Onboarding - Jupiter | Saumya

🏦 Do you want to manage your money but don't want cumbersome paperwork, inefficiencies and long process of traditional banks ? 🤠 What if there was a streamlined, user-centric solution, 100% digital, that overcomes these barriers and brings banking into the digital age?

Jupiter is a digital-first neobank that aims to make banking smarter, simpler, and more transparent for modern consumers. Forget hidden fees and confusing statements—Jupiter’s app gives you a clear view of your spending, real-time insights, and smart financial tools, all in one place. With perks like cashbacks, no hidden costs, and a user-friendly design, Jupiter is all about helping you make the most of your money without the usual banking hassle.

Ideal Customer Profile

Based on the ICPs we have gathered, let’s now define the User Goals and JTBD –

ICP 1 – Ambitious Naveen

Naveen prioritises effective financial management and tracking. He likes the that it is neobank with different money related tools at one place. Being an entrepreneur he values the corporate salary account feature Jupiter has, as now he can track all his spendings at one place. At the same time he can provide great perks to his employees with features like lifetime free HRMS, discounted health insurance and 0-interest loans for employees. Therefore, he has a keen interest in a platform that can structure his needs, remain technological fast and have seamless and transparent platform for transactions. Also he is willing to pay for the services and added benefits ( user of Jupiter Pro).

ICP 2 - Structured Yash

Yash is new to the platform and is still exploring the features. He like to research well and understand before using new investment tool. He uses different app for investing and payments and is looking to find AHA moment yet on the app. He valued the Instant account opening, Video KYC, Jewels feature as it was very seamlessly integrated. He would value more offerings and rewards for every payment as it was initial hook to onboard the user. He loved jewels and can refer if the perks are improved.

User Goals

Based on the requirements from ICP 1 and ICP 2 , the primary and secondary goals for users are:

1. Financial Goals : Users are primarily looking for a smooth, transparent way to manage their finances, avoid hidden fees, earn rewards, and gain insights into their spending. They want structured platform where you can do all money related activities: Save, Invest, Pay, and Track from one application.
2. Personal Goals : Many Jupiter users are looking for simplified, hassle-free banking that helps them organize their finances and feel more in control of their money. It is important as it differentiates Jupiter from traditional banks and other digital platforms, enhancing the day-to-day banking experience.

Onboarding Teardown - Jupiter.pdf

1. Hypothesis 1 : Users who complete the onboarding process by creating new account, linking existing account or applying for credit card within first 60 minutes. The app has already guided users through the verification of their KYC details, adding an existing account, and creating a new account with Federal Bank, demonstrating a clear commitment to the process. When users complete the onboarding quickly, they can begin to experience the app's benefits right away, helping them realize its value. Additionally, creating an account requires an initial commitment of 2,000 rupees, which represents a significant investment. This financial commitment encourages users to engage actively with the app's offerings
2. Hypothesis 2 : Users who do 3 UPI transactions within first week UPI transactions are among the most frequently used features in any money-related app. If a user completes three UPI transactions within the first week, it signals that they appreciate the seamless payment process and are inclined to continue using the app for their transactions. Additionally, reaching this milestone can encourage habit formation; early regular usage significantly increases the likelihood of users returning and engaging with the app over the long term. As they utilize UPI for their transactions, users also have the opportunity to explore other features, enhancing their overall experience with the app.
3. Hypothesis 3 : Users who invest in atleast 2 product offerings in the app within first 30 days When users engage with multiple investment options early on, it shows they're committed and finding value in what the app offers as was mentioned during acquisition. Plus, getting into the habit of investing early can lead to long-term engagement thus increasing the overall retention. If they login multiple times to check value of their investment, it shows high engagement and encourages them to stick around and explore even more features.

   Other Metrics to Track

   D7/D15/D30 - This would give a good idea of what aspects are keeping users engaged, identifying critical trends in terms of breakages and steps to be taken to keep the journey alive for the user. DAU/ MAU - This would be the metric to gauge stickiness of the platform. Acquisition source - this would give us an idea of what are the channels from which users are learning about the platform and further would give us an idea of what works. This could be further broken down to understand the longevity of users on the platform segregated into the different acquisition sources. Average TAT - This would indicate average turnaround time for user to complete onboarding including activation. This would tell us what parts of onboarding he completed and what time it took. Time spent on app per week Heatmap to visualize which parts of the platform are experiencing drop offs. Forum interactions : Jupiter has a live community. Track the number of posts, replies, and likes on community forums. Use sentiment analysis tools to gauge user sentiment.