Live Large with Fupay
Fupay is a platform for managing and spending your money. It allows responsible buy now pay later (BNPL) transactions, while also providing personal savings and rewards. While working there I focused on streamlining the onboarding process and implementing a marketplace feature.
Project One: User Onboarding Flow
Project Overview
The onboarding flow for Fupay faced a high drop-off rate due to its lack of intuitiveness and numerous obstacles for users. In response, our goal was to create a user-friendly onboarding process that inspires trust and provides users with various options to complete the identification process. Within the team, my responsibility was to evaluate the manual aspects outside of Frankie's Smart UI (which was outsourced) and ensure the accuracy and accessibility of our own UI.
Problem Statement
The current onboarding process of the BNPL app presents significant challenges for users. These challenges arise from the highly manual nature of the process and the extensive personal information required for the KYC process. Users find it cumbersome and time-consuming to input a large amount of financial information during the onboarding process, leading to a poor user experience and a potential drop-off in user engagement. The app needs to improve its onboarding flow by streamlining the manual aspects and ensuring a secure and trustworthy process for users to provide their personal information effectively.
Market Trends and Insights
Key insights:
Simplified Onboarding: BNPL apps have focused on streamlining the onboarding process to provide a seamless user experience. They aim to minimize friction and enable users to sign up quickly and easily.
Enhanced Identity Verification: As BNPL apps involve financial transactions, robust identity verification measures are crucial. Many apps have implemented advanced verification methods, such as facial recognition and document scanning, to ensure the security and integrity of user accounts.
Risk Assessment and Credit Scoring: BNPL apps employ sophisticated risk assessment models to evaluate the creditworthiness of users. By analyzing factors such as income, spending habits, and credit history, these apps determine the user's eligibility for financing options.
Research & Analysis
In order to understand user pain points and preferences, I analysed the existing data we had on our users. These findings played a crucial role in guiding the redesign process and influencing the decisions made during the project. Through our research we discovered the onboarding process, Fupay implements various verification methods, including ID card verification, face verification, document verification (e.g., utility bills for proof of address), and biometric verification. These measures ensure compliance with KYC regulations and anti-money laundering regulations, effectively mitigating fraud risks. This process is highly manual and may feel untrustworthy due to the sensitive information being provided. Hence, we pinpoint these areas as being the key issue for the drop-off rate and the area to focus on.
Areas to focus on:
Creating an easier more automated way to onboard personal information
Develop a standard and light onboarding to develop trust
Streamlining Onboarding Process
I followed a user-centred design approach, beginning with the creation of user personas and user journeys. To address the challenges of onboarding, a major focus in this section was automating the manual input elements. As you can see, the user now has the option to easily search for their address instead of manually entering all fields, while still retaining the option to enter manually if necessary.
Results & Impact
Over a 3-month period, the drop-off rate averaged around 34 users per month out of an average of 160 users. To address this issue, the team prioritised streamlining the process. As a result, by the end of the project, we achieved an increase in conversion. The 17.5% increase in conversion had a positive impact, as it led to retaining an additional 28 users out of the original 160. This revamp made it easier for new users to understand and navigate the platform, building trust and satisfaction. The thoughtfully designed onboarding process assisted users throughout their journey, contributing to the overall growth of the company.
The screens for the manual identification option were also reorganised to be less cluttered, with clear navigation to guide the user through all steps. Wireframes and prototypes were developed and tested iteratively to ensure an interface that is user-friendly and intuitive.
Takeaways
Working on the onboarding flow project allowed me to further develop my research and design skills. Two areas that I would prioritize in future projects are conducting more usability testing at the beginning and establishing a more well-defined objective and key results (OKR) to achieve. Usability testing is crucial in identifying user pain points and ensuring a user-friendly experience. By incorporating user feedback early on, we can make improvements that enhance the onboarding process. Additionally, a clear OKR provides a roadmap for success, guiding the team towards a shared goal and ensuring focused efforts. By setting a more defined OKR, we can drive impactful changes and achieve desired outcomes in future projects.
In conclusion, the onboarding flow project was instrumental in my growth as a designer. Moving forward, I will prioritize usability testing and establishing a clear OKR to drive successful outcomes in future endeavors.
Project Two: Fupay’s Marketplace
Project Overview
Fupay has identified an opportunity to enhance inclusivity and cater to users who are not eligible for Fupay lending by exploring strategies to empower them when utilising the marketplace feature. The goal is to provide a range of options that promote personalisation and improve the overall user experience, ensuring that all users, regardless of their budget, can fully engage with the marketplace and make the most of the available features.
Marketplace Solutions
To achieve quick impacts, we have removed merchant navigation CTAs and buttons. Currently, all users are being informed to 'Pay with Fupay', regardless of eligibility. Removing the button will prevent confusion and save users time during checkout, resulting in a more satisfying customer experience. Additionally, updating the text and icon of the pop-up modal can help reduce any negative associations.
We also emphasized other areas such as providing links to articles on improving financial wellness to enhance financial literacy. To create a personalized experience, we recommend creating a "Just For You" section that showcases brands within the user's affordability range. Additionally, offering cash-back offers can help users stay within their budget. Also, implementing a feature that displays similar items in different price ranges with the option to bookmark a wish list is also beneficial. Lastly, incorporating a favourites section with the ability to receive notifications when a member can afford an item or suggesting the best time to make a purchase based on payday, bills, events, etc. would be valuable.
Takeaways
Some key learnings from this project were ensuring that the projects are aligned with our key target audiences and implementing effective risk management strategies.