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Repayment feature brings in more SR for its better functionality and UX

Project Overview:

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mPokket is a leading money lending app in the fintech industry for the youth and employed professionals  of India. To create a better experience and tracking mechanism for product & marketing campaigns. Currently we have 46 emailers from the product side which includes the subjects lines from the modules like Onboarding, OTP, Recovery, etc

Client

mPokket

Year

2022

Category

Product

Finance

Type of Work

UX Research

Product owning

UI/UX Design

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My Role:

As an UI/UX Manager, I have headed the user research and competitive analysis, wireframes and scope. Am responsible to validate the scalability of the UI, use-cases in a 3-week sprint.

​Problem Statements: 

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  • Old PG Integrations: We’ve old standard checkout flow for the PG integrations where customers need to be redirected to the Payment Gateways page and customer needs to login into the Paytm account or needs to enter his/her mobile number and email details. This leads to customer drop offs due to multiple redundant steps in the User Journey in the App (UX Flow) and we are not able to leverage the existing apps like Paytm, Google Pay, PhonePe which can authenticate the transactions or bring up the customers UPI/Card payment options without switching over from mPokket App to other Apps. 

  • PG transactions SR calculation is Manually done: We don’t have any PG transactions SR calculator on our side and out team is relying on the PG txns file from the PG portals and calculating the txns SR manually from these files, which is not a good use of the team's time, and it can be done by the system.

  • PG transaction SR calculation Issue:(a) Our transaction success rates are calculated based on the transactions which have successfully been sent to the PG after the login into their paytm accounts, which doesn’t reflect the true picture of user drop offs in the repayment flow. (b) We are not able to identify the transactions which are dropped between mPokket and PG’s systems due to API timeouts etc. Which might lead to bad customer experience without us knowing about it.

  • PG routing is manual: (a) We are not able to send transactions to multiple PG simultaneously for a payment mode, so we are not able to check and compare the transaction SR for multiple PGs which leads to relying on the only running PG. (b) Based on the transactions SR, if there is a PG which is not performing well, then we are not able to switch over to other better PGs in near real time, which impacts the transaction SR.

  • PG Txns SR Alerts: We don’t have any alerts on the PG txn SR failures, these should be available from the source systems and Data Platform/BI systems.

To do: 

 

Restructure of the emailer in terms of Design, Development(Coding), Copy, Interactive.

 

Design Process:

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7-Stage Design thinking model has been used. The stages of this Design Thinking process are as follows:

  • Empathize

  • Define

  • Ideate

  • Prototype

  • Test

  • Development

  • Tracking

 

Design Toolkit:

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  • Adobe Illustrator

  • Adobe XD

  • Useberry

  • Moengage and mCRM for tracking

Improvements in the new UX flow:

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  1. Customer stays on the mPokket Page

    1. Customers are not redirected to the PG pages (Paytm, RazorPay etc) and the transactions processing happens in the backend, which helps in having a seamless transaction experience and reduces the txn drop offs as the txn hops are reduced.

    2. Customer is not concerned about the PGs and which txn is processing the txn is not a concern for the customer, even if we change the PGs, the user experience stays the same for the customer.

  2. Improved Transactions SR

    1. UPI: As we get the best txn flows from the PGs by using latest transaction UX e.g. InApp flow for UPI txns, it’ll help reduce the drop offs and improve the overall txn SR.

    2. Debit Cards: Auto submit of the Banks OTP removes erroneous entry of the OTPs, which can improve the Cards txns SR by 2-3%.

    3. Saved Cards/UPI - If we can save the Cards which are used by the customer for their previous txns, then it can help us in improving the repayment rates and txn experience for the customers.

Metric for old flow:

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Transaction Volume= App - 85-90%  | Web - 10-15% 

Transaction Value= Pre-due (60%), Overdue (40%)

80% of the overdue is through the web 

so effectively about 32% of txn value is through the web

Business benefit with the new flow:

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Better transaction experience can improve our daily successful users ratio from 93.3% to 95%, which can overall improve the monthly user success rate from 98.5% to 99.5%, resulting in 1% better collections, bringing in 20 Cr higher collections on an annual basis.

Success Metrics:

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  1. Improvement in the Overall payment transactions rate at User level and Txn level

  2. Improvement in the Collections - Daily, Weekly, Monthly level

  3. Improvement in the Collections at Cohort level (Pre-due, Overdue)

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