Optimizing funnels: landing page

[Paul]

Neo wants to be #1 financial institution in Canada, but other institutions currently have more users. How can Neo add more users? I want to take a closer look at customer journeys, starting from the landing page. Can onboarding be better, easier and faster?

Observations:

• When I look at the landing page, I look at the CTA first to figure out what the page wants me to do next;
• There are separate CTAs for existing users (Log In) and new users (“Get Started”) and (“Learn How”), which is great, and there is a separate CTA to win mortgage payments with the Neo Mortgage Givaway.
• As an existing user, I can log in and start using Neo. This is pretty straightforward.
• Just looking at the buttons, I am not sure what the difference is between “Get Started” and “Learn How”. I am confused because I don’t know which one I should click and why.
• “Get started” brings you to “create a profile” screen that is asking to enter email and create and password. As a user, I am not sure why I would give something first when I didn’t get anything yet. What’s in it for me? I’d argue that the value prop is not clearly articulated here; it’s probably worth measuring drop off rate at this stage as it may indicate that the flow doesn’t work as well as it could. If I create a profile on the webpage instead of downloading the app and create a profile through the app, would I still have to go and download the app later? If I have to register online and then download the app, why not direct users to download the app first and prompt them to create the profile there so that they can both download the app and create a profile in one go?

• “Learn How” brings the user to the screen with credit cards and another CTA I have to click to sign up for a credit card. This is more complicated than the flow initiated by clicking “get started” because it forces the user to do two steps instead of one. If I click “sign up”, I end up at the same “create a profile” page that I would have ended up had I clicked “get started” in the top right corner.

• I don’t like the idea of using credit cards as a magnet to drive users into the ecosystem because signing up for a credit card is not the easiest thing a user can do. Signing up for a credit card comes with a credit check, and forces users to choose which cards they want to sign up for. It could be easier to sign up users by presenting them with options that do not require choices and don’t come with high friction points like a credit check.

• To summarize, having a very clear path for new users to sign up can help onboard more users faster, drive growth and lower CAC. This path can be made super easy without any friction points by designing the process with a minimal number of steps and hassle.

Compare this to Venmo. A clear CTA for new users “Scan do download the Venmo app” is very straightforward. It prompts the users to pull out their phone and download the app. Then they can worry about the rest. There is also an option to create an account. Even though there are two options, they managed to fit them in one area so users have no confusion on where to look and what to do. Users are presented with a clear direction to get started and there are two ways to go about it. However, downloading the app is a clear preferred choice here because the QR code and font size and font to download the app are dominant. A smaller font to “create an account” makes it very clear that this is a secondary option. The user does not feel stressed because it is intuitively clear which choice they have to make and if they don’t want the first (preferred) option of downloading the app, they can go to the next option to “create and account”. First (preferred) and second options are logically arranged in a way that is consistent with how people read (top to bottom).

There is a clear value prop and an explainer of what users can do (i.e. pay, get paid, grow a business, and more." The part with “and more” is important here because it leaves users curious and nudges them to download the app to figure it out. The text, CTA button and graphic all work together to support each other, with the image showing happy people and text emphasizing the social payments aspect.

We can see the same logic with Revolut where “Get the app” is the main CTA on the page. The text is supporting the easiness of onboarding (“Sign up for free, in a tap”). This is great because getting an app is just a tap and entering email and inventing a password is more hassle.

If you click “get the app”, it is an easy QR code to scan or get a download link via SMS.
Similarly to Venmo, the preferred option is prominent and on top (the QR code), followed by a secondary option that is at the bottom (get a download link via SMS).

I like how Venmo puts the QR code on the front page so I don’t have to click “get the app” to generate it. However, I like how Revolut adds “get a download link via SMS” option. Scanning a QR code can be a hassle if I have to open a camera app, and point it at the screen, which I would have to do right away. The screen might be not very visible if I’m sitting in the sun or Face ID doesn’t work so I would have to enter a password to unlock my phone. Getting a download link via SMS gives me the option to enter my number and do it later. Revolut allows texting the download link to different country codes, which is very user friendly and it also make it easier by choosing the default country code for me.

