Background
This project primarily focuses on two key metrics: the user's distribution of funds between their savings account and time deposit account (share of wallet) and the average duration of time deposit tenures chosen by users. Additionally, we closely examine the conversion rate for creating a new Time Deposit as a direct measure of the effectiveness of the user flow. The existing data reveals that users still have low confidence in allocating larger amounts to the time deposit and are hesitant to save for longer durations, despite the opportunity to earn higher interest.
Process
After conducting in-depth user interviews, we have gathered valuable insights regarding user needs, motivations, and challenges in using our product. These insights provide valuable guidance in identifying the key areas that require improvement within our product.
How might we enhance the value proposition of time deposits to entice users to invest more?
How might we encourage users to save for longer durations and take advantage of higher interest rates?
How might we improve the flow to minimize user drop-off during the time deposit booking process?
Design Improvements
Enable users to personalize their time deposit experience, catering to their preferences and financial goals
Based on the user interviews, we discovered a user need for organizing their funds/savings based on specific purposes. We designed a feature that allows users to customize the names of their deposits, which enables them to align their time deposits with their individual financial plans and goals.
Provide users with an easier way to simulate interest calculations
The Time Deposit placement page has been enhanced to better highlight the higher interest rates and provide a more streamlined experience for users to simulate their time deposit investments.
Simplify the information presentation to improve users' understanding
We further simplified both the content and the display of information to ensure that the most important information is easily accessible to users throughout the entire user flow, increasing their confidence and understanding as they progress through the user journey.
Final Design
FINAL DESIGN
Deposit Placement Flow
FINAL DESIGN
Post Placement Flow
Impact
What went well
Establishing clear success metrics helped align all stakeholders and set a shared understanding of project goals.
Conducting user research enabled us to identify and understand the user's mental model and pain points throughout their journey.
By identifying key problem statements, we were able to effectively guide the design exploration process and focus on addressing the most critical issues.
