Pay2go is an on demand delivery company which has just recently expanded its services in the financial sector. It now operates as a digital bank which offers financial services ranging from credit cards to online deposit accounts. The main goal of Pay2go is to allow customers to open a bank account and request a credit card entirely through the app. It is crucial for the company to provide a smooth, fast, and frictionless process as the customer’s experience is vital to their success. The Pay2go team wanted to use UXCam to identify and understand where customers drop out most in the customer journey.
In order to construct a funnel, the team first reviewed several session recordings and examined the screenflow to understand the general path users navigate the most. They were then able to construct a funnel based on a sequence of different screens and events customers look at during their in-app journey when requesting to open a bank account. The following screens and event sequence was the most followed :
- Credit card benefits page viewed
- Click on Request Credit Card
- Customer Information form
- Billing Information Form
- Risk Assessment Screen (Whether credit Score sufficient enough)
- Credit Line confirmed
- Know your customer steps (selfie + OPT)
- Sign up completed
The Pay2go team constructed the funnel above and found out that almost 88% of customers dropped out of the funnel after the risk assessment screen and did not continue on with the credit card confirmation. The risk assessment screen displays whether the customer qualified for a credit card. At this point, the team was not sure why customers were dropping out after the risk assessment screen. Was it a UX problem? a bug? A negative risk assessment outcome?
The team decided to investigate this further and watch around 20 session recordings of the drop offs by clicking on the video icon. In most of the sessions watched, the risk assessment screen displayed a negative outcome claiming the customer was not qualified for a credit card. However there were 21k sessions in drop outs at this stage, and it was impossible to view all of them without wasting a lot of time and resources.
To be certain of why users were dropping out, the team continued their analysis with the heatmap feature. They checked what actions customers performed after seeing the risk assessment screen. They found out that 80% left the app and 20% continued on to sign up for a credit card.
The team then wanted to check how many credit card approvals vs. credit card rejections were given to customers. They used the event analytics feature and selected 2 events which represent this : credit line confirmation viewed and risk rejected viewed. As shown in the graph below, the majority of events show a rejection decision. Thanks to these different points of data, the team was able to understand exactly why such a high number of customers were dropping out at this point.
With this information, Pay2go team was able to identify the root cause of drop offs : customers' low credit score disqualified them from obtaining a credit card. The team reacted to this by making changes on their credit card qualifications, and redirecting users to others pages to reduce drop outs and completely losing potential customers. They set up different initiatives to retain the existing customers such as a “how to improve credit score screen”, a checklist of documents to submit to gain access to the credit card or a chat to speak to a support team.
How to analyse Drop Offs in the customer journey?
- Review full session recordings to grasp a better understanding on the screens and events your users make when navigating their app.
- Use screenflow to identify the top path and validate the pattern you have identified while viewing session recording.
- Track specific events in your app such as credit line confirmed by sending custom events and user properties to UXCam.
- Create a funnel with the appropriate steps and identify where the most drop offs are occurring.
- Use other features such as event analytics to or heatmaps to analyse what is happening on the problematic screen of what users do next.
- Make appropriate changes and release a new version. Compare the changes within UXCam.
- Iterate to continue making improvements.