Onboarding
Lead Designer - March 2023 - June 2023

Onboarding
Lead Designer - March 2023 - June 2023

There were atleast 7 more iterations in addition to the ones above**

Background

With the introduction of the AI Assistant, Magnifi's focus shifted from solely being an investment platform to becoming an intelligence platform driven by AI-powered investment guidance. This strategic redirection aims to provide significant value to users and bypass the cumbersome brokerage account creation process.

Project

Project

Magnifi AI Assistant Adoption


Magnifi AI Assistant Adoption


Goal

Goal

Increase sign-ups for the AI Assistant feature by 100% within 6 months, with a target of acquiring 20,000 new users by the end of the period.

Increase sign-ups for the AI Assistant feature by 100% within 6 months, with a target of acquiring 20,000 new users by the end of the period.

Problem Statement

Problem Statement

How might we allow new users to quickly discover and explore the full range of Magnifi's offerings?

How might we allow new users to quickly discover and explore the full range of Magnifi's offerings?

A look at how the flow was earlier -

A look at how the flow was earlier -

Problems Identified

Problems Identified

Problem #1 : 6 step process to create a profile and mandatory brokerage account.


Problem #2 : Average time of ~2 business days to get account details verified and approved. Even longer if errors are identified.


Problem #3 : 2 parallel workflows within the onboarding - Magnifi mentor subscription + bank account linking. Optional, but makes the entire process lengthy to complete on single sitting. High rate of dropoffs.


Problem #4 : Magnifi Mentor, the main highlight, was not being highlighted to justify its value.

The Transition

The Transition

The immediate focus was to prioritise the AI Assistant into the core user experience. We explored several approaches, ensuring success by:


1. Providing clear context about the feature's purpose and benefits to drive user engagement, emphasizing its unique selling points.

2. Transparently communicating associated costs to prevent any misconceptions of it being a free feature.

3. Incorporating essential legal information regarding investment advisory and user responsibilities.

A few approaches we took before landing on the final design:

The immediate focus was to prioritise the AI Assistant into the core user experience. We explored several approaches, ensuring success by:


1. Providing clear context about the feature's purpose and benefits to drive user engagement, emphasizing its unique selling points.

2. Transparently communicating associated costs to prevent any misconceptions of it being a free feature.

3. Incorporating essential legal information regarding investment advisory and user responsibilities.

A few approaches we took before landing on the final design:

Iteration 1

Prioritizing Familiarity and Minimal Disruption:

Our primary goals were to maintain the existing flow of onboarding screens and minimize disruptions for users. This familiarity would make the transition smoother. However, we also wanted to ensure the AI Assistant signup was prominent, so users wouldn't miss it.


Addressing Identified Shortcomings:

The designs did have some drawbacks. We identified a lack of context about the product's value proposition, basic branding that didn't reflect the premium price point. Coupled with the existing mandatory investment account creation step that lengthened the signup process, we had to rethink how to make the flows independent from each other.

There were atleast 7 more iterations in addition to the ones above**

Iteration 2

Prioritizing User Engagement and Clarity:

This iteration focused on creating a dedicated product page that highlights the AI Assistant's key features. We aimed to make this the user's first impression, even before signup. To achieve this, we incorporated screenshots, real AI responses, and visuals to showcase capabilities. Additionally, we redirected traffic from all marketing channels (paid and organic) to this page for maximum reach.


Addressing Identified Issues:

However, the initial approach faced some challenges. Jargon-heavy language made the product offering confusing, and users felt a lack of engagement. Feedback indicated they would prefer a free trial experience before committing to a paid subscription.

There were atleast 7 more iterations in addition to the ones above**

Iteration 3

Streamlined Onboarding with Enhancements:

This iteration aimed to simplify the onboarding process by combining initial steps and integrating account creation and payment directly. We also introduced micro-animations to make the experience more engaging. Additionally, showcasing the platform's awards and recognitions aimed to build trust and user confidence.


Areas for Improvement:

However, we identified some drawbacks. The combined onboarding steps resulted in a lengthy page, leading users to skip ahead and miss the signup flow. Furthermore, the enhanced visuals and animations caused performance issues on mobile web, ultimately hindering the user experience.

There were atleast 7 more iterations in addition to the ones above**

There were atleast 5 more iterations in addition to the ones above**

Final Outcome

Final Outcome

This design iteration transformed Magnifi's core offering. Previously, users were required to create a brokerage account upon signup. This approach has shifted, prioritizing the AI Assistant as the key value proposition. Creating a brokerage account becomes a secondary benefit.


AI Assistant as Co-Pilot:


Magnifi's AI Assistant now acts as a co-pilot for users' investment journeys. This means users:

  • In depth feature representation when a user visits the page, highlighting multiple different workflows and benefits a user has, before signing up.

  • A free 7 to 14 day trial period to test the product with no compulsion to pay.

  • A one step profile creation + subscription selection to gain access to the assistant's intelligence without a mandatory brokerage account.


Positive Outcomes:


  • Increased Conversion Rate: This approach led to significantly higher conversion rate of 11% which led to a 300% increase in paying customers.

  • Progressive Journey: Users receive tailored insights based on the information they choose to share, creating a personalized experience.


This shift in focus demonstrates the power of the AI Assistant in driving user engagement and offers a progressive investment experience, empowered by user-driven data.

This design iteration transformed Magnifi's core offering. Previously, users were required to create a brokerage account upon signup. This approach has shifted, prioritizing the AI Assistant as the key value proposition. Creating a brokerage account becomes a secondary benefit.


AI Assistant as Co-Pilot:


Magnifi's AI Assistant now acts as a co-pilot for users' investment journeys. This means users:

  • In depth feature representation when a user visits the page, highlighting multiple different workflows and benefits a user has, before signing up.

  • A free 7 to 14 day trial period to test the product with no compulsion to pay.

  • A one step profile creation + subscription selection to gain access to the assistant's intelligence without a mandatory brokerage account.


Positive Outcomes:


  • Increased Conversion Rate: This approach led to significantly higher conversion rate of 11% which led to a 300% increase in paying customers.

  • Progressive Journey: Users receive tailored insights based on the information they choose to share, creating a personalized experience.


This shift in focus demonstrates the power of the AI Assistant in driving user engagement and offers a progressive investment experience, empowered by user-driven data.

  1. Starting point: Signed out homepage showcasing the product USP
    https://www.magnifi.com

  1. Subscription and payment page

There were atleast 7 more iterations in addition to the ones above**

  1. Complete the account creation and set password

There were atleast 7 more iterations in addition to the ones above**

  1. Begin the investment journey

There were atleast 7 more iterations in addition to the ones above**

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