Saving for your child is a habit that, when started early, can pay off big in the future. Parents in this day and age, including millennials, are acutely aware of the need to save from the start, but they often feel like they don’t have the resources to do it alone. That’s where Kidfund comes in—it’s the evolution of the birthday check from grandma, and it’s changing the way families save for their children.
Moment was involved early on in the creation of Kidfund and later helped evolve the onboarding experience to improve users’ ability to utilize everything the app has to offer. We refined the communication of the value proposition by implementing an onboarding checklist which reduced onboarding friction and ultimately increased funnel retention for Kidfund.
The ways to give money and save for your child or the child of a loved one have dramatically changed since personal checks and bonds were mainstream. While there are plenty of person-to-person payment apps on the market, when it comes to gift-giving and building funds in an account that supports saving, there was a gap. Kidfund looked to keep the personal touch that comes with getting a card in the mail while offering additional opportunities to increase deposit activity and build larger funds. The platform also enables families to donate a portion of their child’s incoming gifts to kids in need, helping to reduce economic inequalities. However, getting users to understand the possibilities of a new product that is markedly different than a more traditional savings account—and more than just a way to send money—proved challenging.
“Moment sets the gold standard for what a product design experience can be. Their deep understanding, skill, and investment in our mission and vision was critical in bringing Kidfund to life.”
— Laura Bailyn, CEO & Co-founder, Kidfund
Early on in Kidfund’s journey, Moment helped launch a proof-of-concept. The opportunity to optimize the app’s onboarding experience with the benefit of real user data followed. To take full advantage of Kidfund’s offering—giving, saving, and donating to kids in need—users must make sure their account is complete, which proved to be a pain point because of the necessary stages involved in setting up a savings account via the app and linking a funding source.
When reworking Kidfund’s onboarding flow, we asked ourselves: What if we thought about onboarding like a first date? Should the app give away a lot of information up front, or should the first experience include a lot of questions? In the end, we found that Kidfund was best suited to a dynamic and guided set-up process. By first telling a story then dispersing the onboarding experience throughout the app, Moment helped solve both the problem of getting people to complete the onboarding flow while showing them how to use Kidfund at the same time.
With Kidfund, our goal was to reduce the barrier to giving and saving for the future while also creating a stronger connection between family members and kids. We came in focused on the onboarding mechanics but realized there was also an opportunity to help Kidfund tell their story. With the new onboarding flow, Kidfund has already seen a 10% increase in funnel completion and helped to solidify a new culture of giving and saving.
