening process.
I organized and scripted the interviews. Although I was working with a design team, my role was to lead the group. I conducted some of the interviews and trained the team to do the same. After the interviews, I led the process of analyzing the information.
We interviewed 12 teams, gaining valuable insight into internal issues.
2. Trends and benchmarking
We analyzed the account opening processes of 20 competitors and 5 leading companies. We also researched emerging trends and technologies.
This research identified areas for improvement and best practices.
Working with stakeholders, our design team prioritized changes and began prototyping for rapid implementation, enabling progress during the discovery phase.
3. External research
This was the most challenging part of the process due to strict regulations such as GDPL (General Data Protection Law) and internal policies that limited our direct interaction with users.
To gain a comprehensive understanding, we divided the research into two different audiences and used different methodologies.
The first audience consisted of consumers who had completed the process and had an account with the institution. We interviewed them. I coordinated the research plan and internal procedures and conducted some interviews myself. I also managed other designers and did the data synthesis and analysis.
The second group was those who hadn't completed the process and didn't have an open account. Due to internal rules, we couldn't interview them. Instead, I used analytics tools to identify the top 5 points where users dropped out. We then sent a form to users who had parked at each step to understand their experience.
This step was transformative for both the project and the company. It was the first time the company had engaged with consumers to gain insights. It was an enlightening and invaluable experience for us and the company.
4. User journey
After gathering all this information, I suggested that we conduct a thematic analysis to consolidate it. Using the data we collected, we mapped the user journey of opening an account with the company. This included consumer activities, thoughts, expectations, challenges, emotions, and metrics.
This holistic view enabled effective communication within the company regarding the actions to be taken.
5. Opportunity solution tree
Once we had the user journey map, I suggested that we make the opportunity solution tree so that we could think about and map out the improvements that needed to be made in the process.
After the opportunity definition, I was in charge of a meeting to prioritize the bets through an effort x impact matrix.
Opportunity solution tree
Impact x Effort Matrix
The solution
During the process, Nielsen's user interface heuristics were used to review the entire flow:
_ Visibility and system status
_ Recognition rather than recall
_ User control and freedom
_ Flexibility and efficiency of use
_ Consistency and standards
_ Aesthetic and minimalist design
_ Error prevention
_ Help and documentation
And other design principles, including clarity and transparency in communicating to help build trust, confidence and credibility.
We conducted usability testing to identify the most efficient solutions that met our goals.
I maintained communication and alignment with stakeholders, worked closely with programmers to ensure solution consistency, and led design with other designers to ensure compliance with business rules and customer expectations.
Another enhancement I implemented was the collection of Customer Effort Scores (CES) sent with the account opening confirmation email, which allowed for continuous measurement and rapid problem identification.
Comparing initial flow vs. improvements
Starting Instructions
-
Display document information and time required.
-
The screen didn't exist before. There was an internal hypothesis that the lack of this information could hinder completion. This point came up later in the interviews.
Policy acceptance
BEFORE
AFTER
-
Active acceptance of the terms in accordance with the LGPD;
Contextual help links that explain the importance of acceptance. -
The screen didn't exist before. There was an internal hypothesis that the lack of this information could hinder completion. This point came up later in the interviews.
Instructions for selfies
BEFORE
AFTER
-
The importance of the biometric stage and how the photo will be used by the bank were explained.
Review of the instructions presented.
Document registration
BEFORE
AFTER
-
The first screen shows all document options available for registration;
-
Provide a visual indication and explanation of why we recommend that the client fill out the CNH.
-
Include help on each document indicating where to find the number we need for registration.
Acceptance of Terms and Conditions
BEFORE
AFTER
-
Active acceptance of the terms and conditions in accordance with the GDPL.
-
The file for the brokerage contract and the custody contract was already the same. We simplified the buttons into one;
-
Transparency and explanation of the importance of this step for the client and for the bank.
Results
Not all of the improvements mapped and prototyped were implemented due to a change in the company priorities.
CES (Customer Effort Score)
However, we increased our CES score by 2 points (from 4 to 6) due to the improvements that were released.
Bank ranking
In addition, in the onboarding ranking published by the company idwall, which analyzes various onboarding processes of financial institutions, we jumped from the 8th to the 2nd position.
Overall score
An increase of 0.61 in the overall perception of the process.
Time of registration
1`50" reduction in total registration time
Communication and trust
In general, the communication from Modalmais was perceived as clear to very clear and the process was perceived as reliable to very reliable.
Conclusion
Overall, the project achieved its goal of improving the registration process at the institution, and these improvements have been noticed by the customers.
Due to internal changes in the company, it was not possible to implement all of the initiatives that were planned. However, the ones that we were able to implement are already delivering significant benefits to our customers.
On a personal level, I had the opportunity to improve my leadership skills by guiding the design team through the process, managing conflict, and ensuring that the solutions met the company's expectations. I also improved my collaboration skills.
I have also improved my ability to work with the technical team and other stakeholders, especially senior management. I have had to defend decisions, prioritizations, and methodologies used.
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