Loop Money

Overview

Loop Money is a handy app designed for effortlessly managing shared expenses among friends and groups. With this app, you and your friends can easily input different bills, keeping tabs on who owes what to whom, and conveniently settle balances. Plus, it offers additional functionalities like lending and borrowing money, as well as tracking your finances.

Background context

Our client operates a mobile application that allows users in the UK to split money between friends and groups, settle balances, and manage payments. Despite the app's innovative features, the company faced high user drop-off rates during the onboarding process. Our objective was to enhance the onboarding experience to retain more users and facilitate smoother app adoption.

Initial Challenges

The primary challenge identified was the significant drop-off rate during the onboarding phase. Users found the initial steps cumbersome, leading to a loss of potential users before they could experience the app's core features.

Approach

Research Phase

1. Primary Research:

   • Conducted in-depth interviews with potential users, primarily focusing on university students in the UK, as they were the main target audience.

   • Utilized surveys to gather broader insights on user expectations and pain points.

2. Client Collaboration:

   • Held weekly client calls and feedback meetings to ensure alignment and incorporate their insights and requirements.

   • Collaborated closely with the Product Manager (PM) to understand business goals and technical constraints.

Design and Development

1. Brainstorming and Conceptualization:

   • Without the luxury of time for detailed wireframing, we gathered initial briefs from the PM.

   • Engaged in collaborative brainstorming sessions with the product design team to generate quick yet effective design solutions.

2. Prototyping and Testing:

   • Developed rapid prototypes focusing on critical onboarding steps, such as account creation, adding bank details, and creating split between friends.

   • Conducted usability tests with students through online platform to validate design assumptions and gathered feedback.

3. Feedback Integration:

   • Integrated feedback from usability tests and client meetings iteratively, refining the onboarding flow to address identified issues.

   • Ensured the onboarding process was intuitive, engaging, and reduced the steps required to access core features.

Key Changes Implemented

1. Streamlined Account Creation:

   • Simplified the sign-up process by reducing the number of fields and allowing users to sign up using phone number.

   • Implemented contextual text guides to assist users during sign-up.

2. Bank Details Addition:

   • Introduced a guided step-by-step process to add bank details, with clear instructions and visual aids.

   • Provided an option to scan bank details using the camera, minimizing manual entry.

3. Group Setup and Management:

   • Created an intuitive flow for setting up groups, allowing users to invite friends via contact list integration.

   • Added features for managing group expenses and settling balances directly within the app.

Impact and Results

The enhanced onboarding experience resulted in a significant reduction in user drop-off rates. Key metrics included:

• Increase in Onboarding Completion: Completion rates for the onboarding process increased by 40%.

• User Retention: Improved user retention in the first week post-onboarding by 30%.

• App downloads: Clear app store screenshots has made impact from 1.5K to 10K+ downloads .

• Positive Feedback: Received positive feedback from users, particularly praising the ease of adding bank details and the seamless split creation experience.

Conclusion

By focusing on a user-centric design approach and continuously iterating based on feedback, we were able to create a more engaging and efficient onboarding process. This not only helped retain more users but also set a strong foundation for further app engagement and loyalty.