Uplifting the end-to-end onboarding experience
MYOB | Financial Service's customer
management team
OVERVIEW
MYOB is an Australian multinational corporation that provides tax, accounting, and other business services software to small and medium businesses. They offer different legacy systems to customers, our team's focused on the main Saas product called MYOB essentials.
GOALS
Our team's core vision is to make onboarding faster and easier for customers to get access to financial products. There are 4 products in financial services and the onboarding experience for online invoice payment is subpar and in need of a rebuild.
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DELIVERABLES
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Organize kick off meetings, research plan, product quality forums with stakeholders
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Document all research, synthesis and solution design;
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Create responsive in-product designs, working prototypes and research recommendations with stakeholders
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Plan and deliver all feature developments with stakeholders
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Track and evaluate product performance and draw design conclusions
MY ROLE
Product designer; Involved in all aspects/activities of the project from research to development.
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STAKEHOLDERS
Senior Leadership team, Product Managers, Delivery Managers, Business Analysts, Software Developers, Marketing teams, Compliance and Legal teams, Operations, and Data Analysts.
A PROJECT FOR
APPROACH
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What is the product and where does it sit in financial services?
Online invoice payments allow users to add the "pay now" button to their invoices and get paid faster by their customers. Customers can pay instantly using their card, BPAY, Apple Pay, and Google Pay.
Users have provided feedback that the tedious onboarding process is creating a negative experience. Out of all the products in financial services, the application process for online invoice payments is the most extensive and complicated. However, once a customer has signed up for online invoice payments, they are guaranteed to be approved for all other financial products offered by MYOB.
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How well was the application performing?
The telemetry shows that users are dropping out of the funnel. We have identified several assumptions as to why it may not be working well:
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The "Y" shape in the funnel means the users and not funneling well this may be a range of issues with the design as well as technical issues. Ideally we would like a T shape
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The "Industry page" has the largest dropout of users biggest potential for improvement
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Ref 1. Online Payment's onboarding telemetry in June 2021
Onboarding expectations
Filling out applications seems logical on the surface but complicated in practice. We conducted 5 user interviews and surveyed 22 participants to understand why people hold back from applying for online invoice payments, where are the pain points in the application, and what we can do to make it better.
Through user interviews we discovered...
The application had 4 steps but it took around 30 minutes to complete...
​​80% of the respondents said the cognitive load per screen was an overload ​
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30% of the respondents mentioned they will not be able to do this whole application in one go
2 in 5 respondents did not understand what online invoice payment until we showed them the pay now button
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The end-to-end payment onboarding journey
Three main pain points
Ref 2. Online Payment's onboarding journey map
Identifying the opportunities and testing our hypothesis with the users...
We have identified several flaws in the onboarding experience, which lead us to explore opportunities to rebuild and improve the application. The following opportunities have been identified and tested:
If we surface the value proposition of online invoice payments better, we we should see an increase of sign ups
Dividing the application into smaller parts, this would make the application clearer for users to understand and complete the process more quickly
If we phrase questions in the application better, users will have clearer instructions and no errors to complete the form
Implementing self-service methods to retrieve details would improve the user experience and reduce the workload for financial services operations
If we make the entry points to sign up more accessible, we should see an increase in sign ups
The 'save and exit' feature would give applicants more options to complete the application and result in fewer dropouts
Lets make it better!
Surface the value proposition of online invoice payment better
The value proposition of online invoice payments needs to be presented more effectively to encourage customers to sign up. If users understand the value of the product, they are more likely to complete the application process.
To determine whether the information provided about online invoice payments is relevant and consistent, it is crucial to understand the entire customer flow from out-of-product to in-product. Since each part of the flow is owned by different product groups, it is essential to understand the constraints and the flexibility of changes. With everything in consideration, improving the landing page would be the quickest way to showcase the value of online invoice payments effectively.
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Out-of-product landing page of online invoice payment
Ref 3. Online Payment out-of-product marketing web page
In-product entry point
Ref 4. Online Payment in-of-product entry point in 'create invoice' page
In-product landing page
Ref 5. Old Online Payment in-of-product landing page
When we tested our previous landing page with users, we identified several opportunities for improvement, including:
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Unclear wording around the benefits
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An unclear presentation of the value proposition in the infographic
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A checklist that discouraged many customers
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After presenting card payment logos and the "pay now" button, users immediately understood our offering. Therefore, we focused our new language around the "pay now" button, which was consistent with the language used in our marketing.
New in-product landing page
Ref 6. New Online Payment in-of-product landing page
Make the entry point to the application more noticeable
We found issues in the application entry points for customers, including a small and poorly located "Start getting paid online" link that lacked context and failed to highlight the product's benefits.
There were constraints around the size and location of where the link is placed because it was owned by another product team. We conducted an A/B test on the solution which was a temporary alert banner to explain the product, the product's benefit and where to sign up. The wording "conditionally approved" was also used to incentivize the users to sign up.
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Original entry point design
Ref 7. Online Payment in-of-product entry point in 'create invoice' page
Supplementary entry point + new entry point wording
Ref 8. New proposed alert banner + wording adjustments on the entry point in the 'create invoice' page
Breaking down the cognitive load per screen
The cognitive load for certain screens is too heavy for the user to digest which affects the momentum inside the application form. If we break it down into shorter screens, group the right information together and stage them in a sensible order. They will be able to fill in each part promptly in a timely manner without hesitation.
Old application screens
Old application inputs
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New application inputs
New application screens
Allow the user to save and return to the application
As the application grows, it will be harder for users to finish the application in one go. We want to be able to give users the option to come back and complete their applications later. Designing the save and resume is not just adding a button we also need to look at how that fits with the customer journey and create a drop out program.
First step of the application
Saved application landing page
Drop out program for save and resume initiative
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Feature prioritisation
After testing out the designs, the team then created a prioritization matrix and discuss each solution's desirability, viability, and feasibility. A road map will then be created to show when each feature would be developed.
RESULTS
Breaking down the cognitive load per screen
In December 2021, we conducted a 3-month A/B test with two cohorts using different applications. Despite concerns about expanding the form from 5 to 10 steps, we saw a significant increase in customers completing the application funnel, from 67% to 97%. This surpassed our target of a 15-40% uplift.
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Ref. December 2021 onboarding telemetry
Ref. January 2022 onboarding telemetry
Allow the user to save and return to the application
Our aim was to boost the submission rate of applications by 15% with the 'save and resume' feature. Since its launch in January, we have seen a 50% increase in application submissions, from a 26% to 33% conversion rate from the top of the funnel to application submission.
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Ref. September 2022 onboarding telemetry
Ref. January 2022 onboarding telemetry
Ref. March 2022 number of application submitted
Ref. September 2022 number of application submitted
Improve the visibility of the application's entry point
There were multiple conversations about making the entry point more noticeable. A cohesive decision was made through several products teams to make it into an alert banner. An A/B test was created to capture the effects of the alert banner, from the data there was a 400% increase of users clicking through to the first step of the application and an increase of 114% for application submitted.
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Ref. January 2023 onboarding telemetry
Next steps...
The results of the design were successful, however looking at this as an end-to-end journey. We will need to take in account the assessment process after application submission. If we have a large volume of users signing up then there will be a backlog of customers waiting to be approved.
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Examine the assessment process with operations and support
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Create a service map that highlights the assessment process
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Explore opportunities where we can automate a process
What I learnt!
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Release the MVP of a product then work on perfecting the product. Do not develop all the minor details of the initial product until we are certain it is performing well
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Working with what you already have, instead of creating something completely new
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Small changes can create big impacts