We conducted a cohort analysis of customers who have linked different number of bank accounts and found that the more bank accounts customers link, the more likely they will continue to use the app;
In particular, we found the retention rate significantly improve between the 1st and 3rd bank account while the incremental improvement slow down after the 3rd bank account is linked;
We also found the biggest number of drop-off happens when customers are asked to link their 1st bank account, so we decide to dive into the “why”;
Customers are confused why they receive a verification code from their banks but they have to enter into the Planto app
Customers feel insecure when the binding process takes too long and they feel even worse when they do not see any progress in the waiting process
Customers have used spending analytics tools from their bank but because that does not represent 100% of their spending, customers often find it useless, so they are very skeptical when they first onboard the Planto app
We make detailed explanations available at the customer’s fingertips (while not part of the forced journey as we do not want to overwhelm the customers), for customers who want to know more about our technology, they can easily find everything they need.
Flexible and Personalize Onboarding
We enhanced the message during the binding process, making it personal based on how many accounts have the customers added into their Planto account, how long the waiting time for binging has been, and even which bank it is (as the binding process is different), customers is no longer left waiting in the dark, we are “communicating” throughout the way.
We realize user’s aha moment happens when they saw all their accounts linked together and quickly gain insights about it. So as soon as a user linked their account, we generate a high-level report base on their financial situation. That way, users can quickly taste the the core value in the very early stage.