Secured Credit Card
Juan Rosauer
Overview
A very challenging project which I led end to end. I had the opportunity to collaborate with the product management team and key stakeholders to design the "Now Secured Credit Card" from scratch. This innovative product allows customers, who typically wouldn't qualify for traditional credit cards, to build their credit history with a secured monetary guarantee.
Hands-on UI concepts, testing, problem and scope definition, interaction design, handoff, and user acceptance testing (UAT) were all critical components of this project. My work focused on ensuring user guidance, support, and financial education to foster responsible credit use and enhance user trust.
Impact and Results
The launch of the Now Secured Credit Card had a significant positive impact on user engagement and satisfaction, as well as Now Bank s market position.
- Approval rate for credit cards increased by 57%, demonstrating wider accessibility.
- Time to complete credit card application reduced by 30%.
- Positive social media mentions about Now Bank's secured credit card increased by 41%.
- Reduction in application abandonment rate by 45%.
- First-month retention rate for new credit card users increased by 67%.
- Cross-selling rate of other financial products improved by 34% due to increased trust.
Process
As the lead product designer, I spearheaded the development of Now Bank's new product, the "Now Secured Credit Card." This innovative credit card, backed by a monetary guarantee from the customer, allows individuals who typically wouldn't qualify for traditional credit cards to build their credit history. Our focus was on user guidance, support, and financial education to foster responsible credit use.
Initial Research
This research laid the groundwork for designing a product tailored to meet the unique needs of this market.
Market Analysis
We conducted a thorough analysis of the Mexican market concerning credit card issuance, identifying key trends, challenges, and opportunities.
Key Insights:
- High distrust of credit cards among Mexican users.
- Generally low levels of financial literacy.
- Significant opportunity to educate and build trust with potential users.
Stakeholder Workshop
I organized a workshop with key stakeholders at Now Bank to align business needs, credit issuance requirements, and user risk profiling. This collaborative session was crucial for setting clear objectives and understanding the constraints and opportunities of our new product.
Key Outcomes:
- Defined business goals and user requirements.
- Established minimum criteria for credit issuance.
- Identified risk profiles for potential users.
User Research
Conducting interviews with potential users allowed us to gain deep insights into their perceptions of credit cards, financial knowledge, and interest in our secured credit card. This user-centric approach provided essential data for designing a product that addresses their concerns and meets their needs.
Findings:
- High level of distrust towards credit cards.
- Generally low financial literacy among potential users.
- Positive reception towards the concept of a secured credit card.
Design Process
The design process involved brainstorming, prototyping, and iterative testing to refine our product. We focused on creating a user-friendly experience that educates users and builds trust.
Steps Taken:
1) Ideation: Developed multiple design concepts for the secured credit card.
2) Usability Testing: Conducted surveys and usability tests to gather feedback at various stages.
3) Final Design: Created a polished, user-centered design based on insights from testing.
Data-Driven Design
We implemented new methods for collecting user data to continuously improve our product. Using Mixpanel, we tracked key metrics to understand user behavior and refine our offering.
Key Metrics Tracked:
- User engagement and conversion rates.
- Feedback on financial education content.
- User satisfaction with the onboarding process.
Visual Identity
A strong visual identity was essential for our product to ensure it was not only aligned with Now Bank's branding but also engaging and trustworthy. We focused on presenting the secured credit card in a clear, attractive, and informative manner.
Visual Design Goals:
- Consistency with Now Bank’s branding.
- Interactive and engaging interface.
- Clear presentation of product benefits to build user trust.
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Posted Feb 13, 2025
A challenging project which I led end to end. I had the opportunity to collaborate with the product team and stakeholders to design the "Secured Credit Card"
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