Varo Advance 2024-2025 We increased retention at Varo by reducing time to value.
Role I was the lead designer for this project. I was responsible for Strategy, Product Thinking, UX Design, and Visual Design.
Team 1 Product Designer 1 Content Designer 1 Head of Product 2 Product Managers 8 Engineers 2 Compliance Officer
Timeline 5 months
Problem We succeeded in acquiring new customers, but we failed to get them to stay.
• People come to Varo interested in Advance • We require them to set up direct deposit to qualify (~30+ days) • They don’t get what they came for and leave
Goals We want to help customers get a cash advance as quickly as possible.
Metrics • Customer satisfaction • Reduce customer contacts • Number of new Advance accounts • Number of new North Star customers • Plaid link percentage
Solution We allow customers to link an external bank account to borrow with Varo Advance.
• People link their bank account with Plaid • We use the data from their linked account to approve them (same day) • They can borrow up to $250 by linking an account, and up to $500 by moving their paycheck to Varo
Before
After
Results We increased customer satisfaction and increased our target metrics.
• We reduced the time to qualify from ~30+ days to within a day • We reduced customer contacts • Number of new Advance accounts +21.8% • Number of new North Star customers +4.8% • Plaid link percentage 61.3%
