repeating good habits
Crypto adoption is a long journey. We noticed many customers were instinctively putting a little bit into their crypto wallets over regular periods. This known strategy, Dollar-cost averaging (DCA), smoothes out the volatility of a market.
How could we promote this behaviour with more of our customers while making it easier for customers who already save regularly?
Naming the feature
Some other players in fintech had a similar feature that allowed customers to set up a purchase at a regular frequency. But the name was either closely connected to technical jargon, or they skirted around the issue.
Making it work for Luno
Luno's vision is to upgrade everyone to a better financial system, not just those who're already familiar with money talk, or even just those who speak English as a first language.
We knew we would use BUY instead of PURCHASE because it's already a term our customers understood, but the proposed name of RECURRING didn't sound on-brand. So we tested 3 call-to-action buttons to gauge understanding.
Validating the name
As part of first round testing, customers let us know that while RECURRING sounded familiar from a traditional finance perspective, REPEAT was much easier to take in.
I then quickly ran the messaging through a readability testing tool: REPEAT got a 3 (easily understood by 8-9 year olds) while RECURRING got a 5 (10-11 years olds) which supported the theory that REPEAT is easier to grasp.
iterating on repeat
Our first iteration included a guide that would explain the value of repeat buys, then let you set your desired frequency from that screen. While guides worked for other features, when tested we realised that this lengthy explanation (while pretty) laboured a rather simple task. Customers wanted to know the benefit and then to just set it up.
final solution
The winning solution was adding one screen into the existing buy flow where customers could choose whether they wanted to buy once, or on repeat. This made for much easier discoverability, as customers already knew this flow.
We devised customer journeys for various payment scenarios. I created supporting copy for each stage, ensuring the flow was as seamless as possible. And when it wasn't seamless, we covered all potential errors as well so customers would know how to pick up the journey easily again.
I also considered the out-of-app journey to remind customers that their repeat buy is coming up and to confirm the purchase via notification. This provides an element of relief to customers, assuring them that everything has gone off without any snags.
Despite the flow looking seemingly long and complicated zoomed out, we used progressive disclosure, only showing the customers what they needed to know, when they needed to know it. So people have had relatively little friction on this flow. Here are some highlights copy along the way.
lessons
An agile approach means getting a feature out soonest and ensuring you learn from the monitoring phase. Initially we really wanted to launch this to customers with the option for them to buy instantly. This would be the easiest option for customers, but would require quite a big reworking of the product. So we launched it with the ability to deposit a lump sum into your wallet and buy Bitcoin from that.
In the first 2 months we had over 5000 customers set up repeat buys. As this was a soft launch, customer engagement was purely through organic discovery in the app, proving that there is great desire for this kind of feature. With new data coming in we're now regularly iterating and improving this feature.