It’s been a while since we gave you a formal update on where we are with development these days.
So here’s a small story from our trenches …
Building the Cake app
We’re continuously working to add new features to the app and improve the user experience. Our mission to improve the financial wellbeing of our users is what drives us every day.
On the one hand we drive our product using our (open) roadmap; adding more and more “lovable” features, and integrating additional Reward partners.
At the same time, we’re guarding a long term strategy to move from our current banking app, to a pro-active financial advisor and finally into a platform.
Attracting new users
This summer we launched a few digital marketing campaigns. The goal was to perform a set of tests to see what content, targeting and communication channels work best for us.
Instead of the so-called organic growth amongst the early adopters and fans we are now also attracting new users, who have never heard of Cake before.
New users expect more information
The inflow of those new users made us realize that they required more information than what we offered at that time when fully on-boarding into the Cake app.
For your information, in support of our business model, we only consider somebody as a “user” when they:
1. Download the app
2. Create a user account
3. Connect at least one bank account
In our support calls we immediately noticed several peculiar questions; both challenging the value proposition and the legitimacy of our app.
And our internal metrics also highlighted that we succeeded in attracting a lot of new Cake users, but we didn’t manage to convince all of them to eventually connect their bank account.
In conclusion… our existing on-boarding process didn’t convey the value proposition, and it failed to reassure the legitimacy of “the profitable banking app”. This required us to act!
New onboarding flow
We immediately deviated from our existing product roadmap; spinning-up the design and development to improve the on-boarding of both the user creating a profile and connecting their bank account(s).
In the meantime our team already launched the first improvements, and the numbers have improved drastically. We are now preparing to release additional enhancements, to take this even further.
Agility is crucial
So in conclusion…
The most valued asset of our team is our “agility”; our ability to detect situations like these, and react swiftly.
I’ll now start working on an update of our (open) roadmap, vectoring in these user and bank account onboarding improvements!
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