Back

• 00:00

Xapo Bank Activation Experience

Summary

We redesigned Xapo Bank’s in-app discovery experience to address a critical drop-off after onboarding. Despite users completing KYC, only a few made a first deposit—limiting revenue potential.


Through data analysis, user testing, and product improvements, we uncovered key friction points and introduced features that clarified value, guided exploration, and supported natural user behavior.


As a result, we increased the paid conversion rate and drove significant ARR in new subscriptions within the first few months of launch.

Team

Design VP: Luca P.

Branding assets: Savoir Fair

Product designer: Rodrigo Estrada

Visual support: Spasi Kadiyska, Carlota Anton

Product owner: Simon M.

Tech: Baris O.



Xapo Bank

2024

Timeline 3 months

Results

Results

Results

Results

Increased ARR conversion rate by 2x

Boosted discoverability on promoted features by 25%.

Increased ARR in +$ 450K.

Before

After

About

Private bank meets bitcoin

Xapo is a private bank based in Gibraltar, serving clients globally. It aims to bridge the gap between traditional finance and Bitcoin, offering a secure, all-in-one platform for holding USD and BTC. The app was designed to give users full control over their crypto and fiat savings, all while preserving the high-touch service of a private bank.

Scope

Scope

Scope

Scope

Challenge

While users successfully completed KYC and opened accounts, the deposit rate (SPR) remained low—hovering. We didn’t know why users dropped off at this stage, and without answers, we couldn’t improve the conversion.

Goals

  • Understand user behavior post-onboarding

  • Identify friction points blocking the first deposit

  • Propose and implement UX improvements

  • Increase the % of users who deposit

  • Increase revenue

The old App

Xapo's App was built to be used, not to sell. The old UI was highly functional (to a certain degree) but didn't address for customers' needs or questions in certain critical steps.

The old App

Xapo's App was built to be used, not to sell. The old UI was highly functional (to a certain degree) but didn't address for customers' needs or questions in certain critical steps.

The old App

Xapo's App was built to be used, not to sell. The old UI was highly functional (to a certain degree) but didn't address for customers' needs or questions in certain critical steps.

The old App

Xapo's App was built to be used, not to sell. The old UI was highly functional (to a certain degree) but didn't address for customers' needs or questions in certain critical steps.

Main sections

-

Main sections

-

Main sections

-

Main sections

-

Fee Payment Flow

+

Fee Payment Flow

+

Fee Payment Flow

+

Fee Payment Flow

+

Profile

+

Profile

+

Profile

+

Profile

+

Approach

Approach

Approach

Approach

Overview

Hypothesis mapping with stakeholders

↓

We gathered assumptions from key stakeholders to align on possible causes behind the drop in first deposits and prioritize areas of investigation.

Hypothesis mapping with stakeholders

↓

We gathered assumptions from key stakeholders to align on possible causes behind the drop in first deposits and prioritize areas of investigation.

Hypothesis mapping with stakeholders

↓

We gathered assumptions from key stakeholders to align on possible causes behind the drop in first deposits and prioritize areas of investigation.

Hypothesis mapping with stakeholders

↓

We gathered assumptions from key stakeholders to align on possible causes behind the drop in first deposits and prioritize areas of investigation.

Data analytics on existing app’s usage

↑

Data analytics on existing app’s usage

↑

Data analytics on existing app’s usage

↑

Data analytics on existing app’s usage

↑

User testing the existing product

↑

User testing the existing product

↑

User testing the existing product

↑

User testing the existing product

↑

Competitor benchmarking

↑

Competitor benchmarking

↑

Competitor benchmarking

↑

Competitor benchmarking

↑

Fast prototyping & user testings

↑

Fast prototyping & user testings

↑

Fast prototyping & user testings

↑

Fast prototyping & user testings

↑

Progressive implementation

↑

Progressive implementation

↑

Progressive implementation

↑

Progressive implementation

↑

Onsite event with the team

↑

Onsite event with the team

↑

Onsite event with the team

↑

Onsite event with the team

↑

Key findings

  • Most discovery was happening inside the App—not on the website, contrary to assumptions

  • App was highly inconsistent on the approach of explaining products to the user

  • Users were confused between Checking & the Investment accounts. Payment options were unclear or difficult to use

  • Strong expectation of a free/low cost product. Many were unaware of a membership fee until too late

  • Two distinct user—types emerged;

    • BTC users who aimed for long-term storage

    • Fiat users; people who wanted to use USD & Stablecoin accounts, mostly to transact.

≈30%

of users don't come back after day 1

≈10%

% from Approved to Paid

50%

of users never check the investment tab

Problem statement

How might we improve product discovery inside the app, align user expectations, without refactoring the app's backend?

How might we improve product discovery inside the app, align user expectations, without refactoring the app's backend?

How might we improve product discovery inside the app, align user expectations, without refactoring the app's backend?

