Increasing number of transactions in a fintech product: A product case study
Meet Amit!
He is a 21-year-old college student who is from Gujarat and currently studies in Bangalore.
It’s the middle of the month. Amit has spent all his pocket money and has been finding it difficult to pay his regular bills like food, mobile recharge, medicines, commute, etc. He gets to know about buy now and pay later services. He immediately starts looking for such services online and comes across Simpl.
About Simpl
Simpl is a fintech company that allows users to buy now and pay later across 15,000+ brands on the internet today. With a billing cycle of 15 days, a user can continue to place orders in 1-Tap and pay one consolidated bill on the 1st and 16th of the month. Users do not have to worry about payment failures or entering account details on multiple websites/apps.
Some of the competitors of Simpl
What makes Simpl special?
- The application updates your limits regularly. The more punctual you are in paying your bills, the limits are increased accordingly.
- No hidden charges or fees on payments.
- Keep track of the monthly expenses and enjoy effortless budgeting.
Amit installs the app!
After some exploration, Amit finally installs the Simpl app and is guided using the onboarding screens.
Problem statement 1 : Increase Conversions
Improve the 30 Day conversion for the product metric “successful app onboarding to first transaction”.
Some issues with the current app onboarding:
- The onboarding screens fail to make users understand how BNPL works on Simpl.
- The free credit limit is the USP of the product. The onboarding screen must communicate the same.
- To increase the trust of the user, the onboarding screens must also mention the numbers of merchants accepting Simpl payment.
Solution 1: Better framing
Simple updations and better framing on the onboarding screens so that users understand how BNPL works.
Finally, Amit lands on the Home screen, but he feels lost!
Issues with the current home screen:
After some hard time understanding the home screen Amit finally decides to recharge his phone
More Issues with the current home screen:
Solution 2: Redesigning home screen for better discoverability
The current home screen does not highlight the credit limit and various merchants and their offers which makes it hard for the user to perform their first merchant transaction. Here is the new home screen with better discoverability.
Now that we have the solutions ready, it's time to define its success parameters.
Success metrics
- Number of new credit limits assigned in a week/month
- Number of first transactions made in a week/month
Problem statement 2: Increase No. Of Transactions
Conceptualise a product strategy to 3x the rate at which users who get access to Simpl credit limit start transacting using Simpl across the merchant network.
Soon, Amit finds out about various offers in the app but but but…
Issues with the current home screen:
Solution 3: Adding ‘Offers’ feature
A new tab on the home screen that clearly lists all the available offers on various merchants making it easy for the users to navigate and access them.
When the ‘offers’ tab is clicked, the various offers based on their categories get displayed.
Success metrics:
- No. of transactions made on the merchants via Simpl app.
- No. of merchant offers claimed on Simpl app
Finally, The new ‘Offers’ feature and other small updations were really liked by Amit.
But Amit wants to say something more…
The new offers and great merchants have been helpful on Simpl.
But, I wish, if BNPL services like Simpl were also available on various e-learning platforms like Udemy, Coursera, Bitclass, Frontrow, Skillshare, etc to benefit students like me.
To summarize…
Key takeaways:
- Onboarding screens play a vital role in communicating benefits over features of the product. Thus, these screens must be simple, attractive, and should convey the use-cases of the product effectively.
Always ask: Do my onboarding screens help the users to understand the product better?
- The home screens must not be overcrowded. It must promote better discoverability of the product benefits to the user. In short, the home screen must guide the user to the most important parts of the product
Always ask: Is my home screen guiding the user to perform the most important action?
- This case study is part of monthly product teardowns organized by The Product Folks
- Duration: 1 week
- Co-author: Forum Patel
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