TheTenn | From ACH to direct transfers
TheTenn fintech app aims to revolutionize the banking experience by offering innovative solutions for money management and transactions. One of the key challenges we faced was our reliance solely on ACH transfers, which limited our ability to provide direct transfers and hindered user sign-ups.
Problem
Traditional banking processes, particularly ACH transfers, posed significant limitations on user experience and accessibility. Users often faced delays and restrictions when transferring funds, leading to frustration and inefficiencies. Additionally, the absence of direct transfers acted as a barrier to entry for potential users seeking instant transaction capabilities.
This is what we had before
Objectives and KPIs
1. Usability KPIs
Task Completion Rate – % of users who successfully complete a payment (Target: 90%+)
Drop-off Rate per Step – Identify where users abandon the flow (Goal: Reduce by 20%)
Time to Complete Payment – How fast users send a payment (Target: < 15 sec)
2. Engagement KPIs
Onboarding Completion Rate – % of users who finish onboarding (Target: 85%)
Repeat Usage Rate – % of users making a second transaction within a week (Goal: +25%)
Feature Adoption Rate – % of users saving payment methods (Goal: 50% adoption in 1 month)
3. Business KPIs
Transaction Volume Growth – % increase in transactions (Goal: +25% in 3 months)
Customer Retention Rate – % of users returning for another payment (Goal: +20%)
Support Ticket Reduction – Fewer customer support issues (Goal: -40% related to payment UI)
What didn't go well and solutions
Technical Hurdles: Initial technical challenges delayed the implementation of direct transfers. Solutions included infrastructure review, collaboration with experts, and adopting agile development methodologies.
User Onboarding Confusion: User feedback highlighted confusion during the sign-up process. Solutions involved revamping the onboarding flow with step-by-step guidance and personalized messaging.
Security Concerns: User apprehension regarding fund security prompted enhancements in security protocols and educational campaigns to instill trust in the platform.
Usability Testing
Conducting usability testing with prototypes helped identify pain points and refine the user experience. Iterative testing allowed us to address user concerns and improve the clarity and security of the payment process.
Launch and Testing
We launched the direct transfer feature to a limited group of users (5%) to gauge its effectiveness and gather feedback. Realistic testing scenarios were employed to simulate real-world usage and evaluate performance.
Results
Increased transaction volume by 27%
Improved recipient-to-payment conversion by 35%
Reduced payment flow drop-offs by 22%
Increased onboarding completion by 18%
Business objective results
The implementation of direct transfers accelerated user growth and engagement, positioning TheTenn as a competitive player in the fintech market. Enhanced payment experiences boosted customer retention rates and brand loyalty.
A/B testing and hypotheses
Hypothesis 1
Increasing the sign-up incentive to $20 will result in 25% increase in conversion rates.
Hypothesis 2
Modifying the payment interface color scheme and call-to-action text will improve user engagement by 10%.
Hypothesis 3
Implementing a referral program will lead to a 15% increase in user acquisition.
Conclusion
The successful implementation of direct transfers in TheTenn fintech app demonstrates our commitment to innovation and user-centric design. By overcoming challenges and leveraging user feedback, we have enhanced the payment experience, driving user growth and satisfaction. Moving forward, ongoing optimization efforts and A/B testing will continue to elevate TheTenn's position in the fintech landscape.
