Trust Boxes- Build Trust in Finance App
PensionBox is a fintech retirement app that helps users plan, track and invest for their dream retirement. When it's about retirement and fintech it's tough for a new company to build trust among users. We introduced trust boxes to cater that problem. Whenever user sees a trust box on the screen, they are assured that it is secured and assured by PensionBox.
PensionBox
FinTech
Challenge
The app struggled to build trust among users, especially when they are filling in their personal details like salary details or while investing on the app. This lead to huge drop in app investment numbers and user retention.
Results
We created Trust Boxes, which ensure and reminds the user that they and their data both are safe. We placed the boxes right on every screen that asks for certain kind of personal information from the user. Users can further see what security measures and licenses we have. We were able to get the numbers back. And gain trust of the users.
31%
Dropoff improved
22%
Increase in user retention
Process
Research & Analysis: We conducted user interviews, and surveys, and analyzed in-app analytics to understand the drop-off reasons and user needs. We also studied competitor apps and industry trends to gather insights.
Information Architecture: Based on the research findings, we restructured the app's crucial screen content, prioritizing trust plug-in exactly when required and information around it.
Wireframing & Prototyping: We designed low-fidelity wireframes to visualize the new layout and navigation, iteratively refining them based on user feedback. Afterwards, we built a high-fidelity, interactive prototype to test the design.
Usability Testing: We conducted usability tests with a diverse group of users to validate the design and identify areas for improvement. Based on the feedback, we made the necessary adjustments to the design and retested it with users. Once the CSAT metric reaches to the desired number we hand off the design to the developers.
Visual Design & Style Guide: We developed a cohesive and consistent visual language for the trust boxes, including colour schemes, typography, and iconography, ensuring consistency throughout the app. We also created a style guide to maintain design consistency in future updates. The style guide was also made available to the marketing team to further promote this on social media to build more trust among users.
Conclusion
The PensionBox app redesign successfully addressed the trust-building and dropoff issues, resulting in more confident users who can browse through the app and even transact on the app without hesitation. It helped PensionBox, improve the drop off in investments on the app. The improved design led to increased user adoption, engagement, and satisfaction, demonstrating the value of a well-designed.