Nov 7, 2022
Solving Crypto Volatility for CoinSwitch
Designed and launched CoinSwitch’s first Crypto-SIP feature, giving retail investors an automated, rupee-cost-averaging tool to ride out market swings, an initiative that also set the foundation for formal user-testing at CoinSwitch.
Designed and launched CoinSwitch’s first Crypto-SIP feature, giving retail investors an automated, rupee-cost-averaging tool to ride out market swings, an initiative that also set the foundation for formal user-testing at CoinSwitch.
Category
SIP for Crypto
SIP for Crypto
READ
5 mins
5 mins
My Role
• Led end-to-end product and UX design • Conducted competitor & SIP-usage research • Ran user interviews, surveys, heat-maps via Useberry • Built high-fidelity prototypes and oversaw dev QA • Defined success metrics with PM & data teams • Launched phased rollout and tracked Amplitude funnels
• Led end-to-end product and UX design • Conducted competitor & SIP-usage research • Ran user interviews, surveys, heat-maps via Useberry • Built high-fidelity prototypes and oversaw dev QA • Defined success metrics with PM & data teams • Launched phased rollout and tracked Amplitude funnels
Idea
Idea
It is a daily ritual in CoinSwitch to have a standup meeting, where we discuss our daily agenda, review progress, brainstorm new ideas, etc.. One such day the idea of SIP floated around from the product team, from where the conversation began. Everyone started brainstorming and the thought was welcomed with open arms.
It is a daily ritual in CoinSwitch to have a standup meeting, where we discuss our daily agenda, review progress, brainstorm new ideas, etc.. One such day the idea of SIP floated around from the product team, from where the conversation began. Everyone started brainstorming and the thought was welcomed with open arms.
Understanding the WHY
Understanding the WHY
Being an individual of design and research my first reaction was with the question of ‘Why?’ With the initial thought only it is very important to understand what we are planing to do and what we are planing to build. What problem we are planing to solve.
I make sure to communicate this in the very beginning stage to the PM that I can’t move ahead with the design until I fully understand what problem we’re trying to solve. In order to do so we firstly need to understand the existing SIP Product and what new we can do to leverage it.
Analysing SIP as a product — This step required most amount of time and research which included gathering information on the following:
What are the steps in SIP?
How other players in the market are solving it?
How SIP works in equity, mutual funds, commodities, bonds, etc
Key Finding: There is enough awareness about SIP in the Indian market. Now I do not have to worry too much about awareness. I should be leveraging the fact that something like SIP will also be available for Crypto.
Being an individual of design and research my first reaction was with the question of ‘Why?’ With the initial thought only it is very important to understand what we are planing to do and what we are planing to build. What problem we are planing to solve.
I make sure to communicate this in the very beginning stage to the PM that I can’t move ahead with the design until I fully understand what problem we’re trying to solve. In order to do so we firstly need to understand the existing SIP Product and what new we can do to leverage it.
Analysing SIP as a product — This step required most amount of time and research which included gathering information on the following:
What are the steps in SIP?
How other players in the market are solving it?
How SIP works in equity, mutual funds, commodities, bonds, etc
Key Finding: There is enough awareness about SIP in the Indian market. Now I do not have to worry too much about awareness. I should be leveraging the fact that something like SIP will also be available for Crypto.
Initial Competitive Research
Initial Competitive Research
We did a competitive analysis, to find out which Crypto platforms are doing SIP? We figure out that there are no major players in the market who are doing it. But when we look at other asset class, everyone is doing it.
Key Finding: SIP helps you in balancing the ups and down of the market. Crypto is a more volatile asset than mutual funds and stocks.
SIP in Crypto would be an intersection where somebody can balance the ups and down of the market and keep on investing and reap the rewards maybe one year two years down the line where SIP will prove it benefits.