Deliverables

Deliverables

We focused on reducing cognitive load and supporting natural user exploration. We started by embracing the newly developed web branding for visual consistency. Creating clearer empty states and contextual onboarding moments, and simplifying the first deposit journey

Deliverables

Deliverables

A New Home

Wallet was redesigned to enhance product discovery. Each widget adapt their state based on the user’s holdings—surfacing the most relevant balances, insights, and actions to support faster understanding and engagement.

A New Home

Wallet was redesigned to enhance product discovery. Each widget adapt their state based on the user’s holdings—surfacing the most relevant balances, insights, and actions to support faster understanding and engagement.

A New Home

Wallet was redesigned to enhance product discovery. Each widget adapt their state based on the user’s holdings—surfacing the most relevant balances, insights, and actions to support faster understanding and engagement.

A New Home

Wallet was redesigned to enhance product discovery. Each widget adapt their state based on the user’s holdings—surfacing the most relevant balances, insights, and actions to support faster understanding and engagement.

Wealth Section

We added a clear CTA and contextual states to support first-time investors and highlight earnings, APY, and balances at a glance.

Wealth Section

We added a clear CTA and contextual states to support first-time investors and highlight earnings, APY, and balances at a glance.

Wealth Section

We added a clear CTA and contextual states to support first-time investors and highlight earnings, APY, and balances at a glance.

Wealth Section

We added a clear CTA and contextual states to support first-time investors and highlight earnings, APY, and balances at a glance.

Fee Payment Flow

We addressed customers most critical questions, added instructions and ease the effort of sending money for the first time.

Fee Payment Flow

We addressed customers most critical questions, added instructions and ease the effort of sending money for the first time.

Fee Payment Flow

We addressed customers most critical questions, added instructions and ease the effort of sending money for the first time.

Fee Payment Flow

We addressed customers most critical questions, added instructions and ease the effort of sending money for the first time.

+35%

+35%

CTR on the 1st step

CTR on the 1st step

+95%

+95%

Paid conversion rate

Paid conversion rate

Cross selling banners

We defined a flexible banner system to promote features contextually across the app. Banners were tailored based on user clusters and product usage, helping surface relevant actions at the right moment. To ensure quality and consistency, we shared company-wide guidelines on when and how to use these spaces

Cross selling banners

We defined a flexible banner system to promote features contextually across the app. Banners were tailored based on user clusters and product usage, helping surface relevant actions at the right moment. To ensure quality and consistency, we shared company-wide guidelines on when and how to use these spaces

Cross selling banners

We defined a flexible banner system to promote features contextually across the app. Banners were tailored based on user clusters and product usage, helping surface relevant actions at the right moment. To ensure quality and consistency, we shared company-wide guidelines on when and how to use these spaces

Cross selling banners

We defined a flexible banner system to promote features contextually across the app. Banners were tailored based on user clusters and product usage, helping surface relevant actions at the right moment. To ensure quality and consistency, we shared company-wide guidelines on when and how to use these spaces

+25%

avg. increase in page views on promoted features

Products onboarding

We designed modular onboarding flows tailored to each product’s value proposition—highlighting trust, security, and earnings upfront. These screens helped reduce friction for first-time users and set clearer expectations

Products onboarding

We designed modular onboarding flows tailored to each product’s value proposition—highlighting trust, security, and earnings upfront. These screens helped reduce friction for first-time users and set clearer expectations

Products onboarding

We designed modular onboarding flows tailored to each product’s value proposition—highlighting trust, security, and earnings upfront. These screens helped reduce friction for first-time users and set clearer expectations

Products onboarding

We designed modular onboarding flows tailored to each product’s value proposition—highlighting trust, security, and earnings upfront. These screens helped reduce friction for first-time users and set clearer expectations

Empty states

We crafted contextual empty states that educate while inviting action. Each product view surfaces relevant benefits, real-time rates, and next steps—helping users understand what’s possible before funding their accounts.

Empty states

We crafted contextual empty states that educate while inviting action. Each product view surfaces relevant benefits, real-time rates, and next steps—helping users understand what’s possible before funding their accounts.

Empty states

We crafted contextual empty states that educate while inviting action. Each product view surfaces relevant benefits, real-time rates, and next steps—helping users understand what’s possible before funding their accounts.

Empty states

We crafted contextual empty states that educate while inviting action. Each product view surfaces relevant benefits, real-time rates, and next steps—helping users understand what’s possible before funding their accounts.

Explorations

We focused on reducing cognitive load and supporting natural user exploration. We started by embracing the newly developed web branding for visual consistency. Creating clearer empty states and contextual onboarding moments, and simplifying the first deposit journey

Want to see more?

Book a portfolio review

Book a portfolio review

Book a portfolio review

Want to see more?

Book a portfolio review

Thanks for reading this far ♥️

Disclaimer: The content and designs shown are for illustrative purposes only. Certain details have been modified to ensure confidentiality and do not represent actual company data or strategies.