Case Study: User Onboarding Screen
Challenges: In mobile applications, mandatory PAN entry at login creates friction, reducing user engagement and exploration.
Project Overview
The DSP Mutual Fund app previously required new users to submit their PAN card number at login, which caused friction and resulted in significant drop-off rates. To improve user engagement and make onboarding easier, the process was changed to employ OTP-based authentication with cellphone numbers. This modification enables customers to easily log in, explore investment products and funds, and become acquainted with the site before supplying PAN and completing KYC. By seeking PAN and KYC only when a user decides to invest, the new strategy lowers entrance barriers, increases user retention, and enhances the overall onboarding experience, resulting in improved conversion rates and a more user-friendly journey.
Project Structure
The 5-week effort to improve DSP Mutual Fund's onboarding process takes a systematic method to provide a smooth and user-friendly experience. In Week 1, extensive research is carried out to analyse user behaviour, identify drop-off locations, and compare industry best practices. Week 2 focuses on establishing the issue statement, identifying major pain spots in the current process, and educating stakeholders about the need for change. and user personas are created based on research findings to better understand various user needs and expectations. Week 3 is dedicated to wireframing, which involves developing the basic structure of the new onboarding sequence to improve usability. Week 4-5 entails creating the UI to ensure a straightforward and visually appealing experience that is consistent with DSP's branding. The remaining weeks focused on implementation, testing, and refinement to deliver an optimised onboarding experience that improves user engagement and conversion rates.
Target Audience
The target audience for the revamped DSP Mutual Fund onboarding experience includes users at different levels of investment expertise. Novice investors are individuals who are new to mutual funds and may find financial platforms intimidating. They require a simple, guided onboarding process that allows them to explore investment options without immediate KYC barriers. Intermediate investors have some experience with mutual funds but seek a seamless and hassle-free onboarding experience. They value efficiency and expect a smooth login process that enables quick access to product details. Pro investors are seasoned users who frequently invest and prefer a fast, streamlined entry with minimal friction. By catering to all three user segments, the new onboarding process ensures accessibility, engagement, and a positive first-time experience for every investor type.
Problem Statement
The DSP Mutual Fund app's onboarding process requires users to enter their PAN card upfront, creating friction and leading to high drop-off rates. This mandatory step discourages new users from exploring the app and its investment offerings, resulting in reduced engagement and lower conversion rates. A more seamless and user-friendly onboarding experience is needed to improve user retention and encourage investment.
Comparison Old vs. New
The old onboarding process required users to enter their PAN card upfront, creating friction and leading to high drop-off rates. This barrier prevented users from exploring the app before committing to KYC.
The new onboarding process replaces PAN-based login with OTP verification, allowing users to seamlessly access and explore investment options. PAN and KYC are now required only at the investment stage, reducing friction, improving engagement, and increasing conversions by providing a more intuitive user experience.
Main Screen
The onboarding screen provides a seamless entry point for users to begin their journey within the application. It welcomes users by addressing them personally and setting the tone for their experience. The screen asks a crucial question: whether the user has previously invested in mutual funds, offering simple "Yes" and "No" options to tailor the onboarding flow accordingly. Additionally, a "Skip" button ensures flexibility, allowing users to proceed without answering. The dark-themed UI with a minimalistic design enhances readability and user engagement, making the process intuitive and user-friendly.
