Credit Strong : Revolv Post-Launch Improvements

My role: Ux lead. |. Time line April 2022-June 2022.

While at credit Strong I was responsible for leading the design efforts. Some days I would be designing screens, and others I would be looking down the road and building a strategy for the next products and features. For the launch of Revovl, oversaw the design, Facilitated feedback sessions with leadership, and worked closely with the Director of product to streamline the handoff between Ux and the developers.

What is Revolv?
With the Revolv product, the customer is doing two things at once. 

Taking out a $500 revolving line of credit. 

  1. Saving cash each time they make a payment. 

Revolv works a little differently than a standard line of credit. For example, you are drawing against a $500 line of credit, but where a standard line of credit would let you go buy $500 worth of goods or services Revolv only advances you the amount equal to your monthly savings commitment. Once you make that payment, that money goes into a locked account in your name. At the end of the life of the loan, all that money is yours to keep. 

Revolv is reported to the credit bureau as a $500 line of credit that you are actively using. In addition to this Revolv will offset your utilization by $500. 

The goal in the savings commitment section is for the user to set their monthly payment between 10 dollars and 45 or 1% TO 9% utilization. 

 

Room for improvement

After the first month of Revolv being live in the wild, we had collected enough data on user behavior to start to see one prominent place that needed improvement. The Savings comment screen was doing its job but not getting the users to set their commitment to the correct range.

This was an issue for two main reasons.

  1. Going over that 10% utilization can hurt your credit.

  2. The customer will not be adding money to their locked savings account by not setting an amount.

The main issue being a slider mechanism that allowed people to make a 'saving commitment' selection between $0-$500/mo, attempting to dissuade people from making suboptimal choices after the fact, led to 64% of people making an objectively 'good' decision, 32% of people making an 'okay' decision, and 3.4% of people making an objectively 'bad' decision, one that was likely to hurt their credit.

 

Small Change / Big Improvement

Changing the mechanism to a familiar analog (tip interface, low/medium/high) produced a result where 89% of people made a 'good' decision, 8.5% of people made an 'okay' decision, and only 2.1% of people made a 'bad' decision. 

In addition, the specific choices we guided users towards resulted in making choices which are approximately 2x more valuable to the company (350K increased deposits, which we use to lend and make money) without 'costing' users anything - these payments are made into a savings account and eventually all recoverable by the user, who will have saved more money over the life of their account.

I’ve included a video walkthrough to show all the screens in this flow.

 

Small Change / Big Improvement Walkthrough

 
 

One last thing:Dashboard Improvements for existing customers.

The last post-launch change was to add a tile to the top of the user dashboard letting existing users know about Revovl. The top portion of the dash contained a welcome message to the user. This message never changed and didn't add any value for the customer or the business. I wanted to re-purpose this space to announce new products to existing users that may have bypassed the main site. I also coordinated with the email marketer to craft emails sent out to 700K registered users to announce Revolv. The email leads them to the CTA at the top of their dashboard.

This change netted us around 30 new accounts a day from customers familiar with the Credit Strong Products. With a CAC of around $55 to get net new customers making this one change saved the company about $1,650 in CAC per day plus adding about $3000 on average a day across the business earnings. $3,000 a day in increased revenue is equal to just over one million dollars annually.

In conclusion:

Sometimes it's about the little interactions that can add up to a significant impact. Two changes made a noticeable difference in the bottom line.