MONEYFARM
Redesigning the onboarding process
Moneyfarm is an established Italian digital wealth management startup which launched their service in the UK in 2016. The three-person design team I was a part of was tasked with analysing and proposing improvements to Moneyfarm's onboarding process. During the two-week sprint, we completed a teardown of the current onboarding and conducted contextual inquiries to identify common user pain points. By applying the jobs-to-be-done framework, we designed a new flow that would ensure the onboarding would not be a hurdle for potential clients wanting to access Moneyfarm services. Through extensive user testing, we refined our designs and delivered a high-fidelity prototype of the new flow along with a full design spec.
Current Onboarding
After meeting our client to discuss and define the brief, we proceeded to conduct exhaustive research. We started by going through the onboarding ourselves to understand the current process and make initial notes. Then we analysed the wealth management landscape to gain information about our competitors and understand how Moneyfarm positions itself in the market. We followed that up with a survey, the aim of which was to gain insight into how people manage their money and, more specifically, their savings. From the survey respondents, we selected 10 participants for contextual inquiry sessions. This allowed us to zero in on common pain points users were encountering during the onboarding process and validate our assumptions.
To help us organise the feedback we received, we proceeded to conduct a teardown of Moneyfarm’s current onboarding. We analysed the process step by step, page by page, and highlighted pain points users were encountering when trying to set up their account. We also included any positive comments made by users to build on aspects of the process that were working well.
Research Findings
When analysing the feedback gathered, we found certain patterns emerge. This allowed us to group issues into three main categories.​
Sense of confusion
The current onboarding is non-linear, which distracts users from completing the process quickly and causes confusion regarding what they need to do next.
Information delivery
Due to the way information is presented, users sometimes skip important clarifications. On other occasions, the lack of information causes insecurity.
Undermining of trust
The issues users encounter ultimately cause them to lose trust in the process and the services Moneyfarm provides.
"I'm not sure what to expect when I create this portfolio."
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"It's strange to have the steps in the column on the right... I would expect them to be on the left."
"I completely skipped all that."
"I thought it was three steps, now it's four. I feel a bit betrayed."
"Why do they need to know this?
It feels like data mining to me."
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Design Proposal
In order for it to be successful, the redesigned onboarding needs to help the client achieve their business goals while addressing user pain points. The business goal is to increase the value of assets under management by increasing the number of clients and reduce the strain on the customer relations team due to users calling to request guidance. However, the lack of clarity and unsatisfactory information delivery during the onboarding process is preventing customers from signing up to Moneyfarm's service.
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Our hypothesis is that by improving the onboarding process, we expect to see an increase in the conversion rate and a decrease in the number of calls to the customer relations team.
To do this we have simplified the process, making it linear, we have also explored ways to improve information delivery, and lastly, we aim to gain users' trust by providing reassuring messages during the process and customising the experience for different groups os users.
In keeping with the principles of user-centred design, once we started the design phase of our two-week sprint, we entered a cycle of rapid prototyping where we quickly prepared wireframes, tested prototypes with users and iterated on our designs based on feedback received. With each iteration, we increased the fidelity of our wireframes until we reached the current high-fidelity build of our prototype.
The process was simplified by making it linear to eliminate distractions and focus the user's attention on setting up their account as quickly as possible.
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Clarity was increased by including a welcome screen summarising the steps necessary to complete the process and highlighting any documentation which the user will need to provide in order to avoid having to interrupt the onboarding to look for the required documents.
Simpler onboarding
Clear layout
We moved the global progress indicator to the left of the screen. All the users we tested with preferred this placement as it highlights the hierarchy of the information that is being presented on the screen.
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We added a progress bar to indicate what subsection the user is in. We found this solution gives a better sense of progression and provides the user with clearer feedback regarding what part of the process they are currently in and how many steps they have yet to complete. ​
Improved information delivery
Important information was highlighted in bold and explanations were made less verbose where possible. Visual cues were also added to draw the user's attention and reinforce important information.
Reassuring messages
We highlighted important security messages to build trust with users and reassure them that their money is in good hands.
Customised experience
Moneyfarm's client base is very diverse. Users have very different backgrounds and levels of financial experience. During the onboarding process, they are required to provide a great deal of personal information. We thought it would be interesting to use that information to provide a personalised experience. For example, triggering a tutorial for users with limited financial knowledge to aid them when creating their portfolio.