Project Details
Role
Lead Product Designer
Tools
Figma
Type
Product Design
Duration
4 months
Overview
Accrue Savings is a first-of-its-kind savings platform that incentivizes you to Save now, Buy later. Brands will contribute to your savings when you select them as saving partners, incentivizing you to save first and delay purchases.
Problem
When people save up with Accrue they need to verify their identity or go through Know your Customer (KYC), required by federal regulation. This includes providing personal information such as Social Security Number (SSN). We saw a 60% drop-off rate at the KYC flow. If users are not completing KYC this means they are not saving.
Solution
Redesign the current KYC flow to build trust amongst savers. I used design thinking to turn a an unsuccessful flow into one that strengthens Accrue’s credibility by focusing on clarity, security and delight.
Before
After
Overview
What is know your customer (KYC) and why do we need it?
UX Research
The existing experience had a 60% drop-off rate.
For UX Research I conducted i) secondary research where I researched competitors and other fintechs to see industry best practices and ii) went deep with users to learn what would make providing personal details less daunting and more trustworthy. Overall we saw 3 main themes.
Three ways we answered this core question.
1. Less is more
Less copy and fewer elements allow for more clarity and focus. This resulted in breaking up the 4 sensitive KYC questions to be on 1 screen at a time with SSN toward the end.
2. Creating a safe space
Explaining in clear words that resonate with the user why this is needed and creating a safe space that exhibits trustworthiness and security through design. This included adding a screen right before the SSN that prepares the user for what is coming next and why it’s needed.
3. Reducing cognitive overload
Because savers would first go through the sign up flow then the onboarding flow and the funding flow it was too much to add on the the KYC flow hence the drop offs. One proposal was to delay KYC as much as possible that was legally allowed which warranted a conversation with our banking partners and legal team.
Solution
A KYC flow that feels more trustworthy.
Users now go through a delayed KYC flow that they need to complete within 30 days which lets them answer personal questions one at a time all while having security reassurances.
How did this perform?
The combination of the 3 things above increased the KYC completion rate from 40% to 78%. This is a 38% increase since the last 6 months it has been live and has been contributing to higher saving rates which is a huge win! The resulting increase in KYC completion is a testament to how better design can result in positive outcomes.
Key learnings
1. Simplicity is sophistication
Breaking up the personal questions into their respective screens allowed the user to focus on one thing at a time which was key to avoiding drop-off.
2. Building trust is hard but can be achieved
By listening to key user pain points associated with the old flow I was able to create breathable safe spaces in this redesign which allowed the user to understand why they were doing this.