Defining the Problem Statement
Bring balance in the volatile market
The users keeps on forgetting that he needs to buy something on the first of every month. Even to solve this problem, user himself has too given consent to buy Crypto on his/her behalf on particular date and time
We did a competitive analysis, to find out which Crypto platforms are doing SIP? We figure out that there are no major players in the market who are doing it. But when we look at other asset class, everyone is doing it.
Key Finding: SIP helps you in balancing the ups and down of the market. Crypto is a more volatile asset than mutual funds and stocks.
SIP in Crypto would be an intersection where somebody can balance the ups and down of the market and keep on investing and reap the rewards maybe one year two years down the line where SIP will prove it benefits.
Defining the Problem Statement
Bring balance in the volatile market
The users keeps on forgetting that he needs to buy something on the first of every month. Even to solve this problem, user himself has too given consent to buy Crypto on his/her behalf on particular date and time
Defining the User
We found out there are certain type of personas and cohort of the users.
Daily Traders — Type of Traders who are not interested in SIP. They are interested in doing small trades regularly and making quick profit.
Long-Term Investors — Type of Investors who believe in long-term gains.
We found out there are certain type of personas and cohort of the users.
Daily Traders — Type of Traders who are not interested in SIP. They are interested in doing small trades regularly and making quick profit.
Long-Term Investors — Type of Investors who believe in long-term gains.
Understanding & Empathising with the User Needs
The first thing I did before designing was interviewed users on video call and asked them how do you do SIP on other platforms.
At every step, I was asked:
What are you thinking
How are you making this call?
What made you tap there?
What does this mean to you?
Why are you doing this?
What are some challenges you are facing?
How it helped: Reviewing users screen and how they process it. What problems they faced while using the interface. What works for them and what doesn’t. The moto of this was to understand the real-world problems.
Success Metrics
Increase in Monthly number of trades
Increase in user Lifetime Trade Value(LTV)
Increase in Monthly Active Users(MAU)
Increase in Retention
Happier users (more % of users have a positive pl — need to verify)
The first thing I did before designing was interviewed users on video call and asked them how do you do SIP on other platforms.
At every step, I was asked:
What are you thinking
How are you making this call?
What made you tap there?
What does this mean to you?
Why are you doing this?
What are some challenges you are facing?
How it helped: Reviewing users screen and how they process it. What problems they faced while using the interface. What works for them and what doesn’t. The moto of this was to understand the real-world problems.
Success Metrics
Increase in Monthly number of trades
Increase in user Lifetime Trade Value(LTV)
Increase in Monthly Active Users(MAU)
Increase in Retention
Happier users (more % of users have a positive pl — need to verify)
Understanding the Business & Tech Constraints
Post that I was part of the first PRD discussion, an open discussion with the Tech team and Business team about the limitations.
In the case of crypto, money has to be debited from his CoinSwitch crypto wallet, not from bank account.
We have to use the existing UI components of the design system, to make development speed faster.
Key Finding: Now the takeaway was that I have to constantly remind the user that keep enough money in his wallet for the upcoming SIP payment
Post that I was part of the first PRD discussion, an open discussion with the Tech team and Business team about the limitations.
In the case of crypto, money has to be debited from his CoinSwitch crypto wallet, not from bank account.
We have to use the existing UI components of the design system, to make development speed faster.
Key Finding: Now the takeaway was that I have to constantly remind the user that keep enough money in his wallet for the upcoming SIP payment
Feedback & Alteration Cycle
Now we have to test our first draft. So, got some feedback from the initial set of users. We had a tight budget, so we used easily available user-testing products like Useberry for surveys, heat maps, user flow, screen recording, etc.
Approaching the Final Design
We took both subjective and qualitative feedback both, and compile all the data to land on the next set of design. Along with all of the above mentioned, there were a few other activities as well which were handled by me:
Make sure that we had the right videos and blogs which explain this feature step-by-step.
Once the feature was developed, I spent time in QA, to make sure that the actual code was as per the designs.
Once the design sign-off was given, launch this particular feature for a small set of users.
