80% Boost in Card Ordering % through UX Enhancements

Context

At Niyo, at the time of launching the neo-bank in partnership with the SBM bank we had mandated that the user add INR5K before he/she can order the card. This was done to ensure that users actually add money in the account. 

Key Problem statements

I did a user study which helped to identify 3 main reasons why the users did not order the card.

1. Users were not aware that they had to order the card or could not locate from where to order the card. 

2. They thought that INR5K is an Annual Maintenance fees or is a Minimum Balance Requirement. 

3. Users said they are not travelling soon and would add money before their travel plans are finalised. 

Methodology

Solution

Implemented a customer journey and a social proof indicating how many users ordered the card in the last 7 days. Also rationalised facebook spending in other channels as the data suggested that facebook channel had the lowest card ordering %. 

1. UX Interventions

a. Nudged users by creating journey through UX interventions to load money and order the card. This evolved into a complete journey starting from Load 5K, Order card, Track card, Set Pin, Unlock international channel and set channel limits. 

b. Clarified that the INR 5,000 amount was neither a fee nor a minimum balance requirement, and user can spend or withdraw this any time addressing user concerns.

c. Highlighted the card’s key benefits, including zero forex markup and free airport lounge access. To boost credibility, I added social proof by showing how many users ordered the card in the last 7 days.

2. Optimised the marketing budget 

Worked with the marketing to shift acquisition spending from Facebook, which was underperforming, to more effective channels to optimize overall acquisition efforts.

3. Experimentation

Ran an experiment where we ordered card for after D+5 (5 days after onboarding) and compared the metrics for the cohort where cards were ordered automatically and the cohort where cards were not ordered automatically. 

Measured the performance of the below 3 cohorts. 

a. Users did not order the card 

b. Users who ordered the card in D+5 

c. Users for whom the cards were automatically ordered  

As expected Cohort b performed the best while Cohort c performed better than cohort a only marginally but we did not go ahead with it because of card printing and delivery charges. 

Result

As a result of these initiatives, the card ordering percentage increased from 33% to 60% in 3 months time significantly impacting all the downstream metrics including overall internal spends per user. 

Learnings