Introduction
StashAway is a leading wealth management Series-D start-up in Singapore, helping users grow their wealth through consistent, long-term investments. The platform, available in Singapore, Malaysia, Hong Kong, Thailand, and the UAE, caters to over 100,000 investors via its native mobile and web apps.
Newly onboarded StashAway users often faced confusion during their first deposit, unsure about the deposit methods, timelines, and how application statuses could delay processing. This uncertainty discouraged initial investments, especially among users hesitant to commit to the app long-term. To address this, I led the design of the first-deposit flow, aiming to provide clarity, empower users to make informed choices, and build trust through a seamless, guided experience. Our goal was to reduce onboarding friction, increase successful first deposits, and drive long-term investments from even the most hesitant users.
Problems
Based on our past user interviews (for UAE Onboarding) and reports from BI team, we uncovered 2 key insights and considerations when it comes to new investors introduced to depositing into their portfolio.
1
Lack of clarity → Users were confused by the deposit methods (Direct Debit & Manual Deposit) and had inaccurate expectations about timelines, assuming deposits would process in under 3 hours. This led to frustration and hesitation."
2
Mismatched Default Options → While eGIRO (Direct Debit) is the default option, 70% of Singapore users made manual deposits instead, indicating a mismatch between highlighted method and user preferences.
3
Trust issues → Users are anxious when depositing into the app for the first time, they are unsure when their funds will show up, causing anxiety and reluctance to complete their deposit.
Opportunity
How might we encourage newly onboarded users to make their first deposit into their investment portfolio?
What can we do to streamline the deposit process, requiring minimal effort to fund their portfolio?
Success metrics
First deposit conversion rates
Percentage increase in users who make first deposits within 14 days from sign-up
Indicates effectiveness of redesign through A/B testing
New investor to regular investor conversion (Secondary)
Percentage increase in new investors to regular investors by becoming high adopters through creating multiple portfolios and setting up recurring deposits
Reflects success in fostering continued user engagement and adoption beyond the initial funding stage.
Challenges
Balancing business and user objectives → Business stakeholders prefer nudging users towards Direct Debit (as a deposit method) for higher AUM and reduced churn, while 70% of users favoured manual deposits for initial investments, preferring to test out the app and its deposit process first.
UX research → We lacked resources for another usability testing. Therefore, I relied primarily on A/B testing post-launch to validate our solutions.
Impact
Business impact → Increased AUM, Reduced churn rate, Increase in new-investor to regular-investor conversion
User experience impact → Improved trust from clear communication and simplified process, Increased user retention from positive user experience
User interviews for Onboarding & First Deposit Flow
Research
To gain greater insight into how users feel about the initial encounter with the deposit experience, we conducted 8 user interviews with non-StashAway users based in Singapore. Here are some of the notable comments:
"Feels like I need to click on the monthly deposit plan (after scheduling a deposit) as there’s no next button to click"
"I want to test out how it works first. If I were to choose Direct Debit (over manual deposit), automatically, I don’t know where my finances will go."
"It could be a bit of gambling when it comes to new things, so setting up a Direct Debit is a no for the first time."
"Will my funds show up immediately?"
Research insights
Users preferred to deposit manually first over Direct Debit as they are preferred to deposit manually first
Users need clearer feedback on the status of their account, deposit status, and what to do next
Our user research (BI data, user interviews) indicated a 70% preference for manual deposits among Singapore user, especially for their first investment with StashAway.
Goals
Drawing from our research and insights, here is what we aim to achieve:
By streamlining the deposit process, enhancing transparency & understanding of deposit method options, and increasing visibility of deposit & account verification statuses, these improvements are designed to encourage first-time deposits and drive long-term user engagement, ultimately, recurring deposits.
💡 Scope of the project
Following user interviews with the non-StashAway users, I pinpointed three key areas for achieving our business objective.
Streamlining the deposit experience → Introducing a step-by-step guided flow with incentives to facilitate seamless deposits
Reducing friction for manual deposit → To secure AUM regardless of deposit method channel
Clear Deposit & Verification Statuses → Providing users with clear communication of deposit status and account verification status
↑ Current Deposit Flow after user completes Onboarding
Focus areas of this redesign
Ideation for First Deposit sequence
Streamlining the deposit process involves minimising friction points and providing clear guidance to simplify the steps required for users to fund their first portfolio.
