Maximizing conversions on credit card issuance
Maximizing conversions on credit card issuance
Credito is an app designed to help people get their first credit card and start their credit journey in the US.
Credito is an app designed to help people get their first credit card and start their credit journey in the US.
PROBLEM CONTEXT
I noticed people new to the US credit system struggle to get their first new credit card and start their credit journey. This is a loss to the users as well as credit issuers. I decided to design a solution that benefits both users and card issuers.
ROLE
Solo Designer.
End-to-End Product Design.
TIMELINE
2 months
SOLUTION
Credito is an app designed to help people get their first credit card and start their credit journey in the US.
FINAL OUTCOME
When I presented the final solution in front of users…
Outline
1
Empathise
User interviews
Personas and user stories
Competitive analysis
2
Ideate
Ideation
High intent user flow
3
Prototype
Prototype
Branding
Final Designs
4
Test
Insights from Usability tests
Measuring success
Outcome and conclusion
Focusing on the most acute user pain points ( Full details here)
Fear of missing out on rewards
They hate filling out multiple forms
Fear of not building a credit history
Frustrated when they are abandoned upon rejection
Let's solidify our target users/ customers
Ria - A foreigner looking to assimilate into the US credit system and reap the rewards.
Goals
Wants to improve credit score
Wants rewards for shopping
Wants cashback
Wants credit card fast
Frustrations
Too many forms
No guidance on options
No guidance on the next steps to take
Wants a simple process, not complicated with financial lingo
Ria - A foreigner looking to assimilate into the US credit system and reap the rewards.
Goals
Wants to improve credit score
Wants rewards for shopping
Wants cashback
Wants credit card fast
Frustrations
Too many forms
No guidance on options
No guidance on the next steps to take
Wants a simple process, not complicated with financial lingo
Meredith - Stayed away from credit cards all her life. But needs one this holiday season to shop for her kids.
Goals
Wants to buy now and pay later
Wants higher borrowing capacity
Wants to stay clear of any spiraling debt
Frustrations
Too many forms
No feedback upon rejection
No guidance on the next steps to take
Let's see if our competitors are able to help Ria and Meredith
😓 No competitor can apply to multiple credit cards on the user’s behalf
Some competitors provide “approval odds”.
Here I make an assumption that app can apply directly from the 3rd party without having to fill in forms again. The reason this is a valid assumption is that Apple was able to do it with a Goldman Sachs credit card.
😓 No competitor can apply to multiple credit cards on the user’s behalf
Some competitors provide “approval odds”.
Here I make an assumption that app can apply directly from the 3rd party without having to fill in forms again. The reason this is a valid assumption is that Apple was able to do it with a Goldman Sachs credit card.
😓 Most competitors may be biased
Most competitors are compensated by their partner banks, so they may be biased even though they claim not to be.
😓 Most competitors may be biased
Most competitors are compensated by their partner banks, so they may be biased even though they claim not to be.
😓 No competitor is guiding users to the next best option upon rejection
The gaps are when the user is rejected for a certain card or needs an SSN or required details. The apps don't guide users on the next steps. This leads to a lot of churn and user frustration.
😓 No competitor is guiding users to the next best option upon rejection
The gaps are when the user is rejected for a certain card or needs an SSN or required details. The apps don't guide users on the next steps. This leads to a lot of churn and user frustration.
Let's figure out how we can help Ria and Meredith ( Full details here)
How might we…
Brainstorming…
Wild Ideas…
How might we…
Brainstorming…
Wild Ideas…
I decided to create a mobile app to help Ria and Meredith.
Why?
✅ Ubiquity of mobile devices
✅ Mobile apps have high intent usage patterns
✅ Digital wallets can carry virtual credit cards
I decided to create a mobile app to help Ria and Meredith.
Why?
✅ Ubiquity of mobile devices
✅ Mobile apps have high intent usage patterns
✅ Digital wallets can carry virtual credit cards
Mapping out the user journey
This helps solidify which screens need to be designed, and reduce the risk of overextending deadlines.
