Crypto for beginners
Buy, sell, HODL & learn
Team: Lead Product Designer (me), Senior Product Manager, Engineering team
The project
Zip is a buy now pay later company, that allows users to split payments interest free.
This 9 month project entailed discovery research and design for Zip’s launch into the crypto space.
Result: End to end design of Zip’s crypto trading platform with targeted educational features to support beginner investors and promote financial literacy.
My deliverables
Help define the product definition & positioning for crypto
Research, UX and UI design
App flows
Educational content
The challenge
Understand Zip users’ (and potential users’) knowledge base and attitudes towards investing and crypto
How to bring crypto (buy, hold, sell) to Zip, while protecting users’ financial wellbeing
How to evolve Zip from a buy now pay later payments app, to a wallet and investing platform
Why crypto?
Research indicated that there was an openness to crypto among Zip’s existing users base (40%), as well as Australia’s wider population (48%). But many hadn’t made their first investment.
24% of Zip users are considering crypto but aren’t active yet (Customer of Tomorrow Survey, 2021)
Research first
This project involved 5 distinct phases of research to truly understand where Zip users (and potential users) were at when it came to investing and crypto. Running both quantitative and then qualitative customer interviews allowed us to validate design as well as dive deeper into the mindset of our customers in relation to Zip offering services outside of its original buy now pay later space.
Where do Zip users stand on crypto?
| Research | Focus |
|---|---|
| 1. Survey | Understanding barriers, triggers and baseline knowledge when it comes to investing and crypto
n = 161 Zip users |
| 2. Focus groups | Assessing early lo-fi concepts, barrier and triggers through a Behavioural Science lens, in collaboration with The Behavioural Architects
n = 30 Zip and non Zip users, across 5 groups |
| 3. Concept testing | 1:1 interviews with a prototype, to understand mental models for introducing investing into a payments focused app, and validate information architecture
n = 5 Zip users, open to investing |
| 4. Usability testing | 1:1 interviews with a mid-fi prototype, evaluating onboarding, educational features, account creation, and purchase flows
n = 6 Zip users, open to investing |
| 5. Usability testing | 1:1 interviews with a hi-fi prototype, validating final copy, educational features, buy/sell flows, portfolio comprehension, and coin listing information
n = 5 Zip and non Zip users, open to investing |
Understanding and addressing user fears
The survey identified key barriers to considering crypto as: volatility, loss aversion, lack of knowledge, and burden of effort. Based on these, I put together 4 low fidelity static concepts to take into focus groups for validation. Keeping concepts low fidelity helped focus discussion on the ideas, identify what resonated (and what didn’t), and inform which features should be carried forward into the next iteration.
HYPOTHESIS
We believe that many people interested in crypto lack the knowledge to get started with confidence,
So if we provide crypto education in an easy, digestible and incentivised format,
We will see these users interact with these features before making their first trade with Zip.
Barrier #1 (62% of survey respondents)
“I don't have enough knowledge on how to invest in crypto”
Concept #1
Learn & Earn
Incentivised learning through bitesize quizzes with bitcoin rewards
Objective: To target initial barrier around education and lack of clarity around crypto
Designed for: All Zip customers, but particularly new investors (to crypto and other)
Outcomes
Most popular concept across all cohorts
The reward has universal appeal, from those who are new to investing to those more experienced
For those who are new, giving crypto as a reward means they can start investing small without having to invest their ‘own’ money
Learn and Earn in scope for launch
Quizzes cover foundational knowledge of crypto
Learn and Earn - low fidelity concept for focus groups
“Makes you comfortable with the idea of crypto and builds your knowledge about it” - Female, 42, Non Zip, investing outside of crypto
Barrier #2 (74% of survey respondents)
“I’m afraid of losing my money”
Concept #2
Try before you buy
Gamification of learning by doing
Objective: To encourage customers to learn by doing with a virtual portfolio that is ‘risk free trading’
Designed for: New crypto investors
Outcomes
Simulated game allows people to experiment with the platform without feeling pressure to invest
Appealed to all cohorts, even current crypto investors because the capabilities of the Zip crypto platform would be on display
However, over gamification may trigger association with gambling and increase fear of investing
Try before you buy - low fidelity concept for focus groups
“As I gain more confidence in [investing], then I would probably be more inclined to actually invest” - Female, 33, Zip user, non investor
Barrier #3 (63% of survey respondents)
“I don’t know where to start”
Concept #3
Bundle Portfolio
Diversification in one easy trade
Objective: To alleviate analysis paralysis (not knowing where to start), by providing a bundle of top ten crypto (by market cap) in one order, to build up a portfolio quickly - like with Exchange traded funds (ETFs)
Designed for: All customers, mainly those who are unsure where to start investing
Outcomes
Those not already investing did not intuitively understand the idea of a ‘bundle’ or ‘portfolio’ because they don’t have anything to anchor it to
There was varying interpretations of how a ‘bundle’ would impact risk, with some believing it will increase risk. Interpretations largely depend on existing investment experience.
