Aleksei Matveev
digitalisation of services for msb
probably everyone knows that business always starts with registration, but hardly everyone knows that the bank, in which the client will subsequently register and open an account, invests significant efforts to attract and retain an audience.
in addition to the fact that the main competitor in business registration of banks is the tax authorities, players within the market compete with them.
up to a certain time at VTB Bank it was only possible to register a business offline, in an office (or so-called point of sale), but after all the tools went online, as did competitor banks, VTB began to digitalise.
that's how VTB Start appeared, a showcase (or test) product aimed at current and future clients of the bank who want to start a business with VTB.
we have to start somewhere
the product was a landing page for marketing campaigns, many forms and stages of registration of businesses, as well as a personal account with tracking their status.
there were many reasons why the service needed to be updated:
  • terrible conversion rates to full registration and account opening;
  • no optimisation of form filling;
  • problems with logic and action in all scenarios;
  • lack of explanatory and stimulating information;
  • design inconsistency with the bank's regulations and guidelines;
  • as well as a separate opportunity in the future to use worked out hypotheses on the in-house version
timing was the cherry on top for us, it was supposed to take 3 months to update, so we immediately got to work.
we spent the first week fully dedicated to researching the product from beginning to end. we looked at the performance of the past months, conducted a cx audit, and collected ujm's from each member of the team.
towards the end, respondents were involved in usability tests, so that at the end we would have not only worked out hypotheses from competitors and conclusions from analyses, but also data proving the presence/absence of problems.
based on this flow of information, we put forward a list of hypotheses potentially affecting the metrics.
hypotheses have their own items on the implementation, for example, changing the logic popup when filling in the address of registration / residency, or update the copyright in the description of the choice of taxation.
race against time
a lot of work was done to optimise registration scenarios, which included not only filling out forms, but also the stages of document registration in the tax office, the status of the meeting with the managers and registration UCEP.
some forms were reduced, others were deleted as unnecessary, and others were merged. including autofilling data from open api of government agencies and analysis of documents by photo has led to positive results. so online registration of LLCs was reduced from 18 steps to 6, and individual entrepreneurs from 10 to 5.
on the corridor and usability tests, it indicated a simplification and a consequent reduction in time for the first part of the registration of the LLC almost 5 times to 6-8 minutes, and the IE almost 8 times to 3-5 minutes.
special time was devoted to finding, simplifying and humanising legal terms and descriptions that were encountered throughout the stages and either scared away unprepared and uninformed clients, or confused and slowed down registration.
in addition, there are more explanatory and encouraging to register texts on the landing page, as well as added tips and error statuses, which made it easier to navigate through the questionnaire at the time of completion.
what's the bottom line??
the product received a major upgrade, which was iteratively implemented on a weekly basis and measured for several months. both technically and visually the service was transformed, which undoubtedly had an impact on traffic (organic growth by 2 times).
have been taken into account the bank's recently updated guidelines on visual (from system design) and communication (from tone of voice).
measurements of indicators showed an incredible increase in conversions to a full online registration (form + manager + tax). so LLC completed 4 times more often, about ~5.3k/month, and the IE completed 6 times more often, about ~14k/month.
at the same time the figures for incomplete online registration decreased. for example, for LLC they became 1.5 times less to ~2.1k/month, and for individual entrepreneurs 2 times less to ~2.3k/month. work with clients who were not fully registered, went to the bank's call center with instructions, which could only affect the business department.
among other things, we also learned about the increase in bank account openings after registering with the service, but no exact figures, only the difference before the update and after, which was now more than 5 times.