Client: A financial planning and investment platform, Ellevest offers automated brokerage, retirement, and banking accounts for a monthly subscription.
Role: Senior Product Designer - Growth and Engagement
Project timeline: September 2021
Ellevest expanded product services to include FDIC insured cash accounts, but adoption was low and the set up funnels performed poorly. Funding a bank account was a critical way to capture clients who engaged with the brand for financial wellness advice, but were were not financially ready to start investing.
Increase overall bank account funding while improving our clients’ financial health.
Increased bank account funding rate by 30%
Increased first deposit value by $22
Increased recurring deposit rate
Improved client retention
Insights pulled from a larger research initiative covering the banking product
Our clients were typically Type A women who wanted to handle their finances “right.” They came to Ellevest for trusted advice to reach their goals.
“How much should I be saving?” was one of the most common questions that came up in all research channels, so we wanted to start with a recommended target number.
Ellevest’s financial planners recommended having 3 months take home pay before any money is invested outside of a 401(k).
It was important to the goal planning mission of the brand to encourage out clients to think in steps towards a goal.Users could easily adjust their target to 1 or 2 month values, or enter a custom amount.
We knew that for most clients, the monthly recurring deposit they could afford to make would be based on their current circumstances and only have so much wiggle room.
Rather than holding them to a specific timeline, we showed them how increasing or decreasing their deposit would get them to their goal faster or slower.
Most importantly, the deposit amount was very clear and easy to interact with.
Ellevest had a strong brand voice and it was important that our clients felt welcomed and unintimidated using our product.
We strove to balance the coached experience of the setup flow with a clear transactional confirmation.
