Paid Products Growth
Monzo bank has a very popular and free product since launch in 2015. They introduced two paid products: Plus and Premium back in 2020.
By the time I joined the team, the sign up to the Paid products are as below:
2.7%
of Monzo's 5M customer (2021)
93%
users drop off at the funnel information page
We’d like to Increase Signups to Monzo Paid
Areas with potential:
Pre-funnel discovery
In-funnel engagement and conversion
Improve product value
This case study focuses on the In-funnel project
With a super quick discovery - ideation - experiments - iteration approach
What we know
We have data for why users sign up - their motivations.
Whilst Plus users focus mainly on the ‘control’ side of the benefits, Premium users would like to get more pound value from the upgrade.
Therefore, how do we make sure that we communicate these values better with our users?
Current User Flow
Data shows that 93% of users get into the sign up funnel and drop off almost immediately at the information page.
We want to improve this area and reduce the number of users that drop off at this stage.
Workshop and Hypotheses
I ran an initial workshop with the cross-functional team, including PMs and Engineers. We discussed current findings, problems, and potential solutions.
From there I was able to form three hypotheses very quickly.
Ideation
I then started working on the design for each hypothesis.
We named them
Skinny flow
Info flow
Popping flow
Skinny flow
I wanted to test if the information is being helpful to our users at all. To best see a result, we wanted to eliminate this page completely. So with the improved journey, users will go from the initial intro video of the product straight into the sign up journey.
Info flow
There were a huge list of ‘features’ we are selling to users. E.g. connect different bank accounts, add virtual cards, check credit score etc. However, that bears the questions - how much value are we showing users? What are these features doing for your ‘financial health’?
To better communicate this, we’d like to test if we group these features into value driven categories, would we see more sign ups?
Popping flow
This huge list of features we are showing our users, how engaging are they? Do they seem more ‘boring’ than informative?
I’d like to test if a more engaging format, e.g. animations, or an ever growing popular Insta story approach of the information page will result in more sign ups.
Speedy!
From design of each flow to set up spec files to handover to engineers took 2 weeks.
Each flow is then built and launched into assigned numbers of actual users on the app.
We will measure the result of each flow and decide on the next round of iterations.
Skinny flow
Info flow
Popping flow - Prototype 1, Prototype 2
We have a winner!
Whilst all 3 flows drove more sign ups in comparison with control. Skinny flow was a clear winner for us, it drove more sign ups than all other flows we were testing.
Therefore we went ahead with launching this flow into the app to all users, and moved onto other problem areas.
Currently (July 2023) it is still the live version on the Monzo app.
