How a Leading Fintech Company Enhanced Its App Experience and Reduced Complaints by 50%

Challenge

Improve retention and conversions by understanding the user journey and addressing customer complaints

A UK-based AI-powered finance app that helps users manage their personal finances saw significant growth in 2023, expanding from 100 to 250 employees, securing a major funding round, and reaching over 800,000 monthly users.

The UX Researcher at the company, passionate about customer feedback data, has dedicated time to monitoring the user journey, analyzing product and retention metrics, and using insights to guide the company’s roadmap and enhance user experience.

“The company is highly data-driven, closely monitoring metrics like LTV, conversions, app store reviews, CSAT, and NPS at various touchpoints. When these metrics decline, it impacts our strategic business goals. It’s crucial for us to understand the full user journey to help the Product and Engineering teams identify and address key pain points,” explains the UX Researcher.

As he analyzed the user journey, he realized that traditional product analytics platforms didn't provide a comprehensive understanding of the user experience.

“We've always used product analytics tools, but they only gave us quantitative data. To fully understand the user journey, we needed qualitative feedback as well,” he says.

While customer interviews offered qualitative insights, they were unscalable and time-consuming. Realizing that their data wasn’t being used to its full potential, the team partnered with Chattermill to analyze user feedback at scale and resolve issues impacting key business metrics.

Solution

Customer feedback analytics designed for Product and UX teams

Chattermill unified the company’s feedback from NPS, CSAT, app reviews, and cancellation surveys. They could then turn this into insightful reports and dashboards used across the company to scale CX across product development.

Identify major pain points and drive stakeholder buy-in

Over 80 internal users across Product, UX and Engineering teams use Chattermill to pinpoint product quality issues that need fixing.

“Chattermill helps us identify key issues across the product, prioritize and rank the most significant problems, and track feedback volume and sentiment changes over time. This enables us to monitor user experience, understand negative sentiment drivers, and proactively investigate potential issues before they escalate. Additionally, quantifying these issues helps us prioritize roadmap initiatives and convince the business that these projects are worth pursuing,” explains the Lead UX Researcher.

Validate hypothesis and A/B tests

The teams also use Chattermill to experiment, test, and validate hypotheses.

“We might roll out a feature to 40 users and then analyze their responses in Chattermill compared to a larger segment. We track whether it results in fewer negative comments or more positive feedback. We also monitor whether it leads to increased LTV or improved retention. Chattermill is a key tool in that type of analysis,” explains the Lead UX Researcher.

Optimize digital user journey

“We identify key user journeys and if we see significant conversion drops on certain pages, we highlight user complaints related to those areas. This helps us prioritize fixes and enhance the user experience, which is as important as launching new features. It's a valuable tool for pinpointing where to focus our efforts.”

Inform the product roadmap

“During OKR planning, team members seek insights from me, focusing on metrics related to financial performance or app usage. When brainstorming initiatives, they ask, 'What are users saying about this feature?' I then filter through the data in Chattermill to extract specific comments on relevant themes to share with them, which helps shape the scope of the roadmap,” explains the Lead UX Researcher.

Results

50% reduction in customer complaints

With the ability to monitor the user journey at every touchpoint, the company could uncover critical issues affecting their retention metrics.

“We increased cash advances significantly, alongside raising the fees. Additionally, we raised the minimum cash advance by 100%. To monitor feedback on both fees and cash advance amounts, we relied on Chattermill,” explains the Lead UX Researcher.

“We were relieved to see a 50% decrease in complaints about cash advance amounts, while feedback on express fees remained steady. This insight revealed that users cared more about advance limits than fees. With this reassurance, we proceeded confidently, knowing we could improve our product without concerns about negative reactions to the fees.”

“Using Chattermill, we can act more quickly rather than wait three months to see if our retention improves. It's a useful way to accelerate our decision-making and respond to user feedback more effectively.”

Integrating Chattermill into their UX research proved to be a strategic move for the business, resulting in enhanced business metrics and efficiency.