If you look at Monobank, both QR code and a text field to get the link are right on the front page. In this case, enter the number to download the link is the default option. Giving that as a preferred option allows Monobank to collect phone numbers of interested users. Even if they don’t complete the sign up process right away, Monobank can still follow up later.

[Denisa.Neo]

Hey Paul, this is such a thoughtful breakdown. You’re right about streamlining the onboarding journey and reducing friction, especially for new users. The idea of prioritizing the app download with options like QR codes or SMS links feels like a way smoother entry point, and it’s also cool to see how fintechs like Venmo and Revolut are nailing this flow.

You also touched on something key: the current routing might feel like a big ask for someone not fully committed yet…do you think starting with something like a lightweight demo or an overview of benefits right before prompting profile creation could help ease users in?

Either way, we really appreciate these suggestions!! We’ll definitely factor this in as we refine the customer journeys. What do you think is the most frictionless CTA you’ve come across in fintech so far other than the two you pointed out above?

[Paul]

@Denisa.Neo

You also touched on something key: the current routing might feel like a big ask for someone not fully committed yet…do you think starting with something like a lightweight demo or an overview of benefits right before prompting profile creation could help ease users in?

Anything before prompting profile creation can be a friction point that can cause a drop off. Whether a user is fully committed or not, a demo or overview of benefits is just another thing that stands between the users and sign ups. Consider removing any barriers that stand between the users and sign ups. Even if the user is 100% committed (most won’t be), adding clicks, taps or anything that can distract their attention can prevent them from completing the task. In real life, users might just get a phone call or a message that can distract them and prevent them from completing the task. But if the task only takes a second, there is not enough time for users to be distracted. They can complete the sign up and become committed later. It doesn’t have to be convincing, it just has to be easy. There is a reason sign up flows are commonly accompanied with “no fees, cancel anytime” type of language. Those who focus on making onboarding as easy as possible can onboard more users.

Think McDonald’s drive-thru. You drive in first, then you see the menu. Not menu first and then decide whether you want to drive thru.

This is not to say that there can be no demo or overview. If you are thinking of doing a demo, Brex is a great example of how to do it effectively. Note how “See Brex in action” comes after the main CTA ("enter your work email+click “get started”). Many users will have autofill enabled for their email and one can sign up literally in a second and three clicks (one click on the field, second click to confirm autofill, third click on “get started”).

Also, check out how their demo starts playing right away after clicking “See Brex in action” and does not require a second click to “play” the video. Real app walkthroughs in ads are great because it forces you to have an app and flows that are so good that they can be shown in a short ad.

Let’s not forget that Neo offers more than one product, i.e. credit card, money account, mortgages, investments etc. Your current CTA at the top of the page focuses on mortgages. Out of all Neo products, mortgages are the hardest type of product to sign up for (it is much more difficult to qualify for a mortgage than to download an app). You can design unique user journeys to match different kinds of users that search for different things to different products, but I don’t think this is an optimal approach. As an alternative, you can design the simplest onboarding imaginable that can be completed in a second to get as many users as you can into your ecosystem. Then you can triage them. Once users have the app or once you have their email/phone number, you can figure out what they are interested in. It should be much less costly to reach out them at this stage when they are soft-onboarded with the app install/email provided compared to driving traffic with ads where you have to pay on a CPC basis.

[Denisa.Neo]

Great points. I wasn’t expecting the McDonald’s drive thru analogy lol but it really clicked. Mortgages definitely feel like a tough lead in.

You mentioned designing different user journeys for various products - do you think a more modular approach could work for onboarding? Something like a super simple onboarding flow, like a one step signup that captures the essentials and then lets users opt into flows tailored to specific products as they explore further. Almost like a tiered funnel: super easy entry, but for users who are ready, they can jump right into what interests them.

And on the Brex example, I love how they use “See Brex in Action” as more of a reinforcement tool instead of the main ask. It feels less pushy but still impactful. I wonder if that kind of secondary CTA could help re engage users who hesitate after the first step

[Paul]

@Denisa.Neo

Mortgages definitely feel like a tough lead in.

Can be made easy. Will come back with some thoughts on mortgages in a separate post.