Quick Deposit for Investment Accounts
Overview
Quick Deposit for Investment Accounts is a feature that allows customers to deposit checks to JPMC investment/retirement accounts on the Chase mobile app. In early 2020, many Chase bank branches were closed due to Covid. A lot of in-branch services were impacted, including putting checks into investment/retirement accounts. The CEO saw this as a great opportunity to encourage customers to deposit funds to their investment accounts digitally and secure their IRA funds while looking to switch jobs. This was part of JPMC’s customer financial rescue plan in conjunction with the Covid stimulus package from the U.S. government.
What I did
- Partnered with product owners to define end-to-end customer experience, as well as define key experience indicators (KEI) framework for design scope of work
- Worked with different stakeholders to gather design requirements, with the help from the retirement product partners, operations, and legal
- Led UX/UI efforts from ideation to development
My impact
- Brought half of the rollover transactions from “in-person inquiry” to mobile digitally in the first 3 months after launch
- Reduced additional workload from our front-end service team in approving rollover requests from customers
Understanding customer journey
Customers can only deposit checks to their checking/saving accounts. With depositing to investment/retirement accounts, customers have to do it at a branch with guidance from the staff. To understand customers’ journey, we had a series of working sessions with the operation team and below are the two biggest difficulties when customers depositing checks at the branch:
- Not sure what would be the right deposit options.
- People at the branch may not do a good job when explaining to customers about each of these options.
These two biggest pain points summarized the two primary audiences for this service. To help us to better illustrate their journeys, I worked with the operation lead and visualize their workflow into the flow diagram below.
As illustrated from the user flow above, we are introducing two separate experiences into one feature
- Provide a list of deposit options for people who have deep knowledge of investment/retirement.
- Provide an extra handheld experience for people who have less knowledge of investment/retirement.
Establishing experience framework
Since QDI is a secondary feature within the main deposit check eco-system, we thought the best way to design MVP is to leverage the existing UI component for MVP to avoid additional design debts in this aggressive timeline. I then worked with the design lead on the mobile team to build the visual experience of the QDI journey.
To help us validate the customer journey on both primary users. We conducted 2 virtual usability testing to see if the flow makes sense to them. Throughout the sessions, customers with light knowledge in investing appreciated the “questionnaire guiding experience” as it directs them to the right deposit option.
To communicate these findings further, we translated them into KEI (Key Experience Indicator) to benchmark the design requirement and business goals. Below are the two primary benchmarks for design:
- Feel confident in choosing the right deposit types
- Provide additional guidance for customers to navigate option that is suitable for their financial situations.
The end-to-end journey
To finalize the MVP, I used the benchmark from usability research sessions to fill the gaps involved in the entry point, as well as information that is displayed on the screen.
Here are the main design enhancements I made on the updated journey:
Leverage other entry points on the Chase app to connect the experience
Displayed deposit options in a listing view for better readability
Leverage “questionnaire experience” for users to choose the options that resonate with them
Allow customers to take pictures of their checks to deposit
Below are sample screens that illustrate the journey:
Impact and conclusion
In 2020, 52,260 requests were received before QDI launched. We received 264,291 requests in the first 3 months after we launched the feature. Through this product, people were able to deposit their stimulus checks into their investment/retirement accounts digitally. Up to these days, we are working actively with other design teams to ensure people are sharing the same deposit checks experience on the Chase app.
Deliverables
- UX strategy framework and task flow chart
- Product + Design content strategy framework
- Prototype and design specs
