Balance Transfer
Wells Fargo Strategy, Digital, & Innovation:
Become a Customer - Credit Card
Problem Statement:
Decrease customer friction during the current application process by moving Balance Transfer requests from the current application to become a Post Submit/Approval Experience
My Role:
Principal Product Designer
Platforms:
Native Wrapped
Responsive
Mobile
Desktop
Tablet
Objective:
As a credit consumer who typically carries a balance on credit cards, or a consumer who is looking to pay my debt down faster; I am interested in transferring my balance in order to receive a lower APR or no APR, in order to reduce the amount of interest paid over the life of my consumer debt.
Key Results:
Increase adoption rate for Balance Transfer Requests from new and existing Wells Fargo customers
Decrease the amount of balance transfers that exceed the customers current approved credit limit resulting in false positive transfers
Increase amount of consumers applying for a balance transfer
Decrease the time to completion for the current Credit Application Process
Prevent duplicate balance transfer requests through clear communication and transparency
Easily transfer your balances
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Post Submit Entry
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Add a balance
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Add a balance filled
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Transfer another balance
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Transfer another balance filled
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Transfer a second balance
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Two Transfers Added
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Three Transfers Added
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Review Transfers
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Balance Transfer Submitted
The ouctomes
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Reduced time to complete by 3 min per application year to date.
Average taken over 400,000 applications per month
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Eliminated balance transfers that exceed the consumers current credit limit
No applicants have submitted transfers above their limit to date.
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Less than 5% of applicants submitted a duplicate transfer in the first quarter post release
Less than 60,000 duplicates
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Increased adoption rate by 15% in first quarter post release
Over 180,000 applicants opted to transfer a balance post release