CASE DESCRIPTION:-
A major bank is experiencing difficulties with user onboarding onto its mobile app. Despite a great initial user acquisition rate, the app has a high drop-off rate during the onboarding process.
Users were leaving the app before finishing their registration, adversely affecting the bank’s ability to acquire new clients and improve engagement.
You, as a Product Manager, have been tasked with optimizing the onboarding experience to bring down the drop-off rate and improve client experience.
CHALLENGES:-
1. High drop-off rate: At the time of onboarding, many users abandoned the app, resulting in a considerable loss of potential consumers. This meant that the app wasn’t being utilized to its full potential and was adversely affecting customer experience and client acquisition.
2. Complicated Registration: The registration process was too long, time-consuming, and lacked clear instructions, resulting in a cumbersome procedure that discouraged most clients from registering on the app and using the bank’s app-based offerings.
3. Competitive industry: The mobile banking app industry is extremely competitive as the bank has multiple direct rivals. The bank seeks to differentiate itself from its competitors by providing a user-friendly onboarding experience to gain more market share.
How will you solve this?
SOLUTION:-
1. User-Friendly Redesign:
- Conduct user interviews and surveys to discover onboarding pain areas.
- Redesign the registration process to make it simpler and more user-friendly.
- Reduce the number of essential fields to make registration faster and more efficient.
2. Progressive profiling:
- Implement a multi-step form that allows users to complete their profile in stages rather than all at once.
- Request essential data only at the time of onboarding to reduce the time taken for registration. More data can be collected subsequently when the user engages with the offerings on the app
3. Individualised Advice:
- Introduce contextual tooltips, chatbots, and pop-up tutorials during the onboarding process to give users real-time support.
- Develop an onboarding checklist to assist users in understanding the process while tracking their progress.
4. Social Sign-In:
- Introduce the option of a social media sign-in option through tie-ups with social media channels to auto-fetch information from those accounts, making the process significantly faster and easier.
5. Mobile Verification:
- Implement mobile verification via One-Time Passwords (OTPs) to streamline the verification process.
- Simplify the error messages to make them more user-friendly.
6. A/B Testing:
- Conduct A/B tests to evaluate the effectiveness of the changes and identify which onboarding steps needed further improvement. Continuous monitoring and improvement will make the onboarding process user-friendly and improve client registrations, thereby bringing in more customers.
CONCLUSION:-
With the successful implementation of these steps, the Product Management team will be able to see positive results such as a
- reduced drop-off rate
- greater engagement metrics, and
- positive feedback from the users
This will give the bank a significant competitive edge in the highly competitive app-based banking market, thereby bringing in more customers and positively impacting the business.
Could you solve it?
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[Disclaimer: This case study is entirely hypothetical and unrelated to real-world situations. It's designed for educational purposes to illustrate theoretical concepts and potential scenarios within a given context. Any similarities to actual events or individuals are purely coincidental.]
