Build a better credit score
Aqua Coach
NewDay
Credit scores are a mystery to most of us – abstract numbers surrounded by jargon that fails to explain why your score is important, or what you can really do to improve it.
Aqua Coach is your new credit builder tool in the Aqua app, giving you everything you need to build better credit all in one place.
Drive better credit behaviours and education
Business problem
Help customers be better with credit to drive better spending and repayment behaviours
Customer problem
Customers are unclear on the things they need to do to improve my credit?
There are multiple different places to see my credit score history?
Objectives & KPI’s
Increase to Aqua customers’ credit scores and customer outcomes
6 months targets
- 20% acquisitions sign-up
- 30% existing customer adoption
- 30% feature engagement (monthly score refreshes)
12 months targets
- TU score and Aqua behavioural score improvements
- Increase in payments
- Reduction to over-limit and late fees
Competitor Analysis
A quick look at what products are combining credit score into their product feature set to encourage better understanding of their scores
Zopa
Pros
Eligibility for Zopa Loan
Free to use service
Available for non-customers
Cons
Actions show little personalisation
Monzo
Pros
Visual indicator of credit score
Positive reinforcement
Updated monthly
Clear factors for people to improve
Cons
General score
No clear product link
CreditWise
Pros
Clear improvements tab
Factors rated individually – ‘Excellent’
Access to report
Cons
No clear product link
CredAbility
Pros
Goals to improve score
Score history
Linked to product deals
Credit product calculator / eligibility
Cons
Brand looks childish – untrustworthy
Target audience
People need to build their credit score, but don’t know HOW to do this.
Credit scores are a mystery to most of us – abstract numbers surrounded by jargon that fails to explain why your score is important, or what you can really do to improve it.
Aqua Coach proposition
Aqua Coach is your new credit builder tool in the Aqua app, giving you everything you need to build better credit all in one place.
Overall Aqua Coach helps customers by supporting them through key steps to improve their credit score
Key features:
- Free credit score and report powered by TransUnion
- Key factors – factors driving their credit score
- Repayment calculator – see the impact of paying their balance early and how much they could save
- Credit hub – articles about credit and finance help
Customer benefits
- Single place – track progress and history
- See factors – where to improve
- In control of repayments to improve
- Empowerment – engaging with tools and articles, to improve their financial know-how and be more empowered
User flow
Key flows that make up the Aqua Coach experience
Key screens
Key screens that make up the Aqua Coach experience
Login Interstitial
The interstitial is designed to entice an Aqua customer to sign up to the new Aqua coach service
• Clear break down of key information to persuade user to sign up
- Bold highlights of key words to call out the main feature benefits
- Bold CTA to further increase click rate
- Animated Aki to bring fun and excitement to the journey, Whilst further enticing the user
Welcome Interstitial
The interstitial is designed to provide additional information around the new Aqua coach service & Transunion, who are supplying the credit data
- Clear break down of key information to persuade user to sign up
- Bold CTA to further increase click rate
- Animated Aki reused to provide consistency between the interstitials
Home screen
The home screen is designed to provide the user with key information regarding their current credit score
- Large section dedicated to the users credit score highlights any recent changes & when last updated
- Current level banner to show users credit score level and take them to the dedicated levels area
- A scrolling banner with multiple ’hints & tips’ to inform a customer on what they are doing well & could improve
- Actionable elements to access the dedicated repayment calculator & credit hub areas
Credit Levels
The Credit levels section is designed to provide additional information around a customer’s credit level, Both the benefits and disadvantages
• Clear break down of all 5 levels and their score brackets
- The users current score is always clearly highlighted, even when compressed
- The user has the ability to check key information of other score levels to further encourage score growth
Repayment Calculator
The repayment calculator is designed to provide customers with key information about making repayments & reduce interest
- Ability to calculate based on monthly payment amounts or an end date.
- Clear breakdown of the user’s current financial situation and potential savings
- Easy to use slider to adjust the payment amount / end date with the ability to manually enter for greater accuracy
Aqua Coach prototype experience
To demonstrate the Aqua Coach experience to internal stakeholders and to user test with customers we put together a realistic prototype in Figma. This gives people a sense of how the feature will feel and also helps development teams to achieve the design intent.
Customer validation
To make sure that the experience is ticking boxes and providing a valuable experience for customers, we went through a round of user testing to validate our designs.
“Very Welcoming, Very clean & give’s insight into what it offers”
“Good that the details are summarised all on one page”
“Very clearly tells you what level you are, and what the implications of each level is”
“Very good experience going through the app, I think its very clean & very easy to use”
“I Didn’t realise credit scores affected interest rates, was very helpful to learn this type of information”
Results - 3 months post launch
Launched across both iOS and Android NewDay Aqua Coach app
193% adoption of Aqua Coach feature across iOS and Android
33% of new customers have signed-up for Aqua Coach
High engagement, with 37% of customers re-engaging with Aqua Coach to build their credit
- Medium
© 2020 David Standen