Open IRA

NAVY FEDERAL CREDIT UNION

CASE STUDY

How might we simplify a complicated experience to make it easier for members to access the IRA feature and drive more product sales

Visual Mocks created by Visual Designer Benjamin Jordan

Background

As our mobile app usage was growing, there was opportunities to start adding more features that were currently only online. Opening an IRA was one of these features.

WHAT ARE OUR GOALS?

1. Add the Open an IRA feature to the mobile app

2. Increase product sales

3. Reduce number of calls to the call center for members experiencing confusion about opening an IRA from online.

Roles & Responsibilities

MY ROLE

UX Design Lead

MY KEY CONTRIBUTIONS

User Research, Journey Mapping, Strategy, UX Design, Presentation,

THE TEAM

UX Designer

Visual Designer

UX Writer

iOS Developer

Android Developer

Business Analyst

Systems Analyst

Design Thinking Process

1. Empathize

RESEARCH & DISCOVERY

I interviewed different stakeholders from the business units, product owners, and Member Service Representatives. This allowed me to gain multiple sets of perspectives on what was needed in this new feature flow. I also worked with our Member Research and Development Team to set up user testing sessions to find out what members thought about the current experience so I could learn what was working well and if there were any pain points.

MEMBER FEEDBACK OF ORIGINAL

1. Most members only signed up for an IRA when there was a special going on.

2. Didn't initially see the "view current rates" or know that they needed to click on it for necessary information.

3. They thought the information about rates was clear, but had difficulty because information that was related was in different places.

PRODUCT OWNERS' NEEDS

1. Discoverability and product awareness

2. Enhance the user experience

3. Add the feature to the mobile app to reach more users

2. Define

ASSESSMENT OF ORIGINAL EXPERIENCE

The online banking application for opening an IRA has a long list of IRAs in a drop down menu.

The rates associated with each of these IRAs are on a separate page that the user can only view by clicking on a link.

This link is easily missed because it's small and appears lower on the hierarchy list.

When selecting an IRA, the user has to scroll through the long drop down list of 50 or more IRA products without seeing the rates associated with each one alongside it.

online IRA experience showing long dropdown

CHALLENGE & OPPORTUNITY

How can I make the decision making process more efficient for our members?

How can we fit all the information the member needs onto a small mobile screen without having to interact with multiple screens?

Above all else, how can we help our members feel comfortable and make an informed decision about which product to purchase?

3. Ideate

I created a site map to check if there were any system limitations. My first approach was to create a wizard with a series of questions that the user could go through in order for us to pick the right product for them.

After my first iteration of this, it was found that we did in fact have some system limitations around this method.

I went back to the drawing board and decided to set up the selection process as a “shopping around” experience.

4. Prototype

To fully understand the difference between each product, the user can view each product description at a high level. Once they choose the product that is right for them, they continue to the terms and deposit amount screen.

I developed a prototype using Adobe XD to present to stakeholders and to use for testing with Navy Federal members.

To keep related information all on one screen, I tested using buttons to populate different rates. The user can tap the minimum amount of money they have and try other terms to see the different rates that populate. Once they find a suitable rate, they can add their deposit amount and continue to review their order. My goal for the rates, terms, and deposit screen was to be informative, interactive, and actionable.

5. Test

USER TESTING OBJECTIVES

Can users find where to go if they want to open an IRA?

Do they understand the difference between Traditional, Roth, and SEP plans based on our descriptions?

We present standard IRAs and special rate IRAs on the IRA product screen. Based on our product descriptions, what are their initial thoughts about which IRA product they would choose?

Do users understand the purpose of the terms buttons that populate the rates? Are they okay with tapping a couple of times to find the rate they want?

Do users think there is too much information or too much to do on one screen?

What do they think of the deposit amount at the bottom of the screen? Is the minimum amount they need to deposit clear?

Is the overall experience easy and simple to use?

USER TESTING RESULTS

86% of participants liked the buttons that populated different rates. They were okay with tapping a few times to find a desirable rate. They already assumed that higher rates would be longer terms and lower rates would be shorter terms.

34% of members said there are too many IRA products to choose from, which feels overwhelming.

75% of participants said they would prefer the deposit amount be pre-populated once they click the minimum amount button at the top of the screen.

96% of participants felt that the experience was easy enough. They would have been okay with a chart for the rates, but wouldn't want it on a different screen.

RECOMMENDATIONS FROM USER TESTING

Even though the minimum amount button is highlighted at the top of the screen, it is recommended that we add instructional text under the deposit amount field.

Auto-populate the minimum amount based on their previous selection. Keep this field editable if they want to add more than the minimum amount.

Outcome

ESTABLISHED PATTERN

I used the same patterns for the Open a Certificate feature on the mobile App.

Certificates have the same convention of picking a product type, then choosing terms and a deposit amount, so we didn't have to reinvent the wheel which saved our team a lot of time and effort.

JAVELIN REPORTS

A benchmarking study compared customer satisfaction for account opening at 6 top financial institutions. NFCU's mobile app ranked higher than the other peers, with a 60% satisfaction rating.

Product penetration for Opening an IRA is at 19%, which ranks NFCU in the top 2.

AUTONOMOUS USERS

We've seen a 40% reduction in calls to the Contact Center and members visiting a branch to open an IRA.