Automated Customer Account Transfer
Overview
Account Transfer is an investment service offering where customers can transfer their assets to a JPMC investment account from an external investment account at another financial institution.
As JPMC launched the first version of the online product in August 2017, we received more than 2000 account opening requests every month. During this time we also received over 500 questions and complaints via call centers, emails, and social media in the course of 4 months. The business team realized there was a huge opportunity to rebuild the entire existing online experience to enhance the overall KPIs across all service channels.
What I did
- Worked with research lead and product owners to map out the existing account transfer online experience and identify the business opportunities, as well as KPIs and ROIs.
- Identified the pain-points/opportunities with the customer feedback & analytics team.
- Led UX/UI efforts from ideation to development.
My impact
- Reduced the call center volumes by 15% in the course of 3 months after the launch of new design.
- Received fewer complaints from customers about where they stand in the transfer process.
- Increased visibility to other LOBs on possible future initiatives on the roadmap.
Determine the action items
Transferring assets from external financial institutions to their JPMC investment accounts digitally helps people to move their investments seamlessly. However, we found that there are several issues that customers were experiencing from the customer feedback center:
- Customers had no idea where to start.
- Customers had no idea if they needed to submit documents to initiate transfers.
- Customers had no idea where they stand after the request submission.
- Customers had no idea if their requests could be rejected, without further notifications.
From the four problems above, the experience was indeed broken. To further understand the problem from a systematic point of view, I worked with the research lead to talk to all possible stakeholders to understand the whole picture to analyze possible business opportunities.
After the exploration research with stakeholders, we learned that the call volume at the call center increased drastically as customers didn’t know the status of the transfer, and where they stood. To enhance the experience, I partnered with the product and tech stakeholders to brainstorm up to 14 opportunities. Of those 14, we identified 4 possible action items for the year of 2019. We assessed these low-hanging fruit based on customer pain-points, tech constraints, and budgets.
Define success and benchmarks
I partnered with the research lead and analytics team to define the experience benchmarks to ensure the redesign of the digital experience would reduce the number of complaints from the customer feedback center.
We developed a KPI framework based on these strategic questions:
- What’s the average time for customers to complete the process.
- What is preventing customers from completing the online request?
- What drives the customers to call the call center and what are their complaints?
- Why do customers drop off the digital experience?
Below is the framework chart.
The framework will be used to project the success/failure metrics from the customer analytics team to gauge opportunities for the post MVP enhancement.
Design and launch MVP
I worked with the product team to propose a solution that would allow customers to connect to their external institution and submit a request online – this would eliminate the pain points of submitting documents to initiate the transfer. I worked with the development team to implement the design in a bi-weekly agile fashioned sprint in the course of 6 months.
Some constraints were encountered as we built the ideal tracking experiences for users to track their transfer statuses (e.g. technical limitations, development time).
Aside from the constraints, the example below illustrates how customer frustrations were minimized with the updated online experience.
Below are a few additional finalized designs in the transfer asset journey.
Select financial institution
- Progress bar design illustrate where users are before completing the task
- Search bar allows users to search for any financial institution that could require offline submission
- Integrating third party service API to allow users to select the "popular institutions" to began online transfer
Painpoints to solve
- Wayfindings and setting expectations for users to know what to expect
- Showcasing the "online option" for users to process their transfer, first time ever
Specify the assets to transfer
- Allow users to select type of transfer in ease
- Allow users to identify the assets vs. cash to transfer. They can specify the quantity of the positions in the following step
Painpoints to solve
- Users don't need to wait for the manual process to kick in, they can directly do it themselves
- Showcasing the available assets to users, without calling their financial institution to inquire further information
Confirmation page
- Adding additional iconography and clear instructions to notify users what they can expect next
- Setting expectations of additional taxations and durations for transfer to complete
Painpoints to solve
- Clear guidance of what's coming up in the transfer process
- Notifying users that there're might be additional costs and time for transfers to initiate and complete
Impact and conclusion
The MVP was able to resolve 19 rejection reasons, out of 31 total reasons. It also reduced the call volume by 15% at the call center in the course of 3 months. As we receive more analytics in the coming months, we’ll be able to compare it with the benchmarks. Meanwhile, I am putting the efforts collectively with our stakeholders on other initiatives for ongoing improvement for the year 2021 and beyond.
Deliverables
- Service design blueprint
- Business strategy prioritization map
- KPIs and ROIs strategy documentation
- CX screen flow diagram
- Invision prototype with full-specs
