Project Overview
Problem Statement
The company had noticed a trend towards increased amends and refunds on transactions sent. There were many questions as to why this happens -- is it happening by request of the sender or receiver, do they send again, and what are the reasons someone needs to amend or cancel the transaction. Ultimately, we wanted to reduce this friction and prevent customers from cancelling the transaction.
How can we reduce refunds and amends for customers?
My Role
I was the lead researcher on the project, taking on all research tasks including designing the research plan, recruiting participants, facilitating research interviews, synthesizing, analyzing, and preparing the report of findings and insights.
Process
To fully understand what was happening with transactions, we had to start at the very beginning of the customer journey. Before a customer can request a change or cancel, they have to start a transaction.
I launched a moderated research study with customers who had recently made a change or cancelled their transaction, but I started with questions to better understand why they were sending money in the first place, how often, if the amount, sender, or method varied. These questions helped me better understand their process and identify potential areas in the process that may introduce the need to change.
At the end of the interviews, it was time to synthesize the data I'd gathered. I used a new-to-me tool, Notably, to tag and sort the data. With insights emerging about the customer's process when sending money, it was time to document the process.
I used Miro to create a customer journey map, which outlined the high level steps in the process, included customer quotes, and research insights. Through analysis of the data and insights, I also developed opportunities to reduce the number of amends and refunds we were seeing.
The opportunities addressed problems upstream, because it became evident that if the process for sending money could allow for some flexibility, customers wouldn't need to contact us with reasons to cancel. There were also some long-term solutions to consider as a way to better integrate the systems customers already use to manage their finances with their money transfer platform.
The research was really enlightening and gave the business a place to start as they looked to make improvements in the number of refunds.
