A popular Decentralized Finance trading platform wanted to create a lending platform that users new to the space can easily use.
The owners wanted an entirely new investment and trading platform to avoid confusing new users with overly complex flows.
When it comes to sending money from your bank account, you likely take the time to triple-check everything to ensure it's correct. It's a prudent approach, especially when dealing with high-stakes transactions.
In the world of cryptocurrency, that same sense of caution is even more crucial. Many crypto enthusiasts view digital currencies as just as valuable, if not more so, than traditional fiat currencies.
However, for those new to crypto, the uncertainty and risk involved in making investment decisions can be daunting, leading to a lack of trust and hesitation. That's why we're focused on addressing these pain points and helping newcomers to the crypto space feel confident, secure, and informed when making investment choices.
Several hypotheses were explored to help newcomers to the crypto space feel more confident, secure, and informed when making investment decisions. After careful consideration, we chose to focus on the hypothesis that we believed most effectively addressed the core issue:
By empowering and educating users at the point of decision, we can boost confidence, leading to higher engagement and activation.
Our research confirmed what we'd suspected: several users expressed that anxiety about making costly mistakes created significant friction in the decision-making process.
To address this, we identified that providing comprehensive education and information to boost user confidence was the most effective way to alleviate this anxiety.
Additionally, users placed a high value on transparency and accountability from the platform, recognizing that these elements were essential in reducing their concerns and fostering trust.
By prioritizing both education and transparency, we can effectively reduce friction and support users in making more confident, informed decisions.
Equipped with our new insights, we felt confident in making design decisions that would bring us closer towards our north star and have the greatest chance at making an impact on our users.
Below are some examples of the design decisions we made to educate users and boost user confidence.
Although our engagement with the client did not extend to shipping the product or iterating based on measurable impact, our team conducted thorough qualitative testing to ensure the client was well-positioned for a successful platform launch.
Based on data collected during qualitative testing, the platform's emphasis on keeping users informed and secure demonstrated a strong potential to reduce bounce rates and increase click-through rates within the trade flow. These improvements are expected to drive higher conversion rates and larger average trade amounts, ultimately contributing to increased revenue.