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Awareness: They've seen an ad, or they've downloaded the app somehow.At this point they're mainly aware of the ~9% interest rateMost likely they're aware of the rate at their main (salary account) bankConsideration: They look through and notice that the highest rates is for the longest term, or for senior citizens.Here is where they might encounter new investing strategies, like FD Laddering.Decision:Choose to either purchase an FD, or not.User churn could be for any number of reasons, and need not be a final decision.
Increase top of funnel, orIncrease conversions.
Lack of Disposable income at that momentOverwhelm with InformationLoss aversion, afraid of losing moneyMistrust of the Product, or of investing in GeneralLengthy, multistep purchasing process
Defining Improvement
Stable Money Business Model
My assumption is that Stable Money is working on some kind of commission model with the partner banks. In other words, profit is proportional to the number of purchases being made through the app.
We can say that Stable Money is in a "Transactions" business, similar to a policy-bazaar or an Amazon; and might share certain characteristics.
At minimum, we can think of Users as following a Sales Funnel as their Primary Journey through the app:
Defining Improvement
Based on what we know so far, we can improve Business Outcomes in two ways:
Increasing top-of-funnel is a combination problem of Marketing and Growth, and will need a detailed PLG analysis to understand what can be done.
Focusing on the second, we can think through some barriers people might have to convert and see how we can tune the Product to better enable the experience we want.
Barriers to Conversion
Thinking about our `Anjali` persona, some barriers to conversion come to mind:
With these lenses, let’s go through the app and find some areas where we can get some quick wins.
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