I explored three different flow structures as shown above. Option 1 was a single-screen approach, aiming for speed and efficiency. Option 2 was a guided process starting with the deposit amount, mirroring how many people think about investing - ‘How much can I comfortably invest today?’. Lastly, Option 3 also guided users step-by-step, but focused on users choosing the deposit method first. My goal was to evaluate and choose the option that felt most natural to how users approach investing while ensuring they did not get overwhelmed with choices.
↑ First Deposit Sequence - Ideations
First Deposit sequence options
During the ideation stage, we carefully weighed the tradeoffs for each option. Option 1 offered the quickest deposit scheduling but risked overwhelming new users with a cluttered interface and lacked flexibility for
while it offers the fastest method for scheduling deposits, it could overwhelm new users with a cluttered interface. Furthermore, it lacks flexibility for users wanting to compare the deposit methods within the process.
Option 2 aimed to reduce cognitive load by presenting steps sequentially, mirroring common use behaviour by prioritising deposit amount. Additionally, it would create a natural opportunity for targeted incentives to encourage larger initial deposits. The minor trade-off is that it adds a few extra steps compared to a single-screen approach.
Option 3 prioritised deposit method selection upfront but risked introducing unnecessary early-stage complexity, potentially hindering those ready to start investing quickly.
After careful consideration, I chose Option 2 for its intuitive
(guided flow starting with the deposit amount). It prioritises a guided experience that feels intuitive for new users and has the flexibility to support our business goals. This decision to include a targeted fee waiver leverages the loss aversion principle, strategically nudging users towards making larger investments, ultimately boosting first-deposit conversions and driving long-term engagement on the app.
↑ First Deposit Sequence - Final outcome
Ideation for Deposit method screen
To improve clarity around the deposit method options, I explored four different design variations.
Option 1 focused on a vertical listing of methods with brief descriptions, explicitly mentioning the integration of PayNow for manual deposits. Option 2 emphasised eGIRO (Direct Debit) as the preferred method for deposits. Option 3 aimed to highlight the advantages of using manual deposit, while Option 4 presented the different deposit methods horizontally for easy visual comparison.
Deposit method screen options
I carefully evaluated the trade-offs of each option. Option 1 puts the user first by highlighting PayNow, a familiar P2P funds service widely used in Singapore. This makes the first the first deposit feel easy and trustworthy, building user confidence and helping them overcome the initial deposit hurdle. While it does not emphasise eGIRO in the short-term, this sets the stage for future education to users about the benefits of recurring deposits.
Option 2 simplifies decision-making by recommending eGIRO but might feel overly forceful, given we identified 60% of our SG user base prefer making manual deposits.
Option 3 focuses on educating users about the benefits of manual deposits but risks overwhelming them with information and does not address potential concerns about processing time. Lastly, Option 4 allows for a quick visual comparison but lacks visual balance, potentially impacting the overall user experience.
Ultimately, Option 1 was the best choice for both our users and business objectives. By presenting PayNow, we indicate to our Singapore users that this is a minimal-effort reliable flow. By placing focus on these two themes: low-effort and security, we set the stage for nudging the users towards Direct Debit (recurring deposits) later on.
Clear deposit & verification status
From our research (user surveys, interviews), many new users felt lost, lacking clear next steps. They expected to see their portfolio/transaction history. Additionally, some users, especially those investing with trading platforms, understandably expected their deposits to show up instantly.
To address, I focused on two design improvements. Firstly, I introduced success screens that reassure users that their deposit is scheduled and managed their expectations about processing time. This builds trust by eliminating uncertainty. Secondly, I streamlined the post-deposit flow by guiding users back to the Home screen, providing a sense of completion.
After (Success screens)
Wanna see the final design?
How did it go and what else can we do?
The redesigned 'First Deposit' flow is delivering promising early results. A/B testing in Singapore reveals a 12% increase in first-time deposit conversions, with a positive user satisfaction ratio of 9:1. This underscores the power of user-centric design in overcoming initial first-deposit hurdles. We will continue to monitor user testing.
Building upon this success, my next focus is transforming one-time deposits into automated, recurring investments. I plan to enhance our post-onboarding flow, promoting Direct Debit as the preferred deposit method. To encourage this shift, I could integrate goal-setting tools and educational content highlighting the benefits of DCA. These strategies aim to drive long-term investment growth and increased user engagement.
Learnings
Keeping design simple → Often, the most impactful design changes are the ones that reduce complexity, not add features.
Localisation is important → Understanding the nuances of different markets is important for a successful feature. Tailoring design choices to the expectations of our Singaporean user base, for example, shows an awareness of cultural and deposit preferences.