Multipl is the world’s first Save Now, Pay Later platform aimed at helping people make purchases or fulfill experiences by saving first rather than relying on any kind of debt.
The concept is based on incentivizing users to plan and save up for any goal such as “Travel to France”, “ Buy an iPhone 14 Pro” etc and then rewarding 🎉 them for their planning with discounts and deals.
But where Multipl is really different is that they invest users’ savings to get a better return and further reduce the price of their goal. In this way, Multipl becomes more of an Invest to Spend platform.
User Experience & UI
In 2022, Multipl raised their seed round and chose to invest in a better User Experience for their mobile app to solve a few challenges -
- Making saving with Multipl a no-brainer for the user
- Making the platform feel simpler to understand and use
- Making the platform delightful to use instead of transactional
LO also became a strategic partner to help with product or UX strategy. This means that we also aimed at helping Multipl move the needle in key areas of growth, revenue and retention. The KPIs we focused on were:
- Faster user activation (Activation)
- Better Goal Conversion (Revenue)
- Repeat Goal Creation (Retention)
Discovery & research
To get a sense of the wider context in which our users make decisions we did market research, competitor analysis and user interviews. Funnel analytics and other data points helped us better prioritize the touch points in the user journey with the most drop offs. We also did benchmarking along with UX audits to better understand opportunities for UX improvements.
An important thing we found was that savings inherently isn’t cool or easy. As a concept, it is also tied to the idea of taking less risks. This made it harder to bring together the two concepts on which Multipl’s platform was built: Savings and Investing. What’s more is that most Indians try and save a lot and keep their savings in bank accounts - neither diligently planning their spending, nor investing money for better returns.
We looked at the user journey holistically. From acquiring users on Multipl’s website to onboarding and educating users during sign-up and finally creating a goal with Multipl.
Goal creation was incredibly important for Multipl as a KPI, but it was also a crucial touchpoint for a user to start realizing the value of Multipl.
Hence, it was important to prime a user right from the get-go.
The Home Page is where acquisition starts. We aimed to simplify, provide credibility and simulate what a user will get from using Multipl.
The value which Multipl provides is explained via a simulator that walks someone through what creating a goal with Multipl is like and what benefits they get.
When a user downloads the app, we wanted to explain what Multipl is and then get the user to create a goal. We used social proof and credibility patterns in different places to increase trust.
We gave users the option to choose whether or not they wanted to go through the onboarding experience. By providing a login button for existing users, we allowed users to skip the onboarding if they preferred.
We chose to design the interaction with the onboarding experience to be similar to 'stories' on social media apps like Instagram. As many users would already be familiar with this type of interaction, they would find it intuitive from the start.
Designing a new-age fintech platform taught us a lot about user behavior when it comes to saving, spending and investing. It also challenged us to simplify concepts and terms as much as possible.