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Chime product breakdown final

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Bryant Owens

Chime is an online bank that aims to serve lower and fixed income customers by avoiding fees. The summary analyzes Chime's customer acquisition funnel and onboarding user experience, identifying opportunities for improvement like clarifying approval status and reducing confusion. Key takeaways include focusing the experience for a specific persona, only including necessary onboarding items, and eliminating confusion to improve the user's perception.

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Product Breakdown Breaking down the app user experience based on the users they are trying to serve, problem, and goals. Developed by: Bryant Owens
Introduction & Industry Experience Electronics Industry Fintech Industry Cosmetics Industry Fintech Industry Consumer Goods Industry Automotive Industry Publishing Industry Bryant Owens Product Manager As a Product Manager at Zelle, I am always looking to learn more about user experience best practices by analyzing how and why other companies design their products.
1. About Chime a. Company Description b. Business Scope i. What Game Are They Playing ii. How are they playing the game c. Target Customers d. Problem e. Potential Goals f. Current Funnel g. App Onboarding UX Agenda 2. Flow Analysis a. User Journey Analysis b. Suggested Improvements 3. Conclusion a. Summary & Key Takeaways 3
1. About Chime Company Description Business Scope Potential Goals Target Customers 4 Problem Customer Acquisition Funnel (App) App Onboarding UX
Chime is a bank that is attempting to change the way people think about money and aim to partner with customers to help them achieve their goals that ends with a mutual benefit. Chime doesn’t profit off of the customer by charging fees. They earn revenue by taking a percentage of the interchange fee that Visa charges to the merchant (the business establishment where the card was used.) MISSION “We created Chime because we believe everyone deserves financial peace of mind. We’re building a new kind of bank account that helps members get ahead by making managing money easy. It’s your money. It’s your life. Chime in…” Company Description 5
Customer Segments What Game Is Chime Playing? 6 Geographic Markets Customer Problems Products & Services USA Overdraft Fees Mobile app Debit Card Service Deals Bank holds Fixed Income Low Income Unemployed Unbanked Maintenance Fees Bank Trust Web app
Onstage Competitive Advantage How Is Chime Playing The Game? 7 Backstage Competitive Advantages No Minimum Balance Deals to Save Money Early Access to Checks No Fees No Branches Rev sharing with Visa Rewards kickback with Stores Savings Round up Technology
By going through the on-boarding process and viewing some of the options I was able to gain an idea of who Chime is trying to attract as their customers. 1. Consumers that hate being charged fees from banks 2. People with a fixed or low-income 3. Consumers that struggle keeping a consistent balance in their accounts Target Customers 8
Lower and fixed income banking customers currently have a terrible banking experience, traditional banks charge fees for virtually everything. The money that these consumers have is being taken away every day. Banks are profiting and the consumer is left frustrated and upset. Chime aims to be a partner to the average banking consumer and they are focusing it efforts on helping people live financially healthily lives. Problem Being Solved 9
1. To have customers use the chime debit card for purchases 2. To ship debit cards out quickly within 1 day 3. To reduce the time from application complete to the customer receiving their Chime Debit Card 4. Reduce or eliminate all friction out of the application flow (Reduce time to complete application) 5. To increase referral rate year over year. Potential Goals 10
Funnel Steps: 1. Incoming Traffic from various sources 2. App searches 3. App downloads 4. New Account Applications 5. Shipment of chime debit card 6. Completion of account profile (Including setting up direct deposit) 7. Chime Debit Card Activation 8. 1st Chime Debit Card Swipe 9. 50th Chime Debit Card Swipe Customer Acquisition Funnel 11 1 2 3 4 5 6 7 8 9
Funnel Metrics Weekly metrics I would want to keep track of: 1. % change in # of users with 50 + card swipes 2. % change in 1st swipe 3. % change in # of card activations 4. % change in direct deposit completion 5. % change in # of card shipments 6. % change # of New account applications 12 Chime is a startup and by tracking metrics by week can be a way to spot negative or positive trends faster. This can be used to take advantage of opportunities of reduce or eliminate things that are impacting the business negatively.
Onboarding User Experience 1/6 13 1. Chime app launches 2. User selects to “Apply Now’ for a new account 3. User inputs their first and last name 4. User inputs their email address and creates a password
Onboarding User Experience 2/6 14 5. User enters their address 6. User enters date of birth 7. User inputs their social security number This is often a huge point of friction for users, especially with they are new to your brand. I imagine Chime has a large drop-off at this point in the process
Onboarding User Experience 3/6 15 8a. User enters their occupation 8b. User enters selects source of income 8b. User selects their source of income that best fits Very interesting they have 5 / 6 options that would fall into the fixed income category. They have also chosen to use radio buttons. So you can only choose one. They have identified a user base that can have issues with traditional banking practices.
