About
Enzo is a fintech company that aimed to provide an innovative platform that is empathetic to the user's goals and helps them grow long-term wealth. When I joined the company as a director of design, they had basic banking, virtual and physical debit card, and a competitive cashback (such as 2% back for housing).
While they were working hard on adding more banking services & introduce an investment feature, Enzo still lacked a robust and competitive engagement feature that can facilitate community involvement and establish scalable business opportunities.
After the team went through thorough research, ideation, and strategic planning, I worked on introducing a new feature called Net Worth Projection (NWP), especially the onboarding section of it.
While they were working hard on adding more banking services & introduce an investment feature, Enzo still lacked a robust and competitive engagement feature that can facilitate community involvement and establish scalable business opportunities.
After the team went through thorough research, ideation, and strategic planning, I worked on introducing a new feature called Net Worth Projection (NWP), especially the onboarding section of it.
Objective
Improve the onboarding flow for Net Worth Projection (NWP) feature.
Improve the onboarding flow for Net Worth Projection (NWP) feature.
My Role
For NWP, I owned the project from start to end - researching opportunities, ideating features, charting out the flow, creating deliverables (mockups and prototypes), and communicating with developers and stakeholders for successful implementation.
Insights
After 53 survey responses, 24 interviews, and research into competitors, industry, and target demographic, we have identified three major opportunities that can be worked on as a product solution. One of which was a robust budgeting tool: 66% of interviewees acknowledged that they do not know their current standing in finance, and felt the need to budget & see a clear picture of their financial performance.
Even then, most of them have never actually tried to budget before. The biggest reason? "It just feels too cumbersome."
Even then, most of them have never actually tried to budget before. The biggest reason? "It just feels too cumbersome."
Initial wireframe for budget feature
Given this, before we release a fully-fledged budgeting tool as a service, we first wanted to introduce a lighter & more fun tool that can help users get familiarized with the concept of being conscious of one’s finance. In other words, we wanted to entice users into setting their feet into budgeting without realizing it.
Another important aspect, of course, is that we simply lacked the resources to create a product that can compete with budgeting tools that were already available.
Another important aspect, of course, is that we simply lacked the resources to create a product that can compete with budgeting tools that were already available.
Some examples of Net Worth Calculators out in the wild.
We decided that a mid-way product between Net Worth Calculator (NWC) and a full budgeting tool will be a great place to start, combining simple and easily approachable features of NWC while providing more in-depth insights that can eventually segway to a premium budgeting service.
Prototype of the initial onboarding process
One mistake we made early on was bringing little innovation to the onboarding process. We already had an onboarding flow for general user enrollment and decided to adapt the same format to focus more on implementing the features for the results screen.
This approach failed to garner enough interest from users as the feature could not generate an enticing first impression. After learning this, I worked on overhauling the entire onboarding process to make it less dull, by reducing the number of inputs, restructuring categorizations and flow, improving visual dynamics, and providing assistance where possible.
This approach failed to garner enough interest from users as the feature could not generate an enticing first impression. After learning this, I worked on overhauling the entire onboarding process to make it less dull, by reducing the number of inputs, restructuring categorizations and flow, improving visual dynamics, and providing assistance where possible.
Final onboarding flow prototype
The redesigned onboarding flow brought impressive performance improvements overall - with 24% of users completing the onboarding in the first week. We were also able to increase rent payments through Enzo by 30%, and more than 1,300 members showed interest by signing up for NWP/Budget feature updates.
Breakdown
Landing page and introduction
For the landing page and introduction, I wanted to make it clear that Enzo's Net Worth Projection was not the same as Net Worth Calculators. It was also important to me that we convince users it will be easy, and pique their interest with the illustration representing each step.
The first piece of the NWP - Assets
The second piece of the NWP - Debts
While it is important that we get the estimates to be as accurate as possible, I ultimately decided that it is more important to make our initial configurations to be more convenient and less detail-oriented. The goal is to drive users to the actual projections where they can see the results and have more features to play around with. To achieve this, user's savings held by their Enzo account are automatically accounted for, and their other assets and debts are given a single numeric input (which doesn't even show up if the user does not select any assets or debts), which can be broken down further later.
The third piece of the NWP - Income
If the user has gone through onboarding for Enzo's invest feature, they have already specified their annual salary, which is automatically generated on this screen.
Another important piece of information I decided to add was the estimated monthly takeaway after tax, which is more relevant for the next and final piece - the expense.
Another important piece of information I decided to add was the estimated monthly takeaway after tax, which is more relevant for the next and final piece - the expense.
The fourth piece of the NWP - Expense
Expense was the most challenging piece to handle as it has so many different segments that couldn't be easily reduced down like other pieces. While I decided to make this piece to have more robust than others, I made sure to include as many helping hands for each step as possible. For housing, if the user is already collecting a 2% cashback on it, Enzo can utilize that data to automatically fill in the input here. Similarly, if the user is using automatic bill pay through Enzo (a feature that was also in the works alongside NWP), this info will also be automatically represented here.
Monthly dining & grocery bills
From our user interviews, dining and grocery bills were the hardest for users to capture on the spot. I proposed the idea of giving them a helping hand here by showing how other Enzo users from similar regions with a similar salary range wrote down for their NWP. While this was received positively, this particular feature was put on backlog until we gathered enough data for most of the region.
Monthly subscriptions
Another principal monthly expense for the absolute majority of our users was subscriptions. Instead of asking them to type every single one of them down, we compiled the data of popular subscription services and allowed users to quickly choose them from the list. If the subscription service is not on our list, they are given an option to create a new entry.
All other expenses
While I wanted to break down the expenses further, I ultimately decided to allow users to quickly bypass them now and break down the details later. From the user interviews, this was the point where we saw a significant amount of abandonment. When we combined all remaining expenses as a single input and asked users to break down the details later after seeing the results, we saw a significantly better engagement and completion rate.
Reward screen
Projection Results
Once the result is generated, users will be presented with an easy-to-follow report about their financial projection, with an option to take some actions to gain further insights. If we find an opportunity for user's wealth to grow even further with Enzo's investment feature, the user will be invited to check out the investment options that they may like.
Appendix:
Projection Results Features
Projection Results Features
Highlights comparison
Highlights provide data on users' standing in comparison to their peers. The objective is to present the data as neutrally as possible so that users can reach their own conclusion, but provide the information so that they can have a helpful context that they otherwise may not have.
Piece breakdown
For heavyweight users, they can break down their pieces further for a more accurate projection. Another aim was to utilize these breakdowns for future implementation of budgeting features.
What If...? Scenarios
Last but not least, and my favorite part of NWP, is the "what if?" feature. We provide a set of scenarios that users can utilize to see how their projection will change with certain changes to their finance in the future - such as an increase in salary, or a purchase of a house. With this feature, users can use NWP to map out their future financial decisions.