Role

I was the lead designer for this project. I was responsible for Strategy, Product Thinking, UX Design, and Visual Design.

Team

1 Product Designer
1 Content Designer
1 Head of Product
2 Product Managers
8 Engineers
2 Compliance Officers

Timeline

5 months

Problem

We succeeded in acquiring new customers, but we failed to get them to stay.

• People come to Varo interested in Advance
• We require them to set up direct deposit to qualify (~30+ days)
• They don't get what they came for and leave

Goals

We want to help customers get a cash advance as quickly as possible.

Metrics

• Customer satisfaction
• Reduce customer contacts
• Number of new Advance accounts
• Number of new North Star customers
• Plaid link percentage

Solution

We allow customers to link an external bank account to borrow with Varo Advance.

• People link their bank account with Plaid
• We use the data from their linked account to approve them (same day)
• They can borrow up to $250 by linking an account, and up to $500 by moving their paycheck to Varo

Results

We increased customer satisfaction and increased our target metrics.

• We reduced the time to qualify from ~30+ days to within a day
• We reduced customer contacts
• Number of new Advance accounts +21.8%
• Number of new North Star customers +4.8%
• Plaid link percentage 61.3%