Credit Card benefits, Debit Card discipline!
IMPROVE THE ON-BOARDING UX
One of the most important answers you must know about your product is if it's easy for users to get started. That was not the case with SteadyPay. The on-boarding experience consisted of 20 screens that required the user to disclose personal and financial details. Activation was a metric that needed to be improved to get people to log in and start seeing value in the app.
Being that SteadyPay is Personal finance app, there were some worthy competitors to research, and I created a UI that will give new users a sense of accomplishment as they begin to set up their accounts. I reduced the on-boarding UX to 7 screens (13 less than the original), included a progress indicator and allowed the users to skip certain sections in case they wanted a "wizard" UI to assist them in completing their set up.
DEFINE THE KPIs
In the startup community, "HEART & PIRATE" are two metrics frameworks that are widely accepted to measure success and hit your goals. Above I share how I improved the On-boarding User Experience but who's to say that "It was improved?" We need to measure if those changes are moving the needle in a favorable direction. Being data informed and making decisions based on analytics and feedback is the agile and wise approach to prioritizing what to work on next.
PIRATE metrics consist of, Acquisition, Activation, Retention, Revenue, and Referrals. "AARRR!" (Now you get the Pirate reference?). I need to measure what's working and what's not. In Product Management, it's essential for me to define these "Key Performance Indicators."(KPIs) For an Application like SteadyPay, "Activation" wasn't going to be considered a success if the user just completed the on-boarding process but perhaps by performing an action that will let them see the value right away and make them come back tomorrow. I define the KPI, measure it and observe it over time. What happens after is a whole other discussion.
DESIGN & MOCKUP with inVision
You don't need a complete working application to get people and investors excited about your product. A beautiful and organized High Fidelity Mockup can get you in front of VCs, demo with confidence and possible funding.
Using inVision app, I was able to do precisely this for SteadyPay. I put together a comprehensive wireframe with the UX improvements and KPIs in mind while collaborating with the Founder and Designer we were able to give the CEO an interactive prototype to showcase to Investors at FinTech LA, and SteadyPay is now Seeded, and development has begun.