This helps solidify which screens need to be designed, and reduce the risk of overextending deadlines.
There are many reasons why the user may not end up getting their credit card. These are dropoff points in the app.
There are many reasons why the user may not end up getting their credit card. These are dropoff points in the app.
All potential dropoff points are addressed by creating alternate paths that eventually put the user back on the path to acquire a credit card.
All potential dropoff points are addressed by creating alternate paths that eventually put the user back on the path to acquire a credit card.
Discovering all the nuances using clickable prototypes( Full details here )
Improving our solution with user testing and feedback.
BEFORE
Issues noticed
The user thinks they are being judged based on ssn assessment.
"is my credit score linked to my SSN ?" - user (not very aware of exactly how this works)
“But I didn't have my SSN when I came to the US.” - user
“I’ll probably search on youtube how to get SSN.” - user
AFTER
How it was addressed
Since SSN cannot be eliminated, the solution I went with is to introduce informative content along the user’s journey to inform them why this information is being requested and what it will be used for.
I introduced step numbers as a visual exploration along the way, observing that the user wasn’t sure how many steps would be involved.
I introduced links to embedded videos to educate the user and lay out the next steps. Keeping the user on the app even in their research phase seems to work well to build trust.
BEFORE
Issues noticed
The user thinks they are being judged based on ssn assessment.
"is my credit score linked to my SSN ?" - user (not very aware of exactly how this works)
“But I didn't have my SSN when I came to the US.” - user
“I’ll probably search on youtube how to get SSN.” - user
AFTER
How it was addressed
Since SSN cannot be eliminated, the solution I went with is to introduce informative content along the user’s journey to inform them why this information is being requested and what it will be used for.
I introduced step numbers as a visual exploration along the way, observing that the user wasn’t sure how many steps would be involved.
I introduced links to embedded videos to educate the user and lay out the next steps. Keeping the user on the app even in their research phase seems to work well to build trust.
BEFORE
Issues noticed
Student verification was the first screen in the flow
But I noticed it doesn't need to be the first because SSN was the bottleneck for most new users
Asking if they were a student, confused users
AFTER
How it was addressed
I moved the SSN screen as the first screen to the flow and the student verification to a later stage. This way, users see a more relevant screen first.
I added skip option for student ID because not all personas would have a student ID
BEFORE
Issues noticed
Student verification was the first screen in the flow
But I noticed it doesn't need to be the first because SSN was the bottleneck for most new users
Asking if they were a student, confused users
AFTER
How it was addressed
I moved the SSN screen as the first screen to the flow and the student verification to a later stage. This way, users see a more relevant screen first.
I added skip option for student ID because not all personas would have a student ID
BEFORE
Issues noticed
"Which wallet is this ?" - user
"apple wallet ?" - user was (unaware that cards could be directly added to the Apple wallet)
"I'll always need a physical card, don't I ?" - user
"I'm pro digital .. so I'll add to the wallet." - user
"I think this should be on the next screen." - user
AFTER
How it was addressed
The screen split into 2 screens because the single screen confused user to think that it was an "either digital card or physical card"
Adding an physical address was made mandatory earlier in the flow because the address was a important component for making an assessment and delivery of physical card was necessary.
BEFORE
Issues noticed
"Which wallet is this ?" - user
"apple wallet ?" - user was (unaware that cards could be directly added to the Apple wallet)
"I'll always need a physical card, don't I ?" - user
"I'm pro digital .. so I'll add to the wallet." - user
"I think this should be on the next screen." - user
AFTER
How it was addressed
The screen split into 2 screens because the single screen confused user to think that it was an "either digital card or physical card"
Adding an physical address was made mandatory earlier in the flow because the address was a important component for making an assessment and delivery of physical card was necessary.
BEFORE
Issues noticed
Participant thinks the account creation is for the app to check your credit score. Thinks they already checked their credit score because their SSN and credit score are linked
They think they want her to check her credit score again. It feels like it's repeated and unnecessary
“Did they not check my credit score to give me the credit card?” - user
“Why are they checking it again? Have they given me credit cards that don't require a credit score ?” - user
AFTER
How it was addressed
I simplified the copy to reflect their benefit more consicely.