Now we have to test our first draft. So, got some feedback from the initial set of users. We had a tight budget, so we used easily available user-testing products like Useberry for surveys, heat maps, user flow, screen recording, etc.
Approaching the Final Design
We took both subjective and qualitative feedback both, and compile all the data to land on the next set of design. Along with all of the above mentioned, there were a few other activities as well which were handled by me:
Make sure that we had the right videos and blogs which explain this feature step-by-step.
Once the feature was developed, I spent time in QA, to make sure that the actual code was as per the designs.
Once the design sign-off was given, launch this particular feature for a small set of users.
Final Product Deployment & Continuously Tracking Data
After the Product Launch, we started tracking the numbers daily. We were able to map the user journey precisely with the help of the product team and data team, where users are tapping, and where the drop-offs are happening. For this, we used an additional tool called ‘Amplitude’. Even though I’m the part of the design team but I was also checking the funnel because in the end it could also impact the designs. I was also monitoring the Google play store reviews with tickets marked as SIP.
After the Product Launch, we started tracking the numbers daily. We were able to map the user journey precisely with the help of the product team and data team, where users are tapping, and where the drop-offs are happening. For this, we used an additional tool called ‘Amplitude’. Even though I’m the part of the design team but I was also checking the funnel because in the end it could also impact the designs. I was also monitoring the Google play store reviews with tickets marked as SIP.
Designing the First Draft
Getting validation from the PM team, making sure that I have covered all the requirements from the product team’s into the design. Whatever the use cases they have specified in the PRD are covered.
I wanted to incorporate CoinSwitch’s Core Design Principles:
Simple and clean user experience
Design for a everyday person
Designing for scalability
Points to keep in mind while making the first draft:
Create user flow in a way that SIP feature feel integrated as a part of a natural journey (not like something that user have to learn or it is a completely different experience)
We wanted it to be very seamlessly integrated with the buying crypto process.
That’s when we said whenever the user tries to go and buy crypto that is the same place where I should give the option to buy something for one time or buy it repeatedly
Getting validation from the PM team, making sure that I have covered all the requirements from the product team’s into the design. Whatever the use cases they have specified in the PRD are covered.
I wanted to incorporate CoinSwitch’s Core Design Principles:
Simple and clean user experience
Design for a everyday person
Designing for scalability
Points to keep in mind while making the first draft:
Create user flow in a way that SIP feature feel integrated as a part of a natural journey (not like something that user have to learn or it is a completely different experience)
We wanted it to be very seamlessly integrated with the buying crypto process.
That’s when we said whenever the user tries to go and buy crypto that is the same place where I should give the option to buy something for one time or buy it repeatedly
Key Learnings
The feature was not discoverable enough.
Users were worried how their money is going to flow
Users have/had concerns like what if there is no money in their wallet, then what will happen.
By keeping all this in mind aligned enhancements were also designed. In order to make it happen I connected with the Growth team to make sure that users receive alert and push notifications near their SIP dates.
After that we worked on email campaign together to give a clear picture to the user that you have subscribed to this SIP, your SIP date is coming soon, kindly keep the balance in your account, etc. Made sure that the funnel at top is not broken.
So this was my experience of creating a SIP feature where I worked on designing path, tracking the metrics, and as well as setting up the roadmap for new features to come.
The feature was not discoverable enough.
Users were worried how their money is going to flow
Users have/had concerns like what if there is no money in their wallet, then what will happen.
By keeping all this in mind aligned enhancements were also designed. In order to make it happen I connected with the Growth team to make sure that users receive alert and push notifications near their SIP dates.
After that we worked on email campaign together to give a clear picture to the user that you have subscribed to this SIP, your SIP date is coming soon, kindly keep the balance in your account, etc. Made sure that the funnel at top is not broken.
So this was my experience of creating a SIP feature where I worked on designing path, tracking the metrics, and as well as setting up the roadmap for new features to come.
