Cadre's Signup Experience

Improving the quality of leads and bringing high intent investors onto Cadre

Role

Design Lead - Product Design, Prototyping, User flows, QA

Length & Status

3 months, Launched in sequence from Q1-3, 2023

Team

Jenn Tsai, PM

Jeff Chen, SWE

Amr Elmohtaseb, SWE

Spencer Stockton, SWE

Overview

The previous iteration of creating an account with Cadre had a minimal set of requirements and checkpoints. Thus, any user was able to create an Individual Investing account, leading to large volume of profiles being fed to internal teams to review for approvals.

Redesigning the sign-up experience and optimizing the flow to capture high quality leads with intent were highly prioritized initiatives as part of Cadre's goal to rebuild the Investor Journey.

I led the design and sequencing of releases of a re-vamped sign up experience and introduction of a investor questionnaire to accelerate our knowledge on investors coming to Cadre and seeking CRE investing opportunities.

REDESIGNED & ENHANCED

An end-to-end redesigned experience to allow new users to seamlessly set up their profile for CRE investing.

Before

THE PROBLEM

High number of investors were being fed into internal approval teams upon sign up, with very little indication of whether they were quality leads.

High percentage of unanswered sales engagement

Based on Salesforce data, upwards of 60% of calls and email engagements by our Accounts team were unanswered

Bogus investment allocations

With a large number of unvetted investors coming onto Cadre, we also experienced a high volume of these users starting the investment process, but quickly dropping off.

PROBLEM ALIGNMENT

Bring quality leads with high intent onto Cadre to improve conversion rates on investments and improve data collection without increasing drop off.

Sequence to improve quality of leads

Redesign Sign-up experience

Rebuild the sign-up process with enhanced designs and verification to vet the quality of new users.

Launch investor survey during sign-up

Launch a questionnaire to increase investor data collection without sacrificing drop off.

Add KYC to automate approvals

Improve the quality of investors coming onto Cadre and increase operational efficiency for approvals.

1. Redesigning the sign-up experience

The first priority was to embed self-verification via PIN (which was long overdue) early in the sign-up process, which would later be followed by SSN verification to improve upon our KYC initiatives. I also took this opportunity to redesign the sequence of Personal Identifiable Information be inputed.

Led to a tighter volume of users that were more incentivized while also increasing overall sign-up completion rates from 10.6% to 17.5%

2. Launch new investor survey & maximize information collection without drop off

The previous iteration of questions asked to new investors was a short survey that captured only superficial information about the user. As part of the sign up funnel re-design, we aimed to improve our knowledge of potential investors and better understand their investing expectations as well as behaviors.

3. Introduce KYC (Know Your Customer)

The final sequence to the refactoring of the sign-up experience is to introduce SSN verification to automate the approval process to gain platform access - this is currently a manual process done by our Fund Operations and Approvals team.

Success metrics for Investor Questionnaire

For a two week period, traffic to the sign up flow was driven through an AB test between the old survey and the new questionnaire. Despite the significant increase in questions asked, we saw completion rates stay steady at 94.2% with a retention rate of 98% across the new questions.

© 2023 Timothy Park
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