I separated into 2 screens to keep the user's attention on one "concept" at a time.
Logging in was moved to the first part of the user flow as I realized there was no way to track the application in case of app closure.
BEFORE
Issues noticed
Participant thinks the account creation is for the app to check your credit score. Thinks they already checked their credit score because their SSN and credit score are linked
They think they want her to check her credit score again. It feels like it's repeated and unnecessary
“Did they not check my credit score to give me the credit card?” - user
“Why are they checking it again? Have they given me credit cards that don't require a credit score ?” - user
AFTER
How it was addressed
I simplified the copy to reflect their benefit more consicely.
I separated into 2 screens to keep the user's attention on one "concept" at a time.
Logging in was moved to the first part of the user flow as I realized there was no way to track the application in case of app closure.
BEFORE
Issues noticed
“How is my credit score being shown? There is no history. How is there a number on the screen? On what basis are they assigning me the credit score?” - user
“I want to know what the business is doing to trust it.” - user
AFTER
How it was addressed
It started with blanks for the credit score and then introduced more informative content about what would happen
BEFORE
Issues noticed
“How is my credit score being shown? There is no history. How is there a number on the screen? On what basis are they assigning me the credit score?” - user
“I want to know what the business is doing to trust it.” - user
AFTER
How it was addressed
It started with blanks for the credit score and then introduced more informative content about what would happen
BEFORE
Issues noticed
Had initially covered only application success cases.
AFTER
How it was addressed
I introduced application failure case and reapplication for secured credit card
BEFORE
Issues noticed
Had initially covered only application success cases.
AFTER
How it was addressed
I introduced application failure case and reapplication for secured credit card
Let's add some colors! ( Full details here )
Sampling…
Choosing color…
Choosing typeface…
Sampling…
Choosing color…
Choosing typeface…
After some visual explorations, here are the final visuals
What I learned from all this…
✅ Give the user an alternate option if they don't have the necessary details.
✅ Video is sought after first when seeking knowledge/information by users. See if that can be embedded to reduce churn.
✅ ”Leading” questions may be necessary to get actionable insights.
✅ Give the user an alternate option if they don't have the necessary details.
✅ Video is sought after first when seeking knowledge/information by users. See if that can be embedded to reduce churn.
✅ ”Leading” questions may be necessary to get actionable insights.
How I would measure success…
✅ Task completion rate → How many users who download the app end up applying for a credit card? (because beyond that, it may be out of our control). A high % value would indicate that users find the flow easy to navigate.
✅ Churn → How many users are able to provide necessary details after going through the education flow? How many are coming back after the to-do list? A high drop-off indicates that a to-do list does not activate users.
✅ Acceptance/ Rejection → What % of people applying for their first credit card get accepted eventually. Even though some things might be out of our control, our brand image is negatively affected if the acceptance rate is low.
✅ Task completion rate → How many users who download the app end up applying for a credit card? (because beyond that, it may be out of our control). A high % value would indicate that users find the flow easy to navigate.
✅ Churn → How many users are able to provide necessary details after going through the education flow? How many are coming back after the to-do list? A high drop-off indicates that a to-do list does not activate users.
✅ Acceptance/ Rejection → What % of people applying for their first credit card get accepted eventually. Even though some things might be out of our control, our brand image is negatively affected if the acceptance rate is low.
Outcome and Conclusion
Credito is the first App design I have come across that marries “user education” and “vendor integration” to solve the problem.
When I presented the final solution in front of users…
Thank you for taking the time to read my case study. I’m grateful to the people who participated in the interviews and usability studies to help me collect insights on this problem. I hope to do more of these.
Credito is the first App design I have come across that marries “user education” and “vendor integration” to solve the problem.
When I presented the final solution in front of users…
Thank you for taking the time to read my case study. I’m grateful to the people who participated in the interviews and usability studies to help me collect insights on this problem. I hope to do more of these.