To get access to Wave Money, the center of the Wave ecosystem, business owners must first do what everyone loves to do, fill out your information in forms. We need this information so it can be reviewed for regulatory requirements, risk and compliance.
While nobody likes filing out forms, it’s a necessary step to ensure Wave is compliant with their banking agreement. It’s a common experience for all financial products. You give us your information and we’ll give you access to our financial services.
I started by auditing the journey a user goes through when applying. This allowed product, engineering, and other stakeholders to see this experience from a holistic viewpoint.
After mapping out the application user flow, I connected with our Compliance team to understand what happens at each step and where they see a lot errors. We identified 2 big points of failure. I also noticed the failure points had a related part in the application.
One failure point was the business owners address did not match the business documents they provided. Looking at the user flow I could see they were asked to enter their business info all on 1 screen, then 3 steps later to upload their documents that should match what they entered. Without telling them they need to match. This was a gap in the application flow.
Form screens are often reduced to the minimum with the assumption that “less screens means faster to complete which means better completion rate”. This is not always the case and is highly dependent on the information the user is being asked to provide, the user flow, and experience. In this case, I grouped related fields such as those that required a photo upload or scan. I proposed a new user flow that took into account related information and look at data points where drop-off was happening.
