Financial Health, an engagement platform for Best Egg, was exploring ways to improve customer retention and engagement. We identified customers struggled with setting realistic credit score goals and there were no credit score goal-setting tools available. After introducing a credit score goal-setting feature, users who interacted with the feature exhibited 12% higher 30-day retention.
Financial Health is an engagement platform focused on retaining existing customers and attracting new users through personal financial insights and education for Best Egg, an online personal lender. At the time, the new platform had 3-4 features and were exploring opportunities to drive user value and improve engagement and retention.
Through customer research, surveys, and market research, we discovered:
I believed if we created a tool that allowed users to set a realistic credit score goal with advice on expectations and ways to improve their score, it would increase engagement and retention through the periodic monitoring of their score.
However, there were several assumptions I needed to validate before progressing further.
To assess demand for a credit score goal feature, I conducted a 3-week painted door test.
The test displayed a new panel on the homescreen describing the benefits of the feature and a button as if it was already built. Once a user clicked the button, we presented a message letting them know we’re exploring the feature.
At the end of the test, I measured the click-through rate to measure interest in the feature and compared it to other painted door tests we ran in the past that eventually were built into features. It had the 2nd highest click-through rate of any other painted door test that we had run. There was clearly interest in a solution that helped with setting credit score goals.
The second important assumption I wanted to validate was whether people would give us the information we needed to set a goal and whether savings and reducing debt were also goals we should consider for goal-setting.
We updated the painted door test by broadening the language to include all goals and added a survey after clicking the CTA. The survey helped us understand what type of goals users wanted to set and if they would provide the necessary information to set a goal such as goal amount and target date.
The test performed similarly to the first painted test with roughly the same click-through rate. However, we discovered users were very willing to provide us the necessary information, 90% of users who started the survey completed the survey. Additionally, we learned that users were 3x more likely to set a credit score goal.
The MVP consisted of:
The hypothesis was successful, users who created a credit score goal interacted with the feature twice a month on average and overall 30-day engagement and retention improved by 8% and 12%, respectively. We also noted that users that created a credit score were more likely to interact with other features on the website.
