SoLo Funds: Debit Card Verification
SoLo Funds is a peer-to-peer microlending native app where a user can request loans that are funded by the public. SoLo Funds Debit Card Verification was a new feature for SoLo to help prevent fraud activity amongst the user base. SoLo partnered with 3rd party platform, Plaid to let users connect their banking credentials. This is some deep thinking, technical shit, folks.
Solo Funds app is available on the Apple App Store and Google Play Store
Role ——
Lead Product Designer | UX Researcher | UX Copywriting
Duration Length ——
6.5 Months (Apr 2022 - Oct 2022)
Launched ——
July 2022
Responsibilities ——
Work with Data Scientists and PMs to compile user metrics/research, define scoping and requirements, understand feasibility from Engineers, work with a marketing copywriter to write though copy for users to understand. Design UX wireframes/high-fi screens. Document flows within Figma for handoffs.
What’s the problem?
Nearly 34% of users on the SoLo platform face some type of fraud activity. Most fraud activity was completed through a user losing their debit card/phone or their bank information being hacked by a 3rd party - such a compromised password from a random website.
Usability goals ——
Ensure that users can easily connect and enter their banking information in just a few short steps, clearly understand the terminology being asked of them, and provide tips of what user are being asked to do.
Business goals ——
Decrease fraud from 34% to 15% or less. Partner with Plaid to have users enter in their banking credentials.
Predicted outcome ——
Partnering with Plaid to help streamline the process of verification will give users a sense of security that their Solo account is secured. Users would continue to voice issues such as lost debit cards or stolen phones per usual so building out a feature that allows people to report that in-app versus might be the next phase.
Cookin’ up the UX flows
Leveraging the research in hand via Maze surveys and customer complaints, I continued to work with my PM to understand user stories and metrics to piece together some wireframes. I collaborated with data scientists and one product manager to gather information for dashboard program, Looker.
This feature was technically complex due to integration with a third-party platform and extensive backend API calls. I designed separate flows for three user types: Power Lenders (trusted users who bypassed Plaid), new users, and current Borrowers. Most fraud concerns involved new users. Multiple entry points for users to enter their information were created across Settings, Wallet, and Marketplace.
UI Design & User Testing
After confirming with Engineers and my PM, I was able to translate the wireframes into high-fi screens. With these screens I was able to explore the option of messaging to the user base, notifying the users where in the process they were, how drop-offs would work if a user chose that process, what does the UI look for the difference between the Power Lenders versus everyone else.
I leveraged the SoLo Funds Design System to build out my screens for this feature.
New Users: Connect Plaid & Debit Card Flow
Power Lenders: Add New Debit Card Flow
User Testing
For user testing, I used Maze to send out an un-moderate test survey to 11 participants. I focused on users who were active to the app and had fraud like activity on their accounts before.
Flow too funky and not fresh ——
Users felt it was a bit lengthy, which given the amount of information to enter, I predicted drop-off would be a thing no matter what we tried to shorten. Let’s be honest modern people have short attention spans, including me.
Safety first, folks ——
Users felt that this feature could help prevent fraud like activity on their accounts. It’s like having your own personal club bouncer outside ready to not let the shady plebeians into your club.
Launch, Metrics & Updates
SoLo Funds rolled out DCV to 300K users in July 2022. Metrics were captured via Looker.
Business, baby! ——
88% of users successfully were able to connect a bank and debit card successfully.
Drop it like it’s hot (or not) ——
Only 12% of users dropped off entirely, mainly due to the issues connecting to Plaid or banks weren’t supported such as small mom and pop credit unions. At least we had our shit together🤷🏻♀️
Catch these errors (and hands) ——
Post-launch, we designed updates to handle Plaid-related error messages in the SoLo app. I collaborated with a back-end engineering lead to identify all possible Plaid errors and communicate them clearly to users. Additionally, SoLo removed a few redundant screens to streamline the user flow.
