The current customer experience (CX) and deposit collection efficiency in our organization require significant improvement. At present, we are only able to collect 43% of the available deposit limit. This means that from a potential £100 deposit, only £43 is being utilized effectively. Our goal is to enhance the customer experience and optimize our deposit collection processes to increase the deposit value by 20-30%. Achieving this target will lead to a substantial improvement in financial performance and customer satisfaction, thereby ensuring a more robust and profitable operation. We need to identify the underlying causes of this shortfall and implement strategic solutions that will drive higher deposit utilization rates.
Faced with the imperative to boost deposit value, we addressed limitations with OpenBet, our third-party cashier vendor. I suggested a dual strategy: conducting in-depth research for optimal solutions and implementing immediate design improvements within OpenBet's constraints. After rigorous testing of three hypotheses, the Product and Commercial teams approved the optimal £150K solution, incorporating all best practices. This strategic approach is now in production, poised to significantly enhance our financial performance and customer satisfaction.
The saved card happy journey can now be fully completed in just three clicks and one confirmation screen. Ensuring this journey is accomplished in less than eight seconds, providing a seamless experience.
A significant aspect of the journey is ‘Quick Deposit’. Upon updating, the default value increased by 2x (from +1/5/10 to +10/25/50), resulting in a significant uplift, contributing £1.22M monthly and £14.6M annually.
Technical trade-offs due to OpenBet's existing capabilities: By acknowledging these trade-offs, the following design solutions could not be implemented:
