Express Deposits

Summary

Express deposits is the implementation of debit card deposits to the CurrencyFair platform making it faster and easier for customers to send money abroad.

Problem

The only method offered on CurrencyFair for customers to deposit money into their account was via a bank transfer. While this is a cost-effective method, it can take a couple of days for a bank transfer to arrive into CurrencyFair, and for the customer that needs to transfer money abroad quickly - particularly those paying bills such as a mortgage or tuition - this was an issue.

Solution

The initial proposal to solve this problem was a relatively oblivious one, we needed to offer customers an alternative to depositing via bank transfer, and the clear option was to offer debit card deposits - a frequent request from our customer surveys.

Challenges and Outcomes

The express deposit option isn't free like a bank transfer is, so making sure the benefits of speed was clear to user was a key goal but also a challenge. Testing some alternative designs with users gave us the confidence we had made it clear to the users the trade off of paying a little bit more for this option was worth it. Given this feature had an increase in the conversion of new users on-boarding and successfully transacting, we considered this implementation a great result.

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