Bundle Portfolio - low fidelity concept for focus groups
“Bitcoin goes down, everything goes down so I’m not sure whether there is diversification” - Male, 26, Zip user, investing outside of crypto
Barrier #4 (51% of survey respondents)
“Crypto is too volatile”
Concept #4
Make your own rules
Stop loss orders made easy - autosell to a stablecoin if the price falls too far in defined period
Objective: To target volatility and fears of losing all of your money
Designed for: Intermediate to experienced (crypto) Investors who are concerned about volatility
Outcomes
Least successful concept in testing - not added to scope
New investors did not understand the what a ‘stop loss order’ was or understand why it’s beneficial.
Overall appeal of the concept was limited to existing crypto investors - who are usually already trading in full service exchanges like Binance, Swyftx or Kraken - not likely to add Zip as an exchange
Make your own rules - low fidelity concept for focus groups
The result
Building financial literacy
Putting a focus on education upfront, customers can build their financial literacy, confidence and feel informed about the risks and rewards of investing in crypto.
Once a user completes the 2 mini crypto quizzes, they’re rewarded with $5 in Bitcoin. This incentivises users to work on their crypto knowledge and invest weighing up the risks involved. Gamification via video quizzes makes this feel less like homework and provides Goal Gradient effect (motivation to complete what’s started). Users are then also able to trade risk free with their Bitcoin reward.
Quiz content is aimed at beginner investors, and addresses fears and knowledge gaps identified through research -
Quiz 1: What is crypto, never invest more than you’re willing to lose, holding through volatility, market cycles, risk, and staying safe
Quiz 2: How to buy/sell crypto via Zip, diversification, dollar cost averaging, and tax implications in Australia
Strongly promoted for new users but not mandatory
Learn and Earn quizzes - mid fidelity prototype for usability testing
Learn and Earn quizzes - Final UI. Illustrations by Evan Verrilli
“It feels like LinkedIn Learning and stuff - which feels legitimate... I’m not just being sold something, I am actually being informed.”
Crypto - made simple
Providing a limited offering of top coins only (by market capitalisation) with no meme coins (e.g. Dogecoin), aims to limit potential volatility for customers. Each coin listing page displays price action over time, and an ‘About this coin’ section that explains the coin or token in plain English.
Limiting deposits to $2,500 per day for making trades, also adds intentional friction for any users that may feel compelled to go invest more than they can afford, or ‘FOMO’ in (fear of missing out).
Users simply add funds to their cash balance, read up on their coin of choice, and hit ‘Buy’. Quick amounts allow instant input for purchase or sell amounts, and are set to $100 or below to encourage smaller, less risky trades.
The review order screen lets users check all details before confirming, and provides full transparency on trading fees. Successful orders are reflected immediately in the user’s portfolio where they can track profit and loss over time.
Buying Bitcoin - mid fidelity prototype for usability testing
Buying Bitcoin - Final UI
“It’s good knowing I can put in a small amount - makes it more engaging and accessible for everyone.”
Feedback
“Mathilda has provided amazing support for Financial Services and has become a true advocate across the Product, Engineering and Design teams. She also stepped up to act a more broad influencer across Crypto in particularly having a strong voice at the table not only in the customer solutions but which direction we are heading. She strongly represents the voice of the customer, both balancing new opportunities for them whilst representing their key issues and concerns and factoring them into designs.“
- Simon, Senior Director of Financial Services @ Zip