Comparison of Rewards on Dashboards
- Shakur Ahmad
Analytics
Status | In progress |
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Impact | HIGH |
Driver | Shakur Ahmad |
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Background
The app dashboard is being redesigned therefore, the entry point for Rewards must be redefined.
Constraints
The major goal of the redesign is to create one app that satisfies the user experience for Moniepoint’s personal users and business users, both locally and internationally.
Challenge
Business and Product goals involve placing rewards and loans entry points on the app dashboard for future designs. The Nav Bar at the bottom of the screen is limited to 5 icons therefore either the Rewards icon or Loans icon can be on the Nav Bar, but not both.
Relevant Data
Current personal and business mobile app designs:
Bottom Nav on Personal Banking | Bottom Nav on Business Banking |
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“More” icon on Personal Banking |
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Rewards Entry Point designs being tested:
Competitive Analysis
Barclays | Opay | Revolut |
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Access Bank (Standard) | Access Bank (New) |
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GTWorld Home Page (GTBank) | GTWorld Products Page (GTBank) |
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Data from Research
Recent performance of rewards
The Rewards Program has been highly effective in driving transactions among new users.* Moniepoint Data strongly suggests that rewards are an important service for driving Account Creation and First Transaction. Rewards seem to have the highest impact on Non-referred Customers.
Last 90 Days (16/12/2024)** | Sign-Up to Account Creation (referrals) | Sign-Up to First Transaction (referrals) | Sign-Up to First Transaction (non-referrals) |
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Assigned | 94.3% | 70.8% | 48.3% |
Unassigned | 83.9% | 53.6% | 20.6% |
CVR change | +10.4% conversion rate for of customers assigned rewards | +17.2% conversion rate for of customers assigned rewards | +27.7% conversion rate for of customers assigned rewards |
*New users are assigned reward campaigns for the first 90 days after Sign-Up. This is the cut-off time used to gauge decide what data most correlates to Reward Assignment.
* *Data accurate as of 16th of December 2024
Common Threads
Most products, local and international, prioritize rewards on their dashboard; it is more likely to display rewards and forego loans than to do the opposite. Furthermore, common practice seems to be prioritizing rewards in the dashboard, while adding the loans service as an element higher on the screen.
A lot of products also use a page or element like GTWorld’s “Products” that when clicked, shows all products e.g. rewards and loans.
Analysis/Suggestion
Although common practice seems to be displaying Rewards in the bottom Nav Bar, elements at the bottom of the screen tend to be missed by users.
Currently, more Moniepoint users interact with rewards than loans. Because rewards, is a more crucial to the business, it should be placed higher and loans should be placed in the bottom Nav Bar.