Withdrawals - Required Minimum Distribution
Product Design
Wireframing
Prototyping
Duration : 6 months
My Role : Product Design, Visual Design
In line with my NDA, I tweaked or omitted certain details in this case study- gotta keep things confidential while still telling a great story!
Withdrawals - Required Minimum Distribution
Withdrawals - Required Minimum Distribution
Product Design
Wireframing
Prototyping
Role - Product Designer, Visual Designer
Duration - 6 Months
In line with my NDA, I tweaked or omitted certain details in this case study- gotta keep things confidential while still telling a great story!
Overview
Overview
The money transfer experience was designed to give customers full control over their finances, making the process seamless and self-sufficient.
The money transfer experience was designed to give customers full control over their finances, making the process seamless and self-sufficient.
On their account page, customers can easily select where their funds come from and where they go—putting them in full control of their transactions.
On their account page, customers can easily select where their funds come from and where they go—putting them in full control of their transactions.
What are we trying to solve?
What are we trying to solve?
Our goal was to design an intuitive, streamlined transfer money method that would help us:
Our goal was to design an intuitive, streamlined transfer money method that would help us:
Increase AUM
Enhance total AUM. Stakeholders want a design that encourages users to set up recurring deposits into SigFig accounts for AUM growth.
Reduce Drop - Offs
The data science team observed a significant drop-off rate of approximately 40% during the funding stage of the workflow.
User Issues
User Issues
Add Funds
Add Funds
OK
OK
You currently have no bank accounts available. Please call us at 877-827-7870 or schedule an appointment with a Financial Advisor to set up a bank account to add funds from.
You currently have no bank accounts available. Please call us at 877-827-7870 or schedule an appointment with a Financial Advisor to set up a bank account to add funds from.
User Issue - Add Funds
Lack of external funding source
Users currently lack the ability to add an external funding source, which may pose a significant obstacle in their onboarding experience and lead to increased drop-off rates.
Users currently lack the ability to add an external funding source, which may pose a significant obstacle in their onboarding experience and lead to increased drop-off rates.
User Issue - Add Funds
One-at-a-time funding slowed the process.
Users could only fund their accounts from a bank account not a brokerage or IRA. Also, they could only perform one transaction at a time, making the process slow and tedious.
Users could only fund their accounts from a bank account not a brokerage or IRA. Also, they could only perform one transaction at a time, making the process slow and tedious.
User Issue - Withdraw Funds
Lack of tax visibility made withdrawals unclear and hard to self-serve.
Users had to rely on advisors to understand tax liabilities during withdrawals, making the process less self-service and often leading to surprise tax bills later in the year.
Users had to rely on advisors to understand tax liabilities during withdrawals, making the process less self-service and often leading to surprise tax bills later in the year.
Understanding the Process
Understanding the Process
Starting off with an MVP
Starting off with an MVP
Feedback from stakeholders:
Feedback from stakeholders:
Lack of Clarity Around Destination Account
Lack of Clarity Around Destination Account
It’s not immediately clear which account the user is funding. While the header mentions "Add Funds to Account 123 (Brokerage)," this context is visually disconnected from the rest of the flow
It’s not immediately clear which account the user is funding. While the header mentions "Add Funds to Account 123 (Brokerage)," this context is visually disconnected from the rest of the flow
Low Visibility of “Add Account” CTA
Low Visibility of “Add Account” CTA
The “Add Account” button is placed near the top of the screen and may become obscured once users begin interacting with multiple funding options further down the page. This impacts its discoverability, especially in long or scroll-heavy interactions.
The “Add Account” button is placed near the top of the screen and may become obscured once users begin interacting with multiple funding options further down the page. This impacts its discoverability, especially in long or scroll-heavy interactions.
Scalability Concerns with Multiple Funding Sources
Scalability Concerns with Multiple Funding Sources
The current layout does not scale well when users select multiple accounts to fund from. Each selection expands into a full-width input section, resulting in a visually heavy, vertically stacked interface that becomes harder to scan
The current layout does not scale well when users select multiple accounts to fund from. Each selection expands into a full-width input section, resulting in a visually heavy, vertically stacked interface that becomes harder to scan
Building the Solution
Building the Solution
After discussing with my Product Manager on what could and couldn't be done based on the engineering teams constraints
After discussing with my Product Manager on what could and couldn't be done based on the engineering teams constraints
Add Funding Source
You currently have no sources.
To
Change
Embrace *1234
Balance: $100,000
Change
Add external source
Incorporating the ability to add an external funding source in the add funds flow assists users in completing their intended tasks smoothly and leading to increased conversion rates and contributing to the business's growth in Assets Under Management (AUM).
Incorporating the ability to add an external funding source in the add funds flow assists users in completing their intended tasks smoothly and leading to increased conversion rates and contributing to the business's growth in Assets Under Management (AUM).
Multi source funding
Enabling multi-source funding in a single transaction benefited both SigFig and users—SigFig saw increased AUM, while users enjoyed a more convenient experience.
Enabling multi-source funding in a single transaction benefited both SigFig and users—SigFig saw increased AUM, while users enjoyed a more convenient experience.
Adding tax withholdings
Users can now withhold taxes directly in the platform—automatically sending the right amount to the IRS and receiving the rest in their bank account. This makes the flow self-service and transparent.
Users can now withhold taxes directly in the platform—automatically sending the right amount to the IRS and receiving the rest in their bank account. This makes the flow self-service and transparent.
Snippets from Add Funds
Snippets from Add Funds
Integrating multiple payment sources to help users fund their accounts.
Users are provided the option of choosing which assets they would like to liquidate for funding.
Multi - source funding to provide users a quicker onboarding experience and enhancing AUM for SigFig managed accounts
Making it all come together
Making it all come together
Add Funds
Add Funds
Withdraw Funds
Withdraw Funds
Key Metrics Post Launch
Key Metrics Post Launch
The pilot release took place in April 2024, with the final rollout in July 2024.
Accounts Opened (April)
145
Partner level AUM (April)
$5MM
Decreased Drop - Off Rate
55%
Decreased Drop - Off Rate
55%
These metrics are for a Fortune 500 financial institution based in the US, for whom this product was white labelled.
