XP Investimentos is one of the largest brokerage firms in Brazil. In addition to its significant national recognition, XP also has offices in Miami and New York. Due to its exponential growth, in 2019, it listed on the Nasdaq, the American stock exchange.

Overview

Undoubtedly, one of the biggest challenges affecting the onboarding journey and directly impacting a company's conversion rates is the registration process. This moment is crucial for users as it can determine whether their initial interaction with the company will be delightful or frustrating.

Challenge

Through a Net Promoter Score (NPS) tool, we have identified that, in addition to considering the process lengthy, users have other concerns related to filling out their personal information. Due to legal constraints, we cannot simply eliminate some of the data points that currently affect the journey. Therefore, we face the following challenge:

How can we make the registration experience more user-friendly and appealing? 🔮

Design Strategy
Discovery
Research
Ideation Workshop
Prototype
A/B Test

Process & Role

Through a detailed analysis of each step in the funnel, we were able to identify the key pain points that directly contributed to the increased abandonment rate in the process. To gain a more qualitative understanding of the issues, frustrations, and emotions involved in each abandonment stage, we conducted interviews and surveys with users who discontinued the account opening process.

Here are some finds

After analyzing access metrics, navigation data, and conducting research, we identified some key points:

• The current interface does not encourage data entry. Our form interfaces are quite similar, which creates a monotonous experience for users.

• We request a significant amount of information and personal data without providing clear explanations about why we need this data and how we will use it. This situation leaves the user insecure and causes them to abandon the flow

• Excessively technical and formal language does not establish an effective connection with users. At times, we use unfamiliar terms, which can lead to various interpretations by users. Adopting a more accessible language, along with supporting text, reduces the user's cognitive load, provides context for the input required, and facilitates the approval of the account opening process.

The results

In 2020, the majority of registrations, regardless of the sector, were very similar. In response to the need for increased security and user engagement, we reached a consensus to build the conversational registration MVP.

Right from the first A/B test, we achieved remarkable results, with a 21% increase in completed leads compared to the control version 🎉