Priority Savings
Position
Lloyds want to focus their efforts on acquiring the Mass Affluent demographic, who have disposable finances but require guidance on the best ways to save for their future plans
Problems
Existing and potential customers were apprehensive about saving money long-term, not feeling confident which option to choose
Possibilities
Design a simple/guided flow that will improve conversion
Design process
Discovery
Customers ranged between 30 and 50 years of age. High-income demographic, with minimal long-term goal saving experience
Insight
Most people were either unaware of what was possible/available to them or were experiencing a type of decision paralysis. Most people interviewed felt uninformed and not in control of their financial futures.
Exploration
We explored the possibility of giving two simple options to choose from to negate choice paralysis. Grow your money or be prepared for whatever life brings you. From thereon, each option had four tasks that had to be completed to ensure the maximum chances of success.
Design. Grow your money / “Prepare for the unexpected” flow
Step 1.
Flow begins here
Full user flow (no priorities selected)
Pros More choices to explore / Visceral / Low cognitive load / Fast completion rate
Cons: More depth was asked for, even though the flow journey was simple, people didn’t want to jump into any decisions
Screen and content variants
Conclusion + Results
4-out-of-5 testers said they found the new flow easy to understand and would happily complete the journey. However, all said they wanted to learn what they were choosing was right for them and felt somewhat rushed.
When this product went live, 4.5k customers joined in the first month.
Step 5.
Once all 4 tasks are done, this is the final “activation” step
Step 2.
Onboarding sets the scene, takes the thinking/deciding process out of a traditional Savings flow
Step 3.
Let’s keep it simple. The two most popular goals people wanted to save for were long-term and short-term.
Action: Selection made
Step 4.
User must complete 4 tasks to fully activate their goal