Onboarding project | INDmoney

The presentation below shows the onboarding process step-by-step and highlights what works, what dosen't and what can be improved.

P.S: I asked my close friends who did not use INDmoney before to share their onboarding journey. Screenshots comprise of journeys from both Andriod and iOS mobile devices.

INDmoney - Onboarding Teardown.pdf

Link in case the file above is not viewable - https://docs.google.com/presentation/d/e/2PACX-1vSxbqcGDG9dYZ2GvMJUFp9uhkec_90ODc-cJxWFHRoJFh4o_G0HMhU1h7zqhAjmAyNTkjlnk5b5k0n-/pub?start=false&loop=false&delayms=3000&slide=id.g32c5ae43c74_2_45

TLDR:

Positives 🤩: Clear instructions given, smooth tech, JTBD-led benefits/features shown at the first screen

Negatives 🤨: Extremely long process without priming of the number of steps and time + asking questions which are not mandatory for opening account. Apart from this, inconsistent information shown at times, hence making it a bit unprofessional.

Finding the Activation Metric 📊

Basis customer interactions, the below 4 categories were identified while understanding the action from customer's point of view -

Hypothesis 1: Make first investment within 7 days of signing up

❓Reasoning:
For users focused on investing, initiating an action such as creating a SIP, buying stocks, or making their first US investment is a significant activation milestone. Just like other apps like groww, when users invest within seven days of signing up, it indicates a smooth, secure, and user-friendly onboarding experience. A high setup completion rate within this period fosters trust and confidence, increasing the likelihood of sustained engagement (Also, Endowment effect - time and energy invested in opening an account would make them stick to it). Conversely, delays in setup may suggest unnecessary steps or unclear instructions, highlighting an opportunity to refine and streamline the onboarding process.

📈 What to Track:

• Primary > % users who complete their first investment within 7 days of signing up
• Time taken from signup to the first investment
• % users who access this section split by acquisition channel - particularly, % users who access this section whose acquisition channel was referral vs not > to understand if people are talking about this feature amongst their circle
• % users viewing stock/MF information for more than X seconds but not investing - user interactions should be tracked in this case via scroll and heat maps
• % users who have added money to the wallet

💫 How to improve this activation metric: This feature aligns with investment behavior of ICP-1 & ICP-4 primarily. Already, INDmoney uses a big amount of screen space to nudge users to activate their accounts and then start their investment journey.

Hypothesis 2: More than one user-initiated asset linking within 3 days of signing up

❓Reasoning:
The core value proposition of IndMoney lies in offering a unified platform for financial management. Getting users to link their bank accounts, investment portfolios, and credit cards is a critical step in activating them, as it unlocks the app's core features like portfolio tracking and financial insights.

📈 What to Track:

• Primary > % users who links more than one asset by themselves within first 3 days of signing up
• Time taken from signup to the first user-initiated account linkage
• Track the frequency and type of assets linked by user
• % users who access this section who have created an investment account vs not
• % users who access this section split by acquisition channel - particularly, % users who access this section whose acquisition channel was referral vs not > to understand if people are talking about this feature amongst their circle
• Set up events in the app to track each account linkage (e.g., bank accounts, mutual funds). Use tools like Google Analytics, Mixpanel, or Firebase to log these events.

💫 How to improve this activation metric: Show how performing this step would unlock unique features like deeper portfolio insights and help users manage their goals better via wealth consolidation - In app notifications, push notifications and tailored communication via Whatsapp.

Hypothesis 3: Creating a goal within the first month of signup

❓Reasoning:
Encouraging users to set financial goals (e.g., retirement, home purchase, or education savings) along with family members helps them engage with the app's interactive tools and visualizations as well as bring goal contributors/family members to the app. Family Banking is a white space in the This metric reflects user intent to actively use the app for planning. This will be interesting for the user only once they have linked multiple accounts and/or added family members to the app, so that is why we are taking a larger window for Y.

📈 What to Track:

• Primary > % users who create at least one goal within the first 7 days
• Time taken from signup to first time usage of the feature
• Track the frequency and type of goals created
• % users who access this section who have created an investment account vs not
• % users who access this section split by acquisition channel - particularly, % users who access this section whose acquisition channel was referral vs not > to understand if people are talking about this feature amongst their circle

💫 How to improve this activation metric: This feature aligns with investment behavior of ICP-3 & ICP-4. For these customers, we can send them tailored communication around this feature and increase visibility by using in-app prompts and push notifications to guide users to this feature. We can also show them success stories(content loops) around how this feature helped people achieve their goals that add that bandwagon effect layer.

Hypothesis 4: Viewed Portfolio Insights within the first 7 days of signup

❓Reasoning:
A critical activation point is when users view insights about their financial health, such as asset allocation(since IndMoney allows user to track numerous asset classes, this feature creates a micro AHA moment for user), sector analysis, or net worth trends. This demonstrates the user's engagement with the app's analytical and unique capabilities. This will be interesting for the user only once they have linked multiple accounts and/or added family members to the app, so that is why we are taking a larger window for Y.

