Personal Finance with Planto

Fix the fragmented personal finance with Planto

Overview

On average, Hong Kong people have 3.5 bank accounts and 5.7 credit cards, the fragmented usage of bank accounts and cards makes it impossible for anyone to have a clear view of how much money they have and how much they are spending, Planto is a personal finance app that helps people get control of their finances. By allowing users to link all their financial institutions in one place, Planto help users get a holistic overview of their financial situations while providing tailored recommendations on financial products. However, numbers of the users drop off when they are asked to link their first bank account, Planto would like to revamp its onboarding journey to reduce drop-off rate

Our job is to understand the reason people drop-off when linking their bank account and create a new onboarding journey

The Challenge

Hong Kong people are very sensitive to data sharing and there is no other solution on the market that is using the same approach to consolidate transaction data
The experience of linking a bank account is fragmented between the user’s mobile banking app and Planto’s app, customers have to switch between the two apps to enter their credentials and verification code

Discover The Secret Recipe For A Loyal Customer

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”;

Understand the user concerns

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

Established a security and easy to use financial consolidation product with a seamless journey to discover product "Aha" moment.

Enhance Credibility and Transparency

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.

Hooking User with Value-Driven Financial Summary

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.