ARK7 (Shipped 2022)
An FinTech app that democratizes real estate investment through fractional ownership
Type
Internship
(App Redesign)
Role
UX Designer
Team
3 UX Designers, 1 PM, 1 Senior Designer
Duration
3 Months
(2023.06 - 2023.09)
Tool
Figma | FigJam | Illustrator
Overview
Ark7
Although Ark7 has passed its rapid growth phase, it still has potential for growth when considering its competitors' download volumes and market share (100,000 registered users as of 2022, with 10,000 active investment users). Currently, the onboarding process is very simple, allowing users to effortlessly enter the app and browse properties. While this straightforward onboarding process lowers the barrier to using the app, it doesn't enhance the conversion rate of users becoming investors. In fact, some users are lost during the process from entering the app to making their first real estate investment.
Result
10% increase in onboarding success
92% successful task completion rate
Initial Problem Statement
How might we design a more effective and enjoyable onboarding process for new users?
Content
Demonstration
User Research
First time users often get lost during app exploration and fail to engage actively with Ark7
I conducted user interviews and secondary research with potential and existing Ark7 users in order to better understand:
What user experience during app exploration
What are the biggest concerns for user before investing
What are their knowledge with investment app
Insight #1 Defensive attitude towards personal info collection
“I don’t know why the platform is asking my SSN and a lot of privacy information after my initial sign-up”
Insight #2 Inadequate Specificity in Ark7's Investment Content
“I am a Gen-Z and new to making shared investment on household so I want to learn”
Insight 03 Unexpected failure when withdrawing
'“I feel disappointed when I can’t withdraw my money, it’s better if the rule of withdrawal could be more visible”
Competitive Analysis
Competitors onboarding experience with first-time FinTech app users
Primary Research on Onboarding
Key Takeaways on the importance of onboarding experience
Get to product value as soon as possible — but not faster
Don’t be afraid to educate user contextually
Interact with the experience instead of read experience
Persona
Target users identify as a GenZ who is interested in start their first investment and start making passive income by investing in shared properties
Pain Points
After exploring the homepage, at the time when the intention to invest is strongest, I discovered that a series of troublesome documents need to be filled out prior to purchasing a property
I don't trust giving my information to a platform that I am not very familiar with.
I know little about the product and the investment process; it feels unfamiliar I need some time to get acquainted with it
How much longer will I take to complete all documents, and what kind of information do I need in total to buy a property?
Journey Map
Opportunities to improve user’s onboarding experience during app exploration
Problem Statement Redefined
How might we design a more effective and enjoyable onboarding process for new users which can help them know better about the product and build trust with Ark7?
After presenting our research insights and pain points to the product manager, we decided to narrow our focus to redesigning Ark7’s onboarding experience. This redesign aims to help new users understand Ark7's key features and product value, with the goal of reducing user attrition rates during the conversion process
Design Principles
#1 Build Trust Through the Entire Onboarding Process
#2 Elevate Profile Completion Rate After Users Signed Up
#3 Show Holistic View of Profile Completion Process to Users
Feature Ideation
Problem #1 Users directly enter into the marketplace after signup
It is likely that users will feel unexpected when they push the buy button but find they need to complete profile at first.
Solution
Problem #2 Info completion entrance at the bottom of the homepage is not effective
There should be a clear and accessible prompt or reminder on the homepage encouraging them to complete their profile, enabling them to access the marketplace and purchase properties.
Solution
Problem #3 Users will feel unexpected when they push the buy button but find they need to complete profile at first
Solution
#4 Lack of introduction on Ark7’s feature & background make it harder for user to engage in exploring Ark7
Solution
User Flow Redesign
Restructure user flow to address pain points at each stage
Click image to figma link for clearer image
Wireframing
Low fidelity wireframes
Usability Testing
Initial round of usability testing and initial feedbacks from internal team
I conducted usability testing with initial users for initial feedbacks and internally reviewed with the development team and product managers to align business goals
Testing Goals & Questions
How do users feel about the various version of progress indicators and its placement
How do users feel about the entrance to profile completion in terms of the onboarding flow
Do user prefer hover interaction, pop-up card, or bottom sheets for the guided tutorials
Visual Design
Enhance brand value in align with visual design
Brand Values
Friendly and Welcoming
We aim to enhance the sense of welcome for new users during the onboarding process, encouraging them to explore Ark7 further
Simple and Modern
Align with Ark7's simplistic and modernistic style, staying up with the trends
Profession
As a FinTech app, we emphasize our professionalism to assist new users in building their investment portfolios and trusting Ark7.
Illustration Design
Logo Design
Final Prototype
Elevate user engagement and trust
Ark7 Story
Browse properties prior to sign up foster sense of transparency and openness
Unique Ark7 illustrations presented in the form of swipeable card to enhance brand identity and key benefits
Informational documents
Guided Tutorial during Initial Onboarding
Hovering Instruction on functionality of the button
Swipeable video tutorial with “play” button progress indicator
Toaster to complete profile
Multiple entrance to fill out information
Progress Visualization
Seamless information collecting process
User has the option to drop out during any part of the information collecting process
Option to turn on notification for user to lean about new offering
Prominent reminder for user to access profile completion
Circular Profile Completion Tracker
Emphasiz on shar reward to promote profile competion and shares purchase rate
Edit previous information
Next Step
Iterations on Potential Next Step
On the homepage, we've introduced a profile icon that allows users to access and edit their profiles and pictures. This feature aligns with Ark7's initiative to develop an educational community among users, enabling them to share their investment experiences. Currently, Ark7 is in the preliminary stage of implementing this concept, which presents an opportunity for further exploration and development.
Learnings
Reflection
Collaborating with a FinTech startup for the first time, I gained extensive experience in rapid prototyping, a key aspect of agile UX design. My background in business studies significantly enhanced my understanding of the market and domain knowledge, enabling me to delve deeper into user behaviors and preferences. This interdisciplinary approach proved to be an invaluable asset in my role as a UX designer. Working in a startup environment taught me the delicate balance between innovation, collaboration, and entrepreneurship, all crucial elements in crafting user-centric design solutions. This experience has been pivotal in shaping my approach to UX design, emphasizing the importance of adaptability and user empathy in a dynamic industry setting.