📈 What to Track:

• Primary > % users accessing portfolio insights within the first 7 days of sign up [Here assessing/viewing should be measured in time like spending > 30 seconds/1 minute on the section]
• Time taken from signup to first time access/view of the feature as defined above
• % users who access this section who have created an investment account vs not
• % users who access this section split by acquisition channel - particularly, % users who access this section whose acquisition channel was referral vs not > to understand if people are talking about this feature amongst their circle

💫 How to improve this activation metric: This feature aligns with investment behavior of ICP-3 & ICP-4. For these customers, we can send them tailored communication around this feature, show them projected portfolio value trends and increase visibility by using in-app prompts and push notifications to guide users to this feature. Discoverability of this feature should also be improved.

Finalizing/Prioritizing the ONE 📊 >

These hypothesis shall be put to a data deep dive in a real-world scenario to find the one which aligns well with .

THE END.

The Ideal Customer Profiles for INDmoney 🤑:

ICP Prioritization

From the ICP Prioritization Framework, ICP1 clearly stands out and out of the rest, we can see that ICP4 should be focused upon as well since their appetite to transact is on the higher end and money being a crucial factor for a financial investment app. Both also have a very strong use case of the product. Bingo!

What do they do? - Let's map their entire journey 🚶

Customer Journey for ICP1: Millennial Professional Investors

Discovery Phase:

• Actions: The user first discovers IndMoney via social media or word of mouth, looks for validation, and browses reviews
• Needs: They need validation that this app will help them manage their finances easily, with peer approval.
• Pain Points: Overwhelmed by too many financial apps and unsure if this is the right one.
• Touchpoints: Social media, reviews, influencers.
• Feelings: Curious but cautious about trying something new | A mix of 🤔👀⚖️🛑🔎

Onboarding Phase:

• Actions: They sign up for the app, provide personal information, and set up their first financial goal (e.g., saving for a vacation, buying a car).
• Needs: They need a quick, secure sign-up process and clear guidance on how to set financial goals.
• Pain Points: Frustration with lengthy sign-up forms and concerns over privacy when linking accounts.
• Touchpoints: App store, in-app walkthroughs.
• Feelings: Initially impatient but hopeful for a smooth process | A mix of ⏳🙄✨🤞😊

First Use Phase:

• Actions: They make their first investment, track progress, and explore personalized recommendations.
• Needs: Simple, easy-to-understand investment options, reassurance that the platform is safe, and tools for financial learning.
• Pain Points: Fear of mistakes, confusion with technical jargon.
• Touchpoints: In-app tutorials, portfolio dashboard, push notifications.
• Feelings: Excited but anxious about making the right decision and understanding the results | A mix of 🎉🤔😬🔍🤞

Sharing with Others Phase:

• Actions: Confident in their first investment, they refer the app to friends or family.
• Needs: Incentives for referrals, community engagement, and social validation.
• Pain Points: Fear of judgment from others, hesitation in recommending something if results are poor.
• Touchpoints: Referral programs, In-app share options, Social media platforms
• Feelings: Proud to share their success, but cautious in case of poor investment outcomes | A mix of 🏆📈🤝🤫😅

Customer Journey Summary for ICP4: Affluent Investors

Discovery Phase:

• Actions: They first learn about IndMoney through trusted financial advisors, word-of-mouth referrals, or professional blogs focusing on wealth management and tax optimization.
• Needs: They seek a secure, advanced platform that helps with tax-efficient investing, long-term wealth building, and retirement planning.
• Pain Points: Skepticism about security, concerns about the platform’s ability to handle complex financial needs and the privacy of financial data.
• Touchpoints: LinkedIn, financial blogs, referrals from trusted peers.
• Feelings: Skeptical but open - they value trusted sources and need to validate the platform’s credibility and security | A mix of 🤨🔍✅🛡️🤝

Onboarding Phase:

• Actions: Sign-up is smooth, but the user is meticulous in uploading their portfolio information and setting up comprehensive goals
• Needs: Simple yet secure onboarding with the ability to sync multiple financial accounts and track long-term goals
• Pain Points: Overwhelmed with too many options and complex strategies and concerns over sharing sensitive data.
• Touchpoints: In-app onboarding, interactive financial goal setting tools, document syncing.
• Feelings: Cautiously optimistic - excited about organizing their finances in one place, but careful about sharing sensitive information | A mix of 📊🤗🛑🔒🤞

First Use Phase:

• Actions: The user makes their first investment, reviews their portfolio performance, and tax benefits, and explores advanced investment opportunities (e.g., US stocks, SIPs, bonds)
• Needs: Easy-to-understand insights into investment performance and tax-saving strategies.
• Pain Points: Complex reports and feeling overwhelmed by data. Needs more actionable insights.
• Touchpoints: Investment simulator, portfolio analytics dashboards, personalized financial advice
• Feelings: Cautious yet confident - they are still skeptical but appreciate the clear, detailed data to make informed decisions | A mix of 🤔📊✅🔎🧠

Sharing with Others Phase:

• Actions: After becoming confident in the platform, they refers it to others in their network
• Needs: Referral incentives and validation from peers to solidify their belief in the platform.
• Pain Points: Hesitation to recommend it until they are sure it meets their high-net-worth needs.
• Touchpoints: Referral programs, LinkedIn, personal networks.
• Feelings: Confident but discerning - they are careful about recommending a new tool until they are sure it works as advertised | A mix of 👍🤔✅🔍🤝