How would you improve the onboarding flow (sign up outbound transaction) of Revolut by 15% in the next 3-4 months?

Thank you for providing the detailed instructions. I understand that you're looking for a comprehensive, strategic response to the product growth problem for Revolut's onboarding flow. I'll structure my answer according to the steps you've outlined, using a first-person perspective as if I'm directly addressing the interviewer. Let's begin.

Introduction

The challenge at hand is to improve Revolut's onboarding flow (sign-up outbound transaction) by 15% in the next 3-4 months. This is a critical growth objective for a fintech company like Revolut, as the onboarding process directly impacts user acquisition and activation rates. I'll approach this by analyzing the current funnel, identifying growth levers, and proposing data-driven strategies to achieve this goal.

Step 1

Clarifying Questions (3 minutes)

• Based on the growth challenge described, I assume we're focusing specifically on Revolut's main app onboarding. Is that correct, or are we considering any other Revolut products?

Why it matters: This helps us focus our efforts on the right product and user journey. Expected answer: Yes, we're focusing on the main Revolut app. Impact on approach: We'll tailor our strategies to the core banking app features and user expectations.

• When we talk about improving the onboarding flow by 15%, are we primarily looking at completion rates, time to first transaction, or another specific metric?

Why it matters: Different metrics may require different optimization strategies. Expected answer: We're focusing on completion rates of the sign-up process. Impact on approach: We'll prioritize reducing drop-offs and streamlining the sign-up steps.

• Are there any geographic or regulatory constraints we need to consider for this growth initiative?

Why it matters: Fintech regulations can vary significantly by region and impact onboarding processes. Expected answer: Focus on EU regulations, but consider global expansion. Impact on approach: We'll need to balance streamlining with compliance requirements.

• Do we have any data on the current drop-off points in the onboarding funnel?

Why it matters: Identifying specific pain points will help us target our improvements more effectively. Expected answer: Yes, we have funnel analytics showing major drop-offs. Impact on approach: We'll focus our efforts on the stages with the highest drop-off rates.