Zolve offers credit cards and other banking services to US immigrants. Credit cards have 3 different tiers called Classic, Signature and Black. Main difference being the cashback users get on specific transactions.
Classic : 1% cashback on every transaction, Free card
Signature : 3% cashback on 3 brands of user’s choice, Paid card (monthly/yearly subscription)
Black : 5% cashback on 5 brands of user’s choice, Paid card (monthly/yearly subscription)
Zolve Credit Card Tiers
Zolve select
If user has signature/black card, they get to select 3/5 brands of their choice for the 3%/5% cashback reward respectively.
Tasks
If user complete a certain task then they get a reward e.g. If user spend $500 on electronics (category) then they get $10 cashback in Z-Points/ $10 amazon voucher.
Referrals
On every referral user gets $X.
Z-Points
Zolve platform currency where 100 Z-point = $1. Users can convert it to cash or buy vouchers using these points
Lower adoption of rewards features like Zolve select that lead to more use of credit cards and customers also benefit from the cash back.
Lower adoption of features leads to lower spends by customers.
Awareness of Tasks
While 40% of users who visit the homescreen come on the rewards tab. < 10% of them tap on tasks or offers to know the how use their card better.
Adoption of Z-Select reward program
Users are not aware of our offerings.
Value propositions are not good.
User intention is not there.
Users are unable to navigate or find the offers in the app.
Mind maps not yet developed.
Users do not understand the reward structure.
Validated: There were some newly onboarded users who did not understand our reward structure, like selecting brands for cashback and tracking their rewards/Z-points.
Mixed feedback: Users compare rewards like Cashback programs with other banks that offer 3% Cashback without any subscription fees.
Invalidated: User intention is there for the majority of the customers as they do explore the features but they drop off either because of value props not being or because they do not understand the information. But on the other hand when customers want offers in festive days (e.g. Black friday) they do spend or utilise the reward features like tasks because of better offers.
Validated: From the user interaction data, discovery of features like offers and referrals comes mainly from the rewards tab.
Validation through:
Funnel drop-off data
User chats/tickets on rewards (pain points)
Final Designs
Auditing the current experience and redesigning the new experience with the insights from the user data and call findings in mind.
Current Designs
Auditing the current experience and redesigning the new experience with the insights from the user data and call findings in mind.
Context: If user has signature/black card, they get to select 3/5 brands of their choice for the 3%/5% cashback reward respectively.
Problems Identified
New users were initially not aware that they will have to reselect the brands after
3 months/a quarter and this resulted in users missing out on their rewards in the next quarter.
Users did not know that there was a limit on the cash-back received via this reward program. This resulted in expectation mismatch with user and their reward points. In every statement they saw that had less points but they have spent more on those brands.
Users were also not aware about partial selection of brands.e, like selecting brands for Cash-back and tracking their rewards/Z-points.
Impact:
Brand selection rates almost doubled post-revamp Users selecting Zolve Select spend $110 more on average monthly.
Awareness of Tasks
While 40% of users who visit the homescreen come on the rewards tab. < 10% of them tap on tasks or offers to know the how use their card better.
Zolve Tasks Entry Point
Impact:
funnel conversion for users from rewards home screen to click on tasks improved by 28%.
Task Completion rate has improved only by 3.1% in last 30 days, but this is highly dependent on task, reward system and the user. e.g. if you spend $200 then you will get $10 Walmart gift card
Problems Identified
Users getting confused with term “my points” being e.g. 12000 and not being able to utilise their points and the term “available to redeem” were not understandable by users.
Hypothesis
Hierarchy of information not being right led to the confusion.
Design Improvement
Available points being the highlight users focus will be on the points they have available to use.
Information about pending points helps users better understand how reward points are credited.
Lifetime Z-points will act as the feedback on how they benefitted from Zolve and will work as a retention hook whenever user will see this screen.
Z-Points Card
Building a first-time user experience
A short guided tour to help users create a mind map about the main information we as business would want user to and user themselves would need to know.
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