Onboarding User Experience 4/6 16 8c. User selects the next field annual income 8d. User enters selects source of income 8e. User selects their source of income that best fits For annual income they have done something similar in capping the yearly income at $75K. I wonder if in their application process if it is significant if you make over $75K?
Onboarding User Experience 5/6 17 9. Review information 9ab. User agrees to 2 legal agreements 10. User clicks view account Have I been approved? Not sure if I have, but I will view account anyway….
Onboarding User Experience 6/6 18 11. User creates app passcode 12. User selects to skip sharing 13. User is has arrived at the account homepage. Account has been created I still don’t know if I am approved yet, why is chime asking me to share with friends? In addition the incentive of $50 is below market and most banks offer $100 or more…
2. Flow Analysis User Journey Analysis Suggested Improvements Hypothetical Questions 19
Chime Onboarding Analysis Bank account application user journey User Profile General Occupation Not Specific Device Profile Mobile Connectivity Profile All Technology Confidence Digital Fluency Engagement Level Low High Description User in interested in the Chime banking service and starts the application process Opportunity The more information that can be auto-populated the better. Description In combination with name and address the user is asked to provide DOB and SSN Opportunity This is often a point of friction for users maybe offering a reminder of the value prop here would improve conversion Description The user is proceeding through the process, reviewing their information and creating their account. Opportunity Couple areas that can use improvement, the view account screen doesn’t clearly state that I have been approved. In addition the ask to share is presented before any value has been proved… Contact Info Identity Demographic Review & Account Opening Description The user completes more information about themselves Opportunity It states that this is not going to affect the application, but it is included in the application process that is confusing… Adding clarity or removing this from the application flow is an opportunity for improvement. KEY Delight factor Key experience moment Opportunity
Add a reminder to Chime Value Proposition Suggested Improvements 1/4 21 Historically in the online world the more information that you are asked for the lower you conversion rate. Asking for Date of birth and SSN are points in many flows where users drop off.  By adding a reminder as to why the user has started the process could result in an 2%-5% increased conversion on these screens. Chime stated that they see about 300K new accounts each month.  IMPACT: Assuming 30% drop off at this screen on 500K monthly visitors. Between 1.5K to 7.5K additional applicates continuing into the flow which leads to an increase in card shipments
Move “Activity” out of the application flow Suggested Improvements 2/4 22 At this point in the flow, they state that the “Activity” will not affect you application, but in a traditional bank this is all the information that typically would affect my application. Occupation, Source of Income, and Annual Income are things that seem like I can be denied on the basis of… This causes confusion.  I would moved this section out of the application flow for approval but still have it as a section to complete before entering the homepage of the app.  IMPACT: Minimal impact to application completes conversion rate, would reduce confusion in the application opening process.
Make it clear if the user is approved for an account Suggested Improvements 3/4 23 I was confused at this screen because this message seems like a marketing message that is for the masses…not for a person that has just completed an application an seeming has been approved. I would like to see a clear message that states “Congratulations, you have been approved!” “Welcome to Banking that has your back.”  Like the previous suggestion this will increase the user experience by reducing confusion around whether or my application has been approved.  IMPACT: Minimal impact to application completes conversion rate, would reduce confusion in the account opening process.
Provide a Quick Win Before Asking for a Share Suggested Improvements 4/4 24 This is a pet-peive of mine, asking for a share for a purely financial benefit to me, before you as a company has proven any real use value. How do I know that you are not a predatory application with spyware… This is why apps should help you achieve one quick win before asking for a share…  By providing a quick win the and the financial incentive, it will increase the referral rate and the ability for the user to same some truly positive about the product.  IMPACT: This can probably increase the referral rate up to 10%.
3. Conclusion Summary & Key Takeaways 25
Summary & Key Takeaways Summary With 6.5 + million users Chime is doing something right with their value proposition and serving consumers that have been traditionally underserved by the banks. They have focused on a niche and purely focused on their entire experience on that persona. Which is amazing to see. Even though Chime has honed their onboarding process there seems to be many areas that can be improved… Key Takeaways 26 Focus on building a user experience that is unique to a certain personal Only include the most necessary items in your onboarding flow. Seek to eliminate confusion within your onboarding flow as it will have an impact on how your user perceives your product
Thanks! I am Bryant Owens As a Product Manager at Zelle, I am always looking to learn more about user experience best practices by analyzing how and why other companies design their products. 27 Any questions? You can find me at https://linktr.ee/bryantowens Bryant.owens@gmail.com
Credits Special thanks to all the people who made and released these awesome resources for free: ✘ Presentation template by SlidesCarnival ✘ Photographs by Unsplash 28

More Related Content

Chime product breakdown final

  • 1. Product Breakdown Breaking down the app user experience based on the users they are trying to serve, problem, and goals. Developed by: Bryant Owens
  • 2. Introduction & Industry Experience Electronics Industry Fintech Industry Cosmetics Industry Fintech Industry Consumer Goods Industry Automotive Industry Publishing Industry Bryant Owens Product Manager As a Product Manager at Zelle, I am always looking to learn more about user experience best practices by analyzing how and why other companies design their products.
  • 3. 1. About Chime a. Company Description b. Business Scope i. What Game Are They Playing ii. How are they playing the game c. Target Customers d. Problem e. Potential Goals f. Current Funnel g. App Onboarding UX Agenda 2. Flow Analysis a. User Journey Analysis b. Suggested Improvements 3. Conclusion a. Summary & Key Takeaways 3
  • 4. 1. About Chime Company Description Business Scope Potential Goals Target Customers 4 Problem Customer Acquisition Funnel (App) App Onboarding UX
  • 5. Chime is a bank that is attempting to change the way people think about money and aim to partner with customers to help them achieve their goals that ends with a mutual benefit. Chime doesn’t profit off of the customer by charging fees. They earn revenue by taking a percentage of the interchange fee that Visa charges to the merchant (the business establishment where the card was used.) MISSION “We created Chime because we believe everyone deserves financial peace of mind. We’re building a new kind of bank account that helps members get ahead by making managing money easy. It’s your money. It’s your life. Chime in…” Company Description 5
  • 6. Customer Segments What Game Is Chime Playing? 6 Geographic Markets Customer Problems Products & Services USA Overdraft Fees Mobile app Debit Card Service Deals Bank holds Fixed Income Low Income Unemployed Unbanked Maintenance Fees Bank Trust Web app
  • 7. Onstage Competitive Advantage How Is Chime Playing The Game? 7 Backstage Competitive Advantages No Minimum Balance Deals to Save Money Early Access to Checks No Fees No Branches Rev sharing with Visa Rewards kickback with Stores Savings Round up Technology
  • 8. By going through the on-boarding process and viewing some of the options I was able to gain an idea of who Chime is trying to attract as their customers. 1. Consumers that hate being charged fees from banks 2. People with a fixed or low-income 3. Consumers that struggle keeping a consistent balance in their accounts Target Customers 8
  • 9. Lower and fixed income banking customers currently have a terrible banking experience, traditional banks charge fees for virtually everything. The money that these consumers have is being taken away every day. Banks are profiting and the consumer is left frustrated and upset. Chime aims to be a partner to the average banking consumer and they are focusing it efforts on helping people live financially healthily lives. Problem Being Solved 9
  • 10. 1. To have customers use the chime debit card for purchases 2. To ship debit cards out quickly within 1 day 3. To reduce the time from application complete to the customer receiving their Chime Debit Card 4. Reduce or eliminate all friction out of the application flow (Reduce time to complete application) 5. To increase referral rate year over year. Potential Goals 10
  • 11. Funnel Steps: 1. Incoming Traffic from various sources 2. App searches 3. App downloads 4. New Account Applications 5. Shipment of chime debit card 6. Completion of account profile (Including setting up direct deposit) 7. Chime Debit Card Activation 8. 1st Chime Debit Card Swipe 9. 50th Chime Debit Card Swipe Customer Acquisition Funnel 11 1 2 3 4 5 6 7 8 9
  • 12. Funnel Metrics Weekly metrics I would want to keep track of: 1. % change in # of users with 50 + card swipes 2. % change in 1st swipe 3. % change in # of card activations 4. % change in direct deposit completion 5. % change in # of card shipments 6. % change # of New account applications 12 Chime is a startup and by tracking metrics by week can be a way to spot negative or positive trends faster. This can be used to take advantage of opportunities of reduce or eliminate things that are impacting the business negatively.
  • 13. Onboarding User Experience 1/6 13 1. Chime app launches 2. User selects to “Apply Now’ for a new account 3. User inputs their first and last name 4. User inputs their email address and creates a password
  • 14. Onboarding User Experience 2/6 14 5. User enters their address 6. User enters date of birth 7. User inputs their social security number This is often a huge point of friction for users, especially with they are new to your brand. I imagine Chime has a large drop-off at this point in the process
  • 15. Onboarding User Experience 3/6 15 8a. User enters their occupation 8b. User enters selects source of income 8b. User selects their source of income that best fits Very interesting they have 5 / 6 options that would fall into the fixed income category. They have also chosen to use radio buttons. So you can only choose one. They have identified a user base that can have issues with traditional banking practices.
  • 16. Onboarding User Experience 4/6 16 8c. User selects the next field annual income 8d. User enters selects source of income 8e. User selects their source of income that best fits For annual income they have done something similar in capping the yearly income at $75K. I wonder if in their application process if it is significant if you make over $75K?
  • 17. Onboarding User Experience 5/6 17 9. Review information 9ab. User agrees to 2 legal agreements 10. User clicks view account Have I been approved? Not sure if I have, but I will view account anyway….
  • 18. Onboarding User Experience 6/6 18 11. User creates app passcode 12. User selects to skip sharing 13. User is has arrived at the account homepage. Account has been created I still don’t know if I am approved yet, why is chime asking me to share with friends? In addition the incentive of $50 is below market and most banks offer $100 or more…
  • 19. 2. Flow Analysis User Journey Analysis Suggested Improvements Hypothetical Questions 19
  • 20. Chime Onboarding Analysis Bank account application user journey User Profile General Occupation Not Specific Device Profile Mobile Connectivity Profile All Technology Confidence Digital Fluency Engagement Level Low High Description User in interested in the Chime banking service and starts the application process Opportunity The more information that can be auto-populated the better. Description In combination with name and address the user is asked to provide DOB and SSN Opportunity This is often a point of friction for users maybe offering a reminder of the value prop here would improve conversion Description The user is proceeding through the process, reviewing their information and creating their account. Opportunity Couple areas that can use improvement, the view account screen doesn’t clearly state that I have been approved. In addition the ask to share is presented before any value has been proved… Contact Info Identity Demographic Review & Account Opening Description The user completes more information about themselves Opportunity It states that this is not going to affect the application, but it is included in the application process that is confusing… Adding clarity or removing this from the application flow is an opportunity for improvement. KEY Delight factor Key experience moment Opportunity
  • 21. Add a reminder to Chime Value Proposition Suggested Improvements 1/4 21 Historically in the online world the more information that you are asked for the lower you conversion rate. Asking for Date of birth and SSN are points in many flows where users drop off.  By adding a reminder as to why the user has started the process could result in an 2%-5% increased conversion on these screens. Chime stated that they see about 300K new accounts each month.  IMPACT: Assuming 30% drop off at this screen on 500K monthly visitors. Between 1.5K to 7.5K additional applicates continuing into the flow which leads to an increase in card shipments
  • 22. Move “Activity” out of the application flow Suggested Improvements 2/4 22 At this point in the flow, they state that the “Activity” will not affect you application, but in a traditional bank this is all the information that typically would affect my application. Occupation, Source of Income, and Annual Income are things that seem like I can be denied on the basis of… This causes confusion.  I would moved this section out of the application flow for approval but still have it as a section to complete before entering the homepage of the app.  IMPACT: Minimal impact to application completes conversion rate, would reduce confusion in the application opening process.
  • 23. Make it clear if the user is approved for an account Suggested Improvements 3/4 23 I was confused at this screen because this message seems like a marketing message that is for the masses…not for a person that has just completed an application an seeming has been approved. I would like to see a clear message that states “Congratulations, you have been approved!” “Welcome to Banking that has your back.”  Like the previous suggestion this will increase the user experience by reducing confusion around whether or my application has been approved.  IMPACT: Minimal impact to application completes conversion rate, would reduce confusion in the account opening process.
  • 24. Provide a Quick Win Before Asking for a Share Suggested Improvements 4/4 24 This is a pet-peive of mine, asking for a share for a purely financial benefit to me, before you as a company has proven any real use value. How do I know that you are not a predatory application with spyware… This is why apps should help you achieve one quick win before asking for a share…  By providing a quick win the and the financial incentive, it will increase the referral rate and the ability for the user to same some truly positive about the product.  IMPACT: This can probably increase the referral rate up to 10%.
  • 26. Summary & Key Takeaways Summary With 6.5 + million users Chime is doing something right with their value proposition and serving consumers that have been traditionally underserved by the banks. They have focused on a niche and purely focused on their entire experience on that persona. Which is amazing to see. Even though Chime has honed their onboarding process there seems to be many areas that can be improved… Key Takeaways 26 Focus on building a user experience that is unique to a certain personal Only include the most necessary items in your onboarding flow. Seek to eliminate confusion within your onboarding flow as it will have an impact on how your user perceives your product
  • 27. Thanks! I am Bryant Owens As a Product Manager at Zelle, I am always looking to learn more about user experience best practices by analyzing how and why other companies design their products. 27 Any questions? You can find me at https://linktr.ee/bryantowens Bryant.owens@gmail.com
  • 28. Credits Special thanks to all the people who made and released these awesome resources for free: ✘ Presentation template by SlidesCarnival ✘ Photographs by Unsplash 28