How would you improve the funnel for new users at Revolut?

Introduction

To improve the funnel for new users at Revolut, we need to analyze the current user journey, identify pain points, and implement targeted strategies to optimize each stage of the funnel. I'll outline a comprehensive approach that covers user acquisition, activation, retention, and monetization.

Here's how I plan to address this challenge:

1. Ask clarifying questions to understand the context
2. Diagnose the current growth problem
3. Analyze competitors and market trends
4. Identify key user segments and personas
5. Propose growth levers and hypotheses
6. Develop retention and engagement strategies
7. Define metrics for success

Let's begin by clarifying some key points about Revolut's current situation.

Step 1

Clarifying Questions (3 minutes)

• Based on Revolut's global presence, I'm assuming we're looking at improving the funnel across multiple markets. Is that correct, or should we focus on a specific region?

Why it matters: This impacts our localization and market-specific strategies. Expected answer: Focus on core markets like the UK and EU. Impact on approach: We'll prioritize strategies that work well in these mature markets.

• Considering Revolut's diverse product offerings, are we focusing on improving the funnel for a specific product (e.g., personal accounts) or the entire suite?

Why it matters: Different products may require different funnel optimization strategies. Expected answer: Focus on personal accounts as the main entry point. Impact on approach: We'll optimize the core personal account experience to drive adoption of other products later.

• Given Revolut's fintech nature, I'm assuming regulatory compliance is a significant factor in the user onboarding process. Is this a major pain point in the current funnel?

Why it matters: Compliance requirements can create friction in the onboarding process. Expected answer: Yes, KYC and AML processes are causing drop-offs. Impact on approach: We'll need to balance regulatory requirements with user experience optimization.

• Revolut has been expanding its features rapidly. Are we seeing any issues with feature bloat or user overwhelm in the current funnel?

Why it matters: Too many features can complicate the user journey and reduce activation rates. Expected answer: Some users find the app complex initially. Impact on approach: We'll need to simplify the initial experience and gradually introduce advanced features.