With a noble mission of providing everyone with financial stability, this startup is well on its way to revolutionize the Personal Finance space, which for many reasons has become complex and inaccessible to the majority over time.
Even with technology democratizing financial services, many pre-retirees are still stuck without a stable retirement plan, thanks to a lack of professional advice and affordable services. Retirable plan to tackle this by providing clear, actionable, advice, specifically catered to the ignored demographic
The website of Retirable does a wonderful job of conveying the core message, it’s USP and the Call-to-action. However, I feel it could further enhance its User experience.
Everything that’s Good
Credit where it's due. The current homepage is designed spotless, using a lot of white space and following a minimal design principle.
- Minimalistic design without any distraction
- Clearly highlighted USP (Unique Selling Point) that stands out and conveys the intended message
- Optimal usage of White spaces throughout the website
- Clear navigation elements
- Very clear and visually hierarchical CTA (Call To Action)
- Brilliantly leveraging FAQ sections to clear the common doubts and queries
- Well structured sections to avoid any confusion
- Minimum steps to the goal
The Enhancement Angle
Retirable is focussed on helping mainly the Baby boomers and Gen Xers in planning for both the financial and non-financial aspects of retirement. Their main push has been towards serving theses demographic, while others are focussed on much younger ones.
So, it goes without saying that the approach must be different and it must integrate with the demographic that’s been targeted. Keeping the inclinations and habits of these generations in mind, there are some subtle improvements and enhancements that could dramatically increase the engagement, and further the customers
Contrary to popular belief, Boomers And Gen Xers are actually embracing the technology at a faster rate than Millennials. In this post by Digital Media Solutions, a leading global martech company, they say
“Boomers and Gen Xers are spending more time online and utilizing their smartphones to access apps, social media, and the internet. Marketers can capitalize on these user behavior statistics to reach these generations more effectively.”
Use Cases are selected to understand how users will perform tasks on the website, from a user’s point of view.
In order to test the ideas and hypotheses, I start by building 3 Personas, representing 3 archetypes, and analyzed what needs they are willing to meet on the site, which functions could be useful.
- Antonio (Just browsing. Not interested in buying)
- Karen (Looking for the solution Retirable provides. Interested in buying)
- Gary (Positive about the Retirable. Wants to buy)
Features and Functionality
Based on the analysis of the results and User Cases, I had a brainstorming session to figure out which new functions, and which visual approach, could satisfy users' needs. After the brainstorming session, the most important points were selected and sorted into two categories: Functional and Visual.
- Informing about the data privacy and safety of their financial data in a separate section, mainly to reduce the anxiety and also an added USP.
The majority of the people are concerned with the risk of data theft and hence the need for reassurance of safety especially since it contains a lot of sensitive financial information.
- Small length videos explaining about the product and also testimonials. This will help people, whose first language isn’t English
Instead of reading and finding all the information, a small video on the hero section explaining the product and the USPs will deliver the message much faster and will be easier for the users, especially the ones who are slow at reading English.
- UX writing to guide users within the website and help them interact with it.
Including UX writing techniques will result in creating a more human experience, than just the machine talking to them. Small, subtle changes can have a big impact. These small words can create long-lasting customers who have a positive experience with the website
- Statistical data Visualization about the current scenario and the importance of retirement planning
Let’s face it, numbers never lie. However, numbers aren’t the best option when the same numbers could make it seem complex. Most already associate complications with finance. We do not want to nurture this. This further results in a negative loop leading to users abandoning the website. We can utilize the numbers and present them in a simple visual form to convey the message.
- Micro and subtle interactions to increase engagement
Features bring a user to a product, but it’s the details that make a user want to stay. Simple animations that focus on User emotions is the key. Microinteractions increase user engagement at a relatively low cost.
- A Visual Guide, along with questionnaires during onboarding to better guide them
Even though the onboarding design is immaculate, the experience could be made much better and user friendly with visual guides or small animations along the way
With the new features finalized, we can move ahead to wireframing to define the framework of the new website. With several frameworks designed, I chose the final wireframe.
The Modified Homepage carries the elegant Visuals and content of the current homepage and further enhances it by adding a small video introduction and replacing the testimonial texts by video.
An additional section assuring the safety of their data is added, which solidifies Retirable as a trusted advisor.
Since the targeted demographic consists of people, the majority of whom aren’t as tech-savvy as the Millenials, it is a better option to design a webpage that provides them the best experience, by making everything on the screen self-evident.
Usability is about people and how they understand and use things, not about technology — Steve Krug
Few Marketing Suggestions to increase customer growth
Along with the above suggestions, I also have some ideas that I think can help Retirable grow. Assuming that the primary demographic is Baby boomers and Gen Xers, we can build their trust by being their ‘Go-To’ financial guys. This can be achieved by building trust over time and by providing value by,
- Starting a weekly or fortnightly company Newsletter, that provides financial tips or information about the economy without the fluff. Since email is one of the biggest tools for Gen-Xers, we can reach them much easier than Millenials via this channel.
- A long term strategy involving free small Customer Education Program on personal finances and the basics. This will help in building a loyal customer base and further increase our outreach
- As already included in the design suggestions, 2 to 3 different videos of testimonials to plummet the social proof
- Small rewards to the Referral system
- Some small gifts or coupons to customers, on special days, via direct mail to their home for connecting at a personal level. A recipe for customer loyalty