CASH MANAGEMENT PLATFORM
Understanding user behavior and sentiment to increase client deposits
This category outlines the step-by-step approach I took while leading this project. Several details are intentionally being excluded due to confidentiality.
Planning
I led the research planning process, which involved:
Conducting a kick-off meeting with product, product design, engineering, content design, and data science to define the research problem, align on objectives, and discuss time and engineering limitations and constraints.
Drafting a comprehensive research plan that included business context, project description, objectives, expected outcomes, methodologies, and analysis plan.
Sharing and finalizing the research plan to ensure team alignment and stakeholder participation.
Methodologies
I employed a mixed-methods approach, beginning with a survey followed by in-depth interviews. Each method was chosen for its specific strengths:
Survey: Designed to gather statistically significant data from 5,000 clients. This method was chosen to understand the broad patterns and trends in user behavior and attitudes.
In-depth Interviews: Conducted with 10 clients to obtain nuanced insights into client attitudes and behaviors regarding cash deposits. This method allowed for deeper exploration of the reasons behind the survey findings.
Key Insights
In analyzing the qualitative and quantitative data, several key insights emerged from the findings that highlight the importance of perceived accessibility, transparency, and user confidence. Some of the insights were as follows:
Perceived accessibility drives user behavior: Users are more likely to favor financial products or services they perceive as offering quick and easy access to their funds, especially in situations requiring urgency. If users believe access to their finances is slower or more complicated, they will seek alternatives that align with their need for immediacy.
Awareness and transparency are key to trust: A gap between user perception and reality can erode trust. Users need clear, accessible information about critical features, like transaction times, to feel confident in using the service. Lack of transparency can lead to misconceptions that drive users away.
User preferences are strongly influenced by familiarity: Users may prefer traditional or familiar methods (like physical banks) for tasks they perceive as crucial, even when modern alternatives exist. Overcoming this requires not just matching but exceeding the perceived benefits of these familiar methods.
Deliverables
The deliverables for this project included:
A detailed research report with findings, insights, and recommendations.
Presentation decks for stakeholders summarizing key insights and proposed changes.
This research drove substantial product and communication improvements that addressed key user concerns:
Same-Day Cash Withdrawals
The insights from this research informed the development and launch of Wealthfront’s instant cash transfers initiative, allowing clients to withdraw cash within one business day. This feature significantly enhanced the immediacy of access and aligned Wealthfront Cash product offering with users’ needs during emergencies.
UX / UI Improvements
I completed follow-up evaluative research that focused on user testing for the following UX/UI improvements:
Clear Display of Transaction Times: The app now prominently displays accurate transaction times, ensuring users are well-informed and reducing misconceptions about withdrawal durations.
Real-Time Notifications: Users receive timely updates throughout the withdrawal process, providing reassurance and enhancing trust in the service.
Targeted Marketing Campaign
A focused marketing effort was launched to educate users about the new same-day withdrawal feature and UI enhancements. The campaign emphasized the ease of accessing funds and aimed to rebuild confidence by addressing previous concerns with withdrawal times head-on.
