adding savings wallets
When we asked customers it was clear what they wanted. Investors in crypto are looking for medium to long term gains. Luno only offered the potential of a net gain based on price fluctuations. This meant that customers had to time the market and/or stay in the market for extended periods of time.
Making interest sound interesting
We wanted to give customers a way to earn interest on the crypto they had with us. But with this big a change, we'd have to make it fairly prominent in the product. So we decided to add it as a prompt in the main navigation bar for each crypto wallet they already had.
buy • sell • send • receive
Luno created a lexicon of understanding around specific actions that quickly became understood by our customers through consistent use.
With a simple push of a button customers understood what they can do with their crypto: Buy, Sell, Send or Receive.
And in their local currency wallets they can either deposit or withdraw.
So what button text would we use to prompt customers to transfer crypto into a wallet that earns them interest on their existing crypto?
A few terms came up from initial customer and stakeholder interviews. But with such a big addition to our main product, I decided to validate with some usability testing.
We showed customers the same screen of their USDC wallet with 4 different versions of the new prompt to open their Savings wallet. We believed that SAVE was the easiest to understand but, when seen out of context, might not make sense to customers.
Indeed, the overall positive sentiment score for SAVE was the highest with 5 out of 7, while the other terms all scored beneath 3. Here are some customer comments that helped us sell this new prompt to stakeholders.
Investments should be reflected in my crypto purchases whether I’m using it or saving it.
Savings? I assume you earn interest on it.
Earn is something you deserve, working hard towards, that you can claim.
We felt that customer education was critical for success. There are many things a customer needs to understand before they can earn interest on their bitcoin. We didn't have an existing mechanism for this in the product, but guides are a long standing and well-tested component.
The failed approach
Initially we thought customers would want less of the boring stuff upfront. So we kept it to one screen to ensure fewer clicks to conversion.
But there were too many unanswered questions, and we were squeezing too much into one screen. After all, this guide had 3 vital functions: to excite, to inform, and to prompt you to accept the terms and conditions for this new product.
We launched with 3 screens in our guide, explaining exactly what customers could expect with this new way of earning interest on their crypto. We show them the amounts to get them excited, how it works, and also the risks involved. Due to this transparent approach the first 10 days after launch saw us reaching 7% of our Q4 targets, with already 17,000 wallets being created and actively used. This was with just a soft launch and no major marketing.
What I learned while helping our customers earn interest on their savings
The work I've represented here is an over-simplification of the time and collaborative effort that made up this iterative process.
We took the necessary time to learn about our customer habits so that we could slip into their daily patterns seamlessly, while still being honest and open about what the product could offer them, and what risks were involved.
But we only knew to do this by getting the content in front of customers' eyes early on in the process. We carefully scripted and conducted social media polls, customer surveys, usability tests and even guerilla testing so that we weren't just working with assumptions.
When a customer has taken the time to engage with your product and use it often, the best thing to do is get their input on how you may be fundamentally changing that. It's the respectful thing to do.