How can we make currency conversion more intuitive for first-time Wise users?

Introduction

Currency conversion is a critical feature for Wise users, especially those new to the platform. Making this process more intuitive for first-time users can significantly impact user adoption, retention, and overall satisfaction. To address this challenge, I'll analyze the current user experience, identify pain points, and propose innovative solutions to enhance the currency conversion process.

Step 1

Clarifying Questions

• Looking at Wise's position in the fintech market, I'm thinking about the competitive landscape. Could you share insights on how our currency conversion feature compares to major competitors like PayPal or Revolut?

Why it matters: Helps identify unique selling points and areas for improvement Expected answer: Wise offers better rates but may have a more complex interface Impact on approach: Would focus on simplifying UI while highlighting cost benefits

• Considering the user journey, I'm curious about the typical entry points for first-time users. What are the primary channels through which new users discover and start using Wise for currency conversion?

Why it matters: Influences the design of onboarding and first-time user experience Expected answer: Mix of web, mobile app, and partner integrations Impact on approach: Would tailor solutions to specific entry points and platforms

• Thinking about user behavior, I'm wondering about the most common currency pairs and transaction sizes for first-time users. Can you provide data on these patterns?

Why it matters: Helps prioritize which currency pairs to optimize and tailor the experience for typical transaction sizes Expected answer: USD/EUR, GBP/USD are common pairs; average transaction size around $1000 Impact on approach: Would focus on streamlining experience for top pairs and typical amounts

• Considering Wise's growth strategy, I'm interested in understanding the key metrics driving this improvement initiative. What are the primary KPIs we're looking to impact?

Why it matters: Ensures alignment between proposed solutions and business objectives Expected answer: Focus on user activation rate, time to first transaction, and user retention Impact on approach: Would prioritize solutions that directly impact these metrics