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PC Money Account savings feature

The no monthly fee PC Money Account has introduced a savings feature that earns you interest on every dollar you save.

How do we drive existing PC Money Account holders to add this feature to their current account?

Hand holding a phone with phone screen using icons to indicate interest and points
Hand holding a phone with phone screen using icons to indicate interest and points

Project Overview


PC Money Account just introduced a new savings feature that now allows its users earn interest on their savings. Now users can earn PC Optimum points when they pay bills, set up account for direct deposit and when they spend anywhere plus earn interest on their savings.


Problem Statement

  • How can we introduce this new feature to existing PC Money Account holders in the app that it drives them to add savings? 

  • How can we clearly communicate savings is a feature and not a new account in the app?

  • How can we educate them on how to use savings?


KPI

Have 30Million in savings balances by end of year (we had 2 months to meet this target) 


What I did

  • I looked at other banks like BMO, EQ to see how they positioned their savings account and noticed that they all highlighted interest rates.

  • Conducted research to understand the behaviour of an existing user and discovered that most of them were interested in having their chequing and savings in one account.

  • Defined product voice with brand team.

  • Developed a content guideline that addressed tone of messaging and capitalization to ensure consistency across different flows.

  • Wrote and edited UI copy

  • Managed legal review and made edits to messaging based off legal feedback

  • Sent out designs for french translations


UI Copy



UI Copy of the entry point
UI Copy of the entry point

UI copy of the next screen after entry point
UI copy of the next screen after entry point

UI copy on the last screen
UI copy on the last screen

Stakeholder Review/Management

Review sessions were held with stakeholders across business, marketing, product, and legal to share designs and explain rationale on design approach. Overall, the feedback was positive, and any feedback given was reviewed before implementing on design before final sign off.


Results

  • Savings balance after 1st day of launch was 20k 

  • 14.2k was gotten through add savings flow

  • Actual results: $31.28Million 2 weeks after launch

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