Problem:
Typically the funnel of freshly onboarded users looks as follows:
Application form -> Account verification -> Document upload -> Funding the account -> Placing first trade
The goal of my A/B test was to focus on increasing the rate of funded accounts. Users who opened their account and completed the verification process are very valuable - the acquisition cost have been already spent and the Customer proved to be qualified for using our product. Therefore drop off rate at the funding stage of the funnel should be always optimised.
Hypothesis:
Based on journey analysis data, there was a significant drop off at the funding stage of the funnel. Also in qualitative research Users claimed that withdrawals are unclear for them and that is significantly decreasing trust for the platform.
Test:
To present clear information about withdrawal rules on the funding page. User’s who are not worried about their funds are more likely to fund the account. Transparency is also considered as a white hat technique in UX.
Result:
Test was successful and funding